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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