The End of Money…
My latest book, The End of Money and the Future of Civilization, is now available.
Order it from Chelsea Green Publishing, Amazon.com, or your local bookstore. You can also read a preview containing several chapters at http://books.google.com/.
- The End of Money and the Future of Civilization
- Growth, more growth, then the end of growth...
- Do Banks Create Money out of Nothing?
- Fed buying bonds, hyper-inflation on the way
- Fundamentals of Alternative Currencies and Value Measurement
- Identification and Tracking in the Brave New World--RFID Chips and You
- What did Nelson Mandela stand for?
- Credit Clearing - Pure and Simple
- Top level bankers resigning in droves. What does this mean?
- Demurrage: is it a good idea for a local currency or exchange system?
- Financing alternatives
- Greco Keynote at IRTA – September 2006
- Monnaies Locales, French Translation of my book, New Money for Healthy Communities
- Monographs & Articles
- A Model Membership Agreement for a Credit Clearing Service
- Commercial Trade Exchanges, Their Present Limitations and Potential Future
- Credit Clearing – Pure and Simple
- Demurrage: is it a good idea for a local currency or exchange system?
- Fundamentals of Alternative Currencies and Value Measurement
- Money, debt and the end of the growth imperative
- New Money: A Creative Opportunity for Business
- Reclaiming the Credit Commons
- Stop Chasing the Buck and Change Your Luck
- Recent Articles
- Research and Reviews
- Resource Links
- E. C. Riegel – Master of Monetary Truth
- E. C. Riegel’s Money Freedom Declaration
- E. C. Riegel’s VALUN MUTUAL MONEY PLAN
- Important Federal Reserve Publications
- Proposal – A Bioregional Economic Development Program Based on Mutual Credit Clearing
- Take back the money power
- Usury and the Church of England – Henry Swabey
- The End of Money and the Future of Civilization
- Tour Reports-2007
- Basic Concepts
- Developing Alternatives
- Emerging paradigm
- Exchange Design
- Exchange software
- Finance and Economics
- Global Economy
- Implementation Strategies
- My activities
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- Occupy Movement
- The Debt Imperative
- The Political Money System
- The state of democracy
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- Growth, more growth, then the end of growth… April 17, 2014If you don’t understand geometric or exponential growth then you don’t understand anything about the magnitude of the predicament that humanity now faces or the fundamental changes that are about to occur, one way or another. I’ve never seen the … Continue reading →
- Newsletter – April, 2014 April 9, 2014Flight MH370 Shortly before midnight on March 6 I departed Kuala Lumpur on board a Boeing 777 bound for Tucson, via Tokyo and Los Angeles. That was just 26 hours ahead of the mysterious flight MH370 which departed from the … Continue reading →
- Global debt soars; no end in sight March 31, 2014I have often pointed out, but almost no economist is willing to admit, that central governments play an essential role as “borrowers of last resort” to keep a flawed system of money and banking from collapsing. In their collusive arrangement … Continue reading →
- Russia being squeezed by the New World Order March 22, 2014On my way back to the U.S. from Kuala Lumpur, I picked up a copy of the Financial Times (March 7 edition) in Tokyo while waiting for my connecting flight. As expected, I found numerous articles relating to the Ukraine … Continue reading →
- Newsletter – March, 2014 March 5, 2014Contents. (This edition will be timely but brief). Back to America My latest article Degrowth Conference on Social Equity and Ecological Sustainability Malaysia Hi, Well it’s just a matter of hours now before I board my flight that will take … Continue reading →
- Money, debt and the end of the growth imperative March 3, 2014My latest article, Money, debt and the end of the growth imperative, was published today (March 3) in the online journal, Transformation. Read it here. –t.h.g.
- Everything’s connected: small changes can have big effects February 26, 2014What are the implications of this for transforming the system of exchange and finance?
- Free Community Capital Toolkit February 11, 2014The Business Alliance for Local Living Economies (BALLE) is offering a Community Capital Toolkit that can be downloaded free of charge from the BALLE website. In case you’re not familiar with BALLE, here is a brief description of the BALLE … Continue reading →
- The emerging market mess and US manipulations February 7, 2014Anyone who wants to understand present-day geopolitical phenomena must pay attention to former Assistant Treasury Secretary, Dr. Paul Craig Roberts. Roberts is one of a handful of people who understands what is going on–and is willing to tell people about … Continue reading →
- Success stories February 5, 2014Every day brings new stories about the successful application of new exchange mechanisms that are helping people to survive and thrive in the face of monetary dysfunctions and misguided government policies that are becoming ever more prevalent. This report from … Continue reading →
- Growth, more growth, then the end of growth… April 17, 2014
Category Archives: Developing Alternatives
The Business Alliance for Local Living Economies (BALLE) is offering a Community Capital Toolkit that can be downloaded free of charge from the BALLE website.
