By Brent Herrick
This is a slow read because of course it is economics as well as sociology, anthropology, and probably a number of other sciences. Give yourself time and you'll get a life changing outlook on the origins of money, debt, and how societies work.
Regarding the creation of credit money instruments I quote the author, "If history holds true, an age of virtual money should mean a movement away from war, empire-building, slavery, and debt peonage (wages or otherwise), and toward the creation of some sort of overarching institutions, global in scale, to protect debtors. What we have seen so far is the opposite (Pg 368)."
What this means is that war still is the engine of debt creation and a global empire like the United States will have to eventually face the reality that to maintain it will become unsustainable without more wars which is also a self defeating action. China appears slated to take our place in the form of controlling the debt that we have issued and the question to be answered is when it will happen or will a war change the whole equation. The USA may end up as a vassal of China if trends continue and the author explains that in the long game of power China has followed a long and traditional pattern of supplying wealth to first protect itself from invasion but to eventually drive those dependent states into subservience. We here in the US seem to be following right along.
Most important in this book is the understanding you gain that maybe cryptocurrencies might be the answer to disable the debt/war formula that has governed credit money since the beginning. It remains to be proven of course and one thing in the favor of some specific crypto currencies is that they are defined by a finite limit of units thus actually becoming a deflationary measure of debt and exchange.
***** Five Stars - Highly Recommend
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