This article attempts to make some sense of what is happening to the role of money and the economy in our lives and in our communities. It shows that the picture provided by the discipline of economics makes no sense at all. Corporations and national economies have become wealth extractors as opposed to wealth creators. Only about 3% of daily financial flows around the globe have any meaningful connection to the production and distribution of goods and services or to direct productive investments. Free trade is restricted to the flows of goods and services, but it is forced trade to people and communities. Such flows ought to serve them, but under free trade they are permitted to do more harm than good. These developments have transformed the role of money and the economy into wealth extraction or what may be regarded as antimoney and an antieconomy. The implications are far reaching, and require urgent attention if the present human, social, and environmental crises are not to be intensified. [For Part 2, see EJ825552. For Part 3, see EJ825553.]