Category Archives: Developing Alternatives

Universal Basic Income, an idea whose time has come…again

In ancient Israel, Mosaic Law, in addition to the division of the land among the tribes and families, delineated several ingenious provisions to assure the welfare of all. Recognizing the tendency in organized societies for inequities to develop over time, it prescribed such measures as the sabbatical year, the jubilee year,  gleaning and the prohibition of usury. Some of these, in some form, were carried over into the Christian era, but over time mercantile and industrial demands overshadowed social concerns. The mid-twentieth century saw tremendous gains in productivity along with renewed demands by the laboring class and racial minorities for a more just distribution of the collective wealth, but over the past 35 years many of the social programs that were instituted by governments have been under systematic attack by powerful reactionary forces resulting in massive increases in the disparities of income and wealth. These disparities bring with them increased violence, crime, addiction, and deteriorating quality of life for all.

Now, with automation rapidly reducing the need for human labor, the separation of livelihood from jobs is becoming an obvious necessity.

Here below are two pertinent videos, and this article mentions a few places where basic income allowances are being tried.

Thomas Greco’s 2017 Summer Workshop in Greece

Following last summer’s exciting and successful workshop in Greece, Thomas Greco will again this summer be conducting a workshop in Monetary and Financial Innovation for the New Economy at the Alexandros campus of the Kalikalos Holistic Summer School on the beautiful Pelion peninsula in Greece.

[Edit:During the 2017  workshop Tom will again have the assistance of Matthew Slater and the benefit of a guest appearance by Prof. Jem Bendell of Cumbria University (UK).]

View southward from Alexandros

In this week-long workshop we will examine the problems and deficiencies of both conventional money and local currencies and exchange systems, and delve into the principles and practices of innovative exchange and finance.

Over the past three decades, a great many complementary currencies and exchange schemes have sprung up, gained some degree of acceptance and notoriety, then faded away. This workshop will focus in on the reasons why none of them has become a significant factor in their community economies, and uncover the principles of design and implementation that need to be applied to make exchange alternatives more effective, robust, and scalable. It will also cover new ways of providing entrepreneurs with the resources needed to bring their ideas to fruition and achieve success in the marketplace.

Alexandros Center

Alexandros Center

This course is designed especially for social entrepreneurs, government officials, enthusiastic agents of change, and serious students who are ready to co-create a new sustainable and convivial economy from the bottom up. In this highly participatory workshop, we will use a combination of presentations, discussion groups (some on the beach), videos, and simulation games, to dive deeply into the process of exploring and developing innovative methods of finance, exchange, and value measurement. Participants will have the opportunity to showcase their projects and ideas and receive feedback from the group.

Here is an opportunity to work with one of the world’s leading experts in innovative economics, finance, and exchange, and to collaborate with like-minded peers to create a new economy that works for everyone, while enjoying a delightful summer holiday on the magical Pelion peninsula. Come join us in a process of inquiry, discovery, sharing and collaboration.

The workshop will run from 16 to 23 June, 2017. Space is limited so register early at http://www.kalikalos.com/community/x/exchange-finance-new-economy-thomas-greco/.

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 All the perplexities, confusions and distresses in America arise not from defects in the Constitution or Confederation, not from want of honor or virtue, as much as from downright ignorance of the nature of coin, credit and circulation. –John Adams, second president of the United States.

Just as the political monetary system trends power toward the state, so the system based on true money will release the natural forces that trend society toward private initiative, enterprise and democracy. Pending this fundamental reversal, all resistance to statism is futile. As long as the only available monetary system is political, exchange, that process by which the social order functions, will never accomplish its natural purpose, the development of prosperity and freedom.– E.C. Riegel, Flight From Inflation

A World Without Money and Interest

During my October tour, I gave three presentations in Kuala Lumpur, Malaysia and another in Sardinia, Italy. Two of the Malaysia presentations were at the International Forum on Inclusive Wealth, but I do not yet have recordings of those. The third was an extended presentation and discussion (on October 10) at the Institute of Advanced Islamic Studies titled, A World Without Money and Interest: A pathway toward social justice and economic equity. Here below is the video of the proceedings, or you can watch it on YouTube at https://youtu.be/8BejigzDAVY. The audio only is here, and the slides that were used in that talk can be viewed here.

Final Workshop Announcement—Innovative Finance and Exchange

Society is Exchange! – Frederic Bastiat.

All the perplexities, confusions and distresses in America arise not from defects in the Constitution or Confederation, not from want of honor or virtue, as much as from downright ignorance of the nature of coin, credit and circulation.
– President John Adams, from a letter to Thomas Jefferson (1787-08-25), in The Works of John Adams

As the time grows near I want to remind everyone that my workshop on innovative finance and exchange is set to begin in about 10 days time at Kalikalos Holistic Summer School in Greece (http://www.kalikalos.org/exchange-finance). It will start on the evening of 24 June and conclude on the morning of 1 July.