In case you’re not familiar with BALLE, here is a brief description of the BALLE vision and mission from their website:
Within a generation, we envision a global system of human-scale, interconnected local economies that function in harmony with local ecosystems to meet the basic needs of all people, support just and democratic societies, and foster joyful community life.
At the Business Alliance for Local Living Economies, BALLE [bawl-EE], our work is focused on creating real prosperity by connecting leaders, spreading solutions that work, and driving investment toward local economies.
BALLE equips entrepreneurs with tools and strategies for local success, and we provide the national forum for the most visionary local economy leaders and funders to connect, build their capacity and innovate. …more…
Toolkit includes: The 20-page Guide to Community Capital
Seven FREE past webinar recordings
Access to a community capital library of resources
You can download it here.
Every day brings new stories about the successful application of new exchange mechanisms that are helping people to survive and thrive in the face of monetary dysfunctions and misguided government policies that are becoming ever more prevalent.
This report from Kenya is a moving and inspiring account of one aging woman’s efforts to keep her family fed and housed.
Maciana Anyango’s husband died a long time ago, leaving her with 5 children to care for alone. Even though she is 64 now, and most of her children are grown, she still bears the burden for caring for her family. Her oldest son, who might have taken on this responsibility, also died, and her oldest daughter is disabled from a bout of TB. Her surviving son was trained as a driver, but he’s been unable to find work, so he, his wife, and his two children live with Marciana, along with Mariciana’s disabled daughter and youngest daughter (17 years). Marciana didn’t have the money to send her youngest daughter to secondary school. And, although she received some training as a tailor, she is also unemployed.
So, Marciana supports this household from the sale of porridge and a bean and maize soup. The porridge sells for 15ksh ($0.18) and soup for 10ksh ($0.12). She usually makes around 600ksh ($7) a day to feed a family of 7. Technically, this puts her above the international poverty line based on the lower cost of living in Kenya, but, as she leaned her forehead against a pole, looked down at her worn red flip flops and dust covered feet, and told us about her life, we could feel the exhaustion caused by her efforts to keep her family fed and housed, and some sadness at being unable to keep her daughters in school and in good health.
Things are improving for Marciana now. She became a member of Koru’s Bangladesh Business Network in December and started trading the Bangla-Pesa voucher with fellow members. More…
And a world away in the United States, commercial trade exchanges (sometimes called “barter exchanges”) are continuing to proliferate and develop in ways that promise to make moneyless trading mechanisms ever more effective and accessible. Trade Authority is an entity that is promoting the proliferation of member-owned trade exchanges and plans eventually to network these exchanges together to enable members to spend their trade credits over a wider area. View their introductory video here.
What will it take to get us to a would of peace where we all have access to what we need to live a dignified life? My thought is that we will need to share and cooperate as never before, to devote ourselves to promoting the common good, and to create new social, political, and economic structures that better serve those ends.
One promising initiative in that direction is Shareable.
Given my particular interest in cross cultural activities and travel, I recommend that you read Neal Gorenflo’s post, #HackTravel: Why No One Will Buy Tourism in the Future. Start by watching this two minute video:
In this issue
November travel to Turkey and beyond
Summer tour report, Part 2. Sweden and England
Bangla-Pesa Charges Dropped
The Geo-political Struggle
On the move again
I’ve been invited to give a presentation at the 4th Green Economy Conference, Green Economy and Commons, 16-17 November 2013, in Istanbul, Turkey. As a panel member on the 16th, my topic will be, Reclaiming the Credit Commons: the Key to a Green Economy and Global Harmony.
Now, as we approach the end of a very busy and demanding year, I’m feeling the need for rest and renewal, so my intention is to travel onward from Turkey to southeast Asia where I will take a lengthy sabbatical. I will try to remain in touch, but don’t be surprised if email messages are not answered promptly. If your communication is really important, mark it “urgent” and keep trying, or Skype me.
European tour report — Part 2, Sweden and England
Following the Hague conference, I travelled to Sweden for a two week stay (June 24 to July 8) during which time I gave presentations and met with community currency activists in Gothenborg, Lindsberg, Gotland, and Stockholm.
