Flaws in the Economic System: Eliminate the Money Creation and Fractional Reserve Banking system, to achieve a Utopian Society.

The Federal Reserve Policy is an Economic System that “lives” off debt because the Federal Reserve Bank (FED) provides the government with a big loan of money, and leads to perpetual debt to achieve “Economic Efficiency”.  The elimination of this system has happened before, which means that it is possible.  (Joseph, 2008) However, the biggest challenge remains; if this system were to be wiped out, then money will have no value at all (Joseph, 2008), and will have catastrophic repercussions.  How do we achieve this state of balance and a debt free world?  Here are my tips to getting at least one step closer to this goal. 

To ultimately achieve a Utopian Society in the long run, you will have to eliminate the following Economic barriers:   (Joseph, 2008)

1. To pay off all the debt the government has, which will in turn render money worthless
2. Eliminate fear and risk of spending money
• Rendering Money worthless will eliminate associated opportunity costs to purchases made by the government
3. Sharing our abundance of resources and distributing them equally
• Resources will be free as there currently is and will remain to be, an abundance of.  Therefore, there will be no need to pay or fight over essentials.  (Joseph, 2008)
4. Automation is the answer to our limitations.
• Also because money will become worthless, there will be no need for jobs, and everything can be automated (production, extraction of resources, refining resources to finished goods).    

You can also watch this quick clip that describes how money = debt, the role of the government & the Federal Reserve Bank, how it ties into modern [day] society, and how it impacts said society.

Are you currently comfortable with the current Economic System is in place, or do you agree with the idea in this post? Are there any alternative that you can think of? Have you also watched the Zeitgeist clip that covers this in more detail (about FED; and not the alternatives)? Let’s have a group discussion on the subject matter.