While it is described as a “course,” the format will be that of a workshop/colloquium in which everyone plays an active role in an intensive process of inquiry, discovery, sharing and collaboration aimed at:
1. achieving a deeper understanding of sound principles of credit, finance, and the exchange process, and,
2 developing action plans for the design and implementation of robust systems that can be widely proliferated and quickly scaled up to global dimensions.
3. assembling a knowledge base that can provide guidance to others on the same path toward achieving more equitable and sustainable economic structures.

There is still space available for those who feel moved to participate.
Details about the course, fees, and booking are at http://www.kalikalos.org/exchange-finance.
Some of the areas that we will explore include:

  • The essence, function, and forms of money
  • The concepts of currency, credit, credit clearing, liquidity, monetization, and basis of issue
  • Various models of private currencies and moneyless exchange
  • Value measurement and units of account
  • Exchange networks and inter-trading

Don’t let finances stop you as will be able to offer a limited amount of bursaries. Please write an application for that to our team at rachaeldavson@gmail.com.

We offer Greek participants who take part in the week-long workshop a discount of 30%.
The weekend Saturday, 25 and Sunday 26 is being offered to Greeks on a Gift Economy basis which means that you offer what you are able to give. If you want to participate on these terms please send a mail to: rachaeldavson@gmail.com.

I look forward to working with you.  –Thomas

Greetings from Athens

I’m excited to be back in Greece and reconnecting with my colleagues here. The mood here seems to be more subdued as the people try to cope with asset privatization, wage and pension cuts, higher taxes and other conditions imposed from outside. I’m told that mortgage foreclosures will begin soon, which may trigger some popular reaction. The metro workers in Athens have announced they will be striking for several hours each day over the next few days. Fortunately the hours of service disruption have been posted so one is able to plan accordingly.

All of this underlines the urgency of designing and implementing systems that are capable of devolving power to the national, community, and personal levels. For me, the most effective strategy seems to be reclaiming the “credit commons”. That is what we will be working on during my workshop on innovation in exchange and finance from 24 June thru 1 July, 2016 at Kalikalos Holistic summer school near Volos, Greece.

Space is still available if you would like to participate. Details about the course, fees, and booking are at http://www.kalikalos.org/exchange-finance. Don’t let finances stop you; we will be able to offer a limited amount of bursaries (Please write an application to our team rachaeldavson@gmail.com).

Special arrangements for Greek participants provide them (1) a discount of 33% on the full course, or (2) for those who can participate only on the weekend of 25/26 June, an invitation to do so on the basis of a free will offering.

This will be a workshop/colloquium in which everyone plays an active role in an intensive process of inquiry, discovery, sharing and collaboration aimed at:

  1. achieving a deeper understanding of the principles of credit, finance, and the exchange process, and,
  2. developing action plans for the design and implementation of robust systems that can be widely proliferated and quickly scaled up to global dimensions.

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Bitcoin, Blockchain Technology, and Crypto-Currency

There has been lots of chatter lately about bitcoin, blockchain technology, and crypto-currency. Everyone, including me, is trying to wrap their head around it all. This is what I’ve come up with so far:

  1. Bitcoin is a virtual commodity that is created by running some obscure algorithm. The people who get rewarded are the “miners” who burn up enormous amounts of computer time and electricity to create Bitcoin. That makes it akin to mining gold or silver—not a very useful pursuit, and like any commodity, people will prefer to use it as a savings medium or hedge against inflation rather than circulating it as a currency. Bitcoin is NOT the answer to the money problem.
  2. The important thing about blockchain technology is what it can do, what functions it can perform. You hear a lot about “smart contracts” and a secure trail of transactions. It seems to be something that is needed when using digital forms of contracts and transactions conducted over the internet, but provides no new functions compared to what has always been done with paper trails and records, but maybe I’m missing something.
  3. The term “crypto-currency” is ill defined and there is much confusion about the characteristics of such a currency and what it can achieve.
  4. The fundamental principles of reciprocal exchange still hold. The substance of a currency or payment medium is CREDIT. Claims still need to be authenticated and promises need to be guaranteed.

My grand, audacious vision is this:

TO ENABLE ANYONE, ANYWHERE TO USE WHAT THEY HAVE TO PAY FOR WHAT THEY WANT.

What they might have is skills, abilities, products, services and credit that is advanced by a circle of people who know them and trust that they are ready, willing, and able to deliver value on demand in the near term.

I have argued that the truly disruptive technology of exchange is a global network of small credit-clearing circles that provide “a means of payment that is locally based and controlled yet globally useful. It makes money and banks, as we’ve known them, obsolete.

My talk in Malaysia in October at the International Forum on Inclusive Wealth (http://ifiw.my/) will be on that topic and will build upon the framework that I laid out in my book chapter, https://beyondmoney.net/excerpts/chapter-17-complete-web-based-trading-platform/. –t.h.g.

