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Devoted to the liberation of money and credit, and the restoration of the commons
Updated: 7 hours 27 min ago

Dump Trump and Hillary, Too

July 25, 2016 - 15:40

I don’t usually put much energy into partisan politics but comes the time when opportunity knocks and we all must stand up and be counted. That time is now.

The US has been on the road to fascism for a long time. Both Democrats and Republicans have for decades been advancing the same agenda of ceding power to transnational mega-corporations and the global banking cartel. So called “free trade” agreements are simply ways of allowing capital to more freely exploit labor and the environment and forcing governments to guarantee their profits.

Changes in financial regulations, like the repeal of Glass-Steagall under Bill Clinton in 1999, have enabled banking companies to grow to monstrous size (“too big to fail”) and to more easily cheat the clients they are supposed to serve. In this article, James Rickards places the blame for the 2008 financial crisis squarely where it belongs and demolishes the arguments of the big bank apologists: http://www.usnews.com/opinion/blogs/economic-intelligence/2012/08/27/repeal-of-glass-steagall-caused-the-financial-crisis.

Many countries are caught in the debt trap and are being forced to sell off government owned assets which further concentrates wealth and control of “the commons.” Those who control the creation and allocation of money are able to control politics, economics and virtually everything else.

When political and financial pressures prove inadequate, the US military is used to bludgeon countries into line with the global financial regime which is the most anti-democratic force in the world today. General Wesley Clark, former Supreme Allied Commander of NATO, testifies in this 2-minute video that the US planned to overthrow seven countries after 9/11: Iraq, Syria, Lebanon, Libya, Somalia, Sudan, and Iran. A thorough account of General Clark’s story is told by Glenn Greenwald here: http://www.salon.com/2011/11/26/wes_clark_and_the_neocon_dream/.

Under Bush, Cheney and Rumsfeld, the Pentagon came up with a new organization–the “Proactive, Preemptive Operations Group (P2OG) to carry out secret missions designed to “stimulate reactions” among terrorist groups, provoking them into committing violent acts which would then expose them to “counterattack” by U.S. forces. Those “violent acts” would also be used to justify regime change in countries accused of harboring the terrorists. This article from 2002 clearly described the causes of the mayhem we have seen unfold in the years since then: http://www.counterpunch.org/2002/11/01/rummy-s-plan-to-provoke-terrorist-attacks/. A little research will make it clear that the US and NATO are responsible for the turmoil in Syria and the consequent refugee crisis.

Hillary is clearly in the pocket of the banking/corporate elite and will continue to promote their agenda, just as Obama has. We were sold on Obama with promises of change and the feel-good idea of electing the first black President. Hillary is being sold to us as the non-Trump candidate together with the feel-good idea of electing the first woman President. I’m all for making the oval office accessible to minorities and women but what we have gotten is a lot of broken promises, a continuation of the Clinton-Bush policies, and an escalation of US interventions in other countries and a rekindling of the cold war against Russia.

Trump appeals to people’s fears and outrage over being misled by both parties. He promises what he cannot possibly deliver, while pandering to the religious right with his selection of a running mate whose policy positions seem diametrically opposed to much of what Trump says he is for. That makes his promises as unbelievable as Hillary’s and leads me to wonder if he has even a glimmer of understanding of the geo-political facts of life. I can only conclude that he is a megalomaniac to whom winning is everything.

So, what can we do to stop this madness?

We can continue to bide our time, watch the chaos unfold and hope for the best while waiting for new opportunities to emerge, and working to make our communities better and more resilient in spite of it all.

But maybe we already have an opportunity to make a change at the level of national politics. There is a viable third choice, and it is on the ballot in every one of the 50 States. It is the Libertarian Party ticket of Gary Johnson and Bill Weld. Johnson is a former businessman and Republican governor of New Mexico, and Weld is a former Republican governor of Massachusetts, US Attorney, and head of the Department of Justice Criminal Division. In this short twitter video they make a strong pitch for their progressive social and anti-war agenda. https://mobile.twitter.com/GovGaryJohnson/status/748320273754165249/video/1. It sounds good to me.

This ticket should have broad appeal, especially among Sanders supporters who cannot bring themselves to vote for Hillary and Republicans who cannot bring themselves to vote for Trump. With the Republican Party in disarray and Hillary’s vast unpopularity among voters, this may be the year when a third party candidate can win the White House and upset the pattern of politics as usual.

