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Economy and currency: Money as a tool, not the bankers' property
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Economics students aim to tear up free-market syllabus

Economics students aim to tear up free-market syllabus | Money News | Scoop.it

Undergraduates at Manchester University propose overhaul of orthodox teachings to embrace alternative theories

 

"In the decade before the 2008 crash, many economists dismissed warnings that property and stock markets were overvalued.

 

They argued that markets were correctly pricing shares, property and exotic derivatives in line with economic models of behaviour.

 

It was only when the US sub-prime mortgage market unravelled that banks realised a collective failure to spot the bubble had wrecked their finances..."

Sepp Hasslberger's insight:

Remarkable ... The Guardian takes economists to task

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The man who lives without money

The man who lives without money | Money News | Scoop.it

If someone told me seven years ago, in my final year of a business and economics degree, that I’d now be living without money, I’d have probably choked on my microwaved ready meal.

 

The plan back then was to get a ‘good’ job, make as much money as possible, and buy the stuff that would show society I was successful. For a while I did it – I had a fantastic job managing a big organic food company; had myself a yacht on the harbour.

 

If it hadn’t been for the chance purchase of a video called Gandhi, I’d still be doing it today. Instead, for the last fifteen months, I haven’t spent or received a single penny. Zilch.

 

The change in life path came one evening on the yacht whilst philosophising with a friend over a glass of merlot...

Sepp Hasslberger's insight:

Life without money is perhaps not everyone's aspiration, but with sufficient motivation, it can be done... here's a guy who tried it out.

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China's official press agency calls for new reserve currency, and new world order

China's official press agency calls for new reserve currency, and new world order | Money News | Scoop.it

Some of China's (which as a reminder is the single largest offshore holder of US Treasury paper, and the second largest of all only second naturally to the Federal Reserve whose $85 billion in monthly monetizing "flow" is what is keeping rates from exploding higher) thoughts as captured in the Xinhua Op-ed:

 

Reform of the world’s financial system should include the introduction of a new internatonal reserve currency to replace the U.S. dollar
 The international community could thus permanently stay away from the spillover of intensifying domestic political turmoil in the U.S.
 Fiscal impasse in the U.S. is a good time for “befuddled world” to start considering building a “de-Americanized world”
 Impasse has left many nations’ dollar assets in jeopardy and the international community agonized
 Other cornerstones should be laid to underpin a de-Americanized world, including respect for sovereignty, recognizing authority of UN in handling global hotspot issues and giving developing and emerging market economies more say in major international financial institutions
 Purpose of such changes is not to “completely toss the United States aside,” rather to encourage Washington to play a much more constructive role in addressing global affairs
Sepp Hasslberger's insight:

Strong words from the Chinese about the US economy and the nation's behavior on the international scene...

The writer questions the US Dollar's role as the world's reserve currency and proposes that a non-dollar world reserve currency should be created, to de-link the world economy from upcoming US economic troubles...

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Sacred Economics with Charles Eisenstein – A Short Film (video 12min)

Sacred Economics with Charles Eisenstein – A Short Film (video 12min) | Money News | Scoop.it

Sacred Economics traces the history of money from ancient gift economies to modern capitalism, revealing how the money system has contributed to alienation, competition, and scarcity, destroyed community, and necessitated endless growth.

 

Today, these trends have reached their extreme – but in the wake of their collapse, we may find great opportunity to transition to a more connected, ecological, and sustainable way of being.

 

This short contains some visuals from the upcoming feature doc Occupy Love

Sepp Hasslberger's insight:

We must re-configure our economic/monetary systems if we are to live in peace...

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Currency Systems - How money is created and destroyed and how to bring about monetary/economic stability

Currency Systems - How money is created and destroyed and how to bring about monetary/economic stability | Money News | Scoop.it

We all imagine that we understand why money exists, but given that our understanding of money is coloured by our social conditioning, it is worth revising, in a rigorous and rational way, exactly why money exists.


If we think about it, we ought to realise that money only performs one really practical and fundamental function for us, which is to provide “liquidity”. That is to say, it allows us to represent divisions of the value attributed to things. This function of dividing value is the singular and most important reason for inventing money, it is fundamental because without it, we would be unable to trade a piece of our house for food.  