My Gothenborg presentation, titled The Economics of Peace, Justice and Sustainability: Toward a New Convivial World Order, was held in a lovely old church that has been converted into a community center and café that provides, among other things, services to the city’s homeless population. One of my Swedish hosts and main tour organizer, Marianne Påsse, sent out a report on that event. Here is an slightly adapted version of it:
We had a wonderful evening yesterday! We were around 50 people, including us. I was content with that (I had no idea of how many might come)! The evening started with a mini-concert; a leading violinist (Helga Hussel) accompanied by Barbro Fridén on accordion, playing Pearls of World Music. It was lovely listening to them in that very nice building, good acoustics!
After that I spoke a little…making a bridge between Charles Eisenstein’s recent presentation (Approx. 25% of the audience were listening to him in the same building some weeks ago) and Thomas. I also asked the audience to raise their hands if they needed translation of some expressions (happened just 2 or three times…once at the very first picture).
Thomas presented a power point show with very well selected pictures. He spoke about them and…it is good to be able to read at the same time (Microphone is necessary). He spoke for approximately one hour, and people were very interested and kept him busy for another ½ hour, until I closed the session (it was late). The questions were very accurate and in depth. People came up to me afterwards and thanked for a very interesting evening. Afterwards Yoshi and Jackie had an evening meal and chat at our place. And today we pack for Lindsberg! So, we are very pleased!
At a summer gathering at an intentional community in Lindsberg I lead two workshops on successive days, each one beginning with a slide presentation. These were titled, Building Resilient Communities: A New Paradigm for Community Development, and The Global Financial Meltdown: Its Causes, and Opportunities for Localized Restructuring. The participants in each of these sessions were few in number but enthusiastic.
As it happened, I was in Sweden at the right time to participate in the Almedalen Week on the island of Gotland. This has become an annual event that brings together a wide variety of business people, politicians, academics, grassroots activists and ordinary folks. You can learn more about this remarkable event at http://www.almedalsveckan.info/.
I had no official role in the Almedalen proceedings, but was able to attend a few of the 2,000+ organized sessions and got to shake hands and chat a bit with the U.S. Ambassador to Sweden, Mark Brzezinski (son of Zbigniew Brzezinski who was National Security Adviser to President Jimmy Carter).
I finished up my Sweden tour in Stockholm, where I was hosted by an American friend who has been living there for several years with his Swedish wife and young son. In Stockholm I got to meet some of the main figures in the JAK Bank, a unique financial institution that since 1970 has been providing interest-free loans. They together with a few other groups organized an event for me which attracted a sizeable crowd, where I repeated the presentation I gave in Gothenborg.
England (July 8 – July 20)
I may at times complain about it, but I love Britain, and this time I had the opportunity to be in the Lake District at a time when the weather was simply superb (“the first real summer we’ve had in seven years,” the locals told me).
The focal point of my visit was a full day workshop (July 12), Unlocking Local Wealth, held at Cumbria University in Lancaster, an event organized by the Institute for Leadership and Sustainability (IFLAS) of the University of Cumbria Business School, in association with the New Economics Foundation, the United Nations Non-Governmental Liaison Service, and Impact International. The event was billed as “a one day workshop with world experts on alternative currencies and exchange systems.”
That workshop was preceded the day before by a gathering in which most of the same “world experts” came together to “clarify an action research agenda, explore ideas for collaboration, begin grant mapping,” and provide “feedback on one key new initiative (Eurocat).” Then, that evening, there was a public event titled, Starting Your Own Currency: Why and How? sponsored by (IFLAS ) in association with Lancaster’s Ethical Small Traders Association. This event featured a keynote presentation by John Rogers followed by my response and a general discussion.
Here are the links to videos that were recorded during that event:
Along with a few other colleagues, I had the pleasure of enjoying a few more days of discussions and Jem’s hospitality at his home overlooking Lake Windermere.
My England photos are here:
I’ll report the final portion of my tour (Greece (July 20 – August 21)) in the next edition of my newsletter
Bangla-Pesa Charges Dropped
I reported earlier that one our close associates, Will Ruddick, along with several of the local currency activist there in Kenya had been arrested and their Bangla-Pesa currency project shut down. I’m happy to report that finally, the charges against them have been dropped. You can read about it here. (A very interesting earlier account that describes their ordeal can be found here.
This is great news, not only because the threat of punishment has been removed, but because this important development project may again have a chance to improve the lot of poor micro-entrepreneurs in Kenya and to demonstrate the power of the local credit clearing model in alleviating poverty. The Bangla-Pesa project is the most significant complementary currency project that I am aware of and has the potential to become THE model for other communities to follow. It deserves strongest support.
