|federal reserve money||LETSystems||Ithaca HOURS||Time Dollars|
National currency is first created an as interest-bearing bank loan. Each loan demands interest--additional cash that was never created--on repayment, thus stimulating competition for the shrinking capital. Because money is scarce, people speculate on money, or hoard it for a "rainy day", as if it were a commodity.
Bernard Lietaer, in his new book, offers a more detailed comparison of today's money and some other complementary currency systems.