The money. Conventional or credit value?



Giacinto Auriti taught that money is first and foremost a legal matter based on “trust”. The historical evidence of this is the dispute between John Maynard Keynes and Harry White during the Bretton Woods Conference. But the question that arises, to which any Auritian thought fails or finds good historical arguments to answer, is this: why should I trust my neighbour? Who guarantees me that my neighbour will behave like me by accepting monetary symbols? In other words, who is the ultimate guarantor of the “prediction of the behaviour of others” or the “source of the conventional monetary value“? The monetary agreement has not only a horizontal legal importance, but also a vertical and state dimension. The origins of monetization are sacred and its most authentic dimension is political because it is always necessary for the Political Authority to be the guarantor of trust, of conventional monetary value. This has gradually emerged from the Bank of England’s successful experience, but for speculative purposes.

Subsequently, there was a historical turnaround with the subordination of issuing banks to the states. But since the 1980s, the financial power has regained its illegitimate hegemony. Between the political authority and the financial power, a complex and controversial relationship has always existed within the framework of a kosmos that is often betrayed. However, it is still possible, through an accounting system, to restore the conventional value of the currency and issue it without the burden of debt and interest.


Gold, money, trust, political authority, central bank, conventional value and credit value.

About Author

Luigi Copertino (Busto Arsizio, Varese, 1963) lives in Chieti. Doctor of Law, with a thesis in philosophy of law, regional official and journalist, he specialized in "Studies of legal and monetary values" at the chair of General Theory of Law at the Faculty of Law of the University of Teramo . Dealing with theological-philosophical-legal-political-economic thinking in close relation with the concrete nature of history, he collaborated with the chair of history and institutions of African and Asian countries of the Faculty of Political Science of the University of Teramo and with the Enrico Mattei Institute of Advanced Studies on the Middle-East, in Rome, in the Master Enrico Mattei " in the Middle-East. He taught at the Summer University of the Republic of San Marino on issues related to the historical-religious identity of Europe. Similar to didactic activities for the Summer University of the Republic of San Marino, on issues related to the historical-religious identity of Europe. He is a contributor to many cultural magazines and is the author of several books on themes of spirituality, history, political philosophy and currency.

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