4 Comments Video of the Day: Jem Bendell on Rebuilding a Financial System by Ourselves

  1. AvatarMichel Bauwens

    A commentary offered by Thomas Greco:

    ” This video is generally quite well done. In a few short minutes it highlights a fundamental cause of our economic problems, explains the fundamental flaws inherent in the global debt-money system, and points out emergent solutions that people can implement for themselves in their own communities. For the most part, it points people in the right direction, but I would caution viewers to consider at least these three suggestions:

    1. Whatever currency people choose to adopt should be designed in such a way as to achieve the monetization of the “value added” by local enterprises. In other words, it should be spent into circulation by local producers in the act of acquiring the materials and labor services that make their finished products or services valuable to others in the community.

    2. A currency, being in essence a credit instrument, should serve purely as a medium of exchange, while the measure of value (the units in which it is denominated) should be independently defined in terms of commodities of real value. I favor an assortment or “market basket” of widely traded basic commodities.

    3. If governments, at any level, are allowed to be issuers of currency, their issuing power should be strictly limited to some fraction of their annual revenues. Chronic deficit spending must not be allowed.

    There are a great many other details that need to be considered in creating exchange alternatives, and these require careful study, but the fundamental truth that we all must come to realize is that we the people are sovereign and the money power is already in our hands. We need not rely upon banks or governments to provide money (credit) for us. We have the power to give credit where credit is due as a way of claiming for ourselves our common birthright and creating a world that works for all.

    Thomas H. Greco, Jr.

    http://beyondmoney.net/

  2. AvatarJem Bendell

    Thomas you are my Guru. Your “end of money” book is THE book I recommend people read if they have the time to engage in this topic deeper than my little videos. I hope to meet when you are in Europe, perhaps in Lancaster in 2nd half of October. An even simpler attempt at generating interest in this topic is my TEDx speech: http://www.youtube.com/watch?v=X5uGLbV5zVo

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