Some terms defined: IUO is an I-Owe-You An IOU is given for what *will be* produced. I will define this as pure debt.
ITU is an I-Thank-You. An ITU is given for what *has been* produced. I will call this pure credit. This is in contrast with credit derived from the creation debt, which is consistent with a banker's conception of credit. A good portion of wages is derived from debt, so a wage is not really a pure source of credit. Because the current monetary system is debt-driven, it fails to recognize the value and significance of ITUs. This has resulted in overproduction and pointless consumption. Harry
