Skip to main content

Could banksters' worst nightmare eventually help Greece to escape the euro-prison?


The banking elite sees a phenomenon that doesn't like at all, flourish all around Europe: local currencies. Regions that reside inside the eurozone and out of it, have already made the step towards a local currency, which gives them a lot of degrees of independence. Local currencies could be used by local communities to direct policies towards the benefit of the community as a whole in contrast with the big scale, where hard currencies, like euro, have become the tools of the elites to impose austerity and brutal neoliberal policies.

Barcelona is one significant European center that is about to try the solution of local currency. As ElPais reported last year:

Barcelona City Hall has announced it is to press ahead with a pilot scheme to roll out a cashless local currency over the course of 2017 and 2018 in the working class Besòs district in the northeast of the city. The idea is for the currency to become legal tender in 2019.

The Bank of Spain has warned against the initiative, which was first mooted by Mayor Ada Colau after she won local elections in May 2015, describing it as “informal, with no legal framework, or regulator or adequate supervision.

Colau, who made her name campaigning against mortgage foreclosures and home seizures, heads a left-leaning coalition. The idea is for local stores and residents to be able to exchange euros for this new currency, and use it to purchase products and services at a discount or with other kinds of advantages. Municipal workers may also receive part of their salary in the new money. The exchange rate would be one-to-one.

[...]

There are numerous precedents, both in Spain and elsewhere: the Bristol pound in Britain, the Chiemgauer in the German region of Bavaria, the sol-violette in the French city of Toulouse, the ekhi in Bilbao, the res in Girona, and the puma in Seville.

As also reported by ThinkSpain, “Barcelona will have its own 'virtual currency' by next year, despite the Bank of Spain warning the move is 'ill-advised'. From January 1, 2017, the town of Santa Coloma de Gramenet will accept its own local currency in 108 shops, restaurants and other business premises. And the so-called 'social currency' will be in operation in the Eix Besòs cluster – the Nou Barris, Sant Andreu and Sant Martí neighbourhoods of Barcelona city – from the same date. By the year 2019, the whole of the metropolitan area will accept the local money.

Indeed, “On January 13th, the first 6.000 Gramas (the name of the social currency in Santa Coloma), started circulating throughout the city. [...] The Grama is not the first social currency of Catalonia, but it is the first currency to be established in a city with more than 117,000 inhabitants. In addition, Santa Coloma is the first city council that channels public spending through a social currency. The Grama, which has a 1 to 1 value to the euro, is not a physical currency. It is managed with an application that allows transfers from one user’s account to another user’s account using Internet and mobile phones.

The reaction of the Bank of Spain tells a lot of how much the banking cartels afraid that may lose control of their debt colonies in Europe, through a local currency 'epidemic'.

As Michael Krieger reported almost two years ago: “TEM—a sophisticated form of barter whose name is the Greek acronym for Local Alternative Unit—was founded in 2010 in the early months of Greece’s debt crisis with less than a dozen members. Now it includes dozens of participating local businesses that use the system to sell goods and services, including prepared food, haircuts, doctor visits, or even for renting an apartment.”, concluding: “You’ve gotta love the Greek spirit. You can knock them down, you can embarrass them, but you can’t kill their spirit. Everyone else on the planet must recognize that what is being done to Greece will be done to us all in turn. We must show totally solidarity with them against the euro-fascists.

Recall that, while Greece was the major victim of an economic war, Germany used its economic power and control of the European Central Bank to impose unprecedented austerity, sado-monetarism and neoliberal destruction through silent financial coups in Ireland, Italy and Cyprus. The Greek political establishment collapsed with the rise of SYRIZA in power, and the ECB was forced to proceed in an open financial coup against Greece when the current PM, Alexis Tsipras, decided to conduct a referendum on the catastrophic measures imposed by the ECB, IMF and the European Commission, through which the Greek people clearly rejected these measures, despite the propaganda of terror inside and outside Greece. Due to the direct threat from Mario Draghi and the ECB, who actually threatened to cut liquidity sinking Greece into a financial chaos, Tsipras finally forced to retreat, signing another catastrophic memorandum.

