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Ten Numbers the Rich Would Like Fudged

Ten Numbers the Rich Would Like Fudged | Money News | Scoop.it

Via Khannea Suntzu
Sepp Hasslberger's insight:

"Only THREE PERCENT of the very rich are entrepreneurs."


demonstrating that the money that's made by those who already have it, isn't actually "earned" income but forced re-distribution of buying power to those rich, forced by the current monetary system...

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Economy and currency: Money as a tool for the people, not the bankers' property
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Institute for Leadership and Sustainability: Money and Society MOOC - starts again Feb 21st 2016!

Institute for Leadership and Sustainability: Money and Society MOOC - starts again Feb 21st 2016! | Money News | Scoop.it
A free online course at Masters-level will enable you to understand the past, present and future role of money in society. The 3rd cohort starts 21st February 2016 and lasts 4 weeks. 

Are you concerned with the banking system?

Bemused or fascinated by bitcoin?

Starting a local currency?

Whereas most courses on money are intended for people with an economics background or banking future, this course is for people who are interested in understanding money from a social innovation perspective – it prepares the ground for answering how to create a better future by reshaping money and currency.
Sepp Hasslberger's insight:

Problems with the money system ... learn how to change it.

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A Loophole Allows Banks - But Not Other Companies - to Create Money Out of Thin Air

A Loophole Allows Banks - But Not Other Companies - to Create Money Out of Thin Air | Money News | Scoop.it

The central banks of the United States, England, and German – as well as 2 Nobel-prize winning economists – have all shown that banks create money out of thin air … even if they have no deposits on hand. 


The failure of most governments and most mainstream economists to understand this fact – they instead believe the myth that people make deposits at their bank, and these deposits are then lent out to new borrowers – is the main cause of our rampant inequality and economic problems. 


But how do banks actually make loans before they have sufficient deposits on hand?


To read the rest of the article, click on the headline...

Sepp Hasslberger's insight:

A fundamental flaw in our financial/banking system? Who would have thought...

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If you were handed $1,100 a month, would you amount to anything?

If you were handed $1,100 a month, would you amount to anything? | Money News | Scoop.it

Would Germany be a better place if each citizen received a no-strings-attached government check for $1,100 a month? 


Would people still get out of bed each day and go to work or do something else productive even with that unconditional basic income of 1,000 euros, less than half the average German monthly wage, but more than twice what those on welfare receive?

Sepp Hasslberger's insight:

A basic income - imagine all the stress that could relieve...

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Reinventing Banking: From Russia to Iceland to Ecuador a different kind of economy is being envisioned

Reinventing Banking: From Russia to Iceland to Ecuador a different kind of economy is being envisioned | Money News | Scoop.it

Global developments in finance and geopolitics are prompting a rethinking of the structure of banking and of the nature of money itself.


Among other interesting news items: 


-- In Russia, vulnerability to Western sanctions has led to proposals for a banking system that is not only independent of the West but is based on different design principles. 


-- In Iceland, the booms and busts culminating in the banking crisis of 2008-09 have prompted lawmakers to consider a plan to remove the power to create money from private banks. 


-- In Ireland, Iceland and the UK, a recession-induced shortage of local credit has prompted proposals for a system of public interest banks on the model of the Sparkassen of Germany. 


-- In Ecuador, the central bank is responding to a shortage of US dollars (the official Ecuadorian currency) by issuing digital dollars through accounts to which everyone has access, effectively making it a bank of the people.

Sepp Hasslberger's insight:

It is good to see countries making efforts to re-think money, its design and proper use...

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Bitwalking dollars: Digital currency pays people to walk - BBC News

Bitwalking dollars: Digital currency pays people to walk - BBC News | Money News | Scoop.it

A new digital crypto-currency has been launched that is generated by human movement. 


Bitwalking dollars will be earned by walking, unlike other digital currencies such as Bitcoins that are "mined" by computers. 


A phone application counts and verifies users' steps, with walkers earning approximately 1 BW$ for about 10,000 steps (about five miles). 


In developed nations the average person would earn around 15 BW$ a month, but it is hoped that in poorer countries where people have to walk further for work, school, or simply to collect water, the Bitwalking scheme could help transform lives...

