Category Archives: Prescriptions

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…

Thomas Greco’s Presentation at The Institute of Noetic Sciences: The Evolution of Money and its Potential to Improve Humanity

On October 30, 2014, I gave a presentation, titled, The Evolution of Money and its Potential to Improve Humanity, at the  Institute of Noetic Sciences (IONS) in Petaluma, California.

I was greatly encouraged by the high caliber of those who attended and the quality and intensity of the discussion that followed.

The proceedings were video recorded by organizer and master networker, Sergio Lub, and can be viewed at this Vimeo site.

Award wining documentary filmmker, Marie-Monique Robin, interviews Thomas Greco

This interview of Thomas Greco was conducted and recorded by award wining documentary filmmaker, Marie-Monique Robin, during the 2nd International Conference on Complementary Currency Systems in The Hague, Netherlands in June, 2013. In English with French subtitles.

An open letter to the Financial Times

Dear Martin Wolf,
Your article, Strip private banks of their power to create money, highlights some of the problems of the global money and banking system, but falls short in the proposed solution.

The problem is not private money creation, per se, but the monopolization of credit (money creation) in the hands of a private banking cartel and the collusive arrangement between bankers and politicians.

In today’s world, banks get to lend our collective credit back to us and charge interest for it while central governments get to spend more than they earn in overt tax revenues, relying on the banking system to monetize government debts. These two parasitic drains on the economy, interest and inflationary government debt monetization, create a growth imperative that is destroying the environment, shredding the social fabric, and creating ever greater disparities of income and wealth.

Turning over the money monopoly to politicians (what I call the “Greenback solution”) will not change things very much. It will be the same people wearing different hats. The political process has been so thoroughly corrupted and taken over by this small elite class that political approaches to solving the money problem have no chance of passage anyway. I articulated that argument a few years ago in my Alternet article, The End of Money: Take Power Back From the Money and Banking Monopoly.

True solutions must emerge, and are emerging, from society and from associations of small and medium-sized businesses. Money is first and foremost a medium for facilitating the exchange of goods and services and other forms of real value, but the exchange function can be effectively and efficiently provided outside the banking system and without the use of conventional political money. This is being done for associated businesses through credit clearing exchanges and through the issuance of private currencies or vouchers by businesses that produce real value. Both approaches have the capacity to provide exchange media that can be used by general public as well.

So, rather than ban private issuance of currencies, such private issuance needs to be proliferated and encouraged. There needs to be competition in currency so that there will be a sufficient amount of exchange media, and so that political currencies cannot be abused without losing patronage in the market. Rather than establishing the state as the money power, we need to have a separation of money and state. That argument is more fully developed in my latest book, The End of Money and the Future of Civilization.

Best wishes,

Thomas H. Greco, Jr.

Newsletter – March, 2014

Contents. (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 me back to the United States. I always find other places and cultures interesting, but four months abroad has been long enough and I’m looking forward to being back in more familiar territory, seeing friends and family, and discovering what the universe has to show me next. To begin with, I’ll be enjoying the relative calm and quiet of the Arizona desert, then looking for a more permanent place to hang my hat.

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My latest article

I spent a good amount of time over the past few weeks writing an article that I was invited to submit for publication in an online journal, Transformation, published by Open Democracy. I’m pleased to announce that my article, Money, debt and the end of the growth imperative was published yesterday. You can read it here,

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Upcoming Degrowth Conference on Social Equity and Ecological Sustainability. Call for papers extended to March 14th

A recent message from Birte Ewers announces that the 4th International Degrowth Conference to be held in Leipzig Sept 2-6, and that the original deadline for submissions of short papers has been extended. The deadlines for other formats have expired but deadline for “short papers” is now March 14th. The review process will be concluded by the end of April. See the conference website at http://leipzig.degrowth.org/en/http://leipzig.degrowth.org/en/ and the Call for Papers at  http://leipzig.degrowth.org/en/call-for-papers/ for details.