Also, without this divisibility function, we would not be able to establish a standard means for measuring economic transactions nor keep records of debts and positive accounts. Hence, the fundamental rationale for money is to provide a measure of value so that we can represent value and its divisions.


It turns out that there are only two requirements that need to be met in order to achieve this functionality:


Denominate a common unit of reference of constant value.
 Maintain stable records of the inputs and outputs of the value dividing process.
Sepp Hasslberger's insight:

This is some very basic wisdom on money.

 

Marc Gauvin explains how to make sure that the design of a monetary system will tend to promote economic stability, rather than the rat race we are currently living...

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Canadian Billionaire Predicts The End Of The Dollar As Reserve Currency; Warns "It's Likely To Get Ugly"

Canadian Billionaire Predicts The End Of The Dollar As Reserve Currency; Warns "It's Likely To Get Ugly" | Money News | Scoop.it

Beginning with how Kissinger and Nixon enabled the USD as the world's de facto reserve currency through oil, Canadian Billionaire Ned Goodman explains in the brief but far-reaching clip how it is both inevitable (and rapidly approaching) that the rest of the world will turn its back on the dollar.

 

Goodman warns - "during this period, it is likely to get quite ugly...." and its all related to politics and money... interest rates and confidence will turn overnight... there is no time to hedge when the truth takes place

Sepp Hasslberger's insight:

With the US dollar being the de-facto world reserve and international trade currency, other countries who hold those dollars are financing the war machine that is being used to "shape the world" in the image of those who control finance, energy, and health...  and according to Ned Goodman, this is likely to come to an end soon.

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What Is Money ?

http://www.positivemoney.org/ We all use money, we all rely on money. But do we know how money works? Where does money come from? How is money created? -----...
Sepp Hasslberger's insight:

An easy and concise explanation how money actually works to make booms and the busts that always follow them ... and what to do about it.

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The UsuryFree Eye Opener: Introducing Bart Klein Ikink's Research About "Natural Money"

The UsuryFree Eye Opener: Introducing Bart Klein Ikink's Research About "Natural Money" | Money News | Scoop.it
In 2008 I made a remarkable discovery, which is that money with a holding tax (stamp scrip) combined with a ban on usury (charging interest on money) can create a more efficient financial system, and therefore end the current financial system in competition. After that I did some even more stunning discoveries. My blog is named Naturalmoney.org. It contains a proposal for monetary, economic and political reforms and a plan for the future." http://www.naturalmoney.org
Sepp Hasslberger's insight:

Interest is what makes money "expensive" to use. The expense is paid by the economy as a whole. Individually, interest is what keeps us in the rat race, slaving away to make ends meet. 

So this proposal for money that is not subject to interest and that instead has a holding fee, could conceivably show a way out of the current economic doldrums.  

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So you want to invent your own currency – Brett Scott

So you want to invent your own currency – Brett Scott | Money News | Scoop.it

"If you want to know what money is, don’t ask a banker. Take a leap of faith and start your own currency"

 

If money is an object, it must be an enchanted one, charged up with value by a subtle cultural process. Why else would anyone exchange a box of coffee for a rectangle of paper?

 

Shopkeepers accept the paper because they believe that it has abstract value — because, in turn, they believe that others believe it, too. The value is circular, predicated on each person believing that others believe in it.

 

You hand over your money and claim something from the shopkeeper, almost as if the coffee were owed to you. Then they take the claim that was previously yours and use it to claim something from someone else.

 

We all trust each other to value money — but this still means that every monetary transaction is a leap of faith.

 

And faith has to be carefully maintained...

 

Sepp Hasslberger's insight:

Rarely do we stop to think what money actually is. Perhaps we should...

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Timebeats Global - Academia.edu

Timebeats Global - Academia.edu | Money News | Scoop.it

Outline for a currency based on time...

 

... a debt-free decentralised currency called Timebeats, completely based on time. It supports what is universal in every human being, regardless of culture, beliefs, or position:


• we all want to love and be loved

• we all want the opportunity to create

• we want what we create to be acknowledged to be of value by as many people as possible.


