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Bankers Arrested In Iceland, Ireland, UK, USA, Switzerland, India, France, Russia, Austria... [Video]

Sign petition on Avaaz - UK: Banksters behind bars -

 

http://www.avaaz.org/en/bankers_behind_bars_g/

 

The rest of the story:


1. Take Action And Put Bankers Behind Bars. LIBOR and more "In Your Face" Bankers Crimes - http://youtu.be/KkWrssQoNKA


2. BANKERS BEHIND BARS ...

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Money and Economy
Economy and currency: Money as a tool, not the bankers' property
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Money vs Credit

Money vs Credit | Money and Economy | Scoop.it

A person may go irremediably negative for perfectly understandable reasons that do not imply any need for discipline while another may go negative foolishly and people who go positive can be abusive with their earnings.


But in all those cases the measure of value of what was consumed can be equally valid, that is the function of money is to measure value it is not a measure of credit or credibility at most it is just one of many possible indicators of credibilty.


We need to graduate to where personal human behaviour is controlled in the context of an empowered and wholesome community i.e. where all can expect to eat and be housed and rarely does anyone procure things without a sound reason irrespective of their balance. 


This in our current society seems impossible because all motivation is framed in terms of excesses the objective being not a wholesome existence but rather the ability to satisfy whims. 


We live in a society where being mindful of money is the key to freeing oneself of having to be mindful in most other domains.

Sepp Hasslberger's insight:

This is in the context of BIBO currency, where money is seen as a record, an outcome, of transactions, not as a necessary input. Transactions create money, rather than the other way around. It envisions a world where you can buy what you need without having to have accumulated money (or credit) to do so...

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Interview with Steve Keen: A Computer Simulation of Monetary Dynamics - YouTube (11min)

The financial crisis that ran from 2007 to 2009 has been called a "Minsky Moment," meaning it offered a much-needed reminder to all economists of Hyman Minsky's neglected dictum that "capitalism is essentially a financial system."

But even with this reminder, it is hard to know what to do next, since it is difficult to express Minsky's vision using the standard equilibrium methods of economics. Arguably that is one reason that Minsky has remained a minority taste in economics. 

Steve Keen, a grantee of the Institute for New Economic Thinking, wants to change all that by developing a computer simulation tool that captures the monetary side of the economy in a realistic way, including its non-linear dynamic development over time.

Sepp Hasslberger's insight:

We might learn some surprising things about economics once this tool to analyse the monetary side of things, becomes available...

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You Can Only Be Against Basic Income Based On Morals, Not Evidence - Falkvinge on Infopolicy

You Can Only Be Against Basic Income Based On Morals, Not Evidence - Falkvinge on Infopolicy | Money and Economy | Scoop.it
There are all sorts of arguments against giving everyone an unconditional minimum income. But the only one that stands up to reality is, "I don't like it."
Sepp Hasslberger's insight:

Basic income... 

"There is no catastrophic disincentive to work, or incentive to be lazy, like basic income opponents predict. Everyone does not start sitting around at home. People who are able to work and keep society running continue to do so."

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International system of wealth extraction makes poor countries poorer, concentrates riches with the already rich

International system of wealth extraction makes poor countries poorer, concentrates riches with the already rich | Money and Economy | Scoop.it

One of the early promises of neoliberal globalization was that it would bring prosperity to poor countries, drive development, and reduce inequalities, ultimately helping poor countries gradually converge with rich countries.


But exactly the opposite has happened. Globalization has made inequality worse, both between countries and within them.


If we want to put an end to poverty and extreme inequality, we need to dismantle the global wealth extraction system that draws our planet’s wealth to the rich at the expense of the poor.


We need to democratize the institutions that control global economic policy.


We need to put control of money creation and the money supply back in public hands...

Sepp Hasslberger's insight:

It's our monetary and economic system that's rigged to create ever greater inequality, and to concentrate resources and riches with those who already have them.

Time to re-think things...

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Financial Crisis Or Monetary Crisis?

Spanish economist, author and complementary currency activist Susana Martín Belmonte exposes the false assumption that has led to a fundamentally misguided diagnosis of the current financial crisis...
Sepp Hasslberger's insight:

It isn't just complementary currencies we need, she says, but we need a real reform of the monetary system. Bank-credit generated money just isn't going to do it...

