I was reading about the sort of money used in the English Colonies of America before the Revolution .... That sort seemed to be a fiat money issued by the different Govts of those colonies, without interest, without debt. For what Ben. Franklin says that sort of money was pretty succesful, the colonies became very prosperous and unemployment became residual .... The name of that money was "Colonial Script".
Then suddenly, Great Britain decided to outlaw that money and impose in those colonies the same sort of money they used in England, debt-money, not issued by Govt, but issued by private banks (that owned the Bank of England from the very moment in which London allowed private banks to issue money), with interest, with debt. The effect was awful for those colonies, poverty, unemployment. Franklin says that that was surely the main cause of the Revolution....
Well, so it seems, today we have that same sort of money, debt money... We can say that though Govt keeps the right to issue coins and paper-notes, that's just around the 5% of the total amount of money ... the 95% is issued by private banks in the shape of computer/book money.
[TO BE CONTINUED]