So, the next big question is: could local currencies inside the Greek territory become the solution for Greece to escape the euro-prison? Local communities could build their own currencies and start gaining independence from the Bank of Greece, which of course is completely controlled by the Frankfurt headquarters.

Comments

  1. This sounds like a subtle attempt to introduce electronic (bitcoin/blockchain) currency into society with the intention to eventually eliminate all cash. Naive locals see this as an answer to Euro domination, when in fact they are critical test cases being monitored by Brussels and the ECB (as well as IBS and worldwide central banks) enabling the study of the social dynamics and acceptance filters of non-cash electronic money transactions. This could provide templates for a future global single currency eliminating all financial privacy and total state control of all things economic.

    Be careful what you wish for!

    ReplyDelete
    Replies
    1. We are talking about local currencies. Therefore, the opposite of any centralized control, which is actually the nightmare of the big central banks who control money supply and flow either physically or electronically.

      Delete
  2. In my article, 50 Ways to Leave the Euro: Greece and the Global Crisis,(https://www.commondreams.org/views/2015/11/06/50-ways-leave-euro-greece-and-global-crisis), I pointed out at that Greece (as well as everyone else) needs to create domestic and community liquidity. Community and private currencies, alongside private trade ("barter") exchanges that enable businesses to trade without money, are the weapons that need to be employed to escape from the debt-trap that has been imposed on the Greek people by the banksters and their political minions.
    But currencies need to be issued in such a way as the be sound, credible and scaleable. My work over the past 35 years has focused largely upon promulgating sound principles of currency issuance, and designing currency and exchange models that can make a real difference. Thomas H. Greco, https://beyondmoney.net/.

    ReplyDelete
    Replies
    1. Thank you for your valuable contribution. Interesting info.

      Delete

Post a Comment

Popular posts from this blog

Killing Gaza: Documentary by Dan Cohen & Max Blumenthal shows life under Israel's bombs and siege

The Grayzone   In the feature-length documentary film "Killing Gaza," journalists Dan Cohen and Max Blumenthal documented Israel’s 2014 war on Gaza.  Yet this film is much more than a documentary about Palestinian resilience and suffering. It is a chilling visual document of war crimes committed by the Israeli military, featuring direct testimony and evidence from the survivors.  

From RussiaGate to UkraineGate: Route to Apocalypse

Corruption and supposed efforts to reduce it have become a neoconservative weapon of choice with which to operate the controls on the funding sluice gates to acolytes of the U.S.-led international neoconservative empire.   by Oliver Boyd-Barrett   Part 5 - Poroshenko and Zelensky   Ukraine’s two presidents since the 2014 coup, Petro Poroshenko (2014 to 2019) and Volodymyr Zelensky (2019 to the present), each started with strong support that quickly waned. The country has scarcely improved. Gross National Product peaked in December 2013; unemployment has increased from 7% to over 10%; Ukraine remains the second poorest country in Europe per capita. Corruption, the supposed key force behind popular support for the elections of both Poroshenko and Zelensky, continues to be rampant. Kiev’s policies of stand-off with Russia have been dramatically counter-productive and have deprived Ukraine of Crimea and control of major industrial areas of the Donbass. Some 14,000 lives have been taken, 1.

