On government creating its own money
THOMAS EDISON, U.S. INVENTOR
This is one of the best statements ever on the ease and legitimacy of the government creating its own money.
“If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good… If the Government issues bonds, the brokers will sell them. The bonds will be negotiable; they will be considered as gilt edged paper. Why? Because the government is behind them, but who is behind the Government? The people. Therefore it is the people who constitute the basis of Government credit. Why then cannot the people have the benefit of their own gilt-edged credit by receiving non-interest bearing currency… instead of the bankers receiving the benefit of the people’s credit in interest-bearing bonds?”
THE END OF MONEY AND THE FUTURE OF CIVILIZATION
“The money problem can be summarized thusly: the way in which money is created by the banking system today causes a debt imperative which drives a growth imperative -- this forces destructive competition for the available supply of money, which is never sufficient to enable all debtors to pay what they owe….
“The evils that have been spawned by the collusion between political power and financial power are far worse even than those that arose from the collusion between political power and religious power…
“When the realization of the inherent money power in all of us comes to man he will…push down the walls of his prison. Finance which is the creature of the unholy wedlock between banker and state cannot be solved by either power dominating the other. The only solution lies in the people denying the power of both over industry and their assertion of their own money power…
(Re)localizing is the best path to decentralization and taking back our agency in the political economy.