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Message Subject Get rid of the money system, then get rid of goverrments
Poster Handle Anonymous Coward
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It all stops being a fraud if the people are informed about how the system operates.

The federal reserve is already a mutual credit monetary system but the bookkeeping is incorrect.

The only way to run a mutual credit system is to place the banker into an agency relationship to the people where the hypothecation of the promissory note only requires a monthly administration fee. Loans are zero interest, and typical administration fees run in a range from ten bux to one hundred bux where bux symbolically represent the credit of the people.

Demurrage fees on circulating currency and upon accounts of record also apply to administrative costs. Justification: everyone benefits, everyone pays.

Austrian economics applies to specie money and to warehouse receipts based upon redemption in specie. Austrian economics does not apply to credit as money. Credit as money is based upon redemption by commodities, products, and the people's intellectual and physical labor time.
 
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