Monthly Archives: June 2017

Greece workshop starts Friday

The start of our workshop, Monetary and Financial Innovation for the New Economy, is just a few days away but there is still space available and enough time to make travel arrangements. Here are some additional details about what you can expect from the experience.

The workshop leader will provide enough structure to focus attention and direct the inquiry but leave room for creativity, individual research, and the spontaneous emergence of innovative designs, plans, and implementation strategies. That structure will include:

  • The fundamental concepts upon which the exchange process and capital formation are based.
  • Critical examination of present and past alternatives.
  • The various aspects that must be addressed in design and deployment of exchange and finance innovations.

Everyone will play an active role in an intensive process of inquiry, discovery, sharing and collaboration aimed at:

  1. achieving a deeper understanding of the principles of currency, credit, finance, and the exchange process, and,
  2. developing action plans for the design and deployment of robust systems that can be widely proliferated and quickly scaled up to global dimensions.
  3. assembling a knowledge base that can provide guidance toward achieving more equitable and sustainable structures for value exchange and finance.

As the week progresses, teams may be formed to dig deeper into particular aspects of design and implementation and to develop action plans. Besides Exchange and Finance, the realms of our inquiry will include Change, Innovation, Processes, Systems, and Networks.

Depending on the needs and interests of the participants, the focus of our attention will be on definitions and principles related to some of the following topics:

  1. The essence and role of money
  2. Banking
  3. Reciprocal Exchange
  4. Liquidity
  5. Monetization
  6. Basis of issue, backing, and
  7. Credit
  8. Alternative currency models
  9. Credit clearing and “offset”
  10. Value measurement and units of account
  11. Saving and investment; value storage and capital formation
  12. Intermediation and disintermediation
  13. Usury and interest
  14. Demurrage
  15. Inflation, deflation, and currency debasement
  16. Depressions. The nature and causes of economic depressions.
  17. Exchange Networks
  18. Inter-trading across trade exchanges; Balance of payments/trade.
  19. Broader implications of innovative exchange mechanisms.
  20. Implementation and proliferation of innovative exchange mechanism.

And, there will be plenty of time to enjoy the beach and Greek village life.

Further details and booking are at

If finances are a problem, application for discounts may be made by writing to Rachel Davson at

Looking forward to working with you,


What in the world is going on? — Part 2

Paul Craig Roberts has been inside and outside of the U.S. Government. He served under President Ronald Reagan and was a colleague of Zbigniew Brzezinski at the Center for Strategic and International Studies, where Roberts occupied the William E. Simon Chair in Political Economy. He has had a unique vantage point from which to observe over his long career the dynamics of power and global developments. His website is a treasure trove of commentary that provides clear insight into what in the world is going on.

His recent post, Washington’s Empire Is Not Unraveling,  argues that despite president Trump’s recent actions, the military-industrial-financial complex remains firmly in control and the agenda of “full spectrum dominance” is still on track.

He points out that, with the help of the mains stream media, “Americans and the world are blinded to the fact that there are power centers that constrain a president and are capable of substituting their agendas for the agendas on which the president campaigned.”  Read the full article here.

And for insights into how the global financial system is malfunctioning, in addition to David Stockman, whom I mentioned in Part 1, you also need to follow Chris Martenson via his website, Peak Prosperity. In this video, he talks about the massive inflation of money that has characterized recent actions by three major central banks, the Federal Reserve, the Bank of Japan, and the European Central Bank. All three have been furiously “printing money” which they use to buy securities, thus creating asset bubbles–not a good sign for long-term prospects.

How to Bring Liquidity Into an Economy, Free of Interest, Inflation, and Boom and Bust Cycles

Most economies suffer from a lack of liquidity, especially outside the large corporate and government sectors. This lack of means of payment (liquidity) is a fundamental cause of unemployment and failures of small and medium sized businesses (SMEs). It generally derives from flaws that are inherent in the centrally controlled systems of money and finance and the increasing indebtedness of both the private and public sectors. The surrender of monetary sovereignty by national governments to central banks, and to currency unions, such as the Euro, and their increasing indebtedness, as in  as in the case of Greece, have made it virtually impossible for their economies to thrive.

This article describes how domestic or community liquidity, i.e., means of payment, that enable the process of reciprocal exchange of value, can be created by various entities at various levels, from communities and business associations, to municipal governments and agencies, to national governments. The main obstacles to their implementation are not economic, but organizational and political, yet there is still considerable leeway within which the value of local production can be monetized in the form of circulating private currencies and trade credits created within associations of buyers and sellers. This article describes how that can be done.

Read the complete article here.

This subject will be the main focus of my upcoming workshop in Greece, 16-23 June. You still have time to register and space is still available.