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community building | economic justice

The End of Money and the Future of Civilization

Two quotes from the 2009 book explaining the problem and two offering a solution:
"The politicization of money, banking and finance - which prevails throughout the world today - has enabled the concentration of power and wealth in few hands - a situation that has been extremely damaging to societies, cultures, economies, democratic government and the environment. National governments have arrogated to themselves virtually unlimited spending power, which enables them to channel wealth to favored clients, to conduct wars on a massive scale and to subvert democratic institutions and the popular will. The privileged private banking establishment has managed to monopolize everyone's credit, enabling the few to exploit the many through their partiality in allocating credit, by charging usury - disguised as "interest" - and increasingly exorbitant fees, and by rewarding politicians for their service in promoting their interests.

"These two, government and banking, have colluded to create a political money system that embodies a "debt imperative" that results in a "growth imperative" which forces environmental destruction and rends the social fabric while increasing the concentration of power and wealth. It creates economic and political instabilities that manifest in recurrent cycles of depression and inflation, domestic and international conflict, and social dislocation." (p.43)

"With the proper implementation strategies and the application of sound financial principles, direct mutual credit clearing is an unstoppable technological advance that has the power to ameliorate myriad economic, political and social problems, and establish a solid foundation needed to enable civilization to make a major leap toward a harmonious, sustainable way of living." (p.107)

"Clearing is simply the process of accounting that offsets debits (resulting from purchases) against credits (resulting from sales). When you sell something, your account balance is credited (increased); when you buy something, your account balance is debited (decreased)." (p.104)

homepage: homepage: http://www.reinventingmoney.com


go away 05.Feb.2010 15:22

?!

Wealth is wealth. Fuck the system. Cashless society? Oh please, then I have to start believing the people who warn of conspiracy theories. Barter and community is the only way to a better world. Take you cash and electronics, and go someplace else. This post is on the level of spam in trying to sell us something even more useless in our supposed despair. Maybe yuppies are stupid enough to buy that crap so go bug them.

'money' doesn't matter (and never has - neither does gold) 06.Feb.2010 14:27

because

it's all about control of capital.

you either have it, or not.

It's not electronic and I have nothing to sell. 06.Feb.2010 22:39

Tom

"Just as the issuer 'sold' his currency at the point of issuance in return for goods and services, so he must later buy his currency back by selling his own goods and services. This cycle of issuance and redemption completes the demands of reciprocity, which is the fundamental purpose of money." (p.62)

"Cashless payment based upon direct credit clearing among buyers and sellers is a revolutionary innovation in reciprocal exchange that might be compared in importance to the invention of the printing press, which empowered masses of people by making literature widely and cheaply available and freeing them from dependence on scribes and scholars." (p. 170)