All users will default to collaborate and share knowledge to create the highest quality product with minimal resources in the shortest time, perpetuating sustainability and creating a measurable reputation economy.


At the core of Timebeats is education and creativity, funded through crowdsourcing. People are the most valuable asset any project/business can have.


Funding becomes redundant. So do lots of other things, in particular tax, poverty, crime, and most conflict. The idea of money as a commodity is eradicated; there is no need to make money on money...

Sepp Hasslberger's insight:

This is still in the project stage and needs to be implemented. It remains to be seen how that major hurdle is taken by the author...

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The Money PSYOP (book - pdf)

The Money PSYOP (book - pdf) | Money News | Scoop.it

“The Money PSYOP, strikes at the root of the monetary crisis and exposes it for what it is, a pseudo paradigm that collapses under close scrutiny. If you are looking for a way out of the money matrix read this book.”

John Ford

Founder of Vermont Currency Commons


A PSYOP generates a web of causes and “logical” effects, which entangles our minds in increasing irrationality. As a result, our actions in the real world become progressively governed by a growing number of artificial limits and constraints, with cumulative real world consequences that inevitably lead us to crisis.


Money’s function as a standard measure of value makes it a ubiquitous component of all economic matters. But rather than simply being a mere reference only prevalent for its mundane utility, money has become a vital necessity now practically governing every aspect of our lives...


Sepp Hasslberger's insight:

In "The Money PsyOp" Marc Gauvin explodes the myth of money as something "valuable". It is the goods and services including knowledge, that is of value while money is merely a measure of that value, a way of keeping track of exchanges in a market.

As an instrument of measure, money CANNOT logically be scarce...

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Where does Money come From: The consequences of a privately-created money system

Where does Money come From: The consequences of a privately-created money system | Money News | Scoop.it

Our entire money supply is effectively on loan from the banks. “We are renting our currency from the banking sector.” This means that if banks don’t lend, there is no money. If we all pay down the debt, then there will be less money in the economy.

Sepp Hasslberger's insight:

We are using - and we're forced to use - very 'expensive' money. It costs the economy as a whole a price which is unsustainable...

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So you want to be a DIY gonzo financial activist? The Heretic's Guide has arrived!

So you want to be a DIY gonzo financial activist? The Heretic's Guide has arrived! | Money News | Scoop.it

After reading this book, you will be an ass-kicking financial fighting monk on a mission to hack the future of money. The book uses a unique three part structure to achieve this:

Part 1: Exploring

This is where you learn the wiring under the bonnet of the global financial system...

 

Part 2: Jamming: 

This is the part where we learn how to bend the circuits of global finance...

 

Part 3: Building: 

If you're going to bust dams, then you better build canals too...

Sepp Hasslberger's insight:

We certainly need change in the financial system and people who can hack it ... to reduce and perhaps eliminate the insanities the current system promotes.

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25 Fast Facts About The Federal Reserve | Blindfold

25 Fast Facts About The Federal Reserve | Blindfold | Money News | Scoop.it

As we approach the 100 year anniversary of the creation of the Federal Reserve, it is absolutely imperative that we get the American people to understand that the Fed is at the very heart of our economic problems. 

 

It is a system of money that was created by the bankers and that operates for the benefit of the bankers. 

 

The American people like to think that we have a “democratic system”, but there is nothing “democratic” about the Federal Reserve.  Unelected, unaccountable central planners from a private central bank run our financial system and manage our economy...

Sepp Hasslberger's insight:

How to get a whole country indebted with the banks...

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Macro Shore's curator insight, October 22, 2013 11:02 PM

 - Wiggity Walt Kasmer

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Buy now at 1983 prices - Hong Kong’s peg to the American dollar is still going strong

Buy now at 1983 prices - Hong Kong’s peg to the American dollar is still going strong | Money News | Scoop.it

“WHATEVER exchange-rate system a country has, it will wish at some times that it had another one,” according to Stanley Fischer, a former central banker. Many countries find it hard to cope with a floating currency and even harder to stick to a fixed one. It is therefore remarkable that Hong Kong this week celebrated the 30th anniversary of its currency’s peg to the dollar.

