A-Moneyless-Economy-Based-on-Reputation-and-Need.md

@@ -77,7 +77,7 @@ Clearly people and proposals will compete with each other. Communities might hav
 
 The claims system will have an inventory of all the goods and services available in society. Claims will then have to match these goods. We've imagined an Amazon-like shopping experience where we claim the exact items available. This would be easy enough for individuals to do but for investment proposals we often don't know in advance the exact model numbers of everything the effort will need. In this case, the proposal can make an estimate which will be matched to actual goods/services through an estimating algorithm. It would seem that proposals of this kind might actually be better than current ones that simply ask for money. The proposers will need to think through their needs more rigorously and, once the project is "funded", will need to generally spend their allocation in the prescribed way, which would be easy to track. Some allowance could be made for swapping items or requesting new resources due to estimating errors. 
 
-Most of the investment money in developed nations is done through private loans. Government investment projects are, similarly, usually funded with credit since tax receipts are generally assigned to ongoing money transfer programs. The US government typically runs a substantial budget deficit to cover these investments (among other expenses). Keep in mind that a loan is a new claim on resources, one that in, in a sense, unexpected. A small but important level of investment is also made by venture capitalists who already have the required funding on hand and are simply transferring it to the entrepreneur. Venture capital is the only sector not making a new, or unexpected claim, since the resources being used have already been created. 
+Most of the investment money in developed nations is done through private loans. Government investment projects are, similarly, usually funded with credit since tax receipts are generally assigned to ongoing money transfer programs. The US government typically runs a substantial budget deficit to cover these investments (among other expenses). Keep in mind that a loan is a new claim on resources, one that is, in a sense, unexpected. A small but important level of investment is also made by venture capitalists who already have the required funding on hand and are simply transferring it to the entrepreneur. Venture capital is the only sector not making a new, or unexpected claim, since the resources being used have already been created. 
 
 Loans lay claim to real goods in the economy, making those goods less available to the public. The public, indeed, is not really aware that this is taking place but they should be. In essence, society's wealth is being appropriated for the purpose of some future good. When the government does this there is some small measure of accountability. The public is vaguely aware of government programs, the deficit, that they are being taxed, etc. Presumably they voted for these financial arrangements. But no such democratic process, however flawed, takes place with private loans. Banks have the power to create money (aka claims on resources) arbitrarily and enable their borrowers to compete for goods with consumers. And the central bank, the ultimate arbiter of this power, is not politically accountable except in the most abstract sense.