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Devoted to the liberation of money and credit, and the restoration of the commons
Updated: 7 hours 18 min ago

Walking Away: From the “New (Old) World Order,” into the Old (New) World Order. Part II

August 1, 2020 - 6:30pm

ConfusedDirections

Discord and confusion, conflicting stories, rampant disinformation, faction against faction,  widespread anger and fear, people fighting among themselves, economic dislocation, personal interactions disrupted and people separated from friends and family, cessation of favorite sports and pastimes, and widespread abandonment of familiar ways of doing things. That is the state of our world today.

How have we come to this sorry pass and to what is it leading? Is this an act of God, is it the natural course of societal evolution, or is it something that has been intentionally contrived, and if so, by whom and to what purpose?

Read the full article here

Categories: Blog articles

Walking Away: From the “New (Old) World Order,” into the Old (New) World Order. Part I

July 27, 2020 - 1:32pm

ObeySleep1

Global pandemic, social distancing, widespread shut-downs, testing and “tracing,” economic crisis, and more recently, massive protests and social unrest, not just in the US, but around the world — What does it all mean? Like virtually everyone else in the world, my attention lately has been focused on that question.

I don’t feel terribly anxious about Covid-19, even though for me personally it poses a significant existential threat. Although I’m fortunate to have no chronic illnesses, I am well advanced in years, and according to some recent reports, my gender, blood type, and ethnic heritage may put me further at risk.

I am more concerned about the social, political and economic impacts of the situation and governments’ reactions to it which may turn out to be more disruptive than the pandemic itself. At the same time I am hopeful, even optimistic, that this crisis brings with it great opportunities for positive changes that are long overdue.

Read the full article here

Categories: Blog articles

Reclaiming the Credit Commons

July 25, 2020 - 5:59pm

The concept of the “credit commons” is something I articulated at length in my 2009 book The End of Money and the Future of Civilization, along with a thorough description of how it can be reclaimed from monopoly control. In November of 2010 I was invited to participate in the International Commons Conference: Constructing a Commons Based Policy Platform Economy, sponsored by the Heinrich Böll Foundation, in Berlin, Germany.

In my presentation there I pointed out that credit is a crucial aspect of the commons that has been generally overlooked, and that reclaiming it is crucial to any attempt to promote social justice, economic equity, democratic government and a world that works for everyone.

This video is a composite of the video record that was made and the slides that I showed at that time. It can also be viewed at Credit Commons on YouTube.

Categories: Blog articles

New Podcast Episode

July 18, 2020 - 5:35pm

Episode 9 A conversation with Jose Francisco Garcia Mazcorro

Jose Francisco Garcia Mazcorro (Pepe) (Born in July 1982), is a scientist and educator who from 2000 to 2005 studied Veterinary Medicine and, in 2011, received a PhD degree from Texas A&M University.

Upon his return to Mexico in 2012, Pepe and his wife, Alicia, who also holds a PhD from the same university, started a program they called “Free Science Classes.” Pepe currently spends most of his academic life working on various research projects related to the human and animal microbiome. He also has an interest in Social Philosophy and published a book on that subject in 2007.

In this podcast interview, Pepe describes his work of taking science directly to children, provides some insights into Mexico’s current political situation and the implications of the election in 2018 of President Andres Manuel Lopez Obrador (AMLO), and discusses the status of the COVID “pandemia” in Mexico, its consequences, and possible remedies to avoid an even more complicated scenario in the years ahead. You can learn more about Pepe and his work at his personal website athttps://sites.google.com/site/josefgarciamazcorro/home. Pepe also recommends this video about social distancing.

Categories: Blog articles

Money and Finance Have Now Been Completely Collectivized

July 6, 2020 - 12:34pm

It is almost laughable to see “the powers that be” fumbling around, and bending everything they touch out of shape, as they try to maintain some semblance of life in the deeply flawed zombie system of money, banking and finance. Laughable, that is, if it were not so tragic.

This financial “Titanic” has not been ripped open by a sudden encounter with some unexpected and random “iceberg.” It was doomed from its very beginning because of its flawed design, construction, and operation, which I have repeatedly described over the past thirty plus years.[i] It has been taking on water and shaking itself apart for a very long time, but it is just within the past few years that its inevitable demise has become obvious, and is now imminent.

