But, while changing the word is a useful way to sidestep reactionary implications, we need to go further and positively understand and step into the different concept, and the more radical and accurate paradigm that the word "public" implies.
We need to understand that we have power over money, not as taxpayers, but as members of a political community.
We have that power right now, whether we recognize it or not, because of the fact that we have a fiat currency. That is not a wish or proposal or demand, of the left or the right; it is a fact of our present economic order, indisputably true since 1971 when Nixon ended the gold standard.
It's important to recognize what changed then.
Prior to 1971, a physical substance, gold, was the money--commodity--in a strong sense, the "real" money. U.S. dollars represented, and (at least internationally) were convertible to, that "real" money, gold. Issuance of dollars was constrained by that external commodity: if the number of dollars in circulation exceeded the mandated relation to the amount of gold owned by the U.S. government, it could cause big problems.
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