A World Without Money and Interest A Pathway

A World Without Money and Interest A Pathway Toward Social Justice and Economic Equity Thomas H. Greco, Jr. International Institute of Advanced Islamic Studies Kuala Lumpur, Malaysia October 10, 2016

Famous Quotes • I think there is a world market for maybe five computers. — Thomas Watson, chairman of IBM, 1943 • I don’t know what use any one could find for a machine that would make copies of documents. It certainly couldn’t be a feasible business by itself. — the head of IBM, rejecting the idea that became the Xerox machine. 22 October 2021 Thomas H. Greco, Jr. 2

Famous Quotes • There is no likelihood man can ever tap the power of the atom. — Robert Millikan, Nobel Prize in Physics, 1923 • Heavier-than-air flying machines are impossible. — Lord Kelvin, president, Royal Society, 1895. • The wireless music box has no imaginable commercial value. Who would pay for a message sent to nobody in particular? — David Sarnoff’s associates regarding the radio, 1920 s. 22 October 2021 Thomas H. Greco, Jr. 3

A world without money and interest is not only possible, but utterly necessary and inevitable! 22 October 2021 Thomas H. Greco, Jr. 4

The Geopolitical Facts of Life Corporatocracy Kleptocracy Plutocracy 22 October 2021 Thomas H. Greco, Jr. 5

Corporate Power —the Aliens Among Us The first truth is that the liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes stronger than their democratic state itself. That, in its essence, is fascism — ownership of government by an individual, by a group, or by any other controlling private power. –President Franklin D. Roosevelt 22 October 2021 Thomas H. Greco, Jr. 6

CORPORATE POWER The Banking Cartel, BIS, IMF, World Bank, Trade deals The Neo-feudal New World Order Despotism Surrendering National Sovereignty via Privatization of Money Democracy PEOPLE POWER Credit Clearing Networks & Community Currencies The Butterfly Society 22 October 2021 Thomas H. Greco, Jr. 7

Modes of Exploitation Colonialism—political, economic, financial Monopoly and oligopoly Market manipulations Dispossession via enclosures and privatization of the commons • Overt slavery • Wage slavery • • • Debt slavery 22 October 2021 Thomas H. Greco, Jr. 8

The Money Power Give me the power to create a nation’s money, and I care not who makes its laws. —Mayer Amschel Rothschild 22 October 2021 Thomas H. Greco, Jr. 9

The essence and purpose of money • Money is a credit instrument that is • Supposed to facilitate the reciprocal exchange of value (e. g. , goods and services) • In the market --------------------------- • But money has been perverted to serve to • Centralize power and • Concentrate wealth 22 October 2021 Thomas H. Greco, Jr. 10

The Political Debt-Money Regime - Basic Elements • Credit Monopoly by the banking cartel headed by • The central bank, whose currency is granted the privileged status of • Legal tender • Credit money lent into circulation by banks at interest/usury, which requires the – Endless expansion of debt – By lending to either the private sector or the public sector. June 5, 2015 Thomas H. Greco, Jr. 11

The Dominant Money System is • • Unstable Unsustainable Inequitable Destructive – Socially – Economically – Politically – Environmentally 22 October 2021 Thomas H. Greco, Jr. 13

The Credit Commons Public sector “loans” Private sector “loans” Banks Central Government June 5, 2015 “loans” Thomas H. Greco, Jr. 14

Pumping up Debt • Consumer seduction—Credit Cards, Enjoy now, Pay later, • Student loans • Lending for speculation – Real Estate Bubble – Stock Market Bubble Government guarantees reduce banks’ risks but guarantee their profits. 22 October 2021 Thomas H. Greco, Jr. 15

The Substance of Modern Money is Credit Money typically takes the form of 1. Bank deposits that are created when banks make “loans, ” or 2. Currency notes emitted by the central bank. People are losing trust in these forms of money. 22 October 2021 Thomas H. Greco, Jr. 16

