Infographic: A History of Debt Forgiveness and Relief

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“You Fly to the Edge of the Tar Sands, and ... No Life”: A Montana Professor on the Issue of Our Time

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Drugs, Sex, and Debt: It’s Time to Revamp “The Talk”

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How One San Francisco Neighborhood Became “Immune” to Gentrification

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Own a Home in Just Four Years? This Co-Op Program Keeps Workers in the Neighborhood

Nearly half of Evergreen’s worker-owners have purchased homes through the program.
Categories: News

Newsletter — Summer 2015

Beyond Money - Mon, 08/24/2015 - 01:09

Upcoming Ireland Events and My Remaining Tour Itinerary
My Activities in Greece, an abbreviated sketch
The Greek Crisis
Sardex

The summer has gone pretty much according to the plan I laid out in my Spring Newsletter, with of course the inevitable addition of things that have popped up spontaneously. I’m sorry I’ve been too busy to report about all of it, even though I’m sure many of my readers would want to know. My main reason for writing now is to highlight the agenda for the remainder of my summer tour in case some of you happen to be in the neighborhood of Ireland, Scotland or England. I hadn’t really planned to visit Italy but here I am—in Rome after visits to Tuscany and Sardinia (more on that below). I’m now in Ireland for the final events of my summer tour.

Here’s what I’ll be doing.
_________________________________________________
Ireland Events and My Remaining Tour Itinerary
25 to 27 August 2015. I’ll be at Cloughjordan Ecovillage to participate in the P2P Summer School program on The Art of Commoning. Then on Friday, 28 August, I will give a lecture at Trinity College, Dublin, followed by a panel discussion. And on Saturday, 29 August, I will conduct a workshop at the same venue. Here are the details.
Friday August 28th 19:00 – 21:00
Talk: The Liberation of Money and Credit
Where: CONNECT (Formerly CTVR) Dunlop Oriel House, 34 Westland Row, Trinity College Dublin, Dublin.
On the evening of Friday August 28th, Thomas Greco will give a presentation on The Liberation of Money and Credit, outlining the fundamental importance of reclaiming the credit commons and showing how communities and businesses can reduce their dependence on bank borrowing and conventional, political forms of money. After the talk Thomas will join a panel with Michel Bauwens and Kevin Flanagan of the P2P Foundation, Dr Rachel O’Dwyer of Trinity College Dublin and Graham Barnes of Feasta for a Q&A session.

Saturday August 29th 10:00 – 16:00
Workshop: The Exchange Revolution: Taking Complementary Currencies and Moneyless Trading to a New Level
Where: CONNECT (Formerly CTVR) Dunlop Oriel House, 34 Westland Row, Trinity College Dublin, Dublin.
On Saturday, Thomas will run a workshop for currency activists, practitioners, researchers, and social entrepreneurs on The Exchange Revolution: Taking complementary currencies and moneyless trading to a new level, also at the CONNECT venue in Dublin. Anyone with a specific interest in developing and extending the impact of community currencies, mutual credit, and other complementary exchange mechanisms is invited to attend.
Both events are sponsored and hosted by CONNECT (formerly CTVR – http://www.ctvr.ie/), at their Dublin city centre venue and supported by Feasta, the Foundation for the Economics of Sustainability (http://www.feasta.org) and P2P Foundation Ireland.
Both Dublin events are free but people are asked to register at:
http://www.eventbrite.com/e/beyond-money-events-with-thomas-greco-tickets-18131016358
Tuesday, 1 September, at Queens College, Belfast
Evening Lecture, Communities, Currencies and the Commons: Democratising money creation & enterprise after the Euro-Greek crisis, with Thomas Greco at Queens College, (Senate Room) at 7.30pm (registration at 7.15pm) hosted by the School of Law partnered by Positive MoneyNI. The talk will be followed by panel discussion.
Coordinator – William Methven, [email protected]

From Belfast, I will travel to Edinburgh, Scotland for a few days of exploring, then to London. I’m scheduled to fly back to San Francisco on September 9.
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My Activities in Greece, an abbreviated sketch
Altogether, I spent a little more than three weeks at the Kalikalos Holistic Summer School during the months of June and July. Kalikalos is located on the Mt. Pelion peninsula where the views are spectacular, the mountain villages delightful, and the nearby beaches inviting, all of which provides a good balance of work, play and living in community with people from diverse places. In this ever-changing community of students, workshop leaders, volunteers, facilitators-in-residence, and staff, everyone pitches in to prepare meals, clean up, and share their special gifts. The daily program routine leaves plenty of time for recreation and many people choose to go down the mountain to the beach in the afternoons (about a 20 minute ride) or to hike the ancient donkey trails that connect the villages. Healthy living is a fundamental aspect of the Kalikalos experience with plenty of opportunity for yoga, meditation, tai chi and whatever other modes of centering people care to share. Meals are vegetarian and based mainly on fresh whole foods and traditional Greek ingredients—local olives. olive oil, feta cheese, locally baked bread, tomatoes, cucumbers, and vegetables from Kalikalos’ own gardens.
During my first week there I gave two presentations and conducted sessions in which we played two of my simulation games, Money Monopoly and Free Exchange. Then in July during the workshop on Solidarity Economy, I participated in most of the sessions and gave two presentations on the money problem and exchange altenatives.

