Translated from the French by Tim Gupwell

The question of whether a debt contract can be considered as money is central to my book L’argent mode d’emploi (2009). I expose the violence exerted by Joseph Schumpeter (1883-1950), when he imposed the idea that such was the case, and I demonstrated the inanity of the pseudo-arguments that he advanced – employing phrases that often lacked any sense – to support the idea (p. 175 – 180).

A debt contract is indeed another form of money according to Schumpeter, and its amount can be added to that of money in order to … Read the rest