Tag Archives: complementary currency

What can AI do?

Posted on August 27, 2023 | 3 comments

To satisfy my curiosity about AI, and ChatGPT in particular, I’ve been posing certain questions to it and been pleasantly surprised by the results. ChatGPT uses information that was publicly available online up to September 2021, so the responses that it generates will not include recent changes.

Here is one of my requests which, while much shorter, pretty well summarizes what I myself have written about the matter. I present it here for your information and your comments.

THG: Summarize the unique features of the work of Thomas H. Greco, Jr. on money and economics.

ChatGPT:

5/5 Thomas H. Greco, Jr. is known for his groundbreaking work on money and economics, focusing on alternative monetary systems and local economies. Some of the unique features of his work include:

  1. Decentralized Monetary Systems: Greco advocates for the development of decentralized and community-based monetary systems that empower individuals and local communities to create their own means of exchange. He emphasizes the importance of currencies that are not controlled by centralized authorities like governments or banks.
  2. Complementary Currencies: Greco promotes the idea of complementary currencies, which are designed to work alongside national currencies to facilitate local transactions and trade. These currencies are often tailored to specific communities or regions and can help stimulate local economies.
  3. Democratization of Money Creation: He challenges the conventional model of money creation by banks and governments. Greco believes in the democratization of money issuance, allowing communities to create their own money based on real value and resources.
  4. Mutual Credit Systems: Greco’s work includes the concept of mutual credit systems, where participants can extend credit to one another within a network. This can foster cooperation and exchange without the need for traditional banking intermediaries.
  5. Localized Economies: He emphasizes the importance of localized economies that prioritize community resilience and sustainability. Greco’s work encourages communities to rely more on local production and resources to reduce dependency on distant supply chains.
  6. Interest-Free Economics: Greco criticizes the conventional practice of charging interest on loans and believes that interest-free systems could lead to more equitable distribution of wealth and resources.
  7. Advocacy for Change: Through his writings and lectures, Greco advocates for individuals, communities, and governments to explore and implement alternative economic and monetary systems. He believes that a shift away from the current monetary paradigm could lead to more just and sustainable economies.

In summary, Thomas H. Greco, Jr.’s work revolves around reimagining money and economics by proposing alternative monetary systems, promoting decentralized currencies, advocating for interest-free economies, and encouraging the development of localized, community-based economic structures. His ideas challenge conventional economic thinking and aim to create more resilient, equitable, and sustainable societies.

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Update: Monday, August 28, 2023
This iteration is a bit more complete:

Thomas H. Greco, Jr. is known for his unique contributions to the fields of money and economics, particularly in the realm of alternative currencies and monetary systems. Some of the key features of his work include:

  1. Local and Complementary Currencies: Greco emphasizes the importance of local and complementary currencies as tools for promoting economic resilience and community development. He advocates for the creation of currencies that are tailored to specific communities or regions, helping to stimulate local economic activity and reduce dependence on centralized national currencies.
  2. Decentralization of Money Creation: A central theme in Greco’s work is the decentralization of money creation. He believes that allowing communities to create their own currencies empowers them to meet their specific needs, bypassing the traditional centralized banking system and enabling greater control over their economic destiny.
  3. Credit Clearing Systems: Greco explores the concept of credit clearing systems, which facilitate transactions without the need for traditional currency. These systems work by enabling participants to exchange goods and services directly based on mutual credit agreements, reducing the reliance on scarce official currency.
  4. Integral Theory and Economics: Greco integrates principles of integral theory into his economic thinking, considering not only economic factors but also social, ecological, and cultural dimensions. He emphasizes the need for a holistic approach to economics that takes into account the interconnectedness of various aspects of human life.
  5. Monetary Reform Advocacy: Greco is an advocate for monetary reform, particularly in response to issues such as inflation, financial instability, and wealth inequality. He proposes alternative monetary systems that prioritize stability, fairness, and sustainability.
  6. Educational Efforts: Beyond his academic work, Greco is involved in educational efforts to raise awareness about alternative currencies and monetary systems. He has authored books and conducted workshops to help individuals and communities better understand and implement these concepts.
  7. Focus on Empowerment: One of the overarching themes of Greco’s work is empowering individuals and communities to have a greater say in their economic affairs. He believes that by rethinking the way money is created and circulated, people can gain more control over their economic lives and reduce their vulnerability to systemic financial crises.
  8. Sustainability and Resilience: Greco’s work aligns with the principles of sustainability and resilience. By promoting local economies and alternative currencies, he aims to create systems that are more environmentally friendly and less susceptible to the boom-and-bust cycles of traditional monetary systems.