Illiberal Conservatism Comes to Greece

Under cover of the pandemic, Greece’s right-wing government has passed a slew of new measures to benefit the wealthy at the expense of workers, while massively expanding police powers. On the back of a decade of austerity, the latest laws are set to transform the country into a client state and playground for foreign tourists.   by Matthaios Tsimitakis/Mihalis Panayiotakis    Part 3 - Losing Control For more than six months now, practically all of Greece has been under strict lockdown and under curfew. Despite this, a deadly second wave mostly affecting the country’s north hit in the winter, and a third wave is now ravaging Athens, home to almost half the Greek population. Vaccination numbers remain relatively low due to the disastrous handling of vaccine procurement deals by the EU. Even now, the pandemic’s intensity shows no signs of abating. But even with the lockdowns — which offer diminishing returns and feed economic and psychological anguish — the health system remains on the ed

As the Left wins big in Chile, neoliberalism is about to suffer another decisive blow

globinfo freexchange   Sepúlveda Allende, a grandson of Chile’s legendary socialist President Salvador Allende, spoke with Ben Norton about the historic May 15/16 elections in which left-wing and independent candidates won two-thirds of the seats for a convention to rewrite the constitution, which dates back to the military dictatorship of Augusto Pinochet.   Allende described the political situation in Chile after the fall of Pinochet's brutal regime. This is an interesting period because it  proves that what happened in the entire West, happened in Chile too.  As he pointed out: When the dictatorship ended, there was a kind of alliance made between the parties that historically had represented certain parts of the old left, like the Socialist Party of Allende. Another that was newly formed in that moment, which had not existed before the coup, called the Party for Democracy, which had (ex-President) Ricardo Lagos, and had a lot of power in that moment. There is also the C

The other epidemic killing Americans

People are dying at record rates from opioid overdoses, and harm reduction advocates are asking the Biden administration to overhaul how it deals with the crisis.   by Michelle ChenTwitt  Part 2 - Turning a Corner Though the pandemic has aggravated the opioid overdose epidemic, the Biden administration has signaled a shift in Washington’s approach to the crisis. The massive American Rescue Plan stimulus bill includes a tranche of $30 million dedicated to harm reduction services. That’s a tiny fraction of the $7.6 billion the federal government spent on the opioid overdose crisis in fiscal year 2019. But Beth Connolly, project director of the Substance Use Prevention and Treatment Initiative at Pew Charitable Trusts, said that as the first explicitly targeted federal funding for harm reduction, “ it really is a message and a step in the right direction. ”  The harm reduction provision in the relief package could boost federal support for syringe service programs (SSPs), which provide cl

Η φιλο-Ισραηλινή προπαγάνδα και οι ακροδεξιοί "τυφλοπόντικες"

globinfo freexchange   Η μονοδιάστατη κάλυψη των εγκλημάτων του Ισραήλ κατά των Παλαιστινίων στη Λωρίδα της Γάζας αλλά και στη Δυτική Όχθη από την εγχώρια μιντιακή χούντα, είναι εκκωφαντική.  Τα "Πετσωμένα" και μπουκωμένα με κυβερνητικό χρήμα συστημικά κανάλια και ιστοσελίδες, εκτός από τις επιχειρήσεις φιλοκυβερνητικής προπαγάνδας, ακολουθούν καταπόδας την φιλο-Ισραηλινή προπαγάνδα των Δυτικών ΜΜΕ.   Ο δημοσιογράφος Άρης Χατζηστεφάνου, σε πρόσφατο άρθρο του, αποκαλύπτει από πρώτο χέρι μερικά κομβικά στοιχεία της συγκεκριμένης προπαγάνδας:   Τι έχει μάθει τις τελευταίες ημέρες για τις εξελίξεις στη Μέση Ανατολή ένας ανυποψίαστος πολίτης, ο οποίος παρακολουθεί μόνο τα κυρίαρχα μέσα ενημέρωσης στην Ελλάδα και το εξωτερικό; Ότι ομάδες «Παλαιστίνιων τρομοκρατών» επιτέθηκαν με ρουκέτες εναντίον κατοικημένων περιοχών του Ισραήλ αναγκάζοντας τις ένοπλες δυνάμεις της χώρας να αμυνθούν χτυπώντας τις δυνάμεις των «τρομοκρατών» στη Λωρίδα της Γάζας. Το γεγονός ότι όλα ξεκίνησαν α

Day 785: Julian Assange still in prison

failