 In his 1994 book, "New Money for Healthy Communities," Thomas H. Greco, Jr. discusses mutual credit at length, along with the process called "credit clearing" which is the process that gives mutual credit its potency as an alternative system for enabling the exchange of value without depending on banks borrowing or conventional money.In his book he described an early proposal for a credit clearing system that was put forth by Bilgram and Levy in their book, "" (1914), then on page 85 he equates "mutual credit" with "reciprocal trade," all of which he more fully developed in his subsequent book, "Money Understanding and Creating Alternatives to Legal Tender".In that book’s chapter titled, "Mutual Credit –The Foundation For Community Currencies" (Chapter 13), Greco defines mutual credit as “the generic term which we use to describe an association of traders who have agreed to create and utilize their own exchange medium,” then explains, “a mutual credit system might, like LETS, use a ledger or system of accounts for recording the trades and tracking the account balances of its members, but it might also utilize circulating notes.