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Newsletter—Spring 2016

Upcoming AgendaIMG_5014

Europe. I’ve booked my flight to Europe. I’ll be landing in Milan, Italy on 31 May, will remain there for 2 or 3 days, then travel onward to Athens, Volos, and Pelion.

As I mentioned in my January newsletter, I will be conducting a weeklong course in innovative finance, exchange, and economics from 24 June thru 1 July at the Alexandros campus of the Kaliklos Holistic Summer School. This collaborative and problem-centered course titled, Exchange and Finance for the New Economy: Principles and Practice, is intended to stimulate the development and deployment of community currencies, moneyless exchange system, and equitable finance, and is designed especially for social entrepreneurs, enthusiastic agents of change, government officials, and serious students who are ready to co-create a new sustainable and convivial economy from the bottom up. Besides learning and co-creation, courses at Kalikalos also provide participants with opportunities for community building, personal growth, and recreation.

I am excited to be returning again this year to Greece and to be working with course participants to achieve some truly revolutionary outcomes. We’d be pleased to have you join us.

Details about the course, fees, and booking are at http://www.kalikalos.org/exchange-finance. One or two bursaries may be available to qualified low income participants.

Greek participants are being offered (1) a discount of 33% on the full course, or (2) for those who are able to participate only on the weekend of 25/26 June, an invitation to do so on the basis of a free will offering.

Malaysia. I’ve accepted an invitation to speak in October at the International Forum on Inclusive Wealth (http://www.ifiw.my/) in Kuala Lumpur, Malaysia. The subject of my presentation will be a revolutionary plan for the creation of a global exchange network based on locally controlled credit clearing exchanges. This will be an elaboration of ideas I first laid out in a chapter of my 2009 book, The End of Money and the Future of Civilization.

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The Panama Papers: The secrets of dirty money

The rich and powerful have for a very long time used shell companies and secret numbered bank accounts in tax haven countries to not only avoid taxes, but to hide their gains from illegal and immoral activities. Now, thanks to yet another courageous whistleblower, the general public is getting a glimpse into this world of hidden wealth and malfeasance.

The so-called Panama Papers that have recently been disclosed by the media were first delivered by an anonymous whistleblower about a year ago. Since then additional documents have been provided and the trove of data now consists of 11.5 million documents that total 2.6 terabytes of digital files. This leak is said to be a bigger bombshell than even Edward Snowden’s revelations of U.S. government’s spying on citizens and allies.

It will take a long time to sift through all that material but a few startling revelations have recently been made. I have to wonder though, why it has taken so long for any of the contents to be reported in the mainstream media, and why the initial focus has been on Russia, Iceland, and FIFA? Why have we not heard about names of any Americans turning up in these documents? Surely we have more than our share of crooks in the USA, the greatest of all tax havens. MSNBC has something to say about that, which you might want to read. I wonder, might something in these documents have implications for the 2016 Presidential election? Hey, you journalists, let’s get cracking on that.

If you wish to dig deeper into this matter, a good place to start is on the website of Süddeutsche Zeitung, http://panamapapers.sueddeutsche.de/en/.

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Geopolitics—Why was Qaddafi murdered?

The US-NATO attacks on Libya and the overthrow of its government is by now old news, but very few people are aware of the real reasons behind the intervention. Ellen Brown, in a recent article, Exposing the Libyan Agenda: A Closer Look at Hillary’s Email, has done a good job of exposing the real agenda in Libya, and to the rest of the world for that matter. She concludes, “violent intervention was not chiefly about the security of the people. It was about the security of global banking, money and oil.” The fact is that anyone who is perceived to be a threat to the dominance of the global money and banking regime will be ridiculed, discredited, or eliminated.

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Living in Community

As I grow old(er) I’m feeling the need to be a bit more settled than I’ve been in recent years. Although I’m in pretty good health and still independent, my nomadic lifestyle is becoming more difficult. I’m seeking to connect with others of like mind to invent new ways of aging together and supporting each others’ independence and whatever good work we still hope to accomplish. To that end I recently posted an ad on the Fellowship for Intentional Communities website. Here’s what I said:

We are seeking to organize a group of independent seniors (and maybe a younger or two) who are still actively engaged and working in various ways to make a better world. We don’t like, or cannot afford retirement homes. We think a better way is to cooperate and share in a cooperative household where we can have the privacy we need while working together and providing each other with companionship and support.

The community might be located anywhere but our focus right now is on Tucson and southern Arizona which offers a delightful climate, a relatively low cost of living, and all the amenities that one might desire. Large houses in this area can be leased for quite reasonable rents.

If you have any interest, please let me know at thgreco@mindspring.com.

Spring flowers and fragrant blossoms refresh my spirit, I hope they do the same for you,

Thomas