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Published on Oct 12, 2011
A Medieval Tale that illustrates the principle of "market money" used in medieval trade fairs. Market money was nothing more complicated than dependable promises of merchandise or services direct from the suppliers of that merchandise or service. This simple invention freed the markets from the tyranny of the "quantity of and ownership of money" and overcame both the limitations of barter and the scarcity of money, which at the time, was gold and silver coins that were often hoarded.
The Essence of Money is the short that precedes Money as Debt III - Evolution Beyond Money, a detailed proposal of how the same principle could be applied today to create a truly liberated global money system.