In Ellen’s October 10 podcast, on which I was the featured guest, I argue that our best hope for escaping the tyranny of the global banking cartel lies in creating a decentralized network of exchange in which credit is locally controlled and allocated based on personal relationships and the productive capacity of community economies (starting at 27:25). This episode begins with a report by David Jette of the California Public Banking Alliance on the landmark public banking legislation that was recently passed into law in California. David describes what this act enables and the long and arduous process of getting it passed.
As society grapples with the reality of
climate change, many believe that technology will somehow save the planet. As
this book argues, that is not enough: larger-scale collaboration, coordination,
and funding is needed. Individuals and groups, even with significant personal
resources, will not be able to reverse the present course of ecological
disaster. What our endangered planet needs is broadly supported community
action, which is what happens when people come together and organize for the
common good. What we need, in short, is political structures and actions. The
essays in this book examine the political structures that have led to our
present crisis and offer concrete lessons from the U.S., Japan, Brazil, and
Greece, that can, if heeded, bring us back from the brink and toward an
This book of essays emerged out of some of the presentations
that were given at a major conference, Seizing
an Alternative: Toward an Ecological Civilization. that was organized by Center
for Process Studies and held at Pomona College (CA) in June 2015 and attended
by more than 1500 people. It includes two of my own essays, Greece and the Global Debt Crisis, and How Private Currencies and Credit Clearing
Exchanges Can Help Save Civilization, as well as essays by John Cobb, Ellen
Brown, Gayle McLaughlin and several others.
The full list of contents and order form can be found here.
The book can also be ordered on Amazon.com
Recently, I came across an article about what seems to be a significant development in the commercial trade exchange industry. Published on February 15, 2018, the article, TradeAuthority rebrands as Moxey with new digital currency, national expansion plans, tells about the expansion and rebranding of a commercial trade exchange heretofore known as TradeAuthority. Operating for the past several years in the Gulf Coast region of the southern United States, TradeAuthority has developed along lines somewhat different from most other trade exchange companies. I’ve had some peripheral knowledge of TradeAuthority for a long time but after reading the article I decided it was time for me to reach out to its founder, Chip Davis, with the intention of gaining a more detailed picture of how they operate and their plans for further development and expansion. The company, now named Moxey, is a network of 14 autonomous member-owned local trade exchanges, member ownership being a unique feature in the commercial trade exchange industry.
The key players in the Moxey enterprise are Chip Davis, founder of TradeAuthority and current Executive Vice President of Moxey, Charlie Davis, President of Moxey, and Warren Sager, Moxey Vice President of Operations.
Some Key Questions
In my message to Chip Davis, I posed the following questions:
What degree of autonomy do the various (14) exchanges in your network have?
Is it possible for a member in one exchange to buy/sell directly with a member of another exchange in the network? Does your platform provide that functionality or does the trade need to be pre-arranged with brokers in the two exchanges?
Is there a single Moxey ledger for the entire network or does each exchange have its own? If the latter, how are accounts reconciled among the exchanges, and how often?
Do you participate in UC? [UC is “Universal Currency,” a credit currency that many trade exchanges use to enable their members to buy goods and services from members of different trade exchanges.]
What are the factors you use to allocate lines of credit? How are they weighted? Are all exchanges in the network required to apply the same algorithm in allocating credit lines to their members?
You say, “Moxey intends to be a better Medium of Exchange by removing the concern of inflation.” How does it do that?
Is you online portal a complete marketplace that includes offers and requests? Vendor and client background? Reputation ratings?
When using the app or online portal, is approval of the transaction immediate?
You also say, “It also removes the extreme deflationary dangers that can exist in a purer form of money such as gold.” Can you explain that?
What additional functionality will be achieved by using blockchain? “The major thing behind all currencies is a trust and transparency in knowing the currency is strong and blockchain technology will allow an additional level of transparency,” says Warren Sager, Moxey vice president of operations. “It will allow our currency to become stronger and more trustworthy.” But that does not address the transparency of the credit allocation process. Please comment.
The trade exchange industry seems to have been for some time on a plateau or slow growth trajectory. How do you see moneyless trading alternatives evolving over the next few years, and how much of an increase in scale do you anticipate?
You can read Chip’s and Charlie’s answers, and our full conversation by clicking here. –t.h.g.
Local Currencies—what works; what doesn’t? By Thomas H. Greco, Jr.
Community currencies, and mutual credit clearing exchanges are key elements in the emergence of a new economic paradigm. These approaches to enabling the exchange of value are not entirely new, they have a long and varied history, but their enormous potential and possibilities have become widely recognized only within the past three or four decades. This is largely the result of increasing disillusionment with conventional money and banking systems, the emergence of Bitcoin and other non-governmental, non-bank currencies, and the growing interest in decentralized, peer-to-peer approaches in all realms of human activity.
The latest wave of exchange alternatives has seen the emergence over the past few decades of scores of commercial trade or “barter” exchanges, and hundreds, if not thousands of local currencies. The scores of commercial trade exchanges that have been operating in many countries around the world for the past four or five decades enable moneyless trading among their business members, and collectively “clear” tens of billions of dollars’ worth of trades annually. Their success provides the strongest proof of the viability of decentralized, non-governmental, non-bank, moneyless exchange options.[i]
On the other hand, the plethora of local and community currencies that have popped-up all over the world have not been so encouraging. The avowed purpose of local currencies has generally been to keep money circulating locally instead of “leaking out” of the community. It is hoped that by keeping exchange media circulating within the local community, the vitality of the local economy will be enhanced and local businesses will be better able to compete with large global corporations and merchandising chains.
That is well and good, but it misses the main point of what ails our communities, and our world. It is the very nature of the dominant political money system that is problematic. So, localization is not the end in itself, but the necessary means to an end, which is personal re-empowerment and freedom; community resilience, sustainability, and self-determination; and the revitalization of democratic governance. Community currencies and exchange systems provide an essential tool kit for achieving those goals but they need to be designed in such a way as to make people less dependent upon political money and banks. So long as we remain harnessed to the dominant money and banking regime, there will be little chance of significant improvement in the human condition, in fact, the trend has been exactly opposite. …. Read the full article or download the full PDF.
In this video below, Professor Jem Bendell of Cumbria University (UK) interviews South African Tim Jenkin about his anti-apartheid work in the 1970s and his more recent alternative exchange activities. Jenkin briefly recounts how he assisted the African National Congress (ANC) in their struggle to end apartheid, work that resulted in his 1978 imprisonment and subsequent remarkable escape. The escape story is soon to be made into a major motion picture, “Escape From Pretoria,” that will star Daniel Radcliffe in the role of Tim Jenkin. The film is scheduled to begin production on location in South Africa in early 2018, but you need not wait to get a detailed account of the escape, you can read Jenkin’s autobiography, Inside Out: Escape from Pretoria Central Prison, or view the existing documentary film, also titled, Escape from Pretoria.
Later in the interview, Jenkin describes his more recent efforts to demonstrate how people can make a similar escape from the bondage of political money and the global debt-money regime by means of a simple ledger system that records the value of what people give and receive from one another. His Community Exchange platform currently hosts 921 local exchanges in 86 countries.
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