[Update. This just in from Will: We won! The official court order to release us was just released last week and can be seen here: http://koru.or.ke/Bangla-Pesa-Dream-Nov Not only have we been acquitted but we've been given a relaunch date of November 23rd to restart the program
Will adds, We've also created this 3 minute cartoon to explain how these programs form an effective barrier against poverty and market stagnation: http://www.youtube.com/watch?v=UaspBGmsdLE Please share widely.
The community is really excited and ready to move forward.]
The Geo-political Struggle
Alvin Toffler observed more than 30 years ago that the power of nation states was in decline and predicted that the trend would continue. It is clear that national governments are ceding sovereignty, not to global democratic institutions, but to transnational corporate entities resulting in a New (fascist) World Order that bypass all the checks on power that have been built into democratic governments over the past three centuries. George Monbiot’s recent article, Elite Insurgency, articulates some current features of that shift.
And Karen Hudes has revealed that World Bank corruption is an inherent element in the global Elite takeover. After Twenty one years at the World Bank, she has blown the lid off the cover-up of the corrupt global financial regime. Watch this interview with Karen: http://youtu.be/M4VGoXV5vYg . A longer interview in four part can be seen here.
These are a few pertinent quotes from her interviews:
“This is a massive cover-up; this makes Watergate look like tidally-winks.”
“Big boys who think they own the world.”
“We don’t have a democracy here.”
“The Federal Reserve has “gamed” the capital markets.”
“This whole country is so corrupt, you can’t begin to imagine. I can’t tell this to the people because the press is owned by those thugs”
“Stakeholder analysis” identifies a “super entity” of ownership and control.
All of that is very troubling, but we have a choice—to build our own (democratic) new world order from the bottom up, community-by-community. We cannot be complacent; we must reduce our dependence upon corporate controlled mega-systems, especially banks, and secure the availability of the necessities of life within our local regions.
# # #
In this issue
- European tour report — Part 1, the Hague Conference
It’s been quite a while since my last newsletter went out in early June. Since then, a great deal has been accomplished. My European tour, which spanned nine weeks from mid-June to the latter part of August, was successful, productive, exciting, and I might add, exhausting. I’ll say more about that below, but most recently, I provided a remote presentation (via Skype) to a group assembled at Kalikalos on Mt Pelion in Greece as part of the week-long workshop titled Occupy Money. Then, toward the end of September, I participated in the 34th Annual International Convention of the International Reciprocal Trade Association (IRTA) in Las Vegas where I shared the podium with Annette Riggs and Rob van Hilten in a panel session about Understanding Diverse Exchange System Models: From Bitcoin and Berkshares, to Transparent Credit Clearing Networks. Unfortunately, that session was not recorded, but the slides that I prepared as talking points can be seen here. Needless to say it was not possible to cover them all in the short time provided.
Upon my return to Arizona from Europe I had to begin searching for another residence, since the house where I had been renting a room is no longer available. I’ve just moved into another shared housing arrangement which I hope will turn out to be suitable, at least temporarily.
This uprooting, combined with the let-down that followed the summer’s excitement, has caused me to deeply ponder the questions, What’s next? and Where do I want to be? While my energy level is not what it once was, I still enjoy relatively good health and am able to adapt to different environments so long as they provide a reasonable level of comfort for living and working. I’m growing impatient to hear opportunity’s knock, still hoping to involve myself in a breakthrough project that is adequately funded, with an able and energetic team that can achieve results that are on a par with the best business start-ups.
European Tour Report—Part 1, June, 2013
The first 4 weeks of my tour were a whirlwind of presentations, workshops, interviews and discussions. I’ll skip the details and report only the highlights, starting with the Hague conference, then report on the rest of the tour in my next newsletter.
The Netherlands and 2nd International Conference on Complementary Currency Systems (CCS)
It was a great pleasure to again visit (for the third time) STRO in Utrecht and to discuss with Henk van Arkel and the STRO team our various projects and common interests. STRO, with projects in several countries, is one of the most effective organizations working in the area of sustainable economics, community empowerment, and exchange alternatives. Together with Time/bank The Hague, they sponsored my first tour presentation (on June 18) for practitioners and social entrepreneurs. My slide show was titled The Exchange Revolution: Taking complementary currencies and moneyless trading to a new level, which described the various issues that must be considered in creating and managing alternative exchange mechanisms.
The CCS Conference in Den Hague far exceeded my original high expectations. I’m very encouraged and inspired by the quality of the presentations and discussion sessions that occurred during the entire 5 days of the conference. It seems that the movement has reached a new high level of competence and increasing cohesion, and seems poised to achieve significant results in both the theory and practice of community empowerment through the creation of systems for providing local liquidity. That, of course, is a prerequisite to transcending the growth imperative and transitioning to a steady-state economy. I expect that progress will be very rapid from this point onward.
