Money or Credit?

Dimitri Speck

Chapter Chapter 33 in The Gold Cartel, 2013, pp 221-231 from Palgrave Macmillan

Abstract: 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.

Keywords: Central Bank; Bubble Formation; Price Stability; Government Debt; Total Stock (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-28643-7_33

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DOI: 10.1057/9781137286437_33

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