The lot of the currency designer

Once we realise that currency — nay, money in general — can be designed to fulfill or support specific objectives, it sets us free. Free from the constraints of the broken pseudo-science that is mainstream economics; free to recognise that not all transactions are of equal importance; and potentially free to redesign ourselves away from our existing pervasive elite monetary hegemony and reclaim the monetary commons.

A Sustainable Idea: Create State-owned Banks

At some point personal behavior changes aren’t enough. To become sustainable, we need large-scale investments, which require capital. How can we get access to the financial tools necessary to build a sustainable world? The answer may be through public banking, and one state, North Dakota, points the way.

Greek town taps bartering for a more shareable city

As Greece continues to search for solutions to its national economic crisis, the port town of Volos has adopted an old-school barter system to help its citizens muddle through. Five years into their recession with 21 percent unemployment, some Volos residents who were short on Euros but long on other resources created a local currency (called TEMs in Greek) that is traded based on non-monetary contributions into the online system…TEMs can be used for everything from bakers to babysitters, teachers to technicians. In theory, the value of one TEM is equal to the value of one Euro.

How is the Sharing economy different from the Anarchy economy?

The Sharing economy is quickly becoming a diluted term, just like ‘sustainable” and ‘all natural”. If “sharing” means “make some side cash”, let’s call it what it really is. It is a way to raise cash using owned assets (a room, a car, a wheelbarrow, etc.) that boomerang back to the rightful owner at some point.

The challenge of re-localisation

Re-localisation is often cited as a primary objective of local currencies. The recently launched Bristol Pound state their key objectives as: to support local independent traders (“keep our High Street diverse and distinct”), and to boost the local economy “spending Bristol Pounds stops money leaking from the area”. These are objectives shared by all local economies (and arguably by any sub-economy with an identifiable identity such as a developing country).

Just in time

As the recession and Occupy movement encourage people to reimagine work and how they get their needs met in the new economy, Timebanks are catching fire. They are a clever tool to circumvent the scarcity and misdirection of conventional money. Timebanks are at heart a simple concept – you work for an hour, earn an hour credit, and spend an hour with anyone in your Timebank community. Timebanks don’t pay taxes or get penalized in benefit reductions because they are more like charitable volunteering circles of mutual aid or relationship-based gift economies than market-based national currencies.

Durban Dollars: Tck Tck Tck Money

For the rural Maya, the community being considered was not merely a single group of humans denoted by geography and culture, but rather the ecological community of all life forms, and generations still to come. What sane economic system would even consider forgetting these, a Mayan might ask. An economist might call what the Mayans are acquiring social, cultural, and ecological capital. To these people, and many others in the intentionally pre-industrial world, they are just good sense.

Creating Wealth

In Extraenvironmentalist #29 we speak with Gwendolyn Hallsmith and Bernard Lietaer about Creating Wealth: Growing Local Economies with Local Currencies, their recent book on how to implement complimentary currency systems while creating intentional cities with money ecosystems. We cover examples of complimentary currencies in Brazil (saber), the United States (time banking), Switzerland (WIR), Belgium, Lithuania and Uruguay (C3) to demonstrate how alternative forms of money can help to enhance our education, business and sense of community. Could the WIR be the reason for Switzerland’s stability? Are there ways to retool education funding that could help us realize our dreams?

Why is economic growth so popular?

The growth stimulating strategy only buys time (and buys it at a high price). Nothing that governments or financial traders do can change the thermodynamics of the world system – all what they can do is to shuffle resources from here to there and that doesn’t change the hard reality of depletion and pollution. So, pushing economic growth is only a short term solution that worsens the problem in the long run.

Hubbert’s third prophecy

M.K. Hubbert: “Our principle constraints are cultural…we have evolved a culture so heavily dependent upon the continuance of exponential growth for its stability that it is incapable of reckoning with problems of non-growth…it behooves us…to begin a serious examination of the…cultural adjustments necessary…before unmanageable crises arise…”

Dmitry Orlov: “Hubbert was right. Again.”

The problem is described and solutions are offered.