Synopsis (Recap), 2

In the beginning there was barter: goods and services, which are what is actually valuable, were directly exchanged, and the honest purchasing power was attained by producing those goods and services.
Then we switched to money, and in the beginning money had a face value equal to its intrinsic value; example: an x−ounce gold coin had a face value equal to the intrinsic value of those x ounces of gold. So far, both the honest purchasing power of goods and services and the honest purchasing power of money with intrinsic value were attained by producing goods and services, or money.

In the course of history money has been modified by reducing its intrinsic value to zero: today paper money has face value x but intrinsic value zero.
The reduction of intrinsic value to zero has a positive side: the standard of living depends on the levels of production and exchange of real factors for the welfare, such as knowledge, resources, cooperation, food and shelter for one, for one’s fellows and for the offspring, and these depend on the medium of exchange as money just as the organism depends on the quantity of blood and on its degree of oxygenation. Money without intrinisc value but phisically manageable and abundant is a more abundant and oxygenated blood than a money with intrinsic value but cumbersome and scarce.
The problem is that the reduction of intrinsic value to zero has a not necessarily negative but CRUCIAL side as well: as a consequence of this reduction to zero, monetary sovereignty acquires an ABSOLUTE importance.
Because monetary sovereignty is the faculty to create money that is, purchasing power, and creating money without intrinsic value means creating that purchasing power OUT OF NOTHING INTO ONE’S OWN POCKET.