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Money or Credit?

In: The Gold Cartel

Author

Listed:
  • Dimitri Speck

Abstract

‘Your money or your life!’ the bank robber shouts and still only gets credit. This is because today’s money is credit. This is also why it is called ‘credit money’. It has always two sides: someone who owes it and someone who holds the credit claim. There are very few exceptions (involving insignificant amounts – such as a profit disbursement by a central bank in the case of an upward revaluation of gold) in which money created ‘net’ – that is, without there is being a corresponding debt. Other than that, our money is, today, nothing but a credit claim that is associated with a debt of the same amount.

Suggested Citation

  • Dimitri Speck, 2013. "Money or Credit?," Palgrave Macmillan Books, in: The Gold Cartel, chapter 0, pages 221-231, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-137-28643-7_33
    DOI: 10.1057/9781137286437_33
    as

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