Money Has No Value

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A new theory of money is essential, as the prevailing notion taught in introductory textbooks is over a century old and fundamentally flawed. While "heterodox" accounts from the 90s and 00s offer improved descriptions, they still fall short by focusing too much on the failures of orthodoxy and assuming a singular alternative. This work proposes a more nuanced theory, emphasizing that all money is fundamentally credit. It argues that money is not a tangible object but a marker of social relations of credit and debt between parties, devoid of intrinsic value. Furthermore, it asserts that all credit can function as money, as any credit/debt relationship has the potential to be transferred, thus acting as money. The book connects this radical credit theory to contemporary monetary practices, addressing global capital flows, national and international monetary policy, and the dynamics of money markets. It provides a conceptual framework to explore current phenomena, such as Bitcoin and events like GameStop in 2021, prompting critical questions about the nature and future of money in our economy.