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Self-Issued Credit (from Money as Debt 3) - YouTube

To be able to exchange our Production is the reason we need money and therefore our Production should be the direct source of money.


In the current system we turn positive real wealth into a mathematically unstable DEBT-of-money to banks and enslave ourselves to numbers.

Sepp Hasslberger's insight:

A nice basic explanation of money...

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Money Is A Form Of Social Control And Most Americans Are Debt Slaves

Money Is A Form Of Social Control And Most Americans Are Debt Slaves | Money and Economy | Scoop.it

Is America really “the land of the free”? 


Most people think of money as simply a medium of exchange that makes economic transactions more convenient, but the truth is that it is much more than that. 


Money is also a form of social control.  Just think about it.  What did you do this morning?  Well, if you are like most Americans, you either got up and went to work (to make money) or to school (to learn the skills that you will need to make money). 


Not that money is a bad thing in itself.  Without money, it would be really hard to have a modern society.


Unfortunately, our money is based on debt, and debt levels in the United States have exploded to absolutely unprecedented levels in recent years. 


The borrower is the servant of the lender, and if you are like most Americans, nearly every major purchase that you make in your life is going to involve debt.



Sepp Hasslberger's insight:

It boggles the mind how much we work just to continue living an indebted life.


By being in debt we actually perpetuate the rat race we often complain about ...

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Community Currencies to fight poverty in Africa by redefining Community Development

Community Currencies to fight poverty in Africa by redefining Community Development | Money and Economy | Scoop.it

Empower communities to pull themselves out of poverty by helping them develop and manage their own community currency. Community currencies are a structured form of barter which works as a supplement to national currency. There’s no debt, no interest, and small businesses can trade even if they are “poor” in Kenyan shillings. 


This currency program is so revolutionary that six of our team members went to prison after introducing the Bangla-Pesa program in Mombasa's largest informal settlement. After winning a precedent-setting case against the Central Bank, we re-launched the Bangla-Pesa  with great success and the full support of the government.


People living in slums have a tremendous untapped capacity for trade and they only need a means of exchange to unlock their economy. The full impact of allowing micro-businesses in slums to trade without depending on scarce money is a revolution in how we think about sustainable development and poverty reduction...



Sepp Hasslberger's insight:

This is a great idea! 

Replicate the success of the Kenyan Bangla-Pesa in other developing countries. 

Definitely worth supporting, in my opinion.

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Money is a Measure of real value and it is an output of transactions, not an input...

Money is a Measure of real value and it is an output of transactions, not an input... | Money and Economy | Scoop.it

Money” acts as a commonly referenced unit of measure to express divisions of “value” of goods and services in terms of Price (an information input) corresponding to unique instances of transacted goods and services. 


Each transaction produces account entries recorded as a negative account entry to the buyer (Debt) and corresponding positive account entry of equal magnitude to the seller (Credit).   


Note that input "Prices" can become "Money" only through a transaction of goods and services...  


Transactions of goods and services (wealth) reciprocate one another such that as wealth is traded, “Money” in the form of account entries, is “created” and “cancelled”,  the outstanding money in the system represents the sum of unreciprocated debt,  always equal or less than the sum of input Prices.

Sepp Hasslberger's insight:

Bibo Currency sees money as a freely available measure of the value of transactions, rather than a value in and of itself that can be hoarded and loaned...

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Hullcoin: The World's First Local Government Cryptocurrency?

Hullcoin: The World's First Local Government Cryptocurrency? | Money and Economy | Scoop.it

A forum at Hull City Council in the UK this month saw the launch of the very first UK local government operated cryptocurrency, dubbed HullCoin.


The reason for this unprecedented technological act of local government is to tackle poverty, the council says, making it arguably the most worthy use of a cryptocurrency yet.

Sepp Hasslberger's insight:

An interesting experiment - a cryptocurrency to tackle poverty...

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e-coin - Stimulating the EURO Zone Economy through electronic complementary currency (presentation, 13 slides)

e-coin - Stimulating the EURO Zone Economy through electronic complementary currency (presentation, 13 slides) | Money and Economy | Scoop.it

A proposal for an official complementary currency for the countries of Europe... (presentation - 13 slides)

"E-coin is a complementary electronic currency mechanism that works together with the current base currency (Euro).

