Galileo's Renunciation

I, Galileo Galilei, son of the late Vicenzio Galilei of Florence, aged seventy years, being brought personally to judgment, and kneeling before you. Most Eminent and Most Reverend Lords Cardinals, General Inquisitors of the Universal Chris¬ tian Commonwealth against heretical depravity, having before my eyes the Holy Gospels which I touch with my own hands, swear that I have always believed, and, with the help of God, will in future believe, every article which the Holy Catho¬ lie and Apost...

 New Money is Created with Promises

Ordinary people can help create new money by making promises. You constrain the future by making a plan, and a promise to keep to it. Money is created in response, because in making that promise you have created value. New money is created to represent that value. This is why it is possible for banks to fall apart when people don’t pay their mortgages back. Banks sell assets that are partially made of the future intents of borrowers. When borrowers do something other than promised, those as...