Thursday, July 16, 2009

A place to discuss new forms of money

Promise Language is a loose framework for describing promises between individuals. Similar to contract law, but simple.

Money is simply a way to temporarily convey a commonly accepted form of value between people. A universally accepted way to represent value. However, today's money is simply paper and digits that can be printed or typed into a computer database. The only restraint to the amount of paper printed or digits entered is the amount of inflation the population will endure or allow before rejecting the currency. This is due to the authority structure (central banks and government) inserting themselves as the caretakers of the printing process.

At the core of every central bank on the planet is a fraudulent journal entry. If you are familiar with bookkeeping or accounting: what is the offsetting asset or liability when a bond is accepted by the central bank from its respective treasury? Answer is none. It is a fraudulent journal entry, accepting an IOU (bond) with interest attached. Nothing of value is conveyed to the Treasury. It is simply paper or digits added to the Treasury's bank account to be spent freely into the economy. The only limitation is the propaganda surrounding the system that fools the population into believing inflation is good or beneficial or at least, a fact of life that is unavoidable.