This essay by Brett Scott clearly exposes the rat race we are all caught up in and its utter futility. Let’s all get off this treadmill, exit the matrix, and use whatever time and resources we have left to build a cooperative, convivial, and peaceful society. How? “Love thy neighbor as thyself.”
In the world of finance, a whale is an entity that has the power to move large amounts of capital or to exert an inordinate influence on markets. Among these are venture capital funds, central banks, and governments.
If you want to understand the essential nature of Bitcoin, the factors that drive its market price, and the implications of the current government plans to establish a Strategic Bitcoin Reserve fund, that article is a “must read.” The lessons you will learn extend far beyond Bitcoin and into the realm of global money, finance, and economics.
I will add that the expected government manipulation of the Bitcoin market by means of massive purchases is analogous to the massive purchases of US government bonds and notes by central banks, commercial banks, and others who still have faith in them despite their lack of any solid backing in the real world. Just as Bitcoin will never be “redeemed” for anything of real value, the massive accumulation of US government debt will never be repaid. That itself is a bubble that will eventually burst in spectacular fashion. God help us!
It has long been my position that a real alternative to fiat money as a means of payment requires reclaiming the “credit commons,” i.e. establishing community control over credit. It is producers and sellers of real value who are the ones who are actually qualified to issue a currency into circulation. They can do so individually by using their own private voucher currencies redeemable for the goods and services they are ready, willing, and able to provide, or they can do it in cooperation with others by pooling their commitments and jointly issuing a common voucher currency. Such a currency can then circulate generally for other to use to pay one another instead of using dollars. Euros, pounds, or other government fiat currencies.
My paper titled, Invoice Factoring as the Basis for a Digital Token Currency, presented at the RAMICS Conference in Rome on November 6, 2024, describes how that can be achieved by creating a digital token currency that, unlike present-day crypto currencies, is based on, and redeemable for real goods and services. This presentation describes the structure, processes, and protocols for creating and circulating a digital voucher token currency on a continuous recurrent basis. I’ve summarized my proposal in this 12-minute video posted on YouTube.
This column first appeared in The San Francisco Chronicle on May 27, 1973 and was reprinted July 22, 1999
Once upon a time there was a country that was very small and, on the whole, very good.
Its citizens were proud and independent and self-reliant and generally prosperous. They believed in freedom and justice and equality. But, above all, they had faith. They had faith in their religion, their leaders, their country and themselves.
And, of course, they were ambitious. Being proud of their country, they wanted to make it bigger. First they conquered the savage tribes that hemmed them in. Then they fought innumerable wars on land and sea with foreign powers to the east and west and south. They won almost all the battles they fought and conquered foreign lands.
It took many generations, but at last the good, little country was the richest, mightiest nation in the whole, wide world — admired, respected, envied and feared by one and all.
“We must remain the mightiest nation,” said its leaders, “so that we can insure universal peace and make everyone as prosperous and decent and civilized as we are.”
At first, the mightiest nation was as good as its word. It constructed highways and buildings and pipelines and hygienic facilities all over the world. And for awhile, it even kept the peace.
But being the mightiest nation in the world, its leader was the mightiest man in the world. And, naturally, he acted like it.
He surrounded himself with a palace guard of men chosen solely for their personal loyalty. He usurped the powers of the Senate, signing treaties, waging wars and spending public funds as he saw fit.
When little countries far away rebelled, he sent troops without so much as a by-your-leave. And the mightiest nation became engaged in a series of long, costly, inconclusive campaigns in far away lands. So some disillusioned soldiers refused to obey orders and some sailors mutinied, even though the leader raised their pay. And in some places the mightiest nation hired mercenaries to do its fighting.
And because it was the richest nation, it worshiped wealth and the things wealth bought. But the rich grew richer and the poor grew poorer through unfair tax laws. And in the capital 1 in 5 were idle and on welfare.
When the poor grumbled, they were entertained by highly paid athletes and the firing of expensive rockets into the air which sometimes fizzled. But the poor often rioted and looted and burned in their frustrated rage.
Many citizens lost faith in their old religion and turned to Oriental mysticism. And the young, wearing long hair and sandals, became Jesus freaks. Bare-breasted dancers, lewd shows and sex orgies were increasingly common. And the currency was debased again and again to meet the mounting debts.
