Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its … money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create … their money out of nothing. Creating such a monetary system is functional for a capitalist economy and must be regarded as a …

As the recent financial crisis has revealed, the state is central to the stability of the money system, while the … chaotic privately-owned banks reap the benefits without shouldering the risks. This book argues that money is a public … resource that has been hijacked by capitalism. Mary Mellor explores the history of money and modern banking, showing how …

on March 12, 1933, when he saidthat the reopened banks would be safer than the proverbial“money under the mattress …

of money to promote its economic objectives. Forexample, Milton Friedman (1959, p. 24) defined the tools ofmonetary … policy to be those “powers that enable the [FederalReserve] System to determine the total amount of money inexistence or to … alter that amount.” In fact, the very termmonetary policy suggests a central bank’s policy toward thesupply of money or the …