"But with all due respect for the great economist [Friedman], I would now like to point out that on the issue of money, despite his inexorable forensic prowess and his Nobel Prize for monetarism, he has been proven wrong."This monograph on the new information theory of money will explain how and why. It will also explain monetary systems that can fulfill Friedman's libertarian dreams far better than his own concepts of 'monetarism'. State control of money has become a bastion of government economic centralization wreaking havoc on capitalist economies around the globe. By controlling money supplies, central banks and their political sponsors determine who gets money and thus who commands political and economic power. Unsurprisingly, these establishments back entrenched economic and political interests against their rivals, contributing to new, unchallengeable concentrations of wealth."
"In economics, money is part of the conduit or carrier. If money is to foster learning and knowledge, it cannot itself be surprising. Part of the channel for capitalist activity rather than part of the content, money must be the measure rather than what is measured. It is the fixed medium rather than a flexible message, a stable matrix for the market rather than an active marketable item."
"A currency, to be perfect, should be absolutely invariable in value."
"By favoring a volatile environment of rapid trading, shorting, indexing, and arbitrage, current monetary and economic policies cultivate a hypertrophy of finance. The last five years have seen a 30% rise in the financial share of GDP, with as much as a 40% share of profits going to the financial sector. But falsifying the yields of all this bloat of banking is a maze of government guarantees and subsidies, regulations and privileges. If government guarantees an investment, it is not falsifiable and cannot yield learning or economic growth."Huge chunks of the industry of finance now shun any serious attempt to fund the industries and learning curves of the real economy. Apart from providing liquidity, the short term trading activities that prevail in the financial world yield virtually no new knowledge and thus are exploitative of wealth rather than creative of it."
"Some sections of the community are occupied in affairs honourable or profitable to the whole state, as in the growing of natural wealth or negotiating on behalf of the community. Such are churchmen, judges, soldiers, husbandmen, merchants, craftsmen and the like. But another section augments its own wealth by unworthy business, as do money-changers, bankers or dealers in bullion: a disgraceful trade as was said in Chapter XVIII. These men, then, who are as it were unwanted by the state, and some others such as receivers and financial agents, etc., take a great part of the profit or gain arising from changes in coinage and by guile or by good luck, draw wealth from them, against God and Justice, since they are undeserving of such riches and unworthy of such wealth. But others, who are the best sections of the community, are impoverished by it; so that the prince in this way damages and overburdens the larger and better part of his subjects and yet does not receive the whole of the profit; but the persons abovementioned, whose business is contemptible and largely fraudulent, get a large part of it."