Category Archives: Global Economy

Pertinent to global economic issues and events.

Newsletter – July, 2014

Contents

  • From Visby to Bisbee
  • Website improvements, slide shows, and videos
  • My upcoming events
  • Ecuador leading the way toward a “Commons Economy”
  • Kalikalos Summer School/Vacation.
  • Bitcoin—the currency and the technology
  • J. W. Smith and the Institute for Cooperative Capitalism Worldwide
  • More lessons in global economics, finance, and internet access

From Visby to Bisbee

Last year around this time I was in Visby, on the island of Gotland in Sweden where I was privileged to be able to attend the annual Almedalen event, an exciting convergence that brings together a wide variety of business people, politicians, academics, grassroots activists and ordinary folks for several days of presentations, discussions, and festivities.

This year I’m in Bisbee, Arizona, a former mining town turned artist’s mecca and tourist destination where I have the use of a comfortable house while my friends who own it summer in New England. Bisbee is located in Cochise county which is in the southeastern corner of Arizona, close to the Mexican border. I’ve gradually been adjusting to small town living and finding it to my liking. At five thousand feet elevation, the climate is pleasant—not too hot, and the summer monsoons have provided abundant rains over the past couple weeks. The ocotillo plants, which most of the time look like clumps of dead sticks splayed out toward the sky, are now covered with lush green leaves and tipped with red blossom tassels. _____________________________________________________

Website improvements, slide shows, and videos

The slower pace of small town Arizona has given me the opportunity to focus much of my energy and attention on consolidating the considerable body of work that I have built up over the past three decades, work that has taken a variety of forms—articles, books, websites, presentations, and interviews. Thanks to modern technologies, much of this work has been recorded and thus can be made readily available to present and future generations. I’ve spent a lot of time going back over my accumulated material—reworking and updating it, finding ways to make it more accessible, and in some cases, publishing it for the first time. I’m proving (to myself at least) that an old dog can learn new tricks, and I’ve been having a fun doing it.

I’ve been using Power Point for several years but up to this point had not tried to learn more than its basic functions, nor had I made much of an effort to learn how to edit audio and video files. With the acquisition of Power Point 2010, which has some powerful new features, plus some new found motivation on my part, I’m now beginning to master it along with audio editing software like WavePad and Audacity (both are free). Together, these tools are enabling me to create videos of reasonably good quality from many of my Power Point presentations that have been recorded over the years. I am posting these for viewing on my Vimeo channel at https://vimeo.com/tomazg/videos.

One of my best presentations, A New Paradigm in Exchange and Finance: The pathway to peace, justice, freedom, and a dignified life for TG-PBIbySL-0496CRsall, was delivered at the Public Banking Institute conference in Philadelphia in 2012. I’ve made a video of that slide show presentation, which you can view at https://vimeo.com/100765695.

I’ve also done some work on my YouTube channel. I’ve sought out and collected materials in which I am featured. You can find these in my YouTube playlist labeled, My presentations and Interviews.

These links are also provided in a new menu button labeled, My Videos and Sites, that I’ve added at the top of the home page on my website http://beyondmoney.net/. That button also brings up links to my other sites.

As you explore my sites, please let me know if you find any broken links, errors, or other problems. You can reach me at thgreco@mindspring.com.

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My upcoming events

I’ve been invited by the Sunbelt World Trade Association to give a presentation in Tucson on Monday, August 18. This presentation will describe how local businesses can create local liquidity on the basis of their own production and collaborative credit, thereby reducing their dependence on bank borrowing and protecting the local economy from the ill effects of national and global monetary policies (Details at http://beyondmoney.files.wordpress.com/2014/07/2014-tucson-flyer-063014.pdf). If there is sufficient interest, I may follow that up with a workshop covering the issues that need to be addressed in preparing to launch a complementary community currency for southeastern Arizona.

In October, I’ll be going to the San Francisco Bay area. I will present at Living the New Economy conference in Oakland, October 23-26 (http://www.bayareaneweconomy.org/), being organized by the people at Bay Bucks, a complementary currency and trade exchange for the SF Bay Area. Their banner reads: “We help local businesses cut costs, increase revenue and in the process, build local resilience.”

On October 30 I will present, The Evolution of Money and its Potential to Improve Humanity at the Institute of Noetic Sciences (IONS). Details can be found here.

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Ecuador leading the way toward a “Commons Economy”

In 2013, the government of Ecuador embarked upon a program to rethink the fundamentals of its economy and plan its transition to a free and open knowledge society. Friend and colleague, Michel Bauwens, founder of the P2P Foundation was engaged to lead a ten month process of research and discussion.

