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I joined ET after that discussion, but you are absolutely spot on.

No disrespect to Jerome, but for an environment conscious Banker, deficit-based money is the Elephant in the Room.

It's why I am spreading the word on:
(a) "asset-based" alternatives to secured debt, involving revenue-sharing through "Co-ownership"; and
(b) mutual guarantees of bilateral credit through the Guarantee Society/Clearing Union concept.

The former essentially allows "Money's worth" in property rentals, energy and so on to be created free of debt: the latter gets rid of interest for credit and replaces it with a provision which covers shared system admin costs and defaults.

These partnership-based mechanisms are I believe, optimal through the way they share risk and reward. If I am right, then they are capable of spreading "virally" and will eventually extinguish the ludicrous Bank-centric National Debts at the heart of our problem by replacing them for the most part with a "National Equity".


"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Fri Jan 19th, 2007 at 04:38:07 AM EST
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