Sepp Hasslberger's insight:

A currency that gets created by documenting, with the use of a smart phone app or a specially configured fitness tracker. The more you walk, the more you earn. Spend in shops that accept the currency, or use in direct trade with other users.

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Community Credit: The Next Generation of Financial Architecture – Biomimicry Institute

Community Credit: The Next Generation of Financial Architecture – Biomimicry Institute | Money News | Scoop.it

Like the natural world itself, the community credit landscape is diverse and dynamic and will never be fixed in a single pattern. That said, it is possible to recognize three distinct cultures that have emerged among these systems so far.  


They are LETS (Local Exchange Trading Systems), Business-to-Business (B2B) trading systems, and TimeBanks.  


Each of these groups organizes somewhat differently and uses different systems, but they’re all premised on the same basic principle of mutual credit exchange.  


A community credit facility results any time a group of people or organizations comes together and agrees to directly issue credit to each other for their own goods and services. (Some groups have a different way of describing this, but the result is the same.)  


This is usually called mutual credit, and it’s the most democratic form of credit creation: we issue credit ourselves backed by our own promises to redeem it in the future.  Organize these promises together, and you’ve got a bottom-up credit facility...

Sepp Hasslberger's insight:

Credit is just as good as money. We can give each other credit. That means we can use our own money, no longer depending on the banks and the speculators...

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Swiss citizens’ initiative collects 105,000 signatures, triggers referendum on Money Creation

Swiss citizens’ initiative collects 105,000 signatures, triggers referendum on Money Creation | Money News | Scoop.it

Under the Swiss Federal Constitution, if a petition gathers at least 100,000 signatures within 18 months, a referendum is held on the issue a few years later. 


In a nutshell, the proposal extends the Swiss Federation’s existing exclusive right to create coins and notes, to also include deposits.With the full power of new money creation exclusively in the hands of the Swiss National Bank, the commercial banks would no longer have the power to create money through lending.


The Swiss National Bank’s primary role becomes the management of the money supply relative to the productive economy, while the decision concerning how new money is introduced debt free into the economy would reside with the government”, reads the official website of the initiative


In Switzerland, referendums are usually organised 3 to 5 years after a popular initiative succeeds. The proposals first have to be debated by the Federal government and Parliament. In case the Parliament decides to adopt a proposal into law immediately, the organisers of the initiative have the right to renounce the referendum, hence speeding up the implementation of the proposal. However, this is very rare case, as most initiatives are ultimately submitted to a nationwide referendum.

Sepp Hasslberger's insight:

Citizens' initiative in Switzerland to take money creation away from commercial banks. Next step is debate and then a referendum of all Swiss citizens.

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Barcelona Officials Plan Alternative Currency

Barcelona Officials Plan Alternative Currency | Money News | Scoop.it

Officials in Barcelona, Spain announced plans to try a local currency in order to stimulate business in the city and surrounding areas. 


According to news reports and statements from local officials, the alternative currency will be entirely digital — or a cashless currency. The name will be chosen in a “participatory process,” officials said. Apparently users will trade in their euros, the embattled single European currency, at a rate of one to one. The units of local currency will then be credited to a card, mobile phone, or some other device, so they can be used among participating local merchants — probably with a small discount over the standard price in euros.


Taxes, public transportation fees, and more might also be payable in the new currency, according to officials. Government workers, welfare recipients, and others might also be paid in the currency, if they agree.  


Users will also be able to trade the local currency back into euros if they so choose. And every element of the project will be voluntary, officials said, noting that no business would be forced to accept the local currency against its will.

Sepp Hasslberger's insight:

A local currency for Barcelona, or rather the region of Catalunia in Spain ... it is one of many experiments to try and learn how a currency should be properly configured, and what it can do to isolate the real local economy from the instability of the financial markets that have co-opted the official currencies for their gambling...

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The Sardex factor - local currency in Sardinia keeps growing amid financial crisis

The Sardex factor - local currency in Sardinia keeps growing amid financial crisis | Money News | Scoop.it

When the financial crisis hit Sardinia, a group of local friends decided that the best way to help the island was to set up a currency from scratch


To understand how Sardex works, you have to abandon much of what you may think you know about money.


There is no bank that prints Sardex notes; no algorithm that generates Sardex digital coins. Instead, it functions as a system of mutual credit: each firm begins at zero, earning the digital currency — equivalent to but non-exchangeable with the euro — as it offers goods or services to others in the network.