About The Conference:

4th International Degrowth Conference on Social Equity and Ecological Sustainability – Bridging movements and research for the great transformation.

The International Degrowth Conference has reached its fourth venue. Since Paris 2008 the debate on how to move away from a growth-oriented economy towards a more sustainable society has drawn world-wide attention. The fourth international conference will take place in a country that is considered as the European engine of economic growth.

Different traditions of growth critique, such as the concept of a post-growth society stemming from the German-speaking community and the French and Southern European degrowth debate, are invited to a fruitful dialogue. The conference seeks to bring practitioners, activists and scientists together and encompasses various formats for presentations, interaction, workshops, and exchange.

The 4th conference will address following thematic threads (abstracts for short papers can be submitted to any of them):

– Organizing Society (Emancipatory politics, participation, institutions)

– Building a social and ecological economy ((Re-)productivity, commons, society-nature relations)

– Living conviviality (Buen vivir. Open knowledge. Convivial technology)

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Malaysia

For my current journey in Southeast Asia, Malaysia (Kuala Lumpur) serves as both my entry point and exit point. Flights to and from KL tend to be cheaper even than Bangkok, and I always enjoy spending some time in Penang, which is only about a 4 ½ hour bus ride from KL Thailand is easily reached from there.

Malaysia is quite a developed country, though it still has some third world charm, as well as annoyances, like the roar of motorbikes zipping around through every available space, making it difficult and dangerous for pedestrians to cross the streets. Sidewalks, if they exist at all are usually obstructed by parked motorbikes, or food stalls, or even workshops that flow out into the public spaces.

One interesting thing about Malaysia is language. Almost everyone speaks some English and signage is usually in both English and Bahasa Melayu, or Malay language, which derives many words from English. Malays have developed what seems to me to be a very reasonable pattern of phonetic spelling.

Here are a few familiar English words with their phonetic Malay spelling, which I think we should adopt.

Complex

Kompleks

Bus

Bas

Central

Sentral

College

Kolej

Bicycle

Bisikal

Community

Komuniti

Counter

Kaunter

My pictures from my November visit to Penang

https://picasaweb.google.com/112258124863172998784/201311Penang?authuser=0&authkey=Gv1sRgCMnztYHzp4268gE&feat=directlink

Pictures from my February/March visit to Penang and Kuala Lumpur have not yet been uploaded.

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Joke of the month

Certainly not original, but here it is; some of you may appreciate it.

You know you’re old when you and your teeth no longer sleep together.

May you enjoy this season when life springs anew,

Thomas

Newsletter – January 2014

Hi, This is my first newsletter since mid-October. An excuse, if I need one, is that I’ve been traveling. To be truthful, I’ve been lacking in motivation and I’ve felt the need to reassess both the scope and the methods of my work. Pondering the question, “What makes an old man grumpy,?” I think I’ve begun to figure it out—

Despite a half a lifetime of work and dedication, the world has yet to heed my advice and conform itself to my view of how it ought to be.

So there it is. There’s the root of my late-life discontent. My muse tells me that I ought to lighten up and enjoy whatever time I might have left; the world will muddle through, with or without me. Maybe I’ll take up the challenge to become a stand-up (or sit-down) comedian. In the meantime, while I try to hone that skill, I offer below a few bits of hopeful (and not so hopeful) news and an overview of my recent travels, including links to my photos which you can browse at your leisure.

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Bangla-Pesa officially relaunched in partnership with the Kenyan Government.

You may recall earlier reports about the Bangla-Pesa community currency project that launched in Kenya last May. One of the most promising community currency projects on the current scene, Bangla-Pesa quickly ran into a major roadblock in the form of government interference that included unfounded criminal charges against the organizer and five board members. We are extremely pleased to learn that all of that nonsense has been sorted out and the Bangla-Pesa project is now back on track. According to project founder, Will Ruddick, Bangla-Pesa has just been relaunched, this time with official government support. Ruddick states that the relaunch celebration included several government representatives who have unanimously requested that the program be replicated in other areas in the county as a means of reducing poverty. You can read the details at http://koru.or.ke/bangla-pesa-relaunch.

