1	Creating Money Monetary Technology for Full Employment Presented at the General Assembly of the World Academy of Art & Science, Zagreb, Croatia, November 18-20, 2005
2	What is the greatest invention of all time?
3	Money Magic Abridges space (distance) Transcends time Transforms energy Universal converter (beauty, athletic ability) Stimulus to greater effort & work Social power of money (w/o expenditure) Psychological power (security & self-worth)
4	Mystery of Money What is it? How is it created? From what is it created? What determines the value of money? How much can we create? Is counterfeit money real? Why is the world flush with money? Why is US the greatest debtor nation?
5	Functions of money Medium of exchange Measure of value Storage of value
6	What is money? A physical thing Gold standard Power for transaction – a catalyst Social organization Technology – a human invention! Abstract symbol – a convention What is the value of a €100 note? Trust & Confidence
7	Very Brief History of Money Pharaoh’s warehouse receipt Goldsmith’s receipt “Banknotes” Mortgage VISA Frequent flyer miles
8	Money Creators & Destroyers JP Morgan in 1901 FDR in 1933 Bank of Japan in 1988 Indian gold Paying your credit card bill Fractional reserve system Money is multiplied by movement
9	Reality behind money Only a small portion of wealth is monetized Productive capacity of society The unutilized social energy & untapped productive potential Faith and self-confidence in society and its future Development of the individual human being
10	Conclusions Society is creating more and new types of money all the time. Society can create as much real money as it wants up to the limits of its productive potential (which is unlimited) and subject to the level of faith and self-confidence it has in itself and its people.