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The National Economic Stabilization and Recovery Act (NESARA)
Currency As Debt: ANew Theory of Money
An Introduction
 
The
 
NESARA
 
Institute,
 
23805
 
Greenwell
 
Springs
 
Rd.,
 
Greenwell
 
Springs,
 
Louisiana
 
70739
 
www.nesara.org
 
 
 
Currency As Debt: A New Theory of Money
2
 
 A
 
Systems
 
 Approach
 
What
 
are
 
the
 
system
 
boundaries
 
of 
 
this
 
new
 
theory
 
of 
 
money?
 
New
 
models
 
typically
 
start
 
as
 
a
 
null
 
system;
 
that
 
is,
 
a
 
system
 
with
 
a
 
boundary
 
but
 
containing
 
no
 
elements
 
or
 
rules
 
either
 
inside
 
or
 
outside
 
the
 
system.
 
In
 
short,
 
creating
 
a
 
new
 
model
 
always
 
starts
 
from
 
scratch.
 
Null
 
systems
 
are
 
rarely
 
useful,
 
likewise
 
for
 
a
 
new
 
theory
 
of 
 
money.
 
Some
 
elements
 
and
 
rules
 
are
 
needed.
 
In
 
modern
 
usage
 
the
 
words
 
money
 
and
 
currency
 
are
 
used
 
interchangeably.
 
The
 
classical
 
definition
 
of 
 
money
 
and
 
currency
 
is
 
anything
 
customarily
 
used
 
as
 
a
 
medium
 
of 
 
exchange
 
and
 
a
 
measure
 
of 
 
value;
 
an
 
accounting
 
unit
 
for
 
price
 
comparison
 
of 
 
goods
 
and
 
services;
 
a
 
store
 
of 
 
value
 
such
 
as
 
savings;
 
a
 
standard
 
of 
 
deferred
 
payment;
 
metal,
 
such
 
as
 
gold
 
or
 
silver,
 
coined
 
or
 
stamped,
 
and
 
issued
 
as
 
a
 
medium
 
of 
 
exchange;
 
any
 
written
 
or
 
stamped
 
promise
 
or
 
certificate,
 
as
 
a
 
bank
 
note,
 
current
 
as
 
a
 
means
 
of 
 
payment.
 
Those
 
definitions
 
are
 
elements
 
from
 
a
 
previously
 
defined
 
system.
 
At
 
best
 
those
 
“definitions”
 
do
 
not
 
define
 
currency
 
but
 
only
 
describe
 
the
 
effects
 
of 
 
currency.
 
A
 
new
 
system
 
requires
 
new
 
definitions:
 
Money:
 
A
 
psychological
 
creation;
 
a
 
concept;
 
the
 
mental
 
image
 
of 
 
that
 
which
 
is
 
used
 
as
 
a
 
medium
 
of 
 
exchange.
 
Currency:
 
That
 
which
 
circulates
 
as
 
a
 
medium
 
of 
 
exchange;
 
anything
 
that
 
is
 
in
 
immediate,
 
continuous
 
and
 
widespread
 
use
 
as
 
money.
 
In
 
other
 
words,
 
nobody
 
can
 
physically
 
touch
 
money,
 
no
 
more
 
than
 
they
 
can
 
touch
 
a
 
pound
 
or
 
an
 
inch
 
or
 
a
 
second.
 
Money
 
is
 
conceptual
 
in
 
nature.
 
Currency,
 
however,
 
the
 
thing
 
that
 
represents
 
money,
 
can
 
be
 
touched.
 
Just
 
as
 
a
 
person
 
can
 
touch
 
a
 
scale
 
to
 
measure
 
weight,
 
a
 
ruler
 
to
 
measure
 
distance,
 
or
 
a
 
clock
 
to
 
measure
 
time.
 
Boundaries,
 
Elements,
 
and
 
Rules
 
Understanding
 
any
 
theory,
 
let
 
alone
 
a
 
new
 
theory,
 
requires
 
an
 
understanding
 
of 
 
terms.
 
There
 
are
 
no
 
“systems”
 
in
 
nature.
 
The
 
universe—the
 
world—nature,
 
has
 
no
 
ability
 
to
 
describe
 
itself.
 
That
 
which
 
is,
 
is.
 
With
 
respect
 
to
 
nature,
 
systems
 
are
 
merely
 
models
 
that
 
humans
 
create
 
in
 
an
 
attempt
 
to
 
understand
 
the
 
environment
 
in
 
which
 
they
 
live.
 
Because
 
systems
 
are
 
models
 
created
 
only
 
for
 
understanding,
 
the
 
most
 
fundamental
 
property
 
of 
 
any
 
system
 
is
 
that
 
a
 
system
 
has
 
an
 
arbitrary
 
boundary.
 
Humans
 
create
 
the
 
boundaries
 
to
 
suit
 
their
 
own
 
purposes
 
of 
 
analysis,
 
discussion
 
and
 
understanding.
 
