One of the most striking things about Zarlenga's research is the use of historical work from over a century ago. For example G.F Knapp's "State Theory of Money" printed in the early 1900's. Why? Because Economic History has been virtually expunged from mainstream economics. Zarlenga argues that a comprehensive look at the historical record undermines neoliberal free market ideology i.e., the Chicago School. Zarlenga not only criticizes the Monetarists but Keynsians as well...Keynes never challenged credit money issued by private banks. Zarlanga argues a debt based/fractional reserve monetary system controlled by private banks create destructive business cycles. The answer? Greenbacks. Why should the US Treasury Print debt to private banks to create money? Why not issue currency directly from the treasury? Why pay interest to Wall Street which increases taxes & leads to enevitable bankruptcy(the magic of compound interest in reverse unlike what we are told in texts about consumer saving) By the government controlling the issue of currency a more humane,people centered, honest form of exchange could take place.



Far more to Zarlenga's work...I'll definately keep this one on my bookshelf for future reference.

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