Resolving the predicament How can businesses, communities and nations escape the debt-trap? • Need to reduce dependence upon banks and conventional money. • By creating independent systems that provide interest-free local and domestic payment media (liquidity). 22 October 2021 Thomas H. Greco, Jr. 17

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Eastman Kodak Company Dominated the photo industry for 100 years 22 October 2021 Thomas H. Greco, Jr. 19

Digital Photography – a “disruptive technology” The First Digital Camera “that’s cute — but don’t tell anyone about it. ” – Kodak management to the inventor 22 October 2021 Thomas H. Greco, Jr. 20

“Disruptive technologies” emerging in the realm of money, banking, and exchange? • Private currencies, and • Direct credit-clearing among buyers and sellers that provide liquidity outside of the banking system. 22 October 2021 Thomas H. Greco, Jr. 21

Transcending the Political Debt-money System Ø Private currencies § § § Scrip of the 1930’s Depression—Hundreds of kinds issued by businesses and local governments Credito Notes—community currencies issued by trading clubs in Argentina, 1990’s onward Provincial Currencies—Argentina, (up to 20 kinds in circulation) Canadian Tire Money Airline Frequent Flyer Miles Company credit vouchers 22 October 2021 Thomas H. Greco, Jr. 22

Currency issuance and circulation The Reciprocity Circuit Workers, Suppliers Currency issued Labor, services, supplies Goods & Services Business or Municipal Issuer Goods & Services Currency extinguished Currency circulated Merchants 10/22/2021 Thomas H. Greco, Jr. 23

Key Concepts • Liquidity Ability to pay • Monetization The conversion of illiquid value to a form that can be used as a means of payment 22 October 2021 Thomas H. Greco, Jr. 24

Monetization of value • Bank monetization (indirect) – A business gets a money loan from a bank. (Promises to repay principal, plus interest. ) • Direct monetization by producers – The business spends its own currency vouchers into circulation. – Later it accepts its vouchers back as payment (no interest. ) In either case, the value of existing supplies takes a form that can be used to pay one another. 22 October 2021 Thomas H. Greco, Jr. 25

Transcending the Political Debt-money System Ø Localized creditclearing exchanges § The WIR business circle cooperative—Switzerland § Commercial (“Barter”) Trade Exchanges 22 October 2021 Thomas H. Greco, Jr. 26

Mutual Credit Issuance and Circulation Member - Issuers Member - Non-Issuers A Network of Trust Issuing members are given credit; can carry a negative account balance 22 October 2021 Thomas H. Greco, Jr. 27

Benefits of Community Currencies and Trade Exchange Credits • Provide an independent means of payment, • Reducing dependence upon borrowing from banks, • Saving interest costs, • Reducing the risk of insolvency. • Provide the local economy with supplemental liquidity, • Enabling local businesses to better compete with large corporate chains, and • Enabling more complete use of available labor and production capacity. 22 October 2021 Thomas H. Greco, Jr. 28

Monetary and Financial Innovation Requires Expertise in: Ø Sound principles of reciprocal exchange Ø Systems thinking Ø Conditions that lead to successful innovation Ø The science of networks 22 October 2021 Thomas H. Greco, Jr. 29

A Glimpse into the Future § Mutual Credit Clearing Exchanges will proliferate around the world. § Standards of design and practice will emerge, § Enabling local exchanges to be networked into a worldwide web of exchange that will, § Maintain control of credit at the community level, § While providing a globally useful means of payment. 22 October 2021 Thomas H. Greco, Jr. 30

We Have the Power! 22 October 2021 Thomas H. Greco, Jr. 31

Resources Websites: http: //Beyond. Money. net http: //Reinventing. Money. com Books: • The End of Money and the Future of Civilization , and • Money: Understanding and Creating Alternatives to Legal Tender —by Thomas Greco • Flight From Inflation by E. C. Riegel 22 October 2021 32 Thomas H. Greco, Jr.