thomas h. greco jr. - complementary currency and exchange - the state of movement
DESCRIPTION
Complementary Currency and Exchange The State of the Movement Modern Money is Credit Money has evolved through stages • Commodity money • Symbolic money • Credit money What is the Credit Commons? The credit commons is the virtual pool of credit and trust . The Credit Commons We all put in, but who can take out? Central Government Banks “Loans” “Loans” “Loans” The “credit commons”is being reclaimed. Complementary Currencies and Credit Clearing Arrangements are Emerging on Various Levels and Fronts.TRANSCRIPT
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Complementary Currency
and Exchange
The State of the Movement
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Modern Money is
Credit
Money has evolved through stages
• Commodity money
• Symbolic money
• Credit money
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What is the Credit
Commons?
The credit commons is
the virtual pool of credit and trust.
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The Credit
Commons
The In’s and Out’s of the Credit Commons
Credit is based on trust
We all put in, but who can take out?
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The Credit
Commons
Central Government
“Loans”Banks
The Credit Commons can be accessed only through banks!
“Loans”
“Loans”
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The Exchange Process is
Being Reinvented
Complementary Currencies and Credit
Clearing Arrangements are Emerging
on Various Levels and Fronts.
The “credit commons” is
being reclaimed.
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Voluntary
Grassroots
Social Action
For-profit
Business
Exchange Options
Main Currents of the Movement
Barter Exchanges
Trade Exchanges
Mutual Credit/LETS
Community Currencies
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All over the world,
mutual credit systems
and community
currencies are emerging.
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In
Argentina,
trading
clubs and
private
currencies
proliferate
in the face
of
economic
and
financial
stringency.
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Commercial interests are discovering Commercial interests are discovering Commercial interests are discovering Commercial interests are discovering
the advantages of direct credit clearing.the advantages of direct credit clearing.the advantages of direct credit clearing.the advantages of direct credit clearing.
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Provincial Government Currencies
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Promising Directions
� Freedom approaches based on voluntary participation, that involve
• Grassroots organizations,
• NGO’s
• Associations of businesses,
• Municipal and provincial governments,
• For-profit enterprises
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What Are the Innovative Technologies
in Money and Banking?
� Mutual credit.
� Credit Clearing.
� Co-responsibility.
� Internet based markets, social networks,
accounting and information management.
� Reliance upon “strong identity.”
� Reliance upon peer-to-peer reputation ratings.
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It Is the Unique Combination of
Elements That is Revolutionary
�Simpler
�Less costly
�More efficient
�More equitable
�More democratic
�Easier to understand
�Sustainable
These technologies are being combined into new products that make the exchange process:
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The Next “Free Abundance” is
Credit
� The present system of money and banking is a choke on credit, which is potentially infinite and free.
� The practical limits of credit are:
• The productive capacity of the buyer, and
• The trust of the seller
� The appropriation of credit by the government and
banking sectors diverts a huge proportion of economic
output from need satisfaction to accumulation and waste.
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Why Community Currencies
Sometimes Stagnate or Fail
� Failure of reciprocity (non-redemption)
• System design flaws
• Improper basis of issue
• Over-issuance
• Lack of clear agreement between issuers and users
• Management issues
• Lack of accountability and transparency
• Inadequate management procedures and controls
• Failure to respond to internal or external threats
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Why Community Currencies
Sometimes Stagnate or Fail
� Scale and scope
• Failure to achieve critical size
• Limited number of issuers and narrow
range of goods and services offered
• Failure to penetrate all levels of the
production/distribution circuit
• Failure to gain wide acceptance within the
mainstream of business
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RetailersWholesalers
Manufacturers
Basic
Commodity
Producers
Employees
Issuance and Circulation at All Economic Levels
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Evaluating A Currency
Questions That Should Be Asked
� Who is the issuer?
� How is it issued into circulation?
� What is the basis (foundation) of issue?
� What is the amount currently in circulation?
� What are the terms of the (explicit or implied) contract offered by the issuer to the users of the currency, i.e.,
• What does the issuer promise?
• What is the form of redemption?
• What are the limits, if any, on the amount that may be issued?
• What is the duration of the contract? Is there an expiration date?
• Are there any fees, conditions, or limitations associated with
redemption?
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The Future of Moneyis No Money
� The highest evolutionary step of reciprocal
exchange is the process of mutual credit clearing.
� The future of exchange lies in decentralized
autonomous mutual credit clearing networks.
� These networks will be linked together without the
center destroying their autonomy.
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A New Economic Order?
“…extension of exchange transactions without state money is in reality the beginning of a new system of settling accounts, indeed the beginning of a new economic order."
--Ulrich von Beckerath
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It is Time to:
“…re-conceive in the most fundamental sense, the very idea of
bank, money, and credit card …”
-- Dee Hock, CEO emeritus, VISA International
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Sources
� Books:
• Money: Understanding and Creating
Alternatives to Legal Tender - Greco
• Money and Debt: A Solution to the Global
Crisis - Greco
• Flight from Inflation - Riegel
• The New Approach to Freedom - Riegel
� Website: http://www.reinventingmoney.com
� Blog: http://beyondmoney.blogspot.com