With virtually no advertising, a recent CNN poll shows Johnson already with 13% support (and the Green Party candidate Jill Stein at 5%), and a CBS/New York Times poll had Johnson at 12 percent. According to the Libertarian Republic, “If Johnson, former governor of New Mexico, polls at least 15 percent in five national public opinion polls before the first presidential debate, he’ll be eligible to appear on the stage with the Democratic and Republican nominees.”

If Libertarians, Greens and all the rest of us who are dissatisfied with the state of politics in America can get behind the Johnson/Weld ticket, we can have the much needed Second American Revolution before this year is out.

Are we the people ready to govern ourselves? The power elite think not; let’s show them that we are.

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Categories: Blogs

Why the Brits voted to leave the European Union

July 10, 2016 - 02:01

No, it’s not xenophobia, as the elite propaganda machine would like us to believe. It’s the same phenomenon we’re seeing in American. Quite simply, people in Britain, America, and elsewhere are finally getting wise to the neo-liberal agenda which seeks to disempower people and their elected governments and place power in the hands of the unelected, undemocratic, global banking and corporate elite. As I said in an earlier post (What do Trump supporters and Sanders supporters have in common?), people are sick and tired of:

  • Politicians who promise one thing but deliver another.
  • “Political correctness” that interferes with our ability to debate the deeper issues and concerns.
  • The rich getting richer and ever more powerful while the middle class is being destroyed.
  • Big banks that are “too big to fail” yet refuse to provide adequate financing to small local businesses.
  • Legislation that favors big corporations over small and medium-sized enterprises.
  • Fiscal policies that reduce taxes on corporations and the rich while forcing states and municipal governments to assume ever greater burdens.
  • Trade agreements that cede power from sovereign governments to transnational corporations thus undermining democratic government, the rights of labor, and environmental protections.
  • A disastrous foreign policy of interference in countries around the world that kills thousands of innocent people and stirs up hornet’s nests of resentment that manifest as massive displacements of people and acts of terror against the U.S. and its European NATO allies.

And as I concluded in another recent post, “Since the debt crisis of 2008, Americans of all classes and ideologies have finally begun to wake up to the facts that the game is rigged against them and that they have been manipulated and exploited by the Wall Street-Washington nexus. The next American revolution will happen when liberals and conservatives, Republicans and Democrats, Americans of all religions and races, stop being seduced by “hot-button” rhetoric and come to realize what their common interests are and are able to work in harmony toward the common good.”

In the following video, British filmmaker John Pilger expresses similar thoughts with regard to Brexit:

https://youtu.be/anht7KXQHBM


Categories: Blogs

Brexit and the prospects for Europe and the world

July 1, 2016 - 03:34

It’s very difficult to know what the tactics and specific manipulations of the global elite might be from day to day. The Brexit vote surprised almost everyone, including me. But it’s hard for me to imagine that Brexit might be something the elite want because they have engineered the terms of European union to concentrate ever more power in their own hands, which is what they’ve been up to for decades, if not centuries.

Therefore, I expect a lot of foot dragging and I do not expect the referendum to be acted on with any haste. Instead, terms of union will be renegotiated with the apparent, but not real, return of some sovereignty to the Brits. Then “stay” will be sold to them and another referendum held to legitimize remaining in the union.

In the meantime, the ongoing financial crisis is approaching another tipping point which may throw the banking system into a chaotic state with which governments will be unable to cope.[i] It may then be a case of “every nation for itself” as people demand that their respective governments “do something” to prevent breakdown of their domestic economies, and to hell with EU regulations. That will mark the de facto disintegration of the European Union.

Of course, I may be completely wrong, but it will more likely be an error of timing, as I see the breakup of the UE and the demise of the global money and financial regime as inevitable. –t.h.g.

[i] According to a recent IMF report, “…Germany’s contribution to ensuring the success of the new European financial stability architecture is crucial for fostering its domestic financial stability and the success of the European reform agenda.” (IMF Country Report No. 16/189. GERMANY FINANCIAL SECTOR ASSESSMENT PROGRAM, FINANCIAL SYSTEM STABILITY ASSESSMENT). But an analysis of that same IMF report by Tyler Durden, (http://www.zerohedge.com/news/2016-06-29/imf-deutsche-bank-poses-greatest-risk-global-financial-system) concludes that “Deutsche Bank poses the greatest systemic risk to the global financial system.”


Categories: Blogs

Brexit, the funny side of “stay”

June 24, 2016 - 00:23

While meant to be humorous, this as the ring of truth to it.