In summary, Thomas H. Greco, Jr.’s work on money and economics revolves around the development of local and complementary currencies, decentralization of money creation, credit clearing systems, integral theory integration, monetary reform advocacy, educational initiatives, empowerment, and a focus on sustainability and resilience. His ideas challenge conventional economic thinking and offer potential solutions for creating more equitable and community-driven economic systems.

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Posted in Emerging paradigm, Exchange Design, Finance and Economics, My activities, Prescriptions

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50 ways to leave the Euro: Greece and the global crisis

Posted on November 8, 2015 | 3 comments

My two month visit to Greece last summer prompted me to develop some proposals that might be applied in Greece and other countries where the government has become insolvent. I’ve written these up in an article that was recently published in the online journal, Common Dreams.  You can read it there or here below. It was also republished on Resilience and can be found there.

50 ways to leave the Euro: Greece and the global crisis
By Thomas H. Greco, Jr.

The problem is all inside your head, I told the Greeks
The answer is easy, you need only stop the leaks
The power is yours to claim the freedom that you seek
There must be fifty ways to leave the Euro
(Apologies to Simon and Garfunkel)

Following the resounding “NO” vote by the Greek people on the bailout conditions in the July referendum, the negotiations between the Greek government and “the institutions” resumed with the expectation that a better deal for Greece would ensue. The outcome was quite the contrary. Greek negotiators ended up agreeing to a bailout deal that was far more onerous than the one the voters had rejected. Why?

The harsh reality is that the Greek government is insolvent. Having been lured into the debt-trap and the shared euro currency by western oligarchs using a combination of measures, including outright fraud, Greece was forced to accept the onerous conditions attached to the first two bailouts. Now it has been bludgeoned into accepting a third. The weapon of choice is the euro currency itself which is being wielded by the European Central Bank (ECB). By throttling the flow of euro currency into the country, the ECB last summer created near chaos in the Greek economy. This, and the threat of even more severe punishment in the future, was enough to bring the Greek government to heel.

With sovereign debt up around 180% of GDP, there is no way that the Greek government will ever be able to grow its way out of the current mess. The draconian measures demanded by the creditor institutions will just make it worse. Even the IMF has acknowledged (with apparent reluctance) that some debt relief is necessary for the Greek economy to recover. The new agreement forces the Greek government to yield even more sovereignty and to open its economy and its people more fully to exploitation by corporate interests and transnational banking institutions. Read the entire article…

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Posted in Debt, Developing Alternatives, Finance and Economics, Prescriptions

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Government of Kenya attacks self-help program in Mombasa slums

Posted on June 15, 2013 | 1 comment

In an unbelievably heavy handed move, the Government of Kenya last week arrested an American aid worker and five local micro-entrepreneurs for operating a complementary exchange system in a poor suburb of Mombasa.

The recently launched Bangla-Pesa voucher system is intended to provide additional liquidity that makes it possible for unmet needs of local residents to be satisfied out of their own excess productive capacity. In just two weeks of operation, the amount of goods and services traded among the members of the Bangla-Pesa network increased substantially. Now, the program is shut down and six people are facing seven years in prison.  Why? Is this simply a case of ignorance on the part of government officials, or an attempt to keep poor people poor and dependent upon inadequate or even exploitative systems that are controlled by bankers and politicians ? The answer to that will become clear as this case develops. Your help is needed to get this matter resolved in favor of freedom, justice, and rationality. Here is the official appeal from American aid worker Will Ruddick.

Dear Friends, Family and Supporters,

End Africa’s dependence on Aid through Complementary Currencies. Eradicate poverty and keep six people from seven years in prison.

Click here to support this program and watch our videos.

Bangla-Pesa, a complementary currency program in one of Kenya’s poorest slums, needs your help. This innovative program gave participants the ability to create their own means of exchange so micro-business owners could trade what they have for what they need. In two weeks, the program already showed great success. But the Central Bank of Kenya has deemed the program illegal and is pursuing a legal battle against its organizers, despite enthusiastic community support.

These six people face charges that could put them in prison for as much as seven years:
·         Alfred Sigo a youth activist.
·         Emma Onyango a grandmother and community business owner.
·         Rose Oloo a grandmother and community business owner.
·         Paul Mwololo a grandfather and community business owner.
·         Caroline Dama a mother and volunteer.
·         Will Ruddick a new father and program founder.
We need help raising funds for legal fees and to bring this program back to life so it can help people throughout Africa in expanded form via mobile phones.
Our goal is to raise 47,000 Euros over the next 47 days.

Click here to read more and donate:
http://igg.me/p/bangla-pesa/x/31801
Spread the word!
Sincerely,
Will Ruddick, Bangla-Pesa Program Founder

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Posted in Developing Alternatives, Emerging paradigm, Geo-politics, Implementation Strategies

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