The Great Revelation of 2008
— more —

This article was first published on Medium

Categories: Blog articles

Newsletter — June 2020: Making sense of the Covid-19 “pandemic”

June 27, 2020 - 10:48am

In this issue:

  • Facts about Covid-19, a report from Swiss Policy Research
  • Analysis of Crisis Management from the German Ministry of Interior
  • Perspectives on the pandemic, one nurse speaks out
  • Mass surveillance begins with kids: WIRED Magazine
  • The injection fraud–it’s not a vaccine: Catherine Austin Fitts
  • All Governments Lie: Oliver Stone
  • Meet Bill Gates: The Corbett Report
  • Coronavirus: It is governments not coronavirus which threatens our lives: Dr. Vernon Coleman
  • My (tentative) final thoughts

Because this is a long one I’ve posted only the list of contents. You can read the entire newsletter here.

If you’d like to be added to my mailing list to receive my newsletter directly, please fill out the subscription form below.

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Categories: Blog articles

Relocalization and Community Empowerment–How to get it done

June 24, 2020 - 12:15pm

You won’t want to miss this webinar with
GAYLE MCLAUGHLIN for a conversation on
How a Progressive Alliance Can Change Culture

Gayle McLaughlin was a two term Mayor of Richmond, CA and she is currently running for the Richmond City Council in 2020. Under her leadership as Mayor, Richmond increased the minimum wage to $15 an hour in 2008. Homicides were reduced by 70%, and the Richmond Chevron refinery was forced to pay $100 million dollars in additional taxes after a successful lawsuit that required payment for the environmental hazards and harm they caused to the community. She led the fight against foreclosures in Richmond. She co-founded the Richmond Progressive Alliance, which was the precursor to the California Progressive Alliance. As Mayor, she also oversaw the hiring of a new police chief who radically altered the police culture in their community by reorganizing the police force to one that worked with, instead against, the community. In 2016, she helped pass the first new rent control law to take effect in California in 30 years. Her book, Winning Richmond: How a Progressive Alliance Won City Hall, is available online. Gayle has never taken any corporate money in her campaigns and she has won every one thus far. Her enlightened leadership has altered Richmond but, as she says, there is much to be done to keep the progressive values and gains alive. Which is why she is running for the Richmond City Council again.

Gayle’s first book, Refinery Town: Big Oil, Big Money, and the Remaking of an American City, was published in 2017 with a foreword written by Bernie Sanders. In 2019, her political memoir, Winning Richmond: How a Progressive Alliance Won City Hall, is literally a how-to for radically changing city governments. In all of her campaigns for public office, she has never taken any money from corporations.

Friday, June 26 at 4:00 pm, Pacific Daylight Time.

Tickets: $20 General. * $15 for Praxis Members – Zoom link sent upon Registration. Click Here to Register. If you cannot afford a ticket or need a reduced fee, please Contact: info@praxispeace.org  

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Categories: Blog articles

The true pathway to peace, prosperity and freedom

June 21, 2020 - 1:46pm

For the past four decades E. C. Riegel has been my primary source of insight and

E,. C. Riegel

inspiration on the concepts and mechanisms of money and exchange. Writing mainly from the 1920s thru the 1940s, his is vision is acutely penetrating and his expression clear and almost poetic. For that reason I and a few others have made every effort to make his work known to a much wider audience. His most important works are freely available to be downloaded and I have listed the web links on my website under the Library menu item at https://beyondmoney.net/library/.

I realized very early in my peace and justice work, that the primary obstacle to peace, justice, and freedom, lies in the centralization of power and the concentration of wealth. Riegel and others helped me to see that the global money and banking system is the main instrument by which that is made possible. Riegel opened my eyes to the true nature of money and the fact that we the people already have in our hands the power to create true money. He pointed out that “Heretofore, economics has located the source of production at one point and the source of money at another, with the result that synchronization and balancing of issue between wealth producing power and money power were impossible.” Riegel then laid out a way to bring those two powers together, a plan which I, in all modesty, have enhanced and adapted to present conditions.

