I don't think the monetary *system* is a fraud. We use the IOUs of banks as money. As long as the banks are solvent (i.e. have enough assets to pay their liabilities), all's well.

People often get confused about economics because economists, like accountants, often convert everything to a monetary unit of account. It makes it look as though creating wealth is creating money (and worse still vice-versa). In reality, only production of something tangible is actually adding to the world's wealth. Creating new money creates exactly as much anti-wealth (liabilities for one person) as wealth (debt assets for another).

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