February 3, 2012
George Crowell, Ellen Brown, Timothy A.
Canova, Mark Anielski, Joshua Farley,
and Carl Herman
Who creates money and how?
The purpose of this conference is to integrate
research on governmental creation of money with ecological economics. The
superiority of governmental money-creation is usually discussed in terms of
its contribution to the growth economy. But a growth economy is not
The concern of this conference is to reformulate
ideas about public money-creation to help solve the problems of a
The first 41 minutes of the video below from Claremont Colleges ’Center for
Process Studies’ conference, “Money-Creation in a Finite World,” is
Brown’s presentation to explain how credit and monetary reform causes
trillions of dollars in annual benefits for Americans (remainder of the
video is panel and audience discussion).
The 99% must achieve factual command of the basic facts how money and credit
are created, or else continue their debt-damned existence under an
oligarchic and Robber Baron-era structure.
Monetary and credit reform can be understood with three simple areas of
facts that are taught in basic economics and easily verified:
The US does not have a money supply; we have its Orwellian opposite as a
This is because the US leading banks won legal right through
passage of the
1913 Federal Reserve Act to have private banks and
create debt for what we use as money, and then charge the 99% for its use.
The policy choice of a debt supply compounded with interest causes
ever-increasing aggregate debt that can never be repaid.
It can’t be repaid because this is what we use
for money. The US national debt now pushing $16 trillion has a gross annual
over $400 billion a year; $4,000 per US family of $50,000
annual income (if your household earns $100,000, then your gross annual
interest payment is approx. $8,000 every year).
Monetary reform creates debt-free money that extinguishes the debt (details
here), and allows government to become employer of last resort for
infrastructure investment (hard and soft).
This creates full-employment,
optimal infrastructure, and because infrastructure
historically creates more
value to the economy than cost, falling overall prices.
Credit reform allows for public loans (interest
directly pays for public goods/services) as another monetary tool for stable
Obviously, monetary and credit reform benefits 100% of humanity because it
guarantees full employment, optimal infrastructure, and no government
The current parasitic system benefits a 1% banking
oligarchy that causes cyclical unemployment and poverty, decays
infrastructure (especially as debt and interest costs accelerate as they do
today), and damns the 99% to permanent and escalating debt.
Americans cannot be responsible citizens without understanding this
fundamental structure of money.
Ellen Brown is probably the world’s leading writer to explain monetary and
credit reform. Her articles are here; her work initiated the Public Banking
Institute for 17 states at various stages for credit reform.