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    Both asset backing and mutual credit are viable approaches to
    creating alternative exchange media. I wrote about all this in my
    book, <i>Money: Understanding and Creating Alternatives to legal
      Tender.</i> The devil is in the details.<br>
    <br>
    Tom<br>
    <pre class="moz-signature" cols="72">Thomas H. Greco, Jr.
<a class="moz-txt-link-abbreviated" href="mailto:thg@mindspring.com">thg@mindspring.com</a>
Mobile phone: 520-820-05
Website: <a class="moz-txt-link-freetext" href="http://www.Reinventingmoney.com">http://www.Reinventingmoney.com</a>
Blogs: Beyond Money: <a class="moz-txt-link-freetext" href="http://beyondmoney.net">http://beyondmoney.net</a>
Tom's News and Views: <a class="moz-txt-link-freetext" href="http://tomazgreco.wordpress.com">http://tomazgreco.wordpress.com</a>
Photo gallery: <a class="moz-txt-link-freetext" href="http://picasaweb.google.com/tomazhg">http://picasaweb.google.com/tomazhg</a>
Skype/Twitter name: tomazgreco
My latest book, "The End of Money and the Future of Civilization" 
can be ordered from Chelsea Green Publishing, Amazon.com, or your local bookshop.
</pre>
    <br>
    On 04/18/2011 8:35 PM, Michel Bauwens wrote:
    <blockquote
      cite="mid:BANLkTikPufVJD-q_C6EoNBOr6oj_DOpJ4A@mail.gmail.com"
      type="cite">just in case thomas greco wants to comment on mutual
      credit vs asset backing,<br>
      <br>
      Michel<br>
      <br>
      <div class="gmail_quote">On Tue, Apr 19, 2011 at 3:57 AM, Matthew
        Slater <span dir="ltr">&lt;<a moz-do-not-send="true"
            href="mailto:matslats@gmail.com">matslats@gmail.com</a>&gt;</span>
        wrote:<br>
        <blockquote class="gmail_quote" style="margin: 0pt 0pt 0pt
          0.8ex; border-left: 1px solid rgb(204, 204, 204);
          padding-left: 1ex;">
          <div>Hi Michel, Franz, &amp; Georg,</div>
          <div>Greetings Andreas Laurent &amp; Tim,</div>
          <div>
            <br>
          </div>
          Usually a barter currency is mutual credit, which means it
          isn't backed by assets.
          <div>A currency which is backed by assets is a commodity
            currency. You can only issue as much money as you have have
            assets.</div>
          <div>Or some arbitrary multiple thereof!</div>
          <div>So I would question the use of the expression 'barter
            currency' here.</div>
          <div><br>
          </div>
          <div>Matthew</div>
          <div><a moz-do-not-send="true"
              href="http://communityforge.net" target="_blank">communityforge.net</a>
            <div>
              <div class="h5"><br>
                <br>
                <div class="gmail_quote">On 18 April 2011 22:37,
                  Dante-Gabryell Monson <span dir="ltr">&lt;<a
                      moz-do-not-send="true"
                      href="mailto:dante.monson@gmail.com"
                      target="_blank">dante.monson@gmail.com</a>&gt;</span>
                  wrote:<br>
                  <blockquote class="gmail_quote" style="margin: 0pt 0pt
                    0pt 0.8ex; border-left: 1px solid rgb(204, 204,
                    204); padding-left: 1ex;">
                    <font face="arial, helvetica, sans-serif">Yes,
                      sounds like a nice set of initiates to me.</font>
                    <div><font face="arial, helvetica, sans-serif"><br>
                      </font></div>
                    <div><font face="arial, helvetica, sans-serif">Yet,
                        Small note regarding the barter currency they
                        propose, "co</font><span style="font-family:
                        Verdana;">vered/guaranteed by the jointly-owned
                        assets."</span>
                      <div>
                        <font face="arial, helvetica, sans-serif"><br>
                        </font></div>
                      <div><font face="arial, helvetica, sans-serif">I
                          remember discussing such approach in the past.</font></div>
                      <div>
                        <font face="arial, helvetica, sans-serif"><br>
                        </font></div>
                      <div><font face="arial, helvetica, sans-serif">In
                          my current understanding , such asset ( such
                          as shares ? ) guaranteed currency is perhaps
                          an approach taken to create an incentive to
                          invest in the local economy ?</font></div>
                      <div><font face="arial, helvetica, sans-serif"><br>
                        </font></div>
                      <div><font face="arial, helvetica, sans-serif">May
                          be worth asking... I cc Tim Reeves.</font></div>
                      <div><font face="arial, helvetica, sans-serif"><br>
                        </font></div>
                      <div><font face="arial, helvetica, sans-serif">Yet
                          I feel that such approach to currency can be
                          risky as it can lead to the monopolization of
                          assets into the hands of a minority, hence
                          having the whole regional economy owned by a
                          small minority on the medium to long term ?</font></div>
                      <div>
                        <div><font face="arial, helvetica, sans-serif"><br>
                          </font></div>
                        <div><font face="arial, helvetica, sans-serif">As
                            far as I remember, although I have no
                            references to provide ( would need to ask
                            Bernard Lietaer ),</font></div>
                        <div><font face="arial, helvetica, sans-serif">in
                            Belgium at least, I heard that unless one
                            has a special status such as a bank,</font></div>
                        <div><font face="arial, helvetica, sans-serif">one
                            can not operate a currency with euro
                            equivalence exchangeable�for euros, unless
                            there is 100 percent euro backing in
                            reserves, such as is the case with the
                            german regio/freigeld currency called
                            "chiemgauer"�</font><a
