In our latest Beyond Money Podcast we
explore with Ron Whitney the evolution of the commercial trade exchange industry, which
over the past 50 years has proven the workability of credit clearing as a way
of doing business without the need for money payment.
Ron operated his own trade exchange for 15 years, and since
2007 has taken on the role of President and CEO of IRTA, the International
Reciprocal Trade Association, the premier trade association of, and advocate
for, the commercial trade exchange industry.
Ron shares his vast knowledge and insights about the current
challenges, prospects, and opportunities, including a description of the
benefits of trade exchange membership and the increasing use of Universal
Currency (UC) to enable purchases and sales over an extended trade exchange
This interview can be found at: http://beyondmoney.libsyn.com/ron-whitney-irta, or https://soundcloud.com/user-27167973/ron-whitney-irta.
You can find links to all of our Beyond Money Podcasts in
the menu at the top of this page or at https://beyondmoneypodcast.wordpress.com/.
Richard Wolff provides an insightful analysis and historical perspective on the present state of capitalism and democracy. Clearly, Franklin Roosevelt saved capitalism in the 1930s by yielding a bit to the masses’ demand for a share of the economic benefits. Will there be a repeat of that in the coming decade under the next President?
That is doubtful. Conditions today are much different than
they were in the 1930s. Big government is no longer in vogue since governments
have ceded most of their power to transnational corporations. People now are
much more aware of the need for structural change in politics, economics and
finance. The vogue today is decentralization of power and restoration of the
I don’t know if Marx has any answers because I’ve never
studied Marxist economics.
I am convinced of one thing however that no one else seems
to recognize, that is the fundamental flaw in the global interest-based,
debt-money, central banking regime. It is the “debt-growth
imperative” that derives from the way banks create money by making loans
that require the payment of interest. One need only look at the empirical
evidence of global debt growth over time to see that it conforms to the
exponential growth function of compound interest. Even the richest countries
have exploding levels of sovereign debt because there are limits to how much
debt the private sector can bear, so governments become the “borrower of
last resort” to keep the money supply from collapsing. That’s the reason
for bank bailouts and “quantitative easing.”
The fundamental need is for a deep restructuring of money,
banking, and finance to decentralize control of credit and eliminate the
“debt-growth imperative.” Such an idea may seem radical in the
extreme and will not be welcomed by the powers that be, but alternative
approaches are already in the works and will be ready to save the day when the
capitalist train crashes off the rails.
Posted in Basic Concepts, Debt, Finance and Economics, Geo-politics, Global Economy, The Political Money System, The state of democracy
Tagged bailout, capitalism, debt imperative, Marxist economics, Richard Wolff, sovereign debt