Community Exchange

Comment by Ecolocitizen on October 22, 2008 at 12:44pm

If fair regulations are established and credibility is restored, people will stop walking around in a daze, roll up their sleeves and start picking up the pieces. Things unconnected with money will be valued more — friends, family, a walk in the woods. “I” will be spoken less, “we” will return, as people recognize that there is such a thing as the common good.
-- Margaret Atwood
“A Matter of Life and Debt,” New York Times, 2008 October 21

Comment by Ecolocitizen on December 17, 2008 at 7:49pm

If you missed the Aparigraha lecture you can access the material here.

Comment by Larry Chang on February 8, 2009 at 1:17pm

From Warren T. Brookes' essay, "Goodness and the GNP". Brookes was an American syndicated economic columnist:
"At its roots, economics is a metaphysical, rather than a mathematical science, in which intangible spiritual values and attitudes are at least as important as physical assets and morale more fundamental than the money supply ... A national economy, like an individual business or a specific product is the sum of the spiritual and mental qualities of its people, and its output of value will be only as strong as the values of society ... Without the civilizing force of universal moral standards, particularly honesty, trust, self-respect, integrity, and loyalty, the marketplace quickly degenerates ... A nation whose values are declining should not be surprised at a declining economy. As Ralph Waldo Emerson postulates, 'a dollar is not value, but representative of value, and, at last, of moral values.'"

Comment by Chris Belchamber on February 8, 2009 at 3:22pm

Larry

I like the quote, and particularly the part about moral standards. We can only move on to a better, healthy system if we address the deep moral bankruptcy of our current banking system, and its many other shortcomings.

If I deposit $10,000 at Citibank. They will pay me 0.5% a year, or $50 per annum for this. They will lend out my money at, say, around 6%. So they will earn $600 while paying me just $50. However, the bank then says that although this is a nice profit, they want much more. So they end up lending my money out 10 times over to earn themselves $6,000, while paying me just $50. Of course they don't tell me anything about what they are doing with my property.

Naturally this practice would be illegal in any other business, but it is allowed in banking, and they try to keep quiet about it. However, if the market moves or their general loan performance is bad the bank is very quickly technically insolvent. However, this practice of fractional reserve banking is fully supported, by legislation and tax dollars, by the central banks and governments, of which ever party, and voters do not demand a change.

Until everyone, including the voters, demand banking practices that are honest, moral, have integrity and are trustworthy, what can we expect from our society, given the core immorality at the heart of the banking system? Isn't this what your quote is getting at?

Until this changes, the only moral action that we can take is to promote healthy alternatives. These are full reserve community banks, which are hard to find, alternative currencies, direct lender to borrower agencies, or social banking, like zopa.com, or micro-lending like Grameen bank.

Perhaps someone would like to counter what I am saying and explain why it is we are prepared any more to tolerate our current banking system.

Cheers, Chris.

Comment by Larry Chang on February 18, 2009 at 12:53pm

A true revolution of values will soon cause us to question the fairness and justice of many of our past and present policies. True compassion is more than flinging a coin to a beggar; it is not haphazard and superficial. It comes to see that an edifice which produces beggars needs restructuring. A true revolution of values will soon look uneasily on the glaring contrast of poverty and wealth. With righteous indignation, it will look and say: "This is not just."
-Rev. Dr. Martin Luther King Jr.

Comment by Chris Belchamber on February 18, 2009 at 2:24pm

As Mohammad Yunus says in his latest book, we have developed a system of financial Aparteid. Furthermore, while a substantial proportion of society is deemed unbankable in our current system, even those who do have access to banking have to confront a system that provides poor service and the deep immorality of fractional reserve banking. This system not only breaks the principles of safe keeping, it abuses deposit holders. Our current system also plainly violates the constitution.

It has long been time to restore our financial system to our values and humanity. At this time we can no longer afford not to do so. Technically this would not be difficult. Yet politically it needs a great deal more awareness, and assertion from voters, or leadership from individuals who can provide more healthy immediate alternatives.

Comment by Ecolocitizen on April 12, 2009 at 9:47pm

Listen to this interview with Thomas Greco, Jr.

View Powerpoint slideshow

Comment by Ecolocitizen on April 27, 2009 at 11:00pm

Economics addendum to the Transition Handbook released.

Comment by Ecolocitizen on May 14, 2009 at 9:44pm

Save the date, clean out your closets, put up some preserves, bake goodies, harvest early lettuce ... bring it all to our first community swap ...

Going to pot on Memorial Day!
Potomac Potlatch
Monday May 25 2009, 1-7 pm
Emergence Community Arts Collective
733 Euclid Street NW, Washington DC 20001

Trade your cast-offs
Buy and sell seeds, seedlings, plants and produce
Market your services, home-made goods
Meet your neighbors
Bring a vegetarian dish to share
Table space provided but feel free to bring your own

Transactions will be negotiated in Potomacs, our new local currency on par with federal dollars.
Exchange rate P1 = $0.95 (5% incentive). Cambio on site.

RSVP ecolocitydc@gmail.com to reserve table space or call 202 545 0869
Volunteers needed for set-up, cleanup and cambio. Contributions invited for compostable plates, cups and utensils.

Spread the word and let's warm up our local economy.
Download flyers from http://ecolocity.ning.com/forum/topics/downloads-1

Comment by Ecolocitizen on May 26, 2009 at 2:24pm

Our first Potomac Potlatch was a moderate success with a turnout of about 20.
There were:
4 vendor registrations
Ecolocity table sales/donations P22
Event circulation P130
Current total circulation P82

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