The future of money is mutual credit (not Bitcoin)

The political system has been so thoroughly captured by financial, banking, corporate, military, industrial interests that the political approach to reform is hopeless. I’m not concerned about ideology. I’m concerned about practicality – what works, what’s going to make things better.

With Tom Greco, author of The End of Money & the Future of civilization.

Highlights:

  • Ecological destruction is not going to stop until we put an end to this debt-based money system. The compound interest formula is driving us to destruction. It militates against equity and justice as well as peace, and so we have to decentralise power, and the only way we can do that is by decentralising control of credit.
  • The political system has been so thoroughly captured by financial, banking, corporate, military, industrial interests that the political approach to reform is hopeless. I’m not concerned about ideology. I’m concerned about practicality – what works, what’s going to make things better. I envision a mutual credit network in which credit is locally controlled and allocated, but is globally useful.
  • It takes a lot of energy to produce Bitcoin, and it just sits there. Most people use Bitcoin as a speculative medium, or as a hedge against inflation of conventional currencies. It serves better as a store of value – very little Bitcoin is being used for payments.

Links:
UK open Credit Network
Credit Commons white paper
Positive Money’s videos on money creation
Viable System Model
Tim Jenkin – what comes after capitalism?
Bitcoin uses too much electricity

Tom blogs at Beyond Money

Read our LowImpact mutual credit topic introduction.

Transcript on LowImpact.org.

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