Protesters Consider Launching Their Own Currency
David DeGraw – a key organizer in the Occupy Wall Street protests – reports:From last night’s GA [Occupy Wall Street "General Assembly"] meeting: “Work began today on a proposal trying to implement a currency for this movement. The Wall Street banks and their best customers, the multinational corporations control the source and flow of $$$$. This is an open invitation for you to join us in this process! We will be meeting at 11am every day, every week, until we’re done, at the red cube in the Southeast corner of Liberty Park.”
The Powers-That-Be Don’t Like Competitive Currencies
As I’ve previously noted, the average life expectancy for a fiat currency is 27 years … every 30 to 40 years the reigning monetary system fails and has to be retooled.Uncle Sam obviously benefits enormously – and is able to get away at least temporarily with trade deficits, costly wars, etc. – because the dollar has been the world’s reserve currency (although that role is quickly slipping away).
As counter-intuitive as it sounds, experts say that the current money-creation system is the exact opposite of what everyone thinks. In fact, loans are created first, and then “money” is created second to fund the loans. And some experts say we don’t even need money in the traditional sense.
As such – even though the Fed doesn’t like competition (all of our bills are “Federal Reserve Notes”) – there is actually tremendous flexibility in creating currency systems, as long as there is agreement by enough people to use them and accept them as payment.