David Bollier has provided a good overview of the project and a progress report in his magazine On The Commons.

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Kalikalos Summer School/Vacation

If you’re in the market for a European vacation combined with an educational and community-building experience, you must check out Kalikalos Summer School where you can experience “Alternative holistic holidays on Mt Pelion above the sea.” Their three campuses are all in close proximity to one another in one of the most beautiful parts of Greece. This short video will give a good idea of what to expect.

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Bitcoin—the currency and the technology

The story of Bitcoin goes way beyond alternative currency. As a “virtual commodity,” Bitcoin represents a step backward toward a more primitive form of currency, but the “block chain” technology that Bitcoin uses has far reaching applicability. An interesting article that speaks to that point appeared in The Telegraph (UK). Titled, The coming digital anarchy, the lead-in to the article reads, “Bitcoin is giving banks a run for their money. Now the same technology threatens to eradicate social networks, stock markets, even national governments. Are we heading towards an anarchic future where centralised power of any kind will dissolve?

An interesting counterpoint to that one is Matthew Slater’s excellent article, What happens after the crypto-revolution?

And the nerds among us would do well to read Marc Andreesen’s New York Times article, Why Bitcoin Matters. Andreesen has invested almost $50 million in Bitcoin-related start-ups. He begins by painting this picture:

“A mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense research and development by nearly anonymous researchers.

Political idealists project visions of liberation and revolution onto it; establishment elites heap contempt and scorn on it.

On the other hand, technologists – nerds – are transfixed by it. They see within it enormous potential and spend their nights and weekends tinkering with it.”

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J. W. Smith and the Institute for Cooperative Capitalism Worldwide

The Institute for Cooperative Capitalism Worldwide (ICCW) is the latest project of J.W. Smith, a long-time scholar and advocate of economic democracy, who has been writing on “full and equal rights economics” for many decades. I’ve know J.W. for many years and have a high regard for his work. I first became aware of him from reading his book, The Worlds Wasted Wealth. Now in his eighties, J.W. is still going strong and making a difference. His latest book is Periphery of Empire is Free: Empire’s Citizens Soon Will Be Free, which is being offered as an e-book at the bargain price of $5.50, along with books by William Kotke, Alanna Hartzok, and others.

The ICCW seeks to publish e-books by authors who share this full and equal rights philosophy. See their “creative commons” page. For responses and questions you can contact Dr. J.W. Smith at cc@ccus.info or phone 623-875-4624 .

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More lessons in global economics, finance, and internet access

Whenever you need to take a short break from whatever you’re doing, Clarke and Dawe’s video can provide you with some deep insights about the global financial crisis, with a few chuckles thrown in.

And for a few more laughs relating to an important current topic, view John Oliver on net neutrality, and sign the petition to protect internet access at The Daily Kos.

Wishing you a pleasant summer,

Thomas

Global debt soars; no end in sight

I 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 with the banking elite, government’s debts will be monetized through the actions of their respective central banks. This is the process of currency inflation, which is now euphemistically called “quantitative easing.”

The empirical data makes this plain to anyone who cares to look at it and put two and two together. The Bank for International Settlements has just reported that global debt has increased more than 40 percent in just the past six years. You can find more details about that in this recent Bloomberg article: Global Debt Exceeds $100 Trillion as Governments Binge, BIS Says.

When debt growth, fueled by compound interest, hits the wall of physical reality, something’s got to give.

The emerging market mess and US manipulations

Anyone 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 it. Explore his website http://www.paulcraigroberts.org/, and be sure to listen to his recent interview with Eric King, here.

In that interview, Roberts tells the story of how and why the US interferes in money and securities markets, and the effects those manipulations have on others around the world. He also predicts that the Federal Reserve will soon be faced with the choice of either saving the banks or saving the dollar, perhaps as early as the end of this year. But I suspect that the Fed may not quite yet have exhausted their bag of tricks. Because banking corporations dominate politics in most of the world, and because the dollar’s role as the global reserve currency has served the purpose of Western dominance, the Fed, in alliance with other central banks, will try to save both the banks and the dollar for as long as they can.

What is actually being protected is the global usury-based debt-money regime, that unholy alliance between politicians and top level banks that enables central governments to spend far in excess of their tax and other revenues, thereby thwarting democratic government and the popular will, while enabling banking institutions to privatize our collective credit and charge us interest (usury) to access it.