In the case of Europe, countries continue to adopt the Euro as a currency, but would have their own complementary currency (E-coin).

Payments would be made through a dual currency card (like the American model DCS). One big difference is that complementary currency (used to absorb the "surplus") is backed by pre-tax proceeds.

E-coin brings transparency to the system, returning the power of circulation for the currency because it can not be used for financial speculation."

Sepp Hasslberger's insight:

Euro currency is scarce, and local commercial activity suffers from that scarcity.


Here is a proposal for overcoming the scarcity with a complementary currency that is officially recognized and accepted in payment of taxes.

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The truth is out: money is just an IOU, and the banks are rolling in it

The truth is out: money is just an IOU, and the banks are rolling in it | Money and Economy | Scoop.it

David Graeber: The Bank of England's dose of honesty throws the theoretical basis for austerity out the window


Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called "Money Creation in the Modern Economy", co-authored by three economists from the Bank's Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.


To get a sense of how radical the Bank's new position is, consider the conventional view, which continues to be the basis of all respectable debate on public policy. People put their money in banks. Banks then lend that money out at interest – either to consumers, or to entrepreneurs willing to invest it in some profitable enterprise. 

Sepp Hasslberger's insight:

It was quite obvious to any keen observer that better than 95% of money in extstence is created by commercial banks as loans, but now the Bank of England has confirmed what was so far considered the rantings and ravings of the fringe...

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SolarCoin: the Digital Currency Backed by the Sun

SolarCoin: the Digital Currency Backed by the Sun | Money and Economy | Scoop.it

A new global digital currency is backing its own value with the “full faith and credit” of something much longer lasting and reliable than any government: the Sun.

 

Specifically, SolarCoin ties its value to the production of solar energy, as verified by Solar Renewable Energy Certificates. 

 

“SolarCoin is an alternative digital currency. SolarCoin is backed by two forms of proof of work. One is the traditional cryptographic proof of work associated with digital currency.

 

The other proof of work is a Solar Renewable Energy Certificate (SREC) that has been generated and 3rd party verified. SolarCoin is equitably distributed using both of these proofs of work as a means to reward renewable energy production.”

 
Sepp Hasslberger's insight:

Solar Coin is a crypto currency specifically intended to stimulate solar energy production. 

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Ecuador: The First Nation to Create its own Digital Currency

Ecuador: The First Nation to Create its own Digital Currency | Money and Economy | Scoop.it

Over the weekend, CCN reported on the government of Ecuador's decision to ban Bitcoin, along with all other cryptocurrencies, via a National Assembly majority vote on July 23rd.


Ecuador currently uses the US dollar as its official currency, and the new national cryptocurrency will be integrated alongside the Dollar.


The National Assembly’s explicit intention that their central bank’s cryptocurrency “allow government to make payments in digital currency” makes clear their plan to


a) institutionalize the use of a national currency for internal cash flow, and


b) eliminate Dollar and foreign currency dependency.


The cryptocentavo’s example of a centralized implementation of an essentially decentralized technology is going to be watched, internationally, with great interest.

Sepp Hasslberger's insight:

Ecuador will be the first country with its very own crypto currency. 


They banned Bitcoin and are ready to have their central bank issue ... something similar.

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California Passes Bill to Legalize Complementary Currencies

California Passes Bill to Legalize Complementary Currencies | Money and Economy | Scoop.it

Dating back to the California Constitution of 1849, Section 107 of the California Corporations Code stated:


  • No corporation, flexible purpose corporation, association or individual shall issue or put in circulation, as money, anything but the lawful money of the United States.


The Alternative Currencies Act removes Section 107, an outdated yet significant legal barrier to the creation and circulation of complementary currencies (and, arguably, other forms of exchange such as frequent flier miles, Amazon Coins, and other similar reward systems).


This relatively minor change to the Corporations Code – removing a single sentence – nonetheless represents a significant step toward further legitimizing complementary currencies, and reflects the growth of a diverse range of new payment systems and community-based means of exchange that have flourished in recent years.

Sepp Hasslberger's insight:

Way to go!