 

This crude but effective system was adopted on October 17th 1983 to stop a currency crisis. Since then it has survived three American recessions, SARS (Severe Acute Respiratory Syndrome) and Soros (ie, George), a fabled currency speculator, who attacked the peg during the Asian financial crisis.

 

Sepp Hasslberger's insight:

This goes to show that only a highly developed economy can successfully peg their currency to the dollar. 

 

Other countries have tried ... and failed miserably. 

 

A developing country cannot be put into the straitjacket of a strong currency. This is showing on the example of the European Monetary union, where the southern European nations have severe trouble keeping up with the strong Euro their economies are pegged to ...

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We the Swiss, calling on the world!

We the Swiss, calling on the world! | Money News | Scoop.it
We did it! Did you hear about it? Did you see the picture of the 8 million 5-cent coins on the ground in front of Swiss parliament ? Did you read one of the hundreds of articles about it ?  
Sepp Hasslberger's insight:

a good report from citizen perspective on the recent law-making initiative on a basic income for all...

 

there is also a European Basic Income initiative, that is collecting signatures, to look at possibilities how this may be put in Europe-wide...

https://ec.europa.eu/citizens-initiative/REQ-ECI-2012-000028/public/index.do ;

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Cash Bern: Swiss may grant unconditional income for all (video 3 min)

Swiss citizens are demanding a crucial change in the constitution, pushing for the introduction of a guaranteed income for everyone. RT teamed up with RUPTLY...
Sepp Hasslberger's insight:

A guaranteed income for everyone ... it's one way out of the treadmill we find ourselves in.

How to pay for it? Where there is a will, there also is a way. 

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Naomie Mullins's comment, October 10, 2013 7:54 AM
The Bankster country can afford that. Payoff to keep the citizens loyal.
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Designer Currencies and Behaviour Change - should currencies be designed to change the way we live?

Designer Currencies and Behaviour Change - should currencies be designed to change the way we live? | Money News | Scoop.it

This article considers three particular questions:

 

i) How are values implicitly embedded in a currency?

 

ii) If objectives are made more explicit, who defines those values and how are they validated?

 

iii) What type of explicit behaviours might currencies reasonably promote? and then revisits the core function of means of exchange in the light of this analysis.

Implicitly embedded values

We can best explore the ways that value-sets may be embedded implicitly in a currency by looking at the negative effects associated with fiat currencies. A good starting checklist of these effects might be: boom & bust; growth fetishism; wealth concentration/ inequality.

Sepp Hasslberger's insight:

In my view, rather than striving to achieve explicitly stated aims of changing behavior, like favoring one kind of behavior over others, a currency should be designed to eliminate the negative implicit effects of our present state-imposed and bank-issued debt based currencies.

 

Those effects are listed in the article as the tendency to create boom and bust cycles, the imperative for endless economic growth, and the effects the interest-driven concentration of wealth has on everyone having the same chances to do well ...

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Case Study: using complementary currency to drive volunteering and collaboration

Case Study: using complementary currency to drive volunteering and collaboration | Money News | Scoop.it

SITUATION:  

Despite best efforts, rural areas – even some close to large cities – are experiencing a decline in population, investment  and or services.

 

As unemployment is rising, and the production of services is moving away from the area, the ability of the area to handle challenges such as economic downturn, food shortages, freak climate, power failure etc. is decreasing.

 

When disaster strikes, the authorities and corporations cannot alone be relied upon, it is up to citizens to meet these challenges...

 

RESULTS:  

Money can release energy in the community

 

Potential volunteers found a lot of energy and enthusiasm when invited  to advertise their skills and what they could offer. At the same time, when testing the idea with project organisers, they found much undiscovered potential in the local community.

Sepp Hasslberger's insight:

This is a currency that is completely self-issued. 

The interesting outcome of the investigation by Steve Hinton is that a local currency can do much to revive a local economy and make it more resilient by building community...