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Ending the Growth Imperative

Richard Heinberg, in his recent article, Shutdown and default: the worst-case scenario (http://www.resilience.org/stories/2013-10-10/shutdown-and-default-the-worst-case-scenario ), stated that, “Almost nobody in the commentariat mentions that the US economy is currently being held together by deficit spending and quantitative easing. Rapid economic growth as experienced during the mid-20th century is over and done with.”

Heinberg is surely right about that, but how are we to get out of the predicament we are in? I have said repeatedly that our financial system is set up to require continuous and accelerating growth, that creating money based on banks’ lending at interest results in exponential growth of debt, which, in turn, forces exponential growth in economic activity to justify further growth in debt to prevent financial collapse. All of the major central banks, the Federal Reserve, the Bank of England, The Bank of Japan, and the European Central Bank, have been buying government bonds to keep the system going and avoid the inevitable shift to a steady-state, resource efficient, non-polluting economy.

CentralBanksInflating

How long can the monetary authorities continue to inflate their currencies under the euphemistic rubric of “quantitative easing” (QE), without causing prices to spin out of control? If they were to stop, however, that would cause a cascade of defaults, financial market chaos, and major global economic depression. They are between a rock and a hard place.

Heinberg goes on to say, “In 2008 it became clear that, as limits to growth are encountered, the inherent instability of financial systems can precipitate a much faster crash than would otherwise be the case. It also became clear that governments and central banks will undertake extraordinary measures to avert a fast-crash scenario. The rapid expansion of household debt, which had kept the growth balloon inflated since 1980, effectively ceased with the advent of the Great Recession. The balance sheet of the Fed stretched dramatically, and the Federal Government’s debt levels soared, as policy makers strove to keep the economy from imploding.”

He concludes with this advice: “Pass a new debt limit and re-open the government, no conditions attached. Then get to work designing a post-growth, post-fossil fuel economy that protects people and planet. Do it in that order. Simple.”

Well, not quite so simple. The debt limit has been raised and the government shutdown ended as everyone knew it would be, but there is still no sign that the powers-that-be have any interest in promoting a “post-growth, post-fossil fuel economy.” To undertake such a mission would require that they give up the “usury game” and the central banking system that has enabled them for so long to centralize power and concentrate wealth in their own hands, and that they surrender power to the people in a government that is truly democratic. No, the massive changes required must come from the bottom, from creative efforts that result in new structures, especially of exchange, finance, and cooperative enterprise, that reduce our dependence upon the dominant systems and make them irrelevant.

The prescription I’ve provided in my books and presentations for creating a new world order in which the people govern instead of a global elite oligarchy is to Share, Cooperate, and Restructure. We must recognize that the seat of sovereignty is the individual, not in isolation, but as a free moral agent within a convivial community, we must assert our independence from the dominant political, economic, and financial power structures, and we must organize new structures, under local control, that empower people and provide for the basic needs of all.

Our urgent need is to transcend the global interest-based debt money system, but digital commodities like Bitcoin are not the answer any more than a return to using gold, silver or other real commodities as payment media. The better and more complete answer to the money problem in the one I’ve been proposing in my books and presentations for many years. What I foresee is a global network of small credit clearing exchanges that proved a means of payment that is locally and cooperatively controlled, yet globally useful.

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ReinventingMoney.com website redesign and relaunch

Thanks to the good graces and enormous efforts of Matthew Slater, my ReinventingMoney.com website has been redesigned and relocated to WordPress. The url remains the same, http://reinventingmoney.com/.

ReinventingMoney.com is mainly an archival site for researchers that was compiled several years ago. If you are aware of any useful material, such as case studies, correspondence, or academic treatises that are particularly important, please send us a description and the link or file. Also, I’d be grateful to have a volunteer willing to help maintain that site. My active site is http://beyondmoney.net/.

