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Authoritarian

Should Money Be Debt Based?

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Money reformers often attack the 'debt based money system' as the root of the current crisis as it means that in order to obtain money people have to get into debt.

Having a debt backed currency seems though the most logical way of going about things because in means the holder of currency is able to draw upon the services of others at some unspecified time in the future. If I had a whole suitcase full of debt based money then I would be rich because so many others would be in debt to me.

Why shouldn't currency be based on debt? What are the alternatives?

Edited by chefdave

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