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The debt strike is the key weapon to restore popular power | via P2P Foundation

The debt strike is the key weapon to restore popular power | via P2P Foundation | The Next Edge | Scoop.it

For every creditor there must be a debtor and both are necessary. While the creditors – the banks – have realised their power, the debtors – everyone else – haven’t. A glance at the level of private debt reveals just how much potential there is.


Student debt now stands at an estimated £40.3bn, while a combination of stagnant pay and high living costs has left Britain’s average family with unsecured loans worth £7944 each – a staggering total of £210bn of unsecured debt. It is a severe drag on an already knackered economy. Suppose, though, if people refused to repay.


Rather than channelling falling incomes back to the banks that scripted the recession, they simply reject repayment. Immediately, there would be a union of debtors capable of clawing power away from financiers. The old cliché would kick in: ‘Owe the bank £10,000 and the bank owns you. Owe the bank £10,000,000 and you own the bank’. Like those canals and railways of industrial Britain, the credit cards and student loans of financialised Britain give people leverage over elites. The difference is that it now takes debt strikes, and not labour strikes, to harness this power.

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future of money project

future of money project | The Next Edge | Scoop.it
What are young adults thinking about money and value?
How can we create new systems of wealth generation and abundance?
What does the future hold for banks and other financial institutions in the...

Via Abel Revoredo, Ferananda
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Ferananda's comment, December 27, 2011 2:59 PM
Acá la liga con subtitulos en español http://www.universalsubtitles.org/en/videos/qe1mdjC1NPXc/info/
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Share The World's Resources

Share The World's Resources | The Next Edge | Scoop.it
Share The World's Resources advocates for governments to secure basic human needs by sharing essential resources, such as water, energy and staple food.
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About ‘Money and Sustainability’ | Money and Sustainability

About ‘Money and Sustainability’ | Money and Sustainability | The Next Edge | Scoop.it

We tend to assume that we must have a single, monopolistic currency, funded through bank debt, enforced by a central bank. But we don’t need any such thing! In fact, the present system is outdated, brittle and unfit for purpose (witness the eurozone crisis). Like any other monoculture, it’s profitable at first but ultimately a recipe for economic and environmental disaster. The alternative is a monetary ‘ecosystem’, with complementary currencies alongside the conventional one.

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It's time for a local banking system

It's time for a local banking system | The Next Edge | Scoop.it
Tony Greenham: We need banks that focus on the real economy, individuals and small business, not speculation and remote investments...

 

This article in the Guardian makes a lot of sense, but then again "going local" might be the new fashion in sustainability thinking but is not always without its problems and challenges too. What we ultimately will need is a fundamental reform of the role and functioning of ALL banks in society.


Via Willy De Backer, Christoph Hensch
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