While my work on exchange alternatives in Greece has been mostly with private groups and activists, I have developed proposals for creating domestic and community liquidity at all levels ranging from the bottom upward to include grassroots initiatives, business associations, municipal governments, and even the national government. I will be publishing specific details about these proposals in the near future. I am also continuing to work with colleagues in Volos on laying out the framework for a nationwide network of localized credit clearing exchanges.
During the last weekend in July I conducted a two day workshop in Athens for a sizable group of participants interested, or active in programs to create complementary liquidity. In the first session our discussions were based on my slide show on the Greek situation, and in the second, my presentation on the issues that need to be addressed in Taking Moneyless Exchange to Scale. That slide show is posted on my website at https://beyondmoney.files.wordpress.com/2015/07/workshop-athens.ppsx.

On Wednesday, July 29, I was interviewed on Porto Kali internet radio in Athens (in English with Greek translation). You can listen to it at http://wp.me/a43RA-Ge. _________________________________________________
The Greek Crisis
The Greek debt crisis has been all over the news lately so most everyone is aware of it, but most people are not aware of the underlying causes or what is being done to the Greek nation by the financial and political powers-that-be. Several of my recent posts at http://beyondmoney.net have dealt with that topic. In addition, there have been some very good recent articles that clearly explain it. These three are especially enlightening:
GREECE’D: We Voted ‘No’ to slavery, but ‘Yes’ to our chains, by investigative reporter Greg Palast.
The Rest of the Story About Greece: EU’s economic demands seek to derail small business and local communities, paving the way for multinational corporate giants.

• Ellen Brown’s fine article “Guerrilla Warfare Against a Hegemonic Power”: The Challenge and Promise of Greece

And if you want to understand the larger agenda of which the Greek situation is indicative, be sure to listen to Ellen Brown’s interview with Dr. Paul Craig Roberts, Greece-y Mess – 07.08.15, at http://itsourmoney.podbean.com/e/greece-y-mess-070815/
_________________________________________________
Sardex
Last week I had occasion to visit the Italian island of Sardinia and spend a few hours meeting with the founders and managers of a commercial trade exchange called Sardex.
I’ve known about Sardex since almost its beginning five years ago and have corresponded over the past few years with Giuseppe Littera, one of its founders, but this was the first opportunity I’ve had to get an inside look at their operation. I came away with a better understanding of how they operate and the impression that the Sardex structures, procedures, and protocols come closer to optimal than any other trade exchange I’ve seen. It appears to be a developing model that can be both scalable and replicable.
You can read my brief but more complete report here, and. you can get a pretty good picture of the distinctive features of Sardex by viewing Giuseppe Littera’s presentation (in English) that was made at a conference in Volos, Greece, in 2014. You can find it on YouTube at, https://youtu.be/rvaL2A8juz0.
_________________________________________________
All best wishes for a playful and enjoyable summer,
Tom


Categories: News

Why We Did an Issue on Debt

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I Learned More by Leading a Student-Debt Strike Than I Did at College

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Categories: News

“Don’t Owe. Won’t Pay.” Everything You’ve Been Told About Debt Is Wrong

With the nation’s household debt burden at $11.85 trillion, even the most modest challenges to its legitimacy have revolutionary implications.
Categories: News

“Don’t Owe. Won’t Pay.” Everything You’ve Been Told About Debt Is Wrong

With $11.85 trillion in household debt, even the most modest challenges to debt legitimacy have revolutionary implications.
Categories: News

Sardex, an emerging model for credit clearing exchanges?

Beyond Money - Thu, 08/20/2015 - 03:18

Last week I had occasion to visit the Italian island of Sardinia and spend a few hours meeting with the founders and managers of a commercial trade exchange called Sardex. Here below is an abbreviated report of what I learned. The pdf version of the report can be found here.

Sardex, a brief report
by Thomas H. Greco, Jr. August 15, 2015
I recently spent a few days on the Italian island of Sardinia conferring with the founders and administrators of Sardex (http://www.sardex.net/), a commercial credit clearing exchange that has been notable for its success in organizing small businesses and service providers on this island of about 1.6 million people.

