[P2P-F] + Cosmolocalization Scrip ? Re:

Fri Dec 28 10:52:22 CET 2018

> This seems pretty much what MMT economists are describing, coupled with
> localization (michael schulman) currencies,
>

what I don't see is the 'cosmo' part,

feasible, but politically without much traction for the moment,

Michel

>
>
> Message: 2
> Date: Fri, 28 Dec 2018 10:17:13 +0100
> From: Dante-Gabryell Monson <dante.monson at gmail.com>
> To: p2p-foundation <p2p-foundation at lists.ourproject.org>
> Subject: [P2P-F] + Cosmolocalization Scrip ? Re: What happens when a
>         state doesn't control its own monetary creation ?
> Message-ID:
>         <
> CAGaoiphwvZcNJHYtmC1isWJaby6vzktVUcwdpEQ7LGsSfm1Ang at mail.gmail.com>
> Content-Type: text/plain; charset="utf-8"
>
> Places / real economies like Greece ( although Estonia would also be an
> interesting place as its government already invested in blockchain database
> solutions )
>
> could imho benefit from a state guaranteed Cosmolocalization Scrip
>
> https://en.m.wikipedia.org/wiki/Scrip
>
> For example, a government could decide to issue Scrip ( the state of
> California did issue IOU's, a few years back, that could be used to pay
> taxes )
>
> and decide to spend it into existence in sectors of the local economy it
> could even decide to define and update ( using scrip in the form of a token
> / smart contract ),
>
> ideally to generate access to currency in parts of the economy that are
> under served in currency, and especially to enable services and production
> that can reduce dependency on imports and/or bootstrap sectors that could
> also lead to exports.
>
> It could also track usage of the scrip through analytics enabled by its
> tokens on its blockchain ( or holochain ? ) , understanding the effects and
> usage of the scrip. ( potentially anonymized ? )
>
> This would fit perfectly within a Cosmolocalization narrative.
>
> Such a Scrip could also function so as to reduce paper work ( online
> accounts, digital payments ) and be adapted, not to replace Euros, but as a
> complementary currency. For example, imported goods might only have a
> percentage of the price of the good related to local services in cosmo
> scrip.
>
> The government(s) could also generate demand for the scrip by accepting it
> as a medium of tax payment. Although to avoid it replacing all euro tax
> income, the government(s - including regional or local ) could for example
> accept only a certain percentage of a persons or company's scrip as tax
> payment. Similarly to a dual complementary currency mode used for other
> goods.
>
> It could experiment at first with anything that is locally produced, and
> also start by allocating an addition to the current euro salary of
> government workers, in scrip.
>
> If successful, it could also enable loans in scrip, by local businesses
> that can use it to develop local production ( and ultimately reduce the
> need for imports ),
>
> and it can also strategically enable clusters of interdependent businesses
> that can benefit from each others services,
>
> and can also ultimately facilitate online markets and a c3 ( commercial
> credit circuit )
>
>
> https://tradingeconomics.com/greece/balance-of-trade
>
> https://tradingeconomics.com/greece/current-account
>
>
>
> On Fri, Dec 28, 2018, 07:53 Dante-Gabryell Monson <dante at ecobytes.net
> wrote:
>
>
> Just brainstormed this on fb :
>
> As long as there are foreign currency reserves ( usually trade surplus vs
> the currency ), the state could spend as much as it needs into creation,
> and as long as this spending meets development it doesn't necessarily mean
> inflation.
>
> Hyperinflation happens so as to reduce the capacity of each to buy imported
> goods, in a situation of severe trade disbalance and a scarcity of foreign
> reserves. Deflation in the case of not having control on your own currency
> and monetary supply drying out.
>
> Currently, limitations imposed on european states are meant to avoid
> inflation, and/or debasement, or rather, they are meant to enable private
> sector such privilege in creating markets and hence directing society in
> the direction it sees fit, rather than the state.
>
> Although limitations on spending doesn't necessarily benefit the real
> economy, nor quality of life through access to currency in certain lower
> social classes.
>
> What currently happens, is that we depend, in the Euro Zone, exclusively on
> a monetary monopoly controlled by private financial networks of
> corporations.
>
> ...
>
> An additional aspect being credit peak, which works in the context of debt
> that has to be repaid.
>
> Since the 70 ies, banks imposed on states not to create their own money
> into existence, and instead leave such monopoly to private banks, bringing
> us in a "state of submission" to private finance for access to currency.
>
> Taxation, initially, could serve to control monetary mass. It was not
> needed to fund the state.
>
> But in the current context, states are obliged to borrow from financial
> institutions, and hence politicians are pressured to make sure they can
> continue paying interest on the debt.
>
> To oversimplify : not only is this theft ( transfer of property ), but it
> is depriving a large part of the population of the currency it needs to
> generate services between each other and hence increase each other's
> quality of life !
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