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Buses to accept Bristol pounds in boost for local currency - The Guardian

Buses to accept Bristol pounds in boost for local currency - The Guardian | Money News | Scoop.it


The UK's first city-wide independent currency has received a boost after a major transport company agreed that passengers could use the notes to pay for travel.


Via jean lievens
Sepp Hasslberger's insight:

Cities can do a lot to encourage the use of local currencies.

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Cutting Loose: Hungary pays off IMF debt, may eye EU exit

Aug 18, 2013


Hungary is about to pay off its debt to the International Monetary Fund and then wants the creditor gone.

 

The country was saved by Washington-based group with $25 bln loan five years ago but isn't renewing the aid in order to avoid closer scrutiny of its policies.

 

Alexey Yaroshevsky looks at how Budapest is cutting loose...

Sepp Hasslberger's insight:

An interesting development indeed...

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Wealth without money: The greatest mystery of the Inca Empire was its strange economy

Wealth without money: The greatest mystery of the Inca Empire was its strange economy | Money News | Scoop.it
In the fifteenth and sixteenth centuries, the Inca Empire was the largest South America had ever known. Rich in foodstuffs, textiles, gold, and coca, the Inca were masters of city building but nevertheless had no money.
Sepp Hasslberger's insight:

Not advocating to build such a society, just saying it is interesting that the Inca achieved great feats of civilization ... and all without the use of money. 

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Passive BIBO Currency Specification

Passive BIBO Currency Specification | Money News | Scoop.it

A Decentralised self-regulating robustly stable currency for the free and unimpeded evaluation of value in exchanges of Wealth between any number of individuals or economic entities


The specification is intended to satisfy a basic and simple set of requirements.


The currency satisfies the higher level requirement of providing liquidity as a freely accessible technical money standard to ensure that, in a robust and dependable fashion, all and any transactions can be effected by any set of agents be they individuals or legal entities.


The other fundamental requirement of stability is satisfied by virtue of the system simply maintaining constant ratios between currency units in circulation, wealth traded and debt liability, making the design of the system stable, transparent, objective and hence highly trustworthy.

 

Sepp Hasslberger's insight:

Before designing a new or "alternative" currency, it would be profitable to spend some thought of how that currency can avoid being a coercive force, as money currently is. 

 

Marc Gauvin has laid out a simple specification for what a currency would have to look like...

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Creating An Alternative Economy For Underpaid Artists With A Brand New Currency

Creating An Alternative Economy For Underpaid Artists With A Brand New Currency | Money News | Scoop.it

Most people making art don’t make a lot of money. They do it for love, because they hope to be recognized down the line, or because they simply don’t know what else. And, of course, the last few years have been especially bad.

 

In technical parlance, the currency is a "mutual credit system." There’s no issuing authority, like a central bank, as there is with a conventional currency. Rather, the coins take on value when someone exchanges them; their value is backed by the resources participants put in.

 

Mathew sees it as a way of crediting activity that would normally go uncredited, creating a sort of alternative economy. By eschewing cash for some transactions, he argues it might be possible to put the arts on a more sustainable footing (where organizations aren’t always forced to have their hand out).

 

"We need to look outside the notion that there’s unlimited economic growth, and really get out of total dependence on money as a way to make the arts vibrant," he says. "Most artists are barely making a living. There’s this whole underclass who actually make the culture. There’s so much more that could be done if they were in an economy together."

 
Sepp Hasslberger's insight:

The arts - they suffer under our current system. There are those few stars who receive a lot of money, but the world of artistic endeavor as a whole is languishing in near poverty.

 

Having a dedicated currency could go a long way of reviving the arts and making it possible to be creative without starving...

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The costs of economic growth have 'outweighed benefits'

The costs of economic growth have 'outweighed benefits' | Money News | Scoop.it

Development policies should urgently shift from trying to maximise production and consumption towards attempts to improve real welfare, which — unlike growth in GDP (gross domestic product) — has not improved since the late 1970s, according to a study.

 

The study, which examined 17 countries from 1950 to 2003, found that, although GDP has on average more than tripled in these countries, overall social wellbeing has decreased since 1978.

Sepp Hasslberger's insight:

We have to overcome the 'growth imperative' inherent in our current monetary/economic system...

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