This posting at Naked Capitalism kicked off a raging discussion: Randall Wray: "Debt Free Money- A Non-Sequitur in Search of a Policy.
When the only way to look at money is dogma that it the only money system is a debt based, balance sheet system then Debt Free Money is, of course, heretical. Not really any system at all but a fallacy in search of a good laugh. Debt money is the fallacy. Illogical, serving its creators, the banking system.. Why not, why else would would the banking system create anything other than a debt based system? Would the banking system create it for the common good? The banking system would claim that what it created was ultimately for the common good in the same sense that everyone pursuing they own best interest ultimately contributes to the best interest of economic society.
The Debt Money system is wrong. Fundamentally wrong. As wrong as building a conceptual structure on a negative premise of debt creating assets. The system must be restructured on a basis of asset creation with not debt related offset balance. Object Oriented System design demands that money be a positive object super class. Debt creation is not the geniuses of money. Debt creation is one method of Positive Money implemented by a child of Positive Money way down the child tree that knows methods to create a debt contractual relationship with Negative Money.
If a creator of a monetary system designs it entirely to benefit itself and the way it benefits itself the most is through debt creation then....duh!.....the entire system is based on a debt creation concept. Debt creators rule the current system. The system is as wrong as anything that is ruled by a dominating ideology that it based on false logic premise. If Debt Money was a religion it would be protected under the mantle of religious tolerance that allows belief in anything that we wish to believe in regardless of scientific logic and reason that human beings apply to our social structures like concepts of freedom.
It is time to declare a revolution and declare independence from Debt Money rule.
My comment added to the discussion:
Maybe Debt Free Money is a Mobius Strip concept. Money that has only has one surface and one edge. Like a Mobius Strip that is a complex concept. One in which there is no other side to the coin? One side without the other. How can that concept exist to any logical mind? Of what use would be a Debt Free Mobius Coin be in the conceptual structure of a monetary system used by an economy?
Only a paradigm shift in thinking would see the future possibilities. Maybe we are so constrained by the dogma burden of a debt based balance sheet thinking past that thinking in terms of any other concept is as impossible as as comprehending the nature and application of a Mobius Strip debt free coin?
Is a one sided debt free coin a win/win proposition? It would drive debt to be merely one application of a monetary operating system, not the operating system itself that produces debt based two sided coin money as one of its functional applications. The horse and cart would paradigm shift.
Who does it benefit to have the cart before the horse on the way to the market?