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Tuesday, July 07, 2015

Greece’s New Money : Many, Not One?

Panicking EU bank mobsters, IMF terrorists frantically attempt to shore up inevitable collapse  

WASHINGTON'S BLOG
07/06/2015

It was easy to predict the eventual collapse of the one-currency-fits-all euro: indeed, many analysts explained why it was doomed before it was adopted as an integral part of the European Project, which broadly speaking calls for complete integration of the European economies.


I covered the many structural deficiencies in the euro five years ago:






The hard part is guessing what’s next. It seems one dynamic of “what’s next” is multiple currencies being used in Greece rather than one single currency: many, not one. As the U.K.’s Telegraph reports, companies are issuing private currencies to fill the void.

Despite assurances, the crisis is likely to escalate fast if there is no resolution early next week. Businesses in Thessaloniki and other parts of the country are already creating parallel private currencies to keep trade alive and alleviate an acute shortage of liquidity. 




Vasilis Papadopoulos, owner of the Maxi paper mill in Katerini, said the situation was becoming desperate for his industry. “I have enough raw materials to last until July 14. If I don’t get any more pulp, I will have to close the factory. It is a simple as that. I have 183 employees and I will have to start laying them off,” he said.

His firm has reached an accord with regional supermarkets to accept coupons or private scrip money in lieu of payment as soon as next week. His workers will then be able to use this paper as a parallel currency at the supermarket to buy goods.




The idea that scrips, IOUs, letters of credit or indeed, notched sticks, can act as perfectly legitimate money is not surprising to anyone who has read David Graber’s marvelous history of credit and money, Debt: The First 5,000 Years or Fernand Braudel’s three-volume history of modern Capitalism:




When exchange-money is in short supply, i.e. a liquidity crisis, various forms of currency arise to fill the need to grease commerce. Money has two basic purposes: to grease trade/commerce, and as a store of value. the two functions appear to be seamless when one form of money fills both needs, but quite often there is no one form of money available in sufficient quantity to fill both needs.


Personal greed of Lagarde, Merkel, EU bank
criminals doomed the Euro
Accounts of people in Greece buying crypto-currencies such as bitcoin strongly suggest that multiple currencies will serve as exchange-money. In its cash form, the euro will of course still be money, but there may not be enough of it in physical form to enable trade. As I have often pointed out, the U.S. dollar acts as money virtually everywhere–especially when the local currency is depreciating or there is a liquidity crunch. Gold and silver, traditional stores of value, can also act as exchange-money, though the principle that bad money drives out good money (Gresham’s law) holds that people will hoard gold and silver and use scrip, paper currencies etc. for exchange purposes.


What we may be witnessing is the first phase of a new era of widespread non-state currencies, that is, currencies issued by private parties rather than nation-states or central banks. These could be crytpo-digital currencies, gold-backed currencies or any number of other variations.

Nation-states and central banks are anxious to maintain their monopoly on money issuance, of course, because the power to issue money is (along with forced conscription and making war) the ultimate foundation of state power.


As with her predecessor Adolph, European citizens are ignoring the increasingly irrational and irrelevant Merkel's insults, tantrums and tirades 

As correspondent Mark G. observes, the evolution of multiple forms of money speeds up in times of rapid transition:

Companies issuing private label currencies is probably not as one-off exceptional as people will tend to assume. I personally have been anticipating that further evolution towards a more “Hanseatic” style economy will include the emergence of multiple exchange systems operating concurrently in parallel. These exchange systems will naturally develop faster during times of turmoil than when everything is quiet.


As in the beginning, Greece has once more led the way to democracy and freedom

We can look to evolutionary biology’s theory of punctuated equilibrium for a potential model of this process of experimentation and rapid evolution: the stasis of central-bank issued currencies gives way to a period of experimentation driven by pressing need that leads to a new equilibrium.

Breaking the grip of central-state/bank issued money will be a major evolutionary step forward for the global economy. Breaking free of the state’s power to depreciate our money at will is a major advance in human liberty and economic security.



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ANDREW KREIG: EXPERTS REJECT FIRE AS CAUSE FOR 9/11 WTC COLLAPSES

The real truth on 9/11 slowly continues to bleed out

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Technical experts are mounting major challenges to official U.S. government accounts of how three World Trade Center skyscrapers collapsed in near-freefall after the 9/11 attacks 15 years ago.

Many researchers are focusing especially on the little-known collapse of

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The Geopolitics Of The United States, Part 1: The Inevitable Empire

The Empire and the inevitable fall of the Obama criminal regime

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STRATFOR Editor’s Note: This installment on the United States, presented in two parts, is the 16th in a series of STRATFOR monographs on the geopolitics of countries influential in world affairs.

Like nearly all of the peoples of North and South America, most Americans are not originally from the territory that became the United States.

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Geopolitics Of The United States Part 2: American Identity And The Threats of Tomorrow

A look back at 2011 predictions for the future in order to put events of today into perspective

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We have already discussed in the first part of this analysis how the American geography dooms whoever controls the territory to being a global power, but there are a number of other outcomes that shape what that power will be like. The first and most critical is the impact of that geography on the American mindset.

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By Robert S. Finnegan

This e-mail outlines and confirms the acts of espionage against Indonesia and Indonesians by Akiko Makino and the others involved both in Kobe University and in AI Lab at University of Airlangga, Surabaya; Bahasa Indonesia original follows English translation...

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UPDATED 01/07/2015 : New Analysis Challenges Tamiflu Efficacy; Hong Kong Corona Virus Outbreak

UPDATED 01/07/2015 : FOX NEWS CORPORATE PHARMA SHILL MEGAN KELLY AND FOX NEWS QUACK DOCTOR NOW PUSHING TAMIFLU FOR PREGNANT WOMEN AND CHILDREN;

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THE 5TH ESTATE UNEQUIVOCALLY WARNS THE PUBLIC NOT TO TAKE OR GIVE THIS PROVEN DANGEROUS, INEFFECTIVE DRUG TO ANYONE

Obama criminals now resulting to biowarfare in quest to destroy Chinese and ASEAN economy; "novel virus substrain" points directly to a Kawaoka / Fouchier / Ernala-Ginting Kobe lab virus weaponized and genetically altered to specifically target and infect the Asian population: Ribavirin...

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The 5th Estate has just purchased a library on H5N1 "Novel" virus pandemics, there are dozens of PDF and Exel documents we feel will assist you in saving lives following intentional releases of the H5N1 and now MERS viruses; we will begin by printing those that appear to be extremely relevant here: H5N1 Kobe-Kawaoka-Ernala series continues soon with more "Smoking Gun" e-mails from Teridah Ernala to The 5th Estate . . .

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By Robert S. Finnegan

On October 12, 2002 the Indonesian island of Bali experienced a terrorist attack that rocked the world. It was unquestionably well-coordinated and executed, the largest in the country's history.

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