Worst of all, the citizens came to learn their leaders were corrupt — that the respected palace guard was selling favors to the rich and sending spies among the people, creating fear and distrust.
So it was that the people lost faith. They lost faith in their leaders, their currency, their rockets, their postal system, their armies, their religion, their laws, their moral values, their country and, eventually, themselves.
And, thus, in 476 A.D., Rome fell to the barbarians and the Dark Ages settled over Western civilization.
Moral: For what is a nation profited if it shall gain the whole world and lose its own soul.
Chapter 16 is the latest Chapter in my new updated and expanded edition of The End of Money and the Future of Civilization. The link to this chapter is now listed along with the other previously published chapters on the book page along with links to the audio narrations by Ken Richings. Scroll down to find Chapter 16 there or click here to go directly to the PDF file.
Here are the Chapter contents:
Figure 16.1 A Typical Small Boat Harbor (Drawing by Dennis Pacheco)
The Orthodox Approach to Community Economic Development
A Comprehensive Community Economic Development Plan
Stage I: Map the Local Actors and Assets & Promote Import Substitution
Stage II: Support Structures for Localization—Saving, Investment, Finance, and Education
Stage III: New Liquidity Through Trust—Mutual Credit as a Way to Pay How It Works Key Benefits The Generation and Allocation of Trade Credits
Stage IV: The Credit of “Trusted Issuers” Can Provide a Local Alternative Currency for General Circulation
Stage V and Beyond: Transition to an Objective Measure of Value and Unit of Account
If the BRICS ever hope to escape the orbit and dominance of the Western Empire they will need to organize an international clearing Union under their own control, along the lines of the Bancor proposal of John Maynard Keynes which he put forth in 1944 at the Bretton Woods conference. If that proposal had been adopted it might have saved the world 80 years of grief and violent conflict.
Further pertinent information from Alistaire Crooke
Real economic growth cannot continue forever in a finite world; we can no longer afford to waste limited resources on wars, destructive competition for dominance, and other wasteful projects undertaken by political leaders and idealogues. It is time we learned to work together peacefully and to live within the Earth’s energy budget.
Tim Morgan makes the case in his writings about Surplus Energy Economics.
What can we do about it? The first necessity is to take action to transcend “the engine of destruction” that is the global, usury-based, debt-money regime. How that can be done is outlined in my various writings, especially my book, The End of Money and the Future of Civilization.
This post by Dr. Peter Breggin may help you to decide. Caught Up in a Conspiracy—My Personal Experience In 1994, I was hired and confirmed by a federal judge to be the sole scientific researcher to examine the secret files of Eli Lilly on behalf of a consortium of attorneys representing about 150 lawsuits against the company for allegedly hiding the harmful effects of Prozac. … [more].
After describing that shameful case of fraud and cover-up, Breggin extends his conclusions about conspiracies to international affairs saying what I also have long ago concluded and written about, “All empires are inherently evil and are inevitably started and controlled by the worst human beings among us. And so, we must fear and resist all attempts to build empires!”
As long as empires remain in competition with one another for political and economic dominance there will be no peace in the world. The necessary solution that I have long propounded is to deprive politicians of the power to create money and pseudo-money at their whim; that is their primary tool for further enhance their power and to pay for their inevitabe wars. I have fully articulated my arguments about that in my revised and expanded edition of my book, The End of Money and the Future of Civilization, especially the chapter titled, The Separation of Money and State.
The first edition of my book, The End of Money and the Future of Civilization, was published by Chelsea Green Publishing in 2009. While it remains as relevant today as it was when first published the printed book has been out of print for several years. But, having had the rights reverted to me by my publisher, I am making the entire book available for free in PDF format. You can read it or download it HERE. If you would like a hard copy of the first edition used copies can still be found on Amazon.com, Abe books, Thrift books and elsewhere.
Better still, you can avail yourself of the new revised and expanded 2024 edition which I have been working on for almost two years and is almost complete. Eighteen chapters have already been posted and can be freely read or download HERE.
My previous books, as published, may be freely accessed in digital format by clicking the title below.