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A New Paradigm in Economic Thinking - Local Economic Direct Democracy combines economy, politics

A New Paradigm in Economic Thinking - Local Economic Direct Democracy combines economy, politics | Money and Economy | Scoop.it

Communities worldwide want economies that are stronger, greener, fairer, more resilient, more democratic, and more diverse. Jobs must be created, climate change addressed, infrastructure repaired, schools upgraded, and more. The LEDDA economic direct democracy framework, now under development, offers a bold yet practical solution.


The LEDDA framework “pays” people to participate. Family incomes for members rise, and income inequality shrinks. Jobs are created, and funds generated for schools, nonprofits, and public service agencies.


The framework is designed to help cities, counties, and local regions lead the way in meeting their challenges, and in transforming local economies into ones that are vibrant, sustainable, resilient, and fair.


A complete description is given in the book Economic Direct Democracy: A Framework to End Poverty and Maximize Well-Being.


http://www.principledsocietiesproject.org/download/

Sepp Hasslberger's insight:

This seems like an interesting project to look into. I haven't done so yet, but if you are inclined, there's the link to the site... 


http://www.principledsocietiesproject.org/

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David Week's curator insight, July 15, 10:21 AM

Cities are aggregation economies, but our formal concept of economic value is too narrow. Works like this may not be technically sophisticated, but provide ways of seeing the city as a more complex field of value creation, all of which needs recognition.

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What happens after the crypto-revolution? | Matslats - Community currency engineer

What happens after the crypto-revolution? | Matslats - Community currency engineer | Money and Economy | Scoop.it

Bitcoin may disintermediate banks, but that will not change the economy, save the environment or make society fairer.


One peaceful way to prevent our governments driving us to collective suicide is to get behind a new generation of P2P credit projects.


Modern money is scarce and thus has commodity value because it is created when banks lend it into existence. The amount owed to banks (the amount borrowed plus the interest) is always more than the amount borrowed, so money is in short supply by definition and can be traded as a commodity. (Money as Debt 3 explains this the best).


If money was backed by your reputation, and issued interest free in the quantity that reflected our trust and interdependency, we could expect the economy to display entirely different characteristics:

Sepp Hasslberger's insight:

The "economic crisis" is really a crisis of our money that does not properly support economic activity. So I believe it's time  to think about how money can be arranged in a new way...

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▶ The Simple Mathematical Flaw in Modern Economics - NEW - YouTube

Most people believe that interest is natural to money. However, the way in which money is created determines whether interest is applicable or not.

Two forms of money creation have dominated over the last 5000 years -- creating money out of credit and creating money out of gold or silver - with humanity going back and forth between centuries-long domination of credit money and centuries-long domination of gold and silver-backed money.

Credit money is newly created on the back of borrowers' creditworthiness. It is debt obligations enforced by civil law and backed by provisions for bad debt. Since credit money is legal agreements that require only paper and inexpensive credit risk insurance to create, credit money doesn't have to be borrowed from anyone and therefore doesn't attract interest - credit money is interest-free.

Sepp Hasslberger's insight:

A major flaw of money - we're renting it from a wealthy minority and we have to pay the opportunity cost called "interest"...

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Leander Bindewald: My suggestion for solving our euro woes? Back-up currencies

Leander Bindewald: My suggestion for solving our euro woes? Back-up currencies | Money and Economy | Scoop.it

One currency seems not to be able to serve every human need alone. When the money dries up, people go hungry and sleep rough, factories lay idle, and the fabric of society starts to tear apart. 


This much became obvious when Greece filed for bankruptcy.


With over half of the country's young people without jobs, unemployment is more than a statistic: it is tangible. Anyone who takes a walk can see that money has become too scarce to allow the economy to do its job – matching supply and demand.


But what could the Greeks do? 


Sepp Hasslberger's insight:

Some time ago it was decided that monopolies are not ok and should be eliminated. So a number of them were dismantled.


One important monopoly seems to have been forgotten: Bankers are still the only group to create and loan out money.

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What's Wrong with the Current Monetary System - P2P Foundation

What's Wrong with the Current Monetary System - P2P Foundation | Money and Economy | Scoop.it

"How is the present monetary system affecting the economy and thereby society and nature, and why is it failing?