I’ve known about Sardex since almost its beginning five years ago and have corresponded over the past few years with Giuseppe Littera, one of its founders, but this was the first opportunity I’ve had to get an inside look at their operation. I came away with a pretty good understanding of how they operate and the impression that the Sardex structures, procedures, and protocols come closer to optimal than any other trade exchange I’ve seen. It appears to be a developing model that is both scalable and replicable.

I will not attempt to provide here a comprehensive report or detailed analysis, rather I will highlight a few major points and provide some sources of additional information for those who are interested in doing their own research.

Some highlights:
Current membership: ~3,000
Current transaction turnover: ~1.5 million euro equivalent per month
Expected turnover for 2015: 50 million
Velocity of credit circulation: 12 times per year
Employees included as sub-accounts: 1,000

When I asked about the key factors that account for their success, here is some of what I was told:

1. Founders are dedicated to the mission to relocalize and rehumanize the economy and to reconnect people by enabling the creation of interest-free local liquidity based on the production capacity of local businesses.

2. Social solidarity and cultural cohesion, while very important and part of the mission, were NOT a pre-existing factor that would account for their early success. In fact, they have had to work hard to develop social solidarity and cooperation amongst their members, but this is now changing. One account broker told me, “I can see how behavior of many of our members has changed. When the financial crisis first began, they were starting to lay off employees or cut their wages, and they were reluctant to spend their euros. This made matters worse as the circulation of money slowed down. But as they began to participate in the process of earning and spending trade credits, they began to increase pay to their workers and to invest in their education. In one case, when a member’s shop was burglarized, other members stepped up to help by donating some of their trade credits to help their fellow member recover from the loss.”

That anecdote demonstrates the differences in behavior that results when people experience scarcity compared to when they experience abundance. In this case, the scarcity of euros caused behavior to change in the direction of reduced willingness to spend and the contraction of overall economic activity. But their experience with trade credit was much different. Realizing the greater availability of trade credits, and finding it easier to earn them, leads people to experience abundance and to be more generous and spend more liberally.

3. I was surprised to learn that the Sardex revenue model relies mainly upon initiation fees and annual membership fees (collected in euros); and that they had decided early-on to stop charging fees on transactions. For me, that approach is counter intuitive in that I have long held the view that recruitment would be most successful if membership were made easy, low cost, and risk free, and that it seems reasonable to apply the principle that users pay in proportion to the amount of services they receive. In this case, that principal would mean that those that receive more credit clearing services should pay more. Well, this may be a case where successful practice trumps rational theory. Marketing specialists should look closely at the dimensions of this phenomenon.

There is however some logic in this approach in that, since the cost of participation is relatively fixed, members should seek to maximize the benefits of their membership by trading more within the network. Initiation fees are set according to the size of the business and range from 150 to 1,000 euros. Annual membership fees are likewise based mainly on turnover and range from 350 to 2,500 euros.

4. Strong member support by an effective staff of brokers who help to arrange trades, especially for those that have high earning capacity to avoid excessive accumulation and high positive trade credit balances.

5. Recruitment strategy tries to replicate the supply chain, i.e., bring in businesses that are the suppliers of existing members or prospective members.

6. “Solidarity threshold.” Requirement that members offer their goods and services for trade credit at the same prices as their euro prices, and that payment be accepted 100% in trade credit on all transactions of less than 1,000 euros. “Blended trades,” i.e., payment in a combination of trade credits and euros are allowed on larger purchases, according to a sliding scale).

7. (a) Restrict membership to companies that have a registered office in Sardinia. This promotes social solidarity and excludes large multi-national corporations. (b) Avoid “saturation” (accepting too many members that offer the same line of products or services).
[While I am fully supportive of the former of these, and would indeed, permanently exclude multi-national companies, this latter practice of avoiding saturation I consider to be of use only in the initial stage of establishing credit clearing as a credible means of exchange and an effective source of local liquidity. Ultimately, I believe that membership must be open to any community-based small or medium enterprise (SME) that meets the basic qualifications for membership. Of course, not all of them will qualify for lines of credit.]

8. Fully compliant with reporting and tax regulations. Transparency is a matter of fundamental importance.

9. Emphasis on monetizing the unused capacity of members. Connecting unused supplies with unmet needs is a primary benefit of credit clearing services.

The Sardex company has been consulting with other groups to replicate their system in seven other regions around Italy. In the future, Sardex is planning to initiate a rebate program to bring consumers into the trading community, which will enhance the circulation of local trade credits, make Sardex better known, and stimulate more sales for their business members.

Here below is a list of a few of the many reports and sources of information about Sardex. Readers are invited to add others as comments.

