This book was written because the writer has not been able to find any book which gives a complete and satisfactory definition for the word money. The definition given in most cases is a definition of the function of money, not the essence of money. Even the dictionaries and encyclopedias do not have a definition of what it is; they only relate its function.
The implication is that there is some mystery about the nature of money that only a few can understand. Everyone else is supposed to accept without question whatever is given to him or her as money and to use it as a medium of exchange. It is the writers intention to take the mystery out of money by explaining what money is, how it works, what gives it its value, who should issue it, and other interesting items relating to media of exchange.
The writer also hopes to show that if a nation borrows its money (medium of exchange) with interest, it call never get out of debt. As long as it uses borrowed money (mostly bank credit) as its medium of exchange, it will continue to go more and more in debt, until the interest payments become unbearable. The end result will be a destruction of the value of the money by severe inflation or by a more violent means.
The people in the United States have been using borrowed money (bank credit) as a medium of exchange for many years. We can now see the end result approaching.
The writer hopes to show how the people can change from using an inflationary debt money system to a non-inflationary debt-free system. When enough people are sufficiently informed about the real nature of money (medium of exchange), a system for the use of bona fide media of exchange could be established with or without [p. 8] the help of federal officials. However, it would be much more convenient if Congress would permit only a bona fide medium of exchange to circulate. Congress could also prohibit the circulation of inflationary money (bank credit) just as it prohibits the circulation of counterfeit money. Inflation would never exist if only bona fide media of exchange were used.
2 It is also the hope of the writer that, in the event the people and/or our government officials do not use bona fide media of exchange before the money becomes worthless, they will then have sufficient information to enable them to start over with a system using bona fide media of exchange.
While the information given in this book is primarily intended for the people in the United States of America, the principles given can be just as useful for the people in any country in the world. People anywhere, with a government or without a government, with or without gold or silver, may learn how to issue a bona fide medium of exchange.
Finally the writer hopes that the chapter on interest will contribute to an increase in knowledge on the subject of interest.
January, 1970 [p. 9]