Archaic Money System never scientifically challenged
While the American Federal Government has succeeded to send men to the moon, it has not succeeded to deal with the economic and accounting issues in the same sophisticated manner. From a technological perspective it has not even succeeded to build one integrated financial structure that allows real time processing of all government related financial data. In the beginning
of the Presidency of Bill Clinton the accounting structure of the government was embedded in more than three hundred different accounting systems without any proper advanced structural or electronic integration. How far the Clinton administration has succeeded with its plan to solve
this problem is in the beginning of 1997 an open question.
Francois Quesnay who wrote in 1756 two articles about Farmers and Grain for the "Encyclopedie" was 62 when he began to study economics. He was also the first who created in 1758 a complete system of economics. That was 64 years after baptizing in London ordinary debt with the name MONEY
At that time Adam Smith had not even thought about his future role in the economic environment, because he had not given it one moment attention. It was Quesnay who encouraged him to become an economist at the age of 43. Smith's admiration for Quesnay inspired him to begin to work on his famous book "An Inquiry in the Nature and the Causes of the Wealth of Nations." It took him ten years to finish a book that would control economic thinking for more than a century.
Has the money system (that became the most important tool of the economy after its invention by some people between 1690 and 1694) the scientific qualities needed, to serve a modern economy in a proper manner?
The answer to this simple question is as simple as the question:
our money system does not have the qualities to serve a modern economy!
The opposite is true. It has caused extreme damage to the economy because it has allowed and allows a small percentage of the population, working in the financial environment, to become extremely rich at the expense of the rest of the population.