I will outline the interconnected malfunctions of the globally prevailing monetary system in ten points.


1. Money is created as debt.


2. The money supply is under private control.


3. Bank deposits are not secure...


Sepp Hasslberger's insight:

From the p2p foundation blog, an article that outlines succinctly what is wrong with today's money.

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The dynamics of modern money: Mick Taylor at TEDxBrighton (Video 15min)

Mick is a former teacher of mathematics with a PhD in mathematical epidemiology, studying how changes in social structures and human behaviour can lead to different outcomes in the event of a disease outbreak.


Mick is fascinated by human systems, in particular monetary systems and how the design of our money supply impacts on all aspects of human life.


In this TED talk he explains where our money comes from, and what the consequences of "credit money" are for us. He shows that economic trouble could be avoided simply by changing how money is made ...

Sepp Hasslberger's insight:

Didn't Jesus run the money changers (the bankers) out of the temple? Perhaps this is a good time to look at what's wrong with banking today and make a fresh start...

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In each other we trust: coining alternatives to capitalism | ROAR Magazine

In each other we trust: coining alternatives to capitalism | ROAR Magazine | Money and Economy | Scoop.it
Beyond God and state, it’s money that rules. Can we still imagine alternatives? And what role will recent innovations like Bitcoin play in the struggle?
Sepp Hasslberger's insight:

This is a report about the recent MoneyLab conference which makes an important point about Bitcoin - absence of trust...

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Bitcoin Is Pointless as a Currency, But It Could Change the World Anyway | WIRED

Bitcoin Is Pointless as a Currency, But It Could Change the World Anyway | WIRED | Money and Economy | Scoop.it

So what lessons does this Old World precedent hold for money’s latest manifestation? The first is that bitcoin’s real promise does not lie in bitcoins themselves.


Consider, to begin with, the issue the monetary standard. Any money is essentially a system of transferable credit. An extraordinary variety of tokens have been used over the years to represent and operationalize such systems, from gold coins to written entries in account books, but the essence of money — an underlying system of credit accounts and clearing — is always the same.


There are four central questions that any such system must answer.


The first two are closely related: how much money should be created, and who should decide? The answers to these two questions set the monetary standard. They determine — insofar as it is under anyone’s control at all — how much a pound, a dollar, or a bitcoin is worth.


Then, with the matter of the standard settled, two further practical questions arise.


The first is how new money is actually created in order to achieve the chosen standard.


The second is how payments are made — how credit balances are transferred between counter-parties to settle of debts incurred in the course of exchange.

Sepp Hasslberger's insight:

The good thing about Bitcoin is that it shows us money can be engineered.


The lessen to be learned is that money is not a given, that we are ultimately in control of what kind of mechanisms we may want to use to account for our commercial interactions...

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Do banks really create money - from Banks need Boundaries!

Do banks really create money - from Banks need Boundaries! | Money and Economy | Scoop.it

Do banks really create money?


The answer is YES. And that's the great banking secret. Every cent in circulation was created by a private bank. In technospeak, this process is called balance-sheet extension.


This mechanism is independent of the reserves doled out by central banks. It applies to both cash and electronic money. Money is created when we pay by credit card or when we take out a loan.

From the Swiss National Bank's official glossary"Money creation: The banks create new money by granting loans."

Sepp Hasslberger's insight:

Bank money creation by loans ... which means the commercial banks, not the central bank and not the government, are in control of the money supply.


There is a petition linked on the page, to end this deplorable state of affairs.


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Jean-François Noubel - Going Post-Monetary

Jean-François Noubel - Going Post-Monetary | Money and Economy | Scoop.it

Bitcoin? As someone working on the vision and technologies of the post-monetary society, people keep asking me what I think about Bitcoin. Well, you know what? Not much. 


Although Bitcoin works in a decentralized, peer-to-peer, open source way, it still remains part of the conventional scarcity paradigm. The fact that it plugs in the conventional scarce money infrastructure infuses the scarcity DNA in it...

Sepp Hasslberger's insight:

Can we go beyond money ... to a world where exchange and commerce and living is arranged differently from what we have now?

Jean-François Noubel says we are well on our way.

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