Book reivew…
Where all these “crazy” ideas are coming from…
“The End of Money and the Future of Civilization” by Thomas H. Greco, Jr.
Published by: Chelsea Green Publishing, White River Junction, Vermont, USA (www.chelseagreen.com), 2009. ISBN 978-1-60358-078-6
The following is the introduction to a book review by Timothy Jenkin, the founder of the community-exchange.org network.
Thomas Greco is the most radical writer on money today. The very title of the book suggests that the future of civilization depends on abandoning money-as-we-know-it. What could be more radical and revolutionary than that? Yet on reading this book Tom Greco does not come across as some wild revolutionary wanting to turn the world upside down. His style is calm, thorough and systematic. He talks us through the historical record and shows how the current financial system has shaped and governs our world. The entire argument of the book is that if we are to tackle the gigantic issues of our time we have to understand how money works and adopt a new way of doing money. We do not have to re-invent it entirely for it has evolved over the centuries and we are now entering a new era where modern technologies allow us to move away from the existing centralised, globalised, monopolised and privatised money system that is a tragic relic of history to a truly modern, democratic money system that belongs to the commons.
I have not personally read this book yet, but I have studied presentations by Mr. Greco in preparation for authoring this website. But, as soon as I get done here I will run down to the library, where a copy of this book is reserved for me.
The rest of the book review? Well, maybe we should all just read the book…
On second thought, here’s another teaser for you.
The first eight chapters set the scene for the main theme of the book, which is that the prevailing money system has brought humanity to the brink of disaster in many different ways. It is the money system that defines how our economies work and has set them on the unsustainable growth-oriented trajectory. Today it is the ‘money power’ that rules the world:
“I have argued that control of money and exchange mechanisms is the key structural element that determines the distribution of power, and that it must be the main focus if any degree of community empowerment and self-determination is to be achieved. A money monopoly, whether in private hands or government controlled, is inimical to freedom and equity.”
In order to realise a new monetary paradigm, money-as-we-know-it needs to be ‘depoliticised’. This can only be accomplished by the separation of money and the state. Under the current arrangement the banking cartel creates money as debt and charges interest on it while governments get to spend as much as they want without regard to tax revenues. Legal tender laws and banking regulations endow the banking cartel with the exclusive power to issue money (as debt), which we are forced to use. The collusion between political power and financial power is the root cause of the mega-crisis facing humanity.
Ok, so read the full review and then maybe read the book. Better yet, join the exchange. http://communityexchange.ning.com/profiles/blogs/book-review-of-the-end-of