Criticisms of Traditional Money
There are some very powerful arguments against the use of traditional money.
People Who Wanted Change
Thomas Jefferson, James Madison, Andrew Jackson, Martin Van Buren, Abraham Lincoln, and William Jennings Bryan all favored government issued money over Bank issued money, as did Benjamin Franklin.
Abraham Lincoln used interest-free money created by the government to help the Union win the American Civil War. Lincoln called these 'Greenbacks'
"the greatest blessing the people of this republic ever had." 1.
In America and Britain, however, government-issued money has never been able to gain enough momentum to become an established institution because of the large degree of influence that private bankers have in governments.2.
People rediscover Community Currencies and other Alternative money systems every time there is a collapse of the mainstream money system. People instinctively reinvent what they and their communities need. These Alternative Money systems have been persecuted by Banks and governments in the past, wherever they have appeared.
What makes the reemergence of Alternative Money during the last twenty years different from previous episodes is the number of people involved, and the fact it is worldwide. It has proven impossible to prevent the spread of Alternative Money systems during the last twenty years. Too many people are becoming aware of the dysfunctional nature of traditional money and are seeking alternatives.
1. Abraham Lincoln