From an idea to a scalable working model: merging economic benefits with social values in Sardex, by Giuseppe Littera, et al, at the London School of Economic, Inaugural WINIR Conference, 11-14 September 2014, Greenwich, London, UK. http://eprints.lse.ac.uk/59406/1/__lse.ac.uk_storage_LIBRARY_Secondary_libfile_shared_repository_Content_Dini%2C%20P_From%20idea%20to%20scalable%20model_Dini_From%20idea%20to%20scalable%20model_2014.pdf
You can get a pretty good picture of the distinctive features of Sardex by viewing Giuseppe Littera’s presentation that was made (in English) at a conference in Volos, Greece, in 2014. It is to be found on YouTube at, https://youtu.be/rvaL2A8juz0
Report (in Italian) in the Italian daily newspaper, La Repubblica: Dalla Sardegna al resto d’Italia. Sardex inventa la moneta complementare. “Abbiamo ripensato l’economia.” http://www.repubblica.it/next/2014/06/23/news/dalla_sardegna_al_resto_d_italia_sardex_inventa_la_moneta_complementare_abbiamo_ripensato_l_economia-89771112/?refresh_ce. [English translation needed.]

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Categories: News

These Former Debt Collectors Decided to Ditch the Industry, Buy Up Medical Debt, and Forgive It

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After 20 Years Reporting on Solutions, I’m Going on a Journey to Find Where Hope Lies Now

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Infographic: The Real Reason You Have So Much Debt (It’s Not Crazy Spending)

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The Crunch: Why Washington D.C. Hired a Herd of Goats (And Other News to Chew On)

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What’s a Death Midwife? Inside the Alternative Death Care Movement

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This New Rule Will Bring Secretive Corporate Tax Breaks to Light

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Anti-Oppression Resources

Trust is the only currency - Wed, 08/05/2015 - 12:01
Compiled by Mira Luna
I've been working on this resource list to create a less oppressive world. Part of the prompting for this was that in doing new economy work I realized that oppression was not only being ignored but getting in the way of authentic progress in the movement. The tensions created by various forms of oppression in the movement eat away at its capacity to be effective and turn off potential volunteers and allies.This is part 1 of this resources list. Part 2 is yet to be released and will be on resources for creating better democratic and participatory group processes which will assist with Part 1 goals and has its own goals as well. Enjoy, share, repost! Please give attribution - it's been a lot of work - and feel free to add suggestions in the comments. If you would like to join a new Anti-Oppression Peer Support mailing list subscribe here or join the Transformative Transitions Facebook group.

General Readings:Activities:
      RacismVideos:
        Cartoons:
          Activities:
            Articles:
              Case studies:
                Additional resources for depth:
                  Books:
                    SexismCartoon: Not My ComradesActivity: Benefits of Being Male ExerciseArticles:
                      Book: BacklashClassismCartoon: Class PrivilegeArticles:
                        Books:Ableism
                          Film: When Billy Broke His Head
                          Articles:



                            Categories: News

                            This NYC Real Estate Co-Op Helps Small Businesses Stay Put

                            A New York City co-op raises $1.2 million in pledges to fight gentrification and provide affordable rent for local business owners.
                            Categories: News

                            Varoufkis launches a powerful personal counter-indictment against his accusers.

                            Beyond Money - Thu, 07/30/2015 - 05:56

                            Responding to charges of treason leveled against him by his “self-styled persecutors,” former Greek Finance Minister, Yanis Varoufakis, on his personal blog, has laid down the gauntlet, accusing “Greece’s oligarchic establishment” as being “troika-friendly.”
                            In his post of July 28, Varoufakis defended his “defiant negotiating stance” saying:
                            My dastardly ‘crime’ was that, expressing the collective will of our government, I personified the sins of:
                            • Facing down the Eurogroup’s leaders as an equal that has the right to say ‘NO’ and to present powerful analytical reasons for rebuffing the catastrophic illogicality of huge loans to an insolvent state in condition of self-defeating austerity
                            • Demonstrating that one can be a committed Europeanist, strive to keep one’s nation in the Eurozone, and, at the very same time, reject Eurogroup policies which damage Europe, deconstruct the euro and, crucially, trap one’s country in austerity-driven debt-bondage
                            • Planning for contingencies that leading Eurogroup colleagues, and high ranking troika officials, were threatening me with in face-to-face discussions
                            • Unveiling how previous Greek governments turned crucial government departments, such as the General Secretariat of Public Revenues and the Hellenic Statistical Office, into departments effectively controlled by the troika and reliably pressed into the service of undermining the elected government.

                            Varoufakis also claimed a moral victory, arguing that “The debate about the democratic deficit afflicting the Eurozone is now unstoppable.”

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                            Categories: News