Categories: Blogs

Final Workshop Announcement—Innovative Finance and Exchange

June 13, 2016 - 02:32

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


Categories: Blogs

Greenbacks, monetary reform, or revolutionary innovation?

June 9, 2016 - 03:22

I have long argued that the likelihood of getting government to do anything “good” about the money problem is near zero because the controllers of the present monetary regime are able to buy the kind of government they want that will keep in place the system that enables them to consolidate their power and increase their wealth.

Even if your proposal to restore the Greenback could be legislated into actuality it would only be a stop-gap measure and there would be negative side-effects. FDR ameliorated the 1930s crisis in a somewhat similar way and managed to get some progressive legislation passed, and WWII provided the excuse for massive government deficit spending (along with rationing and “bond drives” to control consumer demand).
Massive increases in productivity enabled a flood of consumer goods to enter the market after the war, and people had the money to buy them.

But in today’s world the old tricks will not be sufficient. We need a totally new system of money, banking and finance, one that is decentralized and interest-free. This will emerge by the design and deployment of relatively small credit clearing exchanges in which it is possible to build trust through personal relationships (verified identity and reputation of all parties, along with organizational transparency), and to allocate credit to members based on that and the market value of their output. At the same time, these credit clearing exchanges can be networked together to enable non-monetary payment on a global basis–a payment system that I describe as “locally based but globally useful.”

We will have an “exchange revolution” that is analogous to the IT revolution. Our micro-computers were initially isolated and had limited capabilities; now we have tremendous power right at out fingertips to do many useful things, and our local devices are linked through the internet giving us unprecedented access to each other almost anywhere and anytime, and almost unlimited amounts of information on most any subject.

Realization of this vision is close at hand.–t.h.g.


Categories: Blogs

Greetings from Athens

June 6, 2016 - 03:33

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.

#     #     #


Categories: Blogs

WHERE DID THE GREEK BAILOUT MONEY GO?

May 9, 2016 - 19:06

An academic study from the European School of Management and Technology highlights the utter futility of the bailout programs in pulling Greece out of the quagmire of debt bondage and economic depression.The report concludes:

“This paper provides a descriptive analysis of where the Greek bailout money went since 2010 and finds that, contrary to widely held beliefs, less than €10 billion or a fraction of less than 5% of the overall programme went to the Greek fiscal budget. In contrast, the vast majority of the money went to existing creditors in the form of debt  repayments and interest payments. The resulting risk transfer from the private to  the public sector  and the subsequent risk transfer within the public sector from international organizations such  as the ECB and the IMF to European  rescue mechanisms such as the  ESM still constitute the most important challenge for the goal to achieve a sustainable fiscal situation in Greece.”

See Rocholl *, J., and A. Stahmer(2016). Where did the Greek bailout money go? ESMT White Paper No. WP–16–02. http://static.esmt.org/publications/whitepapers/WP-16-02.pdf


Categories: Blogs

Bitcoin, Blockchain Technology, and Crypto-Currency

April 25, 2016 - 10:40

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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Categories: Blogs

Newsletter—Spring 2016

April 18, 2016 - 10:07

Upcoming Agenda

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.

_____________________________________________________

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


Categories: Blogs

America’s yeoman class revolt

April 9, 2016 - 10:36

Here is a comment I posted in response to an article, Donald Trump and the Ghost of Christopher Lasch: America’s yeoman class revolts, that appears in The American Conservative. –t.h.g.

Yes, there is a yeoman class revolt, but the characterization of the elite as “liberal” is in error. The elite class spans the socio-political spectrum. They have a hidden agenda which they advance by pandering to the sentiments of both social liberals (mainly by Democratic politicians) and social conservatives (mainly by Republican politicians), but both parties have been moving us inexorably toward a “new world order” that is anti-democratic and neo-feudal which concentrates ever more power and wealth in their own hands.

Their primary instrument of control is the global system of money, banking, and finance which they have constructed over a long period of time without any public debate, and with the help of politicians, academic economists, journalists, and others whom they have invited to the table to share the spoils.

Since the debt crisis of 2008, Americans of all classes and ideologies have finally begun to wake up to the facts that the game is rigged against them and that they have been manipulated and exploited by the Wall Street-Washington nexus. The next American revolution will happen when liberals and conservatives, Republicans and Democrats, Americans of all religions and races, stop being seduced by “hot-button” rhetoric and come to realize what their common interests are and are able to work in harmony toward the common good

Thomas H. Greco, Jr.

 


Categories: Blogs