What is money

What is money? Let us take the good news first. Money is one of the most ingenious inventions of mankind. It helps the exchange of goods and services and overcomes the limits of the barter system, thereby, creating the possibility for specialization, which is the basis of civilization. Why then do we have a "money problem"? Here is the bad news: Throughout most of history, the circulation of money has been based on the payment of interest. Interest leads to compound interest. Compound interest leads to exponential growth. And exponential growth in turn wherever it cannot be transformed is unsustainable. Therefore, in order to understand why our monetary system works, as the "invisible wrecking machine" since its inception, we must first understand three generically different growth patterns and how they relate to different types of growth.

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