                            moz-do-not-send="true"
                            href="http://en.wikipedia.org/wiki/Chiemgauer"
                            target="_blank">http://en.wikipedia.org/wiki/Chiemgauer</a></div>
                        <div><span style="font-family:
                            arial,helvetica,sans-serif;">and/or the JAK
                            bank in Sweden�</span><a
                            moz-do-not-send="true"
                            href="http://en.wikipedia.org/wiki/JAK_members_bank"
                            target="_blank">http://en.wikipedia.org/wiki/JAK_members_bank</a></div>
                        <div><font face="arial, helvetica, sans-serif"><br>
                          </font></div>
                        <div><font face="arial, helvetica, sans-serif">If
                            their barter currency is solely for their
                            internal local economy, with no possibility
                            for exchanging for euros ( purchasing
                            outside of their local economy ), I do not
                            understand why they would not have it in a
                            fiat mutual credit form, such as WIR, with
                            participants choosing the percentage of
                            their monetary transaction they wish to be
                            done in mutual credit ( such as WIR ) ?</font></div>
                        <div><font face="arial, helvetica, sans-serif"><br>
                          </font></div>
                        <div><font face="arial, helvetica, sans-serif"><a
                              moz-do-not-send="true"
                              href="http://en.wikipedia.org/wiki/WIR_Bank"
                              target="_blank">http://en.wikipedia.org/wiki/WIR_Bank</a></font></div>
                        <div><a moz-do-not-send="true"
                            href="http://wn.com/WIR_Bank"
                            target="_blank">http://wn.com/WIR_Bank</a></div>
                        <div><font face="Verdana"><br>
                          </font></div>
                        <div><font face="Verdana"><br>
                          </font><br>
                          <div class="gmail_quote">On Mon, Apr 18, 2011
                            at 9:14 PM, Michel Bauwens <span dir="ltr">&lt;<a
                                moz-do-not-send="true"
                                href="mailto:michelsub2004@gmail.com"
                                target="_blank">michelsub2004@gmail.com</a>&gt;</span>
                            wrote:<br>
                            <blockquote class="gmail_quote"
                              style="margin: 0pt 0pt 0pt 0.8ex;
                              border-left: 1px solid rgb(204, 204, 204);
                              padding-left: 1ex;">
                              HI Franz,<br>
                              <br>
                              any perspectives on this?<br>
                              <br>
                              Michel<br>
                              <br>
                              <div class="gmail_quote">
                                <div>
                                  <div>
                                    <div>
                                      <div>On Tue, Apr 19, 2011 at 1:59
                                        AM, Dante-Gabryell Monson <span
                                          dir="ltr">&lt;<a
                                            moz-do-not-send="true"
                                            href="mailto:dante.monson@gmail.com"
                                            target="_blank">dante.monson@gmail.com</a>&gt;</span>
                                        wrote:<br>
                                      </div>
                                    </div>
                                  </div>
                                </div>
                                <blockquote class="gmail_quote"
                                  style="margin: 0pt 0pt 0pt 0.8ex;
                                  border-left: 1px solid rgb(204, 204,
                                  204); padding-left: 1ex;">
                                  <div>
                                    <div>
                                      <div>
                                        <div>
                                          <div class="gmail_quote">
                                            <span style="font-family:
                                              Verdana;"><a
                                                moz-do-not-send="true"
                                                href="http://regional-economic-communities.info/"
                                                target="_blank">http://regional-economic-communities.info/</a></span></div>
                                          <div class="gmail_quote">
                                            <br>
                                          </div>
                                          <div class="gmail_quote">(
                                            found�via open space list )</div>
                                          <div class="gmail_quote"><br>
                                            <div class="gmail_quote">----------
                                              Forwarded message
                                              ----------<br>
                                              From: <b
                                                class="gmail_sendername">Tim
                                                Reeves</b> <span
                                                dir="ltr">&lt;<a
                                                  moz-do-not-send="true"
href="mailto:tim.reeves@rewig.info" target="_blank">tim.reeves@rewig.info</a>&gt;</span><br>
                                              Date: Sun, Apr 17, 2011 at
                                              6:19 AM<br>
                                              Subject: Regional Economic
                                              Communities<br>
                                              To: Tim Reeves &lt;<a
                                                moz-do-not-send="true"
                                                href="mailto:tim.reeves@rewig.info"
                                                target="_blank">tim.reeves@rewig.info</a>&gt;<br>