Companies may go into debt but only up to a certain limit, determined by what they can offer the other participating firms. Crucially, there is no interest on Sardex; it functions purely as a means of exchange.

Sepp Hasslberger's insight:

Sardex sees itself as complementary currency. It allows mutual credit between businesses, denominated in Euro, but it's not exchangeable for Euro. A currency to help the local economy.

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A flaw in the monetary system? (Video 8min)

Do flaws in our monetary system consistently cause financial crises? 

So far, critical questions concerning our monetary system and the financial crisis have not received sufficient exposure. 


This new video  ‘A Flaw in the Monetary System?’ clearly depicts in 7 ½ minutes the consequences of interest and compound interest in the financial world, using descriptive graphics.


It illustrates the systematic redistribution of money from the majority to the wealthy.

Sepp Hasslberger's insight:


Thomas H Greco says: "This is an excellent video---clear, concise and accurate. If you want to understand why we have recurrent financial crises, dire want amidst plenty, and why debts keep growing faster than ability to pay them, this is a great place to start."

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'Timothy Leyfer's curator insight, September 8, 2015 3:15 PM

This could be A first step into designing a system for the 24th century. But 1st we need to understand what we have now.

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Why ‘unconditional basic income for all’ fails the ‘splutter test’ but would liberate the world

Why ‘unconditional basic income for all’ fails the ‘splutter test’ but would liberate the world | Money News | Scoop.it

With the Citizen’s Income, also known as the Basic or Universal Income, everybody in the country gets given enough money to meet their basic needs every week, regardless of whether they are rich or poor, employed or unemployed. It replaces the complicated bureaucracy of much of the welfare state and would be funded through progressive taxation, or possibly a Land Value Tax. 


Hearing the idea for the first time can cause many to splutter, especially those for whom the idea of something for nothing sends them into a blind rage.


Thanks to the tabloid obsession with ‘scroungers’ and the idea that taxing the rich will trigger Armageddon, there are many who will splutter quite profoundly at the Citizen’s Income.


Its arrival in the mainstream would have a similar impact to the first appearance of the Sex Pistols on British television in the 1970s...

Sepp Hasslberger's insight:

An idea whose time has come ... and it will.

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Don't teach a man to fish. Just give him the goddamn fish.

Giving cash to poor people is just good policy.


I write a lot about the benefits of fighting poverty by giving poor people cash. It's supported by good evidence, it's relatively easy, it respects the decisions of poor people as to how to spend it, and it avoids the central planning challenges of some other anti-poverty policies. 


The most common response is something along the lines of "give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime." 


I've always hated that saying, not least because a healthy diet requires eating more than just fish, but it's actually sort of helpful in this context. The main reason I prefer just giving someone a fish is that we really don't know, especially in international development, how to teach people to fish.

We haven't figured out how to make poor countries grow...
Sepp Hasslberger's insight:

It's so obvious, but evidently we have a collective block on looking at this and recognising the solution... something about everyone having to work.

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Naomie Mullins's comment, August 8, 2015 8:06 AM
How do we release the fish from the coffers of the off-shore accounts that the elites have hidden??? Instead they would prefer that we all share the money of the commoners and level the living standard lower.
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Because You're Worthless - Challenging The Current Economic System in 3 Minutes

Because You're Worthless - Challenging The Current Economic System in 3 Minutes | Money News | Scoop.it

3 minutes | Poem by Agnes Török on the news of a new Conservative budget. Based on experiences of living in Britain under austerity as a young, queer, unemployed, female immigrant student - and not taking it any more.


More info on:
www.agnestorok.org

Sepp Hasslberger's insight:

What's the economy all about ... is it people, or finance?

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Why a bunch of Silicon Valley investors are suddenly interested in universal basic income

Why a bunch of Silicon Valley investors are suddenly interested in universal basic income | Money News | Scoop.it

Hint: It's about robots. 


Basic income is having a moment. First Finland announced it would launch an ambitious experiment to see if it would work to give everyone in a given area is given a set amount of cash every year from the government, no strings attached. Now the Silicon Valley seed investment firm Y Combinator has announced it wants to fund a basic income experiment in the US. 


