The End of Money and the Future of Civilization Review

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The End of Money and the Future of Civilization ReviewThis will be an interesting book for those curious about the history of money, how it evolved into modern day currencies, and how to break the banking monopoly on credit. The author who is in the alternative exchange movement advocates the creation of credit clearing houses for individuals. This is modeled after the clearing houses established by banks that enable banks to clear their books by calculating how much each bank owes the other as opposed to running money for each individual transaction. For example if a check from bank A is cashed for $100 at bank B, and other transactions have two $50 checks from bank B cashed at bank A then they clear each other out with no one owing anything to each other. Of course it is much more complicated when you get several banks involved over lapping each other, but I hope you see the principle. The author advocates that if credit clearing houses are set up for individuals and business and credit is completely based on goods and services that are created instead of currency continual printed to cover debt interest, then it would stabilize the business cycle of booms and busts. It would also take banks monopoly on loans and shift them to individuals.
The author also expresses strong views on the separation of money and state. He believes that the ability to endlessly print currency, run up national debt, and for the government to print money only backed by the credit of the federal government is antiquated. With the advances in Visa, debit cards, wire transfers, and the like, currency will no longer be needed in the near future. He instead advocates the use of credits linked to the valuation of a basket of commodities. This book is very fascinating and I believe we will see the advances he talks about come to fruition over the next few years. Very insightful read for curious minds.The End of Money and the Future of Civilization Overview

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