                                              <br>
                                              <br>
                                              <div bgcolor="#ffffff"
                                                text="#003333"> Dear
                                                friends and
                                                acquaintances,<br>
                                                <br>
                                                I just put together a <u>one-time</u>
                                                mailing list of the
                                                english speakers I know
                                                (and some german
                                                speakers with
                                                international
                                                connections). I'm
                                                writing to let you know
                                                about the concept of
                                                Regional Economic
                                                Communities, hoping that
                                                you may be able to help
                                                getting it known. <font
                                                  size="-1"><font
                                                    face="Verdana"><br>
                                                    <br>
                                                    The concept presents
                                                    a complete � and
                                                    radically new �
                                                    paradigm for
                                                    regional
                                                    communities, linking
                                                    together commercial,
                                                    sustainable and
                                                    social aspects. It
                                                    describes a means
                                                    for normal citizens
                                                    to become joint
                                                    owners of local,
                                                    sustainably-run
                                                    businesses. It then
                                                    introduces a barter
                                                    currency, the Grok,
                                                    which is independent
                                                    of national currency
                                                    and covered by the
                                                    jointly-owned
                                                    assets.<br>
                                                    <br>
                                                    While thus
                                                    apparently being a
                                                    primarily economic
                                                    paradigm, it's
                                                    essence and
                                                    motivation come from
                                                    a spiritual
                                                    perspective and in
                                                    practice great value
                                                    is put on the way we
                                                    interact with each
                                                    other, and to
                                                    integrating personal
                                                    growth and the
                                                    furthering of
                                                    interpersonal skills
                                                    into the daily
                                                    working life.<br>
                                                    <br>
                                                    The external forms
                                                    have been carefully
                                                    designed to be <i>practicable</i>.<br>
                                                    <br>
                                                    You can read all
                                                    about it here: <a
                                                      moz-do-not-send="true"
href="http://regional-economic-communities.info/" target="_blank">http://regional-economic-communities.info/</a><br>
                                                    <br>
                                                    The first such
                                                    community is
                                                    currently starting
                                                    up in Munich - the
                                                    cooperative is
                                                    founded and
                                                    registered, and
                                                    moving ahead swiftly
                                                    towards getting the
                                                    actual business side
                                                    up and running. If
                                                    you would like to
                                                    help the concept
                                                    take root in the
                                                    english-speaking
                                                    world, here are some
                                                    things that would
                                                    help:<br>
                                                  </font></font>
                                                <ul>
                                                  <li>Forward this email
                                                    to anyone you know
                                                    who might be
                                                    interested - people
                                                    active in regional
                                                    currencies,
                                                    ecological measures,
                                                    transition town, and
                                                    such.</li>
                                                  <li>Anyone who has the
                                                    possibility, please
                                                    set a link to the
                                                    concept website on
                                                    your website, so
                                                    that other
                                                    interested people
                                                    may find it.</li>
                                                  <li>Talk to friends
                                                    about it, subscribe
                                                    for the newsletter
                                                    (do so on the
                                                    website) <font
                                                      size="-1"><font
                                                        face="Verdana">�
                                                        and</font></font>
                                                    don't hesitate to
                                                    contact me with
                                                    questions.<br>
                                                  </li>
                                                  <li>Envision a better
                                                    future for all, and
                                                    practice wellwishing
                                                    for all the many
                                                    endeavours to
                                                    achieve that aim
                                                    which are now being
                                                    explored.<br>
                                                  </li>
                                                </ul>
                                                <font size="-1"><font
                                                    face="Verdana">The
                                                    quality of the time
                                                    in which we live
                                                    demonstrates an
                                                    exceptional
                                                    development of
                                                    consciousness. It
                                                    grows with every
                                                    individual who is
                                                    willing to tread the
                                                    paths of personal</font></font><font
                                                  size="-1"><font
                                                    face="Verdana">
                                                    growth</font></font><font
                                                  size="-1"><font
                                                    face="Verdana"> and
                                                    systemic evolution.
                                                    May it bestow us all
                                                    with more
                                                    cooperative and
                                                    appreciative lives �
                                                    paving the way to a
                                                    future which we can
                                                    truly look forward
                                                    to.<br>
                                                  </font></font><br>
                                                <div> <span
                                                    style="font-size:
                                                    10pt; color:
                                                    rgb(185, 116, 74);
                                                    font-family: Segoe
                                                    UI,Frutiger
                                                    Next,DejaVu
                                                    Sans,Bitstream Vera
                                                    Sans,Lucida
                                                    Grande,Lucida
Mac,Verdana,Tahoma,Arial,Helvetica,Geneva,Swiss,SunSans-Regular,sans-serif;"><b>With

                                                      thanks and warm
                                                      regards,</b><br>
                                                    <br>
                                                    <b style="font-size:
                                                      12pt;
                                                      letter-spacing:
                                                      1px;">Tim Reeves</b><br>
                                                    <br>
                                                  </span> <span
                                                    style="font-size:
                                                    9pt; color: rgb(152,
                                                    80, 35);
                                                    font-family: Segoe
                                                    UI,Frutiger
                                                    Next,DejaVu
                                                    Sans,Bitstream Vera
                                                    Sans,Lucida
                                                    Grande,Lucida
Mac,Verdana,Tahoma,Arial,Helvetica,Geneva,Swiss,SunSans-Regular,sans-serif;">Flurstra�e

                                                    10, D-85221 Dachau<br>
                                                    <br>
                                                    Tel. 08131 - 273
                                                    653�� Fax 08131 -
                                                    273 654<br>
                                                    <span
                                                      style="font-size:
                                                      6px;"><br>
                                                    </span> Email: <a
                                                      moz-do-not-send="true"
href="mailto:tim.reeves@rewig.info" target="_blank">tim.reeves@rewig.info</a><br>
                                                    <span
                                                      style="font-size:
                                                      6px;"><br>
                                                    </span> Skype:
                                                    timothy.reeves (mit
                                                    Webcam)<br>
                                                    <br>
                                                    <img
                                                      moz-do-not-send="true"
                                                      src=""
                                                      alt="ReeComm-Logo"
                                                      width="200"
                                                      height="92"><br>
                                                    <br>
                                                    <a
                                                      moz-do-not-send="true"
href="http://regionale-wirtschaftsgemeinschaft.info/" target="_blank">regionale-wirtschaftsgemeinschaft.info</a>���

                                                    <a
                                                      moz-do-not-send="true"
href="http://regional-economic-communities.info/" target="_blank">regional-economic-communities.info</a>���

                                                    <a
                                                      moz-do-not-send="true"
href="http://rewig-muenchen.de/" target="_blank">rewig-muenchen.de</a><br>
                                                  </span><br>
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                                            <br>
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                              <font color="#888888"><br>
                                <br clear="all">
                                <br>
                                -- <br>
                                P2P Foundation: <a
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                                - <a moz-do-not-send="true"
                                  href="http://blog.p2pfoundation.net"
                                  target="_blank">http://blog.p2pfoundation.net</a>
                                <br>
                                <br>
                                Connect: <a moz-do-not-send="true"
                                  href="http://p2pfoundation.ning.com"
                                  target="_blank">http://p2pfoundation.ning.com</a>;
                                Discuss: <a moz-do-not-send="true"
href="http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation"
                                  target="_blank">http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation</a><br>
                                <br>
                                Updates: <a moz-do-not-send="true"
                                  href="http://del.icio.us/mbauwens"
                                  target="_blank">http://del.icio.us/mbauwens</a>;
                                <a moz-do-not-send="true"
                                  href="http://friendfeed.com/mbauwens"
                                  target="_blank">http://friendfeed.com/mbauwens</a>;
                                <a moz-do-not-send="true"
                                  href="http://twitter.com/mbauwens"
                                  target="_blank">http://twitter.com/mbauwens</a>;
                                <a moz-do-not-send="true"
                                  href="http://www.facebook.com/mbauwens"
                                  target="_blank">http://www.facebook.com/mbauwens</a><br>
                                <br>
                                <br>
                                <br>
                                <br>
                                <br>
                              </font></blockquote>
                          </div>
                          <br>
                        </div>
                      </div>
                    </div>
                  </blockquote>
                </div>
                <br>
              </div>
            </div>
          </div>
        </blockquote>
      </div>
      <br>
      <br clear="all">
      <br>
      -- <br>
      P2P Foundation: <a moz-do-not-send="true"
        href="http://p2pfoundation.net" target="_blank">http://p2pfoundation.net</a>�
      - <a moz-do-not-send="true" href="http://blog.p2pfoundation.net"
        target="_blank">http://blog.p2pfoundation.net</a> <br>
      <br>
      Connect: <a moz-do-not-send="true"
        href="http://p2pfoundation.ning.com" target="_blank">http://p2pfoundation.ning.com</a>;
      Discuss: <a moz-do-not-send="true"
href="http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation"
        target="_blank">http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation</a><br>
      <br>
      Updates: <a moz-do-not-send="true"
        href="http://del.icio.us/mbauwens" target="_blank">http://del.icio.us/mbauwens</a>;
      <a moz-do-not-send="true" href="http://friendfeed.com/mbauwens"
        target="_blank">http://friendfeed.com/mbauwens</a>; <a
        moz-do-not-send="true" href="http://twitter.com/mbauwens"
        target="_blank">http://twitter.com/mbauwens</a>; <a
        moz-do-not-send="true" href="http://www.facebook.com/mbauwens"
        target="_blank">http://www.facebook.com/mbauwens</a><br>
      <br>
      <br>
      <br>
      <br>
      <br>
    </blockquote>
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