I’ve lately been in the process of preparing a document containing excerpts from Riegel’s 1944 book, Private Enterprise Money, along with my comments, much as I did years ago with my annotated précis of his book, Flight From Inflation. That may take a while to complete but I would rather not delay in sharing with my readers a little gem from pages 106 in which Riegel presciently described our present predicament. Here it is:

THE SURPRISE WEAPON Society is in the twilight of a passing day. The state now undertakes to finance the economy, and, since a free economy is manifestly impossible where the state assumes the responsibility of supplying the money circulation, the politician is compelled to choose between fascism and communism. Under either choice liberty is abolished and the people are enslaved. As the planners all over the world adopt their devices for a managed economy, and ideologists and sloganizers prepare their implements to condition the minds of men to their control plans, and the cause of human freedom seems defenseless, there falls into the hands of the people a surprise weapon that will turn the tide of battle and give the people mastery, not only over their private affairs, but over the would-be political planners. This weapon is the people’s money power as defined in the following pages. It will change the whole course of human events into the paths of liberty, prosperity and peace. #     #     #
Categories: Blog articles

Community Currencies — Questions and Answers

June 18, 2020 - 3:02pm

I receive a steady stream of requests for information and advice, which I’m not able to address as fully as I might like. For the most part, the answers that people seek have already been expressed in my various writings, presentation and interviews. Still, I understand and share the desire to save time and effort by finding shortcuts to enlightenment. So I take these inquiries as opportunities to rethink and work out better ways of explaining the ideas I’ve been trying to get across for many years.

Thinking that many of my followers might benefit from my recent responses, I’ve compiled some of them to share in this document.
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Q1: What is money and what is its purpose?

A: Money is a credit instrument that facilitates the exchange of value.
That’s a simply as I can state it.

Q2: Who can or should issue a currency?

A: Any business can issue a currency (essentially an IOU) to suppliers, who are willing to accept it. But to make it credible and acceptable to them, the issuer must be ready, willing, and able to redeem it in a timely manner. They redeem it by accepting it back as payment for the goods or services they sell. That’s all there is to it. But, it’s better if a group of sellers do this together with other others rather than singly. That can be done by organizing a mutual credit clearing circle (trade exchange) as I’ve described in numerous writings and presentations, e.g., Credit Clearing – Pure and Simple.

Q3: Why do communities adopt their own currencies?

A: There are various reasons why communities adopt their own currencies and there are various ways of issuing them.

Most of the hundreds of community currencies that have been issued over the past three decades in various places around the world have had the avowed purpose of keeping money circulating locally instead of “leaking out” to the wider world. The idea is that if money can be kept circulating within the community it will enable a greater number of local business transactions leading to greater community prosperity.

Most of these currencies have been backed by conventional money. That is all well and good, and there are various conditions and procedures that can be employed to maximize the impact, as I have described in my recent article, Monetary alchemy: how to turn bad money into good.

Another reason why communities issue their own currencies is to create “home grown liquidity,” i.e., to make up for the failure of the banking system to provide adequate amounts of exchange media to local businesses, especially the small and medium sized enterprises that for the backbone of every community economy. This type of currency is not backed by conventional money, but by the goods and services that local businesses stand ready, willing and able to sell. This type of currency may sometimes be spent into circulation by a single business then accepted back as payment for the merchandise it sell, but more typically, it will take the form of “trade credits” issued within a cooperative trading circle comprised of several hundred businesses and/or individuals. Illustrative of this are the scores of commercial trade exchanges that are operating in countries around the world, and the grassroots trade networks known as LETS, Local exchange trading system. For a comparison of the effectiveness of different models of currency and exchange systems, see my article, Local Currencies—what works; what doesn’t?

Q4: Do community currencies generally exist to solve a particular problem? In the case of Tenino, WA, I know the money is going primarily to low-income residents, but I’m curious why specifically they’re being given a local currency instead of cash aid in US dollars.

A: Yes, as described above, community currencies generally exist to enable more local transactions and/or to make up for the shortage of official exchange media (dollars).

I had not heard of the Tenino currency before, but after reading the article about it in the Seattle Times I understand that it is a dollar backed voucher currency in which theTenino2020 dollars are provided as a grant from the city government to eligible recipients. The city government may have their own reasons for giving out “a local currency instead of cash aid in US dollars,” but a couple obvious advantages of the local currency are that (1) it can circulate numerous times before being redeemed for dollars, giving a boost to the local economy, and (2) restrictions can be placed on how recipients can spend it. In the Tenino case, according to the Seattle Times, the local currency cannot be used to purchase alcohol, tobacco or marijuana. Of course some clever people will likely find ways to circumvent that restriction.

