Thomas Greco on the History of Money and Debt
"Tom Greco author of THE END OF MONEY AND THE FUTURE OF CIVILIZATION joins us for two half hour discussions on the history of money and the debt building pyramid- scheme modern money is based on. In this first discussion Greco puts modern money in its historic context and traces its growth to contemporary times where money is controlled by political elites through a interconnected array of national central banks. New money is created by creating debt, and interest is charged on the debt. The debt imperative of money creates a growth imperative in the economy which is destructive of our social fabric and our environment. Greco argues for creation of credit exchange associations, free corrosive effects of interest charged on debt, the topic we pick up in part two."
"Our second conversation with noted writer, economist, and historian Tom Greco continues with his major thesis: that our money system is built on a debt and interest structure that is corrosive and unsustainable. In this conversation Tom develops his view that the current money system mis-applies the three roles of money: to an instrument to transfer value, to be a measure of value, and to be an instrument holding value itself. The transfer value of money must separated from the other two, argues Greco, by the development of credit clearing associations built carefully on a regional basis among mutual needs of the participants."