Category Archives: Global Economy

Pertinent to global economic issues and events.

Varoufkis launches a powerful personal counter-indictment against his accusers.

Responding to charges of treason leveled against him by his “self-styled persecutors,” former Greek Finance Minister, Yanis Varoufakis, on his personal blog, has laid down the gauntlet, accusing “Greece’s oligarchic establishment” as being “troika-friendly.”
In his post of July 28, Varoufakis defended his “defiant negotiating stance” saying:
My dastardly ‘crime’ was that, expressing the collective will of our government, I personified the sins of:
• Facing down the Eurogroup’s leaders as an equal that has the right to say ‘NO’ and to present powerful analytical reasons for rebuffing the catastrophic illogicality of huge loans to an insolvent state in condition of self-defeating austerity
• Demonstrating that one can be a committed Europeanist, strive to keep one’s nation in the Eurozone, and, at the very same time, reject Eurogroup policies which damage Europe, deconstruct the euro and, crucially, trap one’s country in austerity-driven debt-bondage
• Planning for contingencies that leading Eurogroup colleagues, and high ranking troika officials, were threatening me with in face-to-face discussions
• Unveiling how previous Greek governments turned crucial government departments, such as the General Secretariat of Public Revenues and the Hellenic Statistical Office, into departments effectively controlled by the troika and reliably pressed into the service of undermining the elected government.

Varoufakis also claimed a moral victory, arguing that “The debate about the democratic deficit afflicting the Eurozone is now unstoppable.”

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Greek government surrenders; now it’s up to the people to save themselves.

After almost six months of “negotiations,” the Greek government has surrendered to the demands of the powers-that-be. In an interview that was conducted shortly after his resignation but prior to the deal just concluded between the Greek government and the European “institutions,” former Greek Finance Minister, Yanis Varoufakis, indicated that the outcome was determined from the very beginning. Pointing to a “complete lack of any democratic scruples, on behalf of the supposed defenders of Europe’s democracy,” he said, “At some point it was put to me very unequivocally: ‘This is a horse and either you get on it or it is dead.’”

Regarding contingency plans, Varoufakis commented that “if they dared shut our banks down,” strong action would need to be taken “..but without crossing the point of no return.” He said, “We should issue our own IOUs, or even at least announce that we’re going to issue our own euro-denominated liquidity; we should haircut the Greek 2012 bonds that the ECB held, or announce we were going to do it; and we should take control of the Bank of Greece. This was the triptych, the three things, which I thought we should respond with if the ECB shut down our banks.” But his recommendations were voted down by his colleagues.

Some further excerpts:

“Nothing shocks me these days – our Eurozone is a very inhospitable place for decent people. It wouldn’t shock me either [for Prime Minister Tsipras] to stay on and accept a very bad deal. Because I can understand he feels he has an obligation to the people that support him, support us, not to let this country become a failed state.

But I’m not going to betray my own view, that I honed back in 2010, that this country must stop extending and pretending, we must stop taking on new loans pretending that we’ve solved the problem, when we haven’t; when we have made our debt even less sustainable on condition of further austerity that even further shrinks the economy; and shifts the burden further onto the have-nots, creating a humanitarian crisis. It’s something I’m not going to accept. I’m not going to be party to.”

You can read the full interview here.

Seizing an Alternative, Pomona College, June 4-7 – Free Plenary Sessions, Scholarships, and other reasons to participate.

Here’s a portion of the latest informational brief about the upcoming conference. You’re invited:

Don’t stay away!

(I mean, really, when is the next time you’ll be able to get together with hundreds and hundreds of people rethinking civilization from the ground up?)

            Seizing an Alternative: Toward an Ecological Civilization             June 4-7, Pomona College, Claremont, CA

ATTEND FREE PLENARY SESSIONS at Bridges Auditorium, Pomona College, Claremont, CA:

THURSDAY, June 4
Bill McKibben: 7:00 p.m. Opening Night

FRIDAY, June 5
John B. Cobb, Jr.: 9:00 a.m.
Vandana Shiva: 7:00 p.m.

SATURDAY, June 6
Herman Daly-John B. Cobb, Jr. discussion moderated by PRI’s Warren Olney (recorded):
  9:00 a.m.
Sheri Liao: 7:00 p.m.

SUNDAY, June 7
Wes Jackson: 9:00 a.m.

Southern California Edison makes ADDITIONAL STUDENT SCHOLARSHIPS (limited) available. To apply, write to info@PandoPopulus.com.

Read More…

Canadian court ruling–a solid punch to the private central bankers?

In the video below, Bill Still reports on a recent court ruling that could, if it is upheld, stagger the global banking cartel.

Bolivan President Evo Morales taking bold steps to end economic colonialism

A recent article, Evo Morales: A Bolivian idol, posted on the Aljazeera website, quotes the Bolivian president as saying,

“I have no regrets – in fact, I am pleased to have expelled the US ambassador, the Drug Enforcement Administration (DEA) and to have closed the US military base in Bolivia. Now, without a US ambassador, there is less conspiracy, and more political stability and social stability. Without the International Monetary Fund, we are better off economically.”

Bold action, indeed. Read the full article here.

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.