"MITx" is the project MIT is pursuing wherein they offer online classes for free AND provide a credential that you did indeed master the subject.
These credentials, of course, will not be recognized by the rest of the educational system because it would destroy the monopoly they have over millions of innocent people. Thousands of worthless, washed up hippie professors would have to get real jobs instead of screwing over youth for $400 a credit.
There is good news however. What ultimately gives universities their power is not the fact they recognize each others' credits, but that employers recognize the credits or acknowledge the value of a degree from a university. I know people in this country are very slow, and HR consciously works against productivity and progress, but slowly companies are starting to realize just how worthless most college degrees and their graduates are. And I'm willing to bet that in due time employers will start to accept credentials from free online colleges like Khan's Academy or MITx as equal, if not better than a traditional brick and mortar university because the student was obviously self-motivated.
I therefore officially declare that I will hire graduates from MITx should I ever be in the position of power to hire people. Actually, I would prefer them. Now if the rest of the Fortune 500 companies would join me, we could fundamentally change the country for the better.