This
 
is
 
true
 
of 
 
every
 
model
 
that
 
 
 
Currency As Debt: A New Theory of Money
3
 
exists
 
through
 
which
 
humans
 
try
 
to
 
understand
 
the
 
universe
 
or
 
human
 
actions.
 
Arbitrary
 
does
 
not 
 
mean
 
random
 
or
 
meaningless.
 
Arbitrary
 
merely
 
means
 
without
 
previous
 
dependency.
 
Systems
 
are
 
further
 
expressed
 
by
 
listing
 
the
 
elements
 
and
 
rules
 
associated
 
with
 
that
 
system.
 
Again,
 
this
 
is
 
an
 
arbitrary
 
exercise
 
true
 
of 
 
all
 
models
 
humans
 
create.
 
What
 
are
 
system
 
elements?
 
Elements
 
might
 
be
 
tangible
 
or
 
intangible,
 
real
 
or
 
imaginary.
 
Fundamentally,
 
elements
 
are
 
merely
 
terms
 
and
 
definitions.
 
For
 
example,
 
in
 
the
 
system
 
or
 
model
 
of 
 
measurement,
 
the
 
arbitrary
 
terms
 
of 
 
height,
 
width,
 
and
 
length
 
describe
 
the
 
three
 
dimensions
 
of 
 
physical
 
space.
 
Additional
 
elements
 
of 
 
that
 
system
 
describe
 
those
 
three
 
fundamental
 
elements:
 
inches,
 
feet,
 
meters,
 
kilometers,
 
etc.
 
However,
 
those
 
elements
 
are
 
meaningless
 
without
 
definitions.
 
Definitions
 
are
 
necessary
 
for
 
all
 
terms,
 
whether
 
or
 
not
 
those
 
terms
 
represent
 
tangible
 
or
 
intangible
 
elements.
 
Definitions
 
and
 
terms
 
are
 
added
 
as
 
necessary
 
help
 
understand
 
any
 
model.
 
A
 
rule
 
is
 
anything
 
describing
 
how
 
the
 
elements
 
are
 
related
 
or
 
behave
 
dynamically.
 
Rules
 
describe
 
how
 
a
 
system
 
functions.
 
Rules
 
describe
 
how
 
system
 
elements
 
interact,
 
and
 
those
 
original
 
arbitrary
 
boundaries
 
establish
 
finite
 
limits
 
of 
 
how
 
the
 
rules
 
affect
 
the
 
elements.
 
Inches
 
and
 
feet,
 
or
 
meters
 
and
 
kilometers,
 
are
 
elements
 
of 
 
the
 
system
 
of 
 
measurement,
 
but
 
the
 
relationship
 
of 
 
those
 
elements
 
are
 
rules.
 
There
 
are
 
twelve
 
inches
 
in
 
a
 
foot,
 
1,000
 
meters
 
in
 
a
 
kilometer,
 
etc.
 
A
 
system
 
with
 
no
 
elements
 
and
 
no
 
rules—boundaries
 
only—is
 
called
 
a
 
null 
 
system.
 
Change
 
any
 
boundary,
 
element,
 
or
 
rule
 
in
 
any
 
system
 
and
 
a
 
completely
 
new
 
system
 
appears.
 
Observations
 
made
 
in
 
one
 
system
 
might,
 
or
 
might
 
not,
 
hold
 
true
 
for
 
a
 
different
 
system.
 
Creating
 
a
 
new
 
theory
 
of 
 
money
 
is
 
no
 
different;
 
that
 
is,
 
any
 
new
 
system
 
or
 
model
 
will
 
be
 
governed
 
by
 
the
 
same
 
guiding
 
principles.
 
 A
 
Critical
 
Definition
 
A
 
major
 
source
 
of 
 
difficulty,
 
by
 
the
 
public
 
and
 
economic
 
experts
 
alike,
 
is
 
general
 
agreement
 
on
 
an
 
erroneous
 
idea
 
about
 
the
 
definition
 
of 
 
wealth
.
 
Both
 
groups
 
sincerely
 
believe
 
that
 
the
 
thing
 
used
 
as
 
money—currency—is
 
wealth.
 
However,
 
providing
 
a
 
new
 
and
 
distinct
 
definition
 
for
 
wealth
 
avoids
 
numerous
 
problems
 
and
 
challenges
 
with
 
understanding
 
the
 
concept
 
of 
 
money.
 
Wealth
 
is
 
ownership
 
of 
 
labor,
 
and
 
of 
 
anything
 
upon
 
which
 
labor
 
has
 
been
 
expended,
 
whether
 
material
 
or
 
immaterial,
 
which
 
can
 
directly
 
satisfy
 
human
 
wants,
 
needs
 
or
 
tastes.
 
Wealth
 
is
 
goods
 
and
 
services
 
(property)
 
owned.
 
Some
 
people
 
might
 
argue
 
that
 
wealth
 
can
 
be
 
created
 
without
 
labor.
 
For
 
example,
 
a
 
fruit
 
tree
 
of 00

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