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Travels

My current odyssey began on Nov 13 when I boarded a plane for Istanbul where I gave a presentation at the Green Economy and Commons conference. After spending a few more days exploring the city, I flew on to Kuala Lumpur, then a couple days later went by bus to Georgetown on the island of Penang, a world heritage city and my favorite place in Malaysia. On December 5, I began my month-long Cambodia adventure, making stops in Phnom Penh, Sihanoukville, Otres Beach, Kampot, Kep, and Siem Reap where I visited the amazing ruins of Angkor Wat. Since January 3, I’ve been in Thailand. Chiang Mai is one of my old haunts and a good place to get my teeth cared for at very reasonable prices.

My Cambodia visit got off to an inauspicious start. After checking into my hotel, I decided to take a stroll down by the river. While crossing the street through relentless traffic, I got sideswiped by a motorbike that went roaring past in the far lane. I managed to get to the other side and sat down on a convenient bench where I almost passed out. My left shin was skinned and bruised in a couple places, but needed no stitches. I got some aid from a British friend I had been traveling with for some days, and a Polish couple who happened to be passing by. My wounds have fortunately healed well by now and I seem to be none the worse for it.

Siem Reap and Angkor

One should not miss an opportunity to visit Siem Reap and Angkor. The ruins of Angkor are numerous and cover a vast expanse. Angkor Wat is only part of it. Exploring them requires a lot of walking and climbing, though, as vehicles can take you only so close.

Cambodia is certainly a third world country with much inferior infrastructure but it is rapidly developing with help from outside and gearing up to be a major tourist destination. The people are friendly and helpful, and you can find accommodations at every level from backpacker hostels to luxury hotels. In Kampot I had a nice clean room with private bath, hot shower, free Wi-Fi, and cable TV for $8 per night.

No coins in Cambodia

One thing that is noticeably strange about Cambodia is the fact that I had no coins jingling in my pocket. Strange, too, is the fact that market transactions are conducted mostly in U.S. currency. Yes, Cambodia has its own currency, called the Riel, with an exchange rate of about 4,000 riels to the dollar, but ATMs dispense dollars, and riel notes are used only as small change. Prices are typically stated in whole dollars and quarter dollars. So, if I buy a restaurant meal for $3.75 (not an uncommon price there) and I tender a five dollar bill to pay, I’ll generally get back in change a one dollar bill and a 1,000 riel bill. The smallest denomination note I saw, though not a very common one, is 100 riel, which is considered to be worth one fortieth of a dollar or two and half cents (and we in North America quibble about keeping the penny).

If you want to see images from the places I have visited, my photos can be viewed at the following links:

Istanbul: https://picasaweb.google.com/112258124863172998784/201311IstanbulTurkey?authuser=0&authkey=Gv1sRgCJv3nPOd34igcQ&feat=directlink

Malaysia: https://picasaweb.google.com/112258124863172998784/201311Penang?authuser=0&authkey=Gv1sRgCMnztYHzp4268gE&feat=directlink

Cambodia: https://picasaweb.google.com/112258124863172998784/201312Cambodia?authuser=0&authkey=Gv1sRgCL_hyunb-fnu4gE&feat=directlink

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Contact

By the way, I’m keeping my Verizon wireless account active. The number is 520-820-0575.  I don’t keep that phone turned on while I’m abroad so you won’t reach me directly that way, but you can leave a voice message (I cannot retrieve text messages) and I will get it when I check messages every few days.

I do have another mobile phone with me and as long as I’m in Thailand, you can reach me at +66 93 170 2910.

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Events Upcoming

The New Economy Coalition is convening a gathering at Northeastern University in Boston, MA from June 6-8, 2014. You can get more information and signup here: http://neweconomy.net/content/june-6-8-2014-national-gathering-new-economy-movement?utm_source=New+Economics+Email+List&utm_campaign=2a4c2d8654-New+Economy+Newsletter+-+October+2013&utm_medium=email&utm_term=0_6f7a9ab0ed-2a4c2d8654-18189817

Wishing you a happy and productive New Year,

Thomas

What will it take?

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: