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FROM 2017: James Corbett responds to Jerry Day’s Federal Reserve challenge. If “End the Fed” is to be anything more than a mantra, then we must have a plan in place for how to actually end the Fed and what we do after it’s gone. Find out James’ response in this edition of The Corbett Report.
SHOW NOTES:
Original Post: Think you know how to “End The Fed”? Take the #FedChallenge
Jerry Day’s YouTube channel (minivanjack)
Jerry’s Challenge: After the Fed, What?
Interview 928 – James Corbett Discusses Voluntary Solutions to Ending the Fed
Outrunning Collapse: The alternative currency solution
Complementary Currencies: A Beginner’s Guide
Interview 638 – Paul Glover on How to Create a Community Currency
Great episode! New means of exchange to consider that I would not have thought of. This topic should be developed into a practical book, if it hasn’t already.
I plan to follow the links posted in the show notes for more detail. Thanks, James.
Thanks for this flashback. We need all the help we can get with financial/monetary solutions! For me right now, it is the issue I’m most concerned about. When the digital ID is linked with CBDC and it’s the only “currency” businesses will accept, it’s game over for free trade. ‘Scan your eyes to buy’ is going to be real. So if you’re not down for that, complementary/alternative currencies need to be built up now in preparation. It will make non-compliance much easier when the time comes. Because it IS coming.
I’m meeting with an old-timer who has previous experience with local currency, to discuss the ins-and-outs of getting people/businesses involved. One thing he has mentioned is that people tend not to adopt it until they’re desperate. But realistically we need to have something ready to go Before the financial-reset. I have a vision of presenting a few alternative currency ideas to local business groups and maybe the Boards of Directors at a local Credit Unions. I want to spread the word about the many reasons to oppose CBDCs as well as how to counter it. I have a long way to go if I am to bring this to fruition, but I think it will be a worthy pursuit. I have much to learn and more networking to do to get there. If you live along the Colorado Front Range and want to collaborate, let me know.
BTW James, the link in the show notes to Outrunning collapse: the alternative currency solution, is broken.
@Torus
I admire your proactive approach and appreciate your positive vibes.
I attempted that with our local credit union and they talked about how much “safer” and “efficient” digital tokens would be and quoted government regulations at me. I hope that they are more educated, honorable and courageous where you are.
While I have my concerns about digital currencies in general (whether or not they are centralized given current technological frailties) I think that in theory, one could design a resilient alternative cryptocurrency that has incentives that are intrinsically linked to the health of the ecosystems built into it. For instance, measurement devices and/or incentive verification teams could measure how much soil people are building on their property via composting, how much rainwater they are sequestrating and the amount of trees they have planted on their property and then reward them tokens for doing so as these actions in essence represent ‘an investment in the Earth, the community and our shared future’. It would be like ‘bitcoin mining’ but actually serving a practical purpose which benefits all. I know, “pie in the sky” ideas, but i do like the concept of decentralized crypto, I am just not on board with the current manifestations of the tech and intrinsic incentives.
ps – I tried doing that ‘wayback machine’ archive dot org thing to find the broken link but failed (that whole back searching into ‘snapshots’ of websites process still seems labyrinthian to me) but maybe you would have better luck.
@Gavinm
I try to be both optimistic and pro-active, though the later requires a lot more effort. Thank you.
I do not necessarily have THE answer for the credit unions or businesses. A digital token may work very well as one alternative to use as a tool. I like the idea of diversifying. Maybe within a farmers co-op, self issued credit is more appropriate, or perhaps an hours based currency.
Different grooves for different moves.
Different templates for different temperaments.
That is to say, there is not a one size fits all as we prepare for the CBDC takeover.
Regarding you comment “a resilient alternative cryptocurrency that has incentives that are intrinsically linked to the health of the ecosystems built into it… then reward them tokens for doing so as these actions in essence represent ‘an investment in the Earth, the community and our shared future’”
If I may be so bold, in my opinion, that is literally impossible and full of hubris (no personal offense). How exactly can one possibly quantify, or give a value, in a form of “currency” for complex systems such as soil, or microbes, or water sequestration, or plants, or whole entire ecosystems?!? What kind of surveillance and reporting would be needed to maintain these incentives? Or as you say “devices and verification teams”? The attempt would only further objectify nature, rather than promote the nurturing you speak of.
Life’s processes are not commodities.
Life, each tiny life, is quite literally invaluable.
Please, with all due respect, tell me what my credit would be for the evapotranspiration of my 100+year old American Elm?
This idea of incentivizing green investments reminds me of the “Natural Asset Class”, as brought to you by the New York Stock Exchange. I will refer you to a stellar interview that James has with Whitney Webb where this is discussed. They articulate the sickness behind this kind of “quantifying nature”. Worth a Flashback, with all due respect.
https://www.corbettreport.com/interview-1676-whitney-webb-exposes-how-green-finance-is-monopolizing-the-planet/
@Torus
Excellent points! Looking back on the comment, I was hoping someone would chime in and point out the inherent flaws and potential downsides of such an idea. When I wrote the comment last night I had enjoyed a few glasses of our homemade elderberry mead and so I had not thought the concept through thoroughly (nor with clarity of thought).
