The pioneering and visionary work of E. C. Riegel (b. 1878; d. 1954) is manifest in the following document. It should be more than enough to persuade any and all to read his groundbreaking book, Private Enterprise Money (available online at https://reinventingmoney.com/private-enterprise-money).
— T. H. Greco, Jr. August 5, 2007
By private initiative and without intervention of government or banks, private enterprisers (employers, employees and self-employers) in any state will organize a Valun Exchange to operate a money system of, for and by the people. Such Valun Exchange will unite with every other Valun Exchange in any other state or nation making an universal money system with a single money unit, called the valun (pronounced vallen).
The money will spring from the mutual credit of all of the members of the Valun Exchanges in this way: It will be agreed that each member will have a credit on the Valun Exchange based upon prospective income, against which he or she can draw checks in payment of purchases from other members – in other words, will have the over-draft privilege.
When currency bills or coins are desired the members may draw the desired cash. No notes are to be signed and no interest is to be paid. The Valun Exchange will be a nonprofit, non-stock organization. No capital will be invested and the membership fee will be nominal. The Exchange will pay its expenses out of a small charge for each check cleared. All members of Valun Exchanges will use valuns when trading with each other and will continue to use dollars when trading with non-members.
As the valun system demonstrates its superiority, more persons and corporations will join it and thus more and more trading will be done with valuns and less with dollars, pounds, francs and the scores of other political money units. By this evolutionary process an universal money system will be established under the control of the people. Banks will not participate and governments will be empowered only to receive valuns and pay them out but not to create them.
The valun private enterprise money system is designed to break the present money control against the people and (a) raise wages and, salaries to the highest possible level, (b) maintain constant employment, (c) maintain a steady price level and prevent inflation and deflation, (d) abolish bureaucracy and centralization of government, (e) defeat fascism and communism, (f) assure real freedom, prosperity and democracy, (g) preserve peace.
The book that explains the how, the why and the when of the valun system is called “PRIVATE ENTERPRISE MONEY.” You should read it and ponder it because it touches the most vital interest in your life. Until you learn that the money power resides in you and exert it, you cannot be free.
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