Thomas H. Greco

This was interesting but definitely not the most well-written book I've read. I was looking for more of a book exploring the ideas that the author just barely touches upon, such as how the current monetary system is inherently flawed, why, and how it can be fixed. This book is more concerned with currently existing local currency programs, how to start them, how they work, and how they are inherently better than Federal Reserve Notes.

I also think the author intends for some people to skip chapters and read here and there, so he repeats himself a lot, which is annoying if you read the book straight through as I did.

As I said, definitely interesting, but by the end I was skimming a lot. But there's a lot of ground covered in this book and it would be a great resource for anybody looking to start a local alternative currency program.… (lisätietoja)

Overall I found this an interesting read, a bit challenging since I have no background in economics or finance, but was still able to piece together the big picture. I was struck how similar the issues are to the online world: free software vs. commercial (Firefox vs. Internet Explorer, Linux vs. Windows), community built websites (Wikipedia vs. Britannica). If you care about open source and open content issues, then the same sort of open, democratic, egalitarian ideals can be applied to the money system. It's remarkable once you see a vision of possibility, the old (current) money system seems outdated, and somewhat evil.

Greco shows that "elitism" - the central banks monopoly of credit - is at the root of the problem. The solution is to decentralize power and wealth by eliminating the banking credit monopolies which have a stranglehold on credit (money).. in other words, more openness, participation, "egalitarianism". Greco explains how to do this using what are called credit clearing or credit exchanges that can eliminate the need for money entirely. Just as banks already clear checks between one another in clearing exchanges, without actually moving money back and forth (debits and credits cancel each another), individuals could operate at the same level, without the need for money - or interest, or needing a bank for credit. Computers and the Internet make it more practical. It's an audacious long term vision - just as Creative Commons could take generations to make a dent in the stranglehold of copyright - but check it out and understand what's happening on the forefront of monetary reform.

--Review by Stephen Balbach, via CoolReading (c) 2008 cc-by-nd… (lisätietoja)