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A study of modern money, debt slavery and destructive economics This lucid and original account of where our money comes from explains why most people, businesses and countries are so heavily in debt. It's all about subjects very close to home: mortgages, building societies and banks, food and farming, transport, worldwide poverty, and what's on the supermarket shelf.
-why virtually all the money in the world economy has been created as a debt; why only 3% of UK money exists as 'legal tender'; and why in a world reliant upon money created as debt, we are kept perpetually short of money.
-how and why mortgages are responsible for almost two-thirds of the total money stock in the UK, and 80% in the US.
-why business and corporate debt is at its highest level ever.
-why debts mean that a small farm can be productively very efficient, but financially not 'viable'.
-why national debts can never be paid off - without monetary reform.
-how debt fuels the 'need to grow', revolutionising national and global transport strategies, destroying local markets and producers and increasing waste, pollution and resource consumption.
-how 'Third World debt' is a mechanism used by the developed nations to inject ever-increasing amounts of money into their own economies, and why debtor nations can never repay the debts.
-why politicians who rely on the banks for money can't fund public services.
-why 'debt-money' is undemocratic and a threat to human rights. The author proposes a new mechanism for the supply of money, creating a supportive financial environment and a decreasing reliance on debt. Michael Rowbotham is a teacher and writer.
(UK) £15 pbk + £3.52 pp 1 897766 40 8 Published by Jon Carpenter, 1998
Jon Carpenter Publishing, 2 Spendlove Centre, Charlbury, Oxfordshire, OX7 3PQ Tel/Fax: 01608 811969. E-Mail: email@example.com
(US) $29.95 Available from: Paul and Company. Tel: (978) 369 3049
WHAT OTHERS SAY
"A masterpiece of controlled, logical but readable passion which draws the reader on in spite of the complexity of the subject matter." David Boyle, Resurgence
"A radical, shocking and eye-opening expos‚ of how our money system really works. . A clear and passionate writer.' New Internationalist
"A scholarly, radical appraisal of how modern money systems are squeezing the life blood out of our societies.' John Papworth, Fourth World Review
"Few books have pointed to how to move forward to a money system for a sustainable and inclusive future. This is one of the best there is." Ed Mayo, New Economics Foundation
"An incisive and readable book: it opens up in a very fresh way what money is and how it works (and doesn't work)." Rt Rev Peter Selby, Bishop of Worcester
'A powerful, well documented case for treating today's debt-based money supply system as "the single most important area of reform confronting us". A good book about a key millennial issue.' James Robertson, Turning Point
"Forget everything you thought you knew about money. In terms the lay person can understand,
myth buster Rowbotham fearlessly reveals deeply disturbing truths about our debt-based money
system that befuddle bankers, economists, and politicians. An essential self-education tool for
anyone interested in creating a world that works, pushing the issues further and posing the
implications more bluntly than I have seen anywhere else."
David C. Korten, author, When Corporations Rule the World, and board chair, The Positive Futures Network
"A trenchant analysis of the current arrangements for credit creation, a powerful indictment of
their baleful consequences, and a persuasive case for reform."
Prof. Bryan Gould, Vice-Chancellor, University of Waikato
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