So what do the central banks have left in their bag of tricks as they taper off their massive amounts of  “quantitative easing” (currency inflation)? That’s the question to ponder. I think it’s obvious that they will (1) try to corral everyone’s savings and all surpluses into government securities and Wall Street equities (think, privatization of Social Security), and (2) outright confiscation of bank deposits via selective bank failures and assessments on depositors (ala the recent Cyprus trial balloon).

Still, those can only be, at best, delaying tactics, and not without serious social and political repercussions. The real solution will continue to be denied and delayed by the powers that be. Thus it must emerge from the bottom, from the creative instincts and talents of innovators in many fields who are bringing to market better ways of mediating the exchange of value and financing the creation of sustainable, Earth-friendly, and life-supporting products and services. –t.h.g.

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Seeking the future

There is no doubt that the world is in the midst of an unprecedented mega-crisis. It is a time of excitement and rapid change, as well as great danger. What can we do to try to discern how it will all turn out? Every society and every era has had its “seers” or “prophets,” but how does one judge which of them are to be believed? In the modern era, we tend to give more weight to predictions that are based on broad knowledge and rational arguments than upon religion and superstition. Two widely regarded present day seers are Kevin Carson and John Michael Greer. Things get interesting when there is a fundamental disagreement. So it is between these two, as described in a recent web post at City of the Future.

The debate that is described in the article, Catabolic Ephemeralization? Carson Versus Greer, is summarized in this excerpted paragraph:

So which is it? Are we headed for a future in which short-wave radio returns and a rebuilt postal service takes over from failing server farms, as Greer would have it? Or will we be able to “leapfrog” away from our old imploding infrastructure toward a world of distributed, highly efficient, peer-to-peer manufacturing facilitated by open source design?

It’s well worth reading. Find it here.

A few words of gratitude +

ScreenIndiegogo June3We’re on our way! Thanks to you our crowdfunding campaign has exceeded our goal. We are now assured that we will have sufficient funds to carry out our planned work in Europe this summer. Altogether, the tour will span 9 weeks from mid-June to mid-August. The first half is pretty solidly booked with multiple events in the Netherlands, Sweden, the UK and Greece; the second half is a bit more flexible with some room for spontaneous developments.

As you know, the debt crisis continues to worsen. Austerity for Greece is still in the news, and depositors with funds in Cyprus banks have been forced to take a “haircut.” Don’t be surprised if bank deposits in other countries get raided in like manner by their respective governments.

While the spotlight is presently on Europe, this crisis is global and bound to worsen. Virtually every country of the world has a central bank, and those in the developed world at least, work together. Every one of them is set up to allow their respective governments to deficit spend, and banks to lend our own credit back to us at interest. They will monetize the debt to whatever extent is necessary to keep the game going. The exponential growth of debt is inherent in the way money is created. It must stop somehow, sometime. All efforts to keep it going are futile in the long-run.

Currency inflation and cuts to social programs are the paths that bankers and policy makers have chosen, but that will do no more than delay the inevitable, and in the process create more pain for the masses. Either we create new methods for exchange and finance, or we descend into chaotic collapse and widespread civil unrest.

Let us hope that this year will see the widespread emergence of decentralized, community-based, credit-clearing networks. That’s what my mission is all about, and that’s our the best approach to making a peaceful transition to a steady-state economy and sustainable way of life.

Again, my sincere thanks for your help in supporting this important work!

Thomas

Developing a framework for an equitable, harmonious and sustainable global society

The current global mega-crisis is forcing us to confront the flaws and inconsistencies inherent in the present dominant structures of economics, money, and finance. As a result, we have before us a great opportunity to open up a conversation that admits to consideration ideas and proposals that may have heretofore be rejected out of hand as radical, impractical, or utopian, ideas like those put forth by Mahatma Gandhi three quarters of a century ago.

My good friend and scholar, Rajni Bakshi, has recently articulated that possibility and those ideas in her article, Civilizational Gandhi. You can download the full article here. I also recommend her article, Replacing Keynes With Gandhi.

Ms. Bakshi is the Gandhi Peace Fellow at Gateway House: Indian Council on Global Relations based in Mumbai, India.

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The Rev. Billy and his Church of Stop Shopping–a Terrorist Organization?

According to the Mud Report, the FBI has declared that The Church of Stop Shopping to be a terrorist network. Of course, as their sources of money and credit dry up, the majority of people will have no choice about it, but to advocate that they stop shopping prematurely could upset the plans of the global elite. We cannot allow that can we?