The monetary system invented by John Law

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The monetary system invented by John Law

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Eg. 19.07.2013 jg

by Roger Langrick

http://www.herad.is/y04/1/2013-01-06-monetary-system-for-the-new-millennium-07.htm

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As a motivating force, the Debt Engine now exceeds all others in the insane dash of the planet towards self destruction.

Universal unrepayable debt creates a social environment in which certain types of behavior flourish and inhibits or destroys any tendency towards long term concerns and nourishment.

The man who invented the monetary system which we use today was a Scotsman, John Law, who lived during the 18th. century.

He invented a new type of money to replace the old one of specie (the use of coins). In doing so he created the mechanism to finance the industrial revolution, and ultimately our modern technological world.

Without it, there would have been no railroads, no Nissans or G.M.'s, nor would there have been any super highways to drive them on. There would have been no space shuttle, no Love Canal, no drift net fishing, no heart transplants and no Cruise missiles.

John Law's method of money creation is still the dynamo that powers our present world.

By replacing specie with

a simple national accounting system of credit and debit,

he made money infinitely more flexible, able to be contracted or expanded to meet any situation.

The world has passed beyond an age of scarcity and the challenge of the new era is not about solving problems of want, but dealing with abundance and how to use it to create a sustainable future. Above all we need the visionaries able to point the way.

We have the technology to genuinely contemplate colonizing the solar system.

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This is not a time to be saddled with an 18th century money system designed around the endless rape of the planet. John Law enabled humanity to scrabble out of scarcity but now his system is antiquated.

Philosophically it is based on the robber baron mentality and technically it is flawed with Unrepayable Debt. As such it is unable to respond either to the abundance which it created or the problems which it spawned.