While my intent was heartfelt (born out of a want to provide for people, the living earth and the future) and not motivated by a want to micro-manage, control (nor was I claiming to have the intelligence/understanding required to accurately quantify those variables) I can understand why you would describe such an idea as hubristic and I accept your constructive criticism gratefully. I was proposing the idea out of wanting to work within the greed driven mental frame work of the current human collective and attempting to ‘re-direct’ that energy to some (at least partially) regenerative ends, but of course accurate quantification of the relevant soil biology that are represented in living soil in a mature ecosystem would be impossible (or at least insanely difficult and non-feasible as it would be way too expensive to quantify accurately). I suppose rain water sequestration would be pretty easy to measure, but when it comes to composting and soil, while one could theoretically measure it (given enough equipment and personnel) this would inevitably create a situation where people would invent sneaky shortcuts to make it seem like they have more soil built than they actually do and/or they would add poor quality ingredients to the compost in order to boost quantity over quality to get rewarded. So that part of the idea is bound for failure and abuse. Measuring ecosystems is not viable, but how many trees planted, ya I think that would be do-able. Nevertheless, your concerns about the objectification and commodification of facets of nature are well founded and I appreciate you pointing that out.
“tell me what my credit would be for the evapotranspiration of my 100+year old American Elm?” I love that! 🙂 Great question (obviously the microclimate and habitat it provides cannot be quantified in value via monetary units, its gifts are myriad and should be revered and nurtured not measured, bought and sold).
Thanks for linking that interview that further highlights the inherent flaws in the idea presented in my comment above. I feel like this has been a useful and productive thought experiment (even though it was sparked via my elderberry mead infused comment above that was lacking foresight and consideration for the unquantifiable and sacred value of the living world).
Thanks again for the reply 🙂
I appreciate the opportunity to engage in thought experiments. I have no doubt that your idea was well-intentioned and from the heart, with a hope to help people mend their relationship with nature. Earth-workers don’t need an incentive, the work and the reward are already intrinsically connected. That being said, we all need to adopt a different means of exchange if we are to stay out of the digital prison. And we will all benefit if we adopt alternate ways of doing so (true environmentalists included).
PS Elderberry mead sounds delicious!
@Torus
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Well said! 🙂
I suppose theoretically I could completely refrain from engaging in exchange with other humans, still survive and not get locked up in “the digital prison” (if I really had to) but I would prefer to continue exchanging with other humans if possible. One valuable form of exchange can take the form of ideas and knowledge and I am grateful that we can currently engage in that form of exchange here.
To be honest, I personally do not have much interest in monetary systems and money. I mean I know it facilitates collaboration, crowd funding as well as the production and distribution of things and information (at long distances) that can empower, inform, uplift, unify, educate and heal, but just for me, and my personal experience, I think I would rather live without dealing with money at some point in my life. This does not mean I would refrain from exchanging seeds, services, ideas, art, labor or other things that I can offer to those in my community, but money and monetary systems just never vibed with me in general.
Elderberry mead is delicious! It is good when its fresh (after only the first stage of fermentation, about 2 weeks – one month) and also when its aged and dry (1 year – 10 years).
One of the things I love about making mead is that thanks to the work of the countless bees collecting the nectar from thousands of flowers, raw honey is rich in wild yeasts, so all you have to do to turn honey into mead is dilute it with water (which shifts the PH and wakes up the yeast) and it ferments all on its own. Mead also allows for extraction of valuable nutrients, antioxidants and medicinal compounds (such as β-glucans) from fruit, herbs and mushrooms (via the metabolic action of the yeast working on the material, transforming the sugar into alcohol and via the solvent action of the alcohol itself) into a shelf stable medium. It is a method for transforming perishable crops into a potentially nutrient dense shelf stable beverage that requires no specialized equipment, store bought materials or high tech stuff (given one can create a makeshift airlock).
In the context of a potential future where our access to technology may be cut off, I think things like mead making and lacto-fermentation (using wild/naturally occurring fermenting microbes) will become extremely important for preserving seasonal abundances.
(continued..)
(..continued from above)
I chose to remove my mead recipe from my book recently as I realized that since I am donating a couple dozen copies to schools, having a recipe for making an alcoholic beverage in there is probably not a good idea (despite it’s practical relevance for low tech preservation).
If you have not tried making your own mead I highly suggest it. Ginger and Pear mead is especially delicious.