YC's president, Sam Altman, announced on the YC blog that the company wants to hire a researcher to "work full-time on this project for 5 years," and supervise an experiment wherein Y Combinator will "give a basic income to a group of people in the US for a 5 year period, though we’re flexible on that and all aspects of the project." 


Altman writes that he wants to know, "Do people sit around and play video games, or do they create new things? Are people happy and fulfilled? Do people, without the fear of not being able to eat, accomplish far more and benefit society far more? And do recipients, on the whole, create more economic value than they receive? "

Sepp Hasslberger's insight:

Basic Income is getting more and more serious consideration. Can't have a society where work is the passport to life and then there is no work to be found...

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Switzerland to vote on banning banks from creating money

Switzerland to vote on banning banks from creating money | Money News | Scoop.it

Switzerland will hold a referendum to decide whether to ban commercial banks from creating money. 


The Swiss federal government confirmed on Thursday that it would hold the plebiscite, after more than 110,000 people signed a petition calling for the central bank to be given sole power to create money in the financial system. 


The campaign - led by the Swiss Sovereign Money movement and known as the Vollgeld initiative - is designed to limit financial speculation by requiring private banks to hold 100pc reserves against their deposits. 


"Banks won’t be able to create money for themselves any more, they’ll only be able to lend money that they have from savers or other banks," said the campaign group.

Sepp Hasslberger's insight:

The Swiss are thinking about how their money is made and they want to change it by referendum...

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The innovators: the Bristol pound is giving sterling a run for its money

The innovators: the Bristol pound is giving sterling a run for its money | Money News | Scoop.it

The success of the Bristol pound – with the equivalent of £700,000 in circulation in the area – has put the spotlight on attempts to keep money in local economies 


“The practical vision was to get something which would connect local communities with their businesses in a way which kept money building up in their local communities,”

Sepp Hasslberger's insight:

The Bristol Pound is an attempt to keep money circulating locally - and it seems to work. 

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PETITION: IT IS TIME FOR A MONEY COMMISSION

PETITION: IT IS TIME FOR A MONEY COMMISSION | Money News | Scoop.it

Adrian Byrne, coordinator of Manchester Positive Money, says: "The time has come to ask if the current mechanism for money creation is best serving society’s interests - or could we do better?"


The problem of the financial system relates to the ability of banks to create money in the form of deposits through issuing loans - and this problem has not been addressed.  


Please show your support for this money commission and let the politicians know that this issue is of vital importance to the public by signing the petition. 


Will you join Adrian and sign the petition?

Sepp Hasslberger's insight:

Positive Money in the UK is putting pressure on the banks and their ability to create money and pretend it's theirs...

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What is GameCredits v2 - YouTube

What is and how to use GameCredits.
Sepp Hasslberger's insight:

Game credits - money for gamers ... using the block chain.

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Why Not Just Print More Money?

Why Not Just Print More Money? | Money News | Scoop.it

A prominent economist has a radical proposal for stimulating the economy: just add money to everyone’s bank account. It is crazy enough to work? 


Adair Turner, an academic, policymaker, and member of the House of Lords, has another idea. In his new book, “Between Debt and the Devil: Money, Credit, and Fixing Global Finance” (Princeton), Lord Turner argues that countries facing the predicament of onerous debts, low interest rates, and slow growth should consider a radical but alluringly simple option: create more money and hand it out to people. 


“A government could, for instance, pay $1000 to all citizens by electronic transfer to their commercial bank deposit accounts,” Turner writes. People could spend the money as they saw fit: on food, clothes, household goods, vacations, drinking binges—anything they liked. Demand across the economy would get a boost, Turner notes, “and the extent of that stimulus would be broadly proportional to the value of new money created.” 


The figure of a thousand dollars is meant to be strictly illustrative. It could just as easily be five thousand dollars or ten thousand dollars—however much was needed to drag the economy out of the doldrums

Sepp Hasslberger's insight:

We are a bit slow to realise it, but what is the use of money or an economy if the majority of people are excluded from participation because they have no or too little money?

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Basic income: how Finland plans to implement the first nation-wide project in the EU

Basic income: how Finland plans to implement the first nation-wide project in the EU | Money News | Scoop.it

The Finnish Social Insurance Institution (KELA) has given some preliminary elements concerning Finland’s plan to experiment and then generalize the implementation of a basic income in the country.


