Comments on: Local Currencies, Not Washington Post Platitudes, the Key to Economic Recovery

By: Jens Meder

Jens Meder — Thu, 21 Jan 2010 18:22:25 +0000

Since the physics of economics are not changed by local currencies, they are not necessarily the ultimate answer to our current problems, CAUSED BY EXCESSIVE RELIANCE ON CREDIT FOR WHICH THERE WAS NO WILL OR CAPACITY OF REPAYMENT.
Regardless of “The paradox of thrift” (when saving “under the mattress”), the basic fact for us humans is, that we cannot create anything out of nothing (including bank overdrafts), so there must be some sacrifice of consumption (potential) for investment for what we need or want it, or in other words, anything beyond the “hand-to-mouth” consumption in the animal kingdom IS PHYSICALLY IMPOSSIBLE WITHOUT SOMEONE’S SAVINGS AT THE EXPENSE OF IMMEDIATE CONSUMPTION (POTENTIAL) = the creation and use of capital, the natural (non Marxian) meaning of the word capitalism.
So, the priority need is to crank up our savings rate for jobs and wealth creative investments and debt repayments, which can be done under the existing monetary system – perhaps most effectively through a basic compulsory (retirement) savings rate, as in Singapore.

By: Tom J. Kennedy

Tom J. Kennedy — Sun, 10 Jan 2010 04:48:05 +0000

Timely article Richard. I am re-posting it at The UsuryFree Eye Opener.

By: Local Currencies, Not Washington Post Platitudes, the Key to Economic Recovery by Richard C. Cook « Dandelion Salad

Fri, 08 Jan 2010 02:37:31 +0000

[...] Richard C. Cook Featured Writer Dandelion Salad richardccook.com January 7, [...]

By: Mark Herpel

Mark Herpel — Thu, 07 Jan 2010 19:47:32 +0000

An excellent article Richard. All one has to do is look back at the Worgl in the 1930’s to know that local and region currency works. They called it the “Worgl Miracle” back then and I see it happening again in this decade.

Mark
editor@ccmag.net
Skype IM “digitalcurrency”