Here is the recipe for basic mead I chose to remove from my upcoming book for anyone looking to give making some at home a try.
https://archive.org/details/47051023-300007750847640-6402891142697844736-n-1 (fyi – the screenshots of the recipe are not in the correct order)
If you wanna go really basic all you need is mason jars, glass bottles (like a washed out wine bottle) and a few balloons for making young mead. If you wanna age it to become dry you`ll want to get an airlock.
Who knows, there could come a time when a bottle of mead is worth more than a wallet full of currency (whether digital or otherwise). Since mead is shelf stable for a decade plus (and ages even better than most wines made with grape juice) making mead at home could be considered as a form of long term investment in the format of an almost universally recognized (and delicious) form of ‘self issued currency’ 😉
Happy Mead Making! 🙂
Mead truly is the nectar of the gods. I’ve only ever made plain mead but would like to try a melomel sometime.
You’ve probably already heard about this, but I thought it worth sharing.
Government to the rescue!!
“A honeybee vaccine, meant to protect honeybees against the deadly hive bacteria, has been approved by the U.S. Department of Agriculture (USDA). The fatal honeybee infection is known as the foulbrood disease, which is known for killing honeybees and decimating honeybee colonies.”
https://search.brave.com/search?q=honeybee+vaccine&source=ios&tf=pm
Thanks government. ?
@Steve
Agreed! 🙂
That is too bad about big pharma targeting the bees, their PR release about the vaccine says it is just “killed whole-cell Paenibacillus larvae bacteria” (so according to them not some weird genetically contaminating mRNA concoction or something) but given the track record of that industry I would not trust it my self.
I would rather opt for this approach in helping keep bees healthy (since it is something they apparently already ingest to ‘self-medicate’ in nature)
– https://www.nature.com/articles/s41598-018-32194-8?_ke=eyJrbF9lbWFpbCI6ICJhbm5zZ2luZ2VyaG91c2VAaG90bWFpbC5jb20iLCAia2xfY29tcGFueV9pZCI6ICJMeDRHUnAifQ%3D%3D
– https://pubmed.ncbi.nlm.nih.gov/12797406/
– https://fungi.com/pages/bees
Thanks for the heads up on that bee vaccine.
I found Paul Grignon’s “Money As Debt” documentaries to be interesting, but I found Ryan Fugger’s papers “Money as IOUs…” to be more liberating, and better helped me understand how money works. A copy of one paper is at https://library.uniteddiversity.coop/Money_and_Economics/decentralizedcurrency.pdf “Money as IOUs in a Social Trust Network and A Proposal for a Secure, Private, Decentralized Digital Currency Protocol”. I recall another similar paper that gave more explanatory examples of money IOUs but I could not find it. Sorry about that. IOU examples include: fiat currency as one would expect, checking accounts, savings accounts, CDs, and mortgage contracts. They are all IOUs, though some are more complicated than others because of attached payment schedules.
I believe that a practical system of self-issued credit is possible, though I believe that calling it something else, such as “electronic IOUs”, would make it easier to get people to understand and adopt it.
The key idea is that anybody can and should issue their own IOUs to buy things. The IOUs can be denominated in anything: dozens of eggs, bushels of corn, ounces of silver, a fiat currency, or somebody else’s IOUs. Because one type of IOU can be denominated in another, temporary piggy-backing is possible, which would make value comparison, trust, and adoption easier.
The money supply is the totality of all IOUs, of all denominations. The supply is limited only by the trust that holders of IOUs have in the IOU issuers.
What would be needed to make this system efficient and practical is a decentralized network to help people with the accounting, keeping track of outstanding IOUs, and being able to show that the issuers eventually pay them off. Fugger suggested a separate network for each IOU denomination, but I believe that a single network can and should track them all.
Anyway those are my thoughts.
– Coupons –
I like this term.
It is simple.
Everybody knows what a coupon is.
Coupons are broadly legal.
Coupons are a broadly accepted practice.
Coupons are readily used by many people for goods and services.
Coupons often have time stamps.
Some folks could get very creative with the coupon voucher idea.
Hybrid formats might develop in the exchanges of “something of perceived value for something of perceived value”.
Those are some good features of the coupon concept, but I see some bad ones. Most coupons are not used like money. They are issued and redeemed by large institutions, not individuals. They are issued in huge quantities, and most of them are thrown in the trash. And most coupons come with restrictions on use, for example only to purchase a particular item.
If anybody has better idea than IOUs as a conceptual basis for a system of self-issued credit, then I’d like to know about it. Everybody uses IOUs already, they just don’t realize it, yet. Paper currency, bank accounts, charge accounts, mortgages, they’re all IOUs. Though few individuals issue their own IOUs now, the concept is simple to teach and learn. Most of what you need to know is in the name “IOU”. I Owe yoU. Finally, the barrier to entry of being an issuer of IOUs is small: a sheet of paper and a pen.
What we need now are people to work on some decentralized network software to lower the barrier to entry further by automating IOU issuance and management. Are there any takers?