There are other restrictions that I would suggest be applied to maximize the benefits that derive from such a currency. These relate to who is allowed to redeem it for dollars (e.g., only local business operators), when they are allowed to redeem it (perhaps several months or years in the future), and on what terms (maybe at a 10% discount from face value). Each of these would encourage the local currency to change hands many more times and thus provide a greater stimulus to the local economy.

Q5: Does Tenino’s model resemble any other community currencies you’re aware of? How do these currencies differ from each other, generally?

The Tenino currency resembles a great many other local currencies around the world that are all backed by conventional money and follow the ‘convertible local currency’ (CLC) model. Examples include the Bristol Pound and Brixton Pound in the UK, Toronto Dollars and Salt Spring Island Dollars in Canada, and Berkshares in the US.

Further, Salt Spring Island Dollars and Tenino currency both have appeal as collectibles and will never be redeemed for dollars, thus providing a windfall profit for the community.

Q6: Many currencies base their value on how the public perceives its value. For example, the US dollar is the world’s most accepted currencies because people know they can spend it in most places. How do you convince individuals and businesses to use it and trust it?

A: Political currencies, like the US dollar, have the support of their governments and central banks. The US dollar has the “full faith and credit” of the US government behind it and it must be accepted “for all debts, public and private.” These are the factors that cause it to be generally acceptable as payment. As the global reserve currency, the US dollar is in high demand among the banks and governments of other countries, despite the fact of rapidly rising UD government debt and the dollar’s continual loss of purchasing power.

Community currencies do not have those same advantages so they must stand on their own feet as credible credit instruments. What makes such a currency credible, sound, and acceptable in trade is its redeemability either in conventional money, or in goods and/or services that are generally desired and needed.

Q7: If a community currency wants to survive for the long-term, what does it need to do?

To survive long-term, a community currency must be issued into circulation on a sound basis or foundation; it must be usable as payment for a wide variety of essential goods and services; it must be have the support of the local business community.

Specific design and operation details are provided in my various writings and presentations, including my article, How to Bring Liquidity Into an Economy, Free of Interest, Inflation, and Boom and Bust Cycles, and my most recent book, The End of Money and the Future of Civilization.

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Categories: Blog articles

After the Great Pause–toward a New Society

June 14, 2020 - 9:10pm

Recent events have made it clear that there is no going “back to normal.” It seems to me that in this time of flux there are many possibilities, but I think they boil down to two fundamental choices. The world can continue on the trajectory of increasing concentrations of power and wealth, and dominance of the many by the few, or society can begin to decentralize and move toward community empowerment and local control.

Many are calling for people to embrace “a new human story founded on the principles of connection and diversity” and argue that such a story is already emerging.

The upcoming online event called World Localization Day promises to move our collective consciousness in that direction. I’ve already registered to participate and suggest that others do likewise. It will be happening next Sunday, June 21. This global event will be streamed three times: starting at 4pm in Sydney, 4pm in New York and 4pm in London. Registration fees are on a sliding scale, or even free for those with scant means.

As the website says:
After COVID-19, we can return to stressful disconnected lives and climate catastrophe, or we can slow down, scale down and rebuild our connections to each other and to the Earth.

Check it out.

Categories: Blog articles

2020 May Newsletter

May 26, 2020 - 11:51am

In this issue

  • What could be nicer than this?
  • Planet of the Humans
  • The Need to GROW
  • Trade Exchanges and Credit clearing are No Longer Experiments, They’re Mainstream Business

There is so much going on these days, and so much I want to share with you that I hardly know where to stop. Yet, I do not wish to overwhelm my readers, so I’m choosing to keep my newsletters short. Whether they also become more frequent will depend on my own state of overwhelm and how the spirit moves me in the weeks ahead. In this edition I’m starting off on a lighter note with an amusing presentation by one of my longtime favorite authors. Oh, and by the way, there’s nothing in here about Covid-19. That’s not for lack of serious concerns or important sources to share, but I think we all need to take a break from it, so I’ll leave that for next time when we’ll get into it big time.
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What could be nicer than this?

Take a few minutes to relax and be amused. Whether or not you’ve ever been a fan of Kurt Vonnegut, as I have, I’m sure you’ll enjoy this lecture he gave in 2004 on the Shape of Stories.
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Planet of the Humans

This new and controversial documentary by Jeff Gibbs and Michael Moore lays out the hard, cold facts about our energy intensive way of living and the implausibility of renewable energy sources ever being able to replace fossil fuels. The inevitable conclusions are that we humans need to reduce our energy consumption, stop the growth of our population, and start making better public policy choices regarding infrastructure and technologies.