Presentations, documents, and interviews from the Academic portion (June 19 and 20) of the Conference are available toward the bottom of this link. You will find what I think is a pretty good interview with me here, and brief video interviews of 27 presenters from Day 3 (policy makers day) can be found on the YouTube channel of Qoin. More video recordings by Hagen Schmidt of some of the sessions are to be found at this link.
As usual, I took many photos to document my travels and events. The pictures of the Netherlands portion of the tour can be found at this link.
Among the practitioner sessions that I participated in during the final two days of the conference were the following.
* Intertrading. One of the two discussion groups I proposed in the “open space” was about networking credit clearing exchanges together and development of the necessary intertrading protocols. We had quite a lively and productive discussion, which has become an ongoing process since Sebastiano Scrofina set up a Google group for that purpose. If you want to view the posts or join the discussion, go to this link.
* Measures of value and Units of account. Another session I lead was about measures of value and units of account. This also resulted in a lively discussion. Thanks to Zsuzsanna Szalay, we have a voice recording made with a digital recorder. You can download the file from this link.
* Business Models for Complementary Currencies. Daniel Neis provided input for a session on business models. Pertinent links are provided in his post to a Google group which he has started for discussion on that topic. You can read it, and join the conversation by going to this link.
As a side note, it always amazes me to see how effectively the Dutch deal with personal transportation. Besides having a very efficient network of trains, trams, and buses, their use of bicycles exceeds that of any other people I’ve visited, even urban Chinese. They make bike travel safe and convenient by providing many bike “roads” that keep bike traffic physically separated from motor vehicle traffic, and by providing huge amounts of space for bike parking at train stations and other locations.
I hope you are all enjoying the cooler Fall weather.
The International Reciprocal Exchange Association (IRTA), the premier association of the commercial “barter” industry, has been for more than forty years promoting the interests of small and medium sized enterprises by assisting its member trade exchanges to provide them with liquidity and effective opportunities for moneyless trading.
Since 2005, IRTA has been reaching out to the wider grassroots community of researchers, developers, and organizers of private currencies and complementary exchange mechanisms and has broadened its advocacy to include them.
The upcoming 34th Annual International Convention of the IRTA in Las Vegas will provide a unique opportunity for social entrepreneurs and monetary activists to further consolidate programs of cooperation with the well-established commercial “barter” sector of the moneyless exchange movement. The Convention will be held from Sept. 19 thru 21 at the Venetian Resort in Las Vegas.
Along with IRTA President and experienced trade exchange operator Annette Riggs, and Rob van Hilten, Executive Director of QOIN, a consultancy for community currencies, I will be a panelist in a Saturday session (September 21) titled Understanding Diverse Exchange System Models: From Bitcoin and Berkshares, to Transparent Credit Clearing Networks. This session will consider three basic topics of discussion:
Bitcoin, the good, the bad, and the ugly.
The benefits and limitations of cash-based local currencies.
The emerging global exchange network.
There is still time to register for this important event. You can get details about the convention program and secure your place by visiting the IRTA website at http://www.irta.com/.
# # #
In June, I reported the launch and abrupt shutdown of an exciting community development project in a poor suburb of Mombasa, Kenya. The Bangla-Pesa voucher system, conceived and organized by American aid worker Will Ruddick and several local micro-entrepreneurs, is intended to provide additional liquidity that makes it possible for unmet needs of local residents to be satisfied out of their own excess productive capacity.
After a mere two weeks of operation, the Government of Kenya arrested Ruddick and five local micro-entrepreneurs, charging them with forgery. Amidst an indignant outcry from the global development and complementary currency community, the case bounced around through the Kenyan bureaucracy and on Friday, the central bank finally dropped the charges.You can read about this latest development on the Koru Kenya website.
Now, the way appears to be clear for this project to move forward and to build upon its early success. The Bangla-Pesa project is in my opinion one of the most promising current developments in the realm of alternative exchange and community development and deserves wide support as other similar communities line up to replicate it.
Here are 6 short and inspiring videos that tell the whole story. I suggest that you view them all starting with the background of the Bangla-Pesa up through the State’s withdrawing the case. These videos are automatically played in sequence.–t.h.g.
Regarding effective community initiatives, you might want to read this inspiring article from Der Spiegel about two Greek women in Athens who have done some remarkable social action things: People Power: Young Greeks Team Up to Combat Crisis.
This story shows what Greeks can do, and are doing, to make things better for themselves, aside from government policies and actions, by organizing “self-help initiatives to provide free medical care, repair street lighting and monitor public spending.”
The rest of the world might follow their lead. read about it here.