In its final version, the basic income would replace other benefits people currently receive, and would therefore be rather high, as indicated by Kela’s Research Department Director Olli Kangas. It is considered that all Finnish citizens would be paid an untaxed benefit sum free of charge by the government, 800 euros a month in the final version, 550 euros monthly in the model’s pilot phase.


Sepp Hasslberger's insight:

Finland is undertaking a serious experiment on a basic income for all. There are political discussions and a pilot project is being prepared...

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Star Trek Economics Is Just True Communism Arriving

Star Trek Economics Is Just True Communism Arriving | Money News | Scoop.it

There’s an interest in the economics of Star Trek. Not just on the grounds that the economics of such a world are interesting but because there’s a book just about to come out on the subject. And there’s really two things that we can say about that Trekonomics, that economics of Star Trek.


The first being that you can’t, on logical grounds, actually have an economics in such a world. And the second being that you can, but it will be the sort that Karl Marx was talking about. For the basic premise of the Star Trek universe is that we’ve conquered scarcity.


And as Marx was most insistent about pointing out, communism couldn’t arrive until the absence of scarcity.


"There is also the problem of the dignity of work — people enjoy feeling needed. But human values change over time, and there seems no obvious reason why people couldn’t get their self-worth from artistic self-expression, or from hobbies. 


This is the basic Star Trek future. But actually, I think that the future has a far more radical transformation in store for us. I predict that technological advances will actually end economics as we know it, and destroy scarcity, by changing the nature of human desire..."

Sepp Hasslberger's insight:

Radically re-thinking money and economics. I like that!

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ScotPound: proposed new digital currency for Scotland

ScotPound: proposed new digital currency for Scotland | Money News | Scoop.it

Economic and social benefits through a new inclusive type of money


Scotland, as a clearly defined economic and physical area, with a strong national identity, and a devolved parliament, is perfectly placed to create a new digital currency and public payment system. 


Such a scheme could stimulate local economies, create a level playing field for small businesses, and support social justice for all its citizens. 


In our proposal, the new national digital currency, ScotPound, would be created alongside a free-at-point-of-use payment system, ScotPay...


Sepp Hasslberger's insight:

Currencies with a social objective ... to provide liquidity for local productive activity and exchange where national currencies are too busy being used for speculation.

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What Kenyan Community Currencies Reveal is Possible for Financing Development

What Kenyan Community Currencies Reveal is Possible for Financing Development | Money News | Scoop.it

This paper argues that it is important to understand the nature of money and its impacts to be able to engage better with currency innovations for sustainable development. The paper focuses on the case of Bangla-Pesa, an alternative currency used in poor urban areas in Kenya, to demonstrate how currency innovation can work for poor people.


The Kenyan non-governmental organization, Grassroots Economics, in a context of a community of micro-entrepreneurs, uses a Collaborative Credit System (CCS) in which members issue interest free credit to each other. This is similar to how most national currencies are created, yet it is done peer-to-peer, without the involvement of banks.


The authors feel this is particularly important in a time of declining official development assistance. Creative insight into the nature of money could enable a new era in development cooperation through promotion of collaborative credit systems. 

Sepp Hasslberger's insight:

A paper describing an alternative view on money for a UN initiative...

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The Blue Economy.mov - YouTube (3min)

Do you want to live healthy, and have joy in life? 


Do you want to be an entrepreneur, and figure out how you can make a difference? 


This is not about the good and the bad, this is about how you can do it better.

Sepp Hasslberger's insight:

Better than a "green" economy...

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How to save Europe and the USA: Print money like the economic superpower China

How to save Europe and the USA: Print money like the economic superpower China | Money News | Scoop.it

China’s rise to economic superpower is largely due to the fact that it prints money without creating debt  as explained by Vienna Economics University Professor Franz Hörmann in an interview in Der Standard newspaper called “Banks create money out of air.” 


The Chinese government creates money  without having to pay interest, and it also give loans to entrepreneurs without charging interest. As a result of using this money system, China has experienced phenomenal economic growth, rising standards of living and huge modernization programmes. Inflation can be easily controlled, as Hörmann explains, so that money creation need not mean a devaluation through inflation.

Sepp Hasslberger's insight:

An interesting view on how money should be created - although 5 years have passed since the article was written it is remarkably timely.

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