But vested interests have refused to believe the obvious facts and are intent of continuing on the present path in order to protect their material fortunes. In Tucson, where I live, tens of millions of dollars are being wasted on road widening projects just to deliver traffic more quickly to the downtown bottlenecks, a policy that in the process has been killing off more pedestrians and bicyclists and raising noise pollution to maddening levels.

The film has been controversial because it argues that the much vaunted shift to renewable sources of energy is an illusory savior, and the mainstream environmental organizations have been largely co-opted by corporate interests.  The movie is freely available for viewing at https://planetofthehumans.com/.

Among those featured in the film is energy and climate expert, Richard Heinberg of the Postcarbon Institute. Heinberg’s review of the film provides a more nuanced picture of our energy future and I encourage everyone to read it. The bottom line for me is my long held belief that there is no techno-fix maintain that will allow us to maintain the profligate ways of our current civilization, and that is a good thing because we are presently face with a multi-dimensional mega-crisis that is forcing us to transition to a different way of living that does not promote endless economic growth. I’ve also been arguing for a long time that we need to get off this perpetual growth spiral and shift our efforts away from ever increasing consumption and toward a Butterfly Economy that is in harmony with nature. If we do not make the necessary changes in the way we live, nature will do it for us.
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The Need to GROW

Speaking of living in harmony with nature, one of the most important things that we can do is to change the way we grow our food. This award winning documentary shows that it is possible. There are viable alternatives to industrial agriculture that are not only capable of producing an abundance of more nutritious food, but of saving the planet in the process. Get it here.
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Trade Exchanges and Credit clearing are No Longer Experiments, They’re Mainstream Business

This opinion piece by Paul Brandus appeared recently on the MarketWatch website: How small businesses can stay afloat during the pandemic without government help.

While still often referred to as “barter exchanges,” the scores of commercial trade exchanges operating around the world enable their business members to transact billions of dollars worth of purchases and sales annually without using conventional money. How do they do that? As I’ve been explaining for many years, established business members are given an internal line of credit in proportion to their sales volume, thus creating a new form of liquidity within the exchange that is independent of bank borrowing and conventional money.

The proliferation of trade exchange networks is a fundamental necessity in rebuilding the economy to be more resilient, fair, and democratic, and preserving the small and medium-sized enterprises (SMEs) that are the backbone of every community economy and political democracy.
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Monday, May 25 was Memorial Day in the United States. It is a day when we remember and honor all those who have fought and died in our many wars. Let us also remember the horror and utter waste that is the essence of war, and resolve to put an end to it forever.

Thomas

Categories: Blog articles

My latest article in Medium

April 22, 2020 - 12:02pm

The global money system: not the kind of normal we should get back to describes the urgency, and the opportunity, of ushering in a new, more equitable and sustainable economy based on the deployment of the innovative mechanisms of exchange and finance that I have long advocated. We need to ask ourselves what it is that keeps us on the treadmill. We try to get ahead but so often we end up simply standing still or falling farther behind. We are all chasing after that thing that everyone demands from us–money. The problem is that there is never enough money in the right places to fairly distribute the vast amount of wealth that the economy produces. What if we could all stop chasing after money? Money scarcity is an artifact of the interest-based, debt-money regime. Better means of exchange are available; we simply need to organize and use them.

Categories: Blog articles

A Conversation About the Dysfunctions of Money, and the Need for Decentralized Exchange Alternatives

April 19, 2020 - 2:19pm

This conversation, sponsored by the Praxis Peace Institute, is Episode 8 in our podcast series. It was recorded on April 10, 2020 and covers such critical questions as:

  • What is the essence of money?
  • What are the functions of money?
  • Where does money come from?
  • How does money enter the economy?
  • Who controls the issuance and flow of money?
  • Why does total debt in the world keep growing?
  • Is the system of money, banking, and finance stable, fair, sustainable?
  • Are there better ways to “do” money?
  • Why have local currencies not been more successful?
  • Are there any success stories?
  • Is there a “magic formula” for making an alternative money system work?

It continues with a discussion of the history of local currency efforts in Sonoma County, California and a description of straight forward approaches to creating local liquidity that is independent of banks and conventional money.

https://beyondmoney.files.wordpress.com/2020/04/thomas-greco-with-georgia-kelly-2020-04-10_final.mp3

Categories: Blog articles