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must only be created to purchase financially feasible loans made by commercial banks to form private sector capital, not fund government or consumer expenditures. If the commercial banks were to institute a 100% reserve requirement (similar to the "Chicago Plan" proposed in the 1930s), there would be no danger of the "multiplier effect" being manipulated by commercial banks or governments to create unbacked currency to compete with the currency or demand deposits backed by private sector assets instead of government debt.

4. All new capital formation (that is, all new capital formed in excess of what is needed to replace existing assets as they wear out) must be financed in ways that create new owners, not concentrate ownership of the new capital in the hands of the currently wealthy. This will increase incomes across the board without taking anything away from the currently wealthy, who can be left secure in their existing accumulations.

These principles - and others, derived from them intended to support their implementation and maintenance - are necessary to the economic and political feasibility of any single global currency. Without these essential principles being embodied in the operation of the commercial and central banking systems of the world, it will be possible to manipulate any global currency for the benefit or advantage of a few, instead of using the uniquely social good of money and credit for the good of everyone in the world. As Henry C. Adams noted in 1898, manipulation of money and credit through unwise government spending or borrowing is the surest way to undermine and finally destroy the sovereignty of nations. Run in a manner consistent with the above principles, a global currency would enhance national and, especially, individual sovereignty. Managed in a way that simply continues current central bank policies and financing techniques, the result of a global currency would be oppression and tyranny.

Learn more about this author, Michael Greaney.
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