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| '''Debt-based monetary system''' is a political term used by critics of the Federal Reserve, based upon ], such as that of the ]. The term is not in use among economists. | |||
| ==An Explanation of the Term== | |||
| The term implies that the ] and its member banks steal wealth from the public through printing money which is then loaned to the public at interest. Often, this belief is integrated with the ] conspiracy theory to claim that international bankers as a whole are committing massive fraud. The term is based largely upon the ] of the ]. Some invoke the ]<ref>{{cite book |last= Rothbard |first= Murray |title= What Has Government Done to Our Money? | year= 1980 | url=http://www.mises.org/money.asp}}</ref> to argue that the business cycle is caused by artificial government expansions and contractions of the money supply. <ref>{{cite web | last =Grignon | first =Paul | title =Money as Debt | url=http://video.google.com/videoplay?docid=-9050474362583451279 | accessdate = December 29, 2007}}</ref> The usage of the word "debt" may be misleading, as the term is used to describe an overall loss in public wealth stemming from over-expansion of the money supply (see ]). This is distinguished from all forms of ], including ]. | |||
| == See also == | |||
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| ==References== | |||
| {{reflist|2}} | |||
| ==External links== | |||
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