Money Has No Value

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A new theory of money is urgently needed, as the prevailing view taught in introductory textbooks is over a century old and fundamentally flawed. While "heterodox" theories from the 90s and 00s offer better descriptions, they remain incomplete by overly focusing on the shortcomings of orthodoxy and mistakenly assuming a singular alternative. This work introduces a more nuanced theory, emphasizing that all money is fundamentally credit. It posits that money is not a tangible object but a marker of social relations involving credit and debt between parties. Importantly, no form of money possesses intrinsic value. Additionally, it argues that all credit can function as money, as any credit/debt relationship has the potential to be transferred, thereby acting as money. The book connects this radical credit theory to contemporary monetary practices, examining global capital flows, national and international monetary policies, and the dynamics of money markets. This framework allows for critical inquiries into phenomena such as Bitcoin and events like GameStop in 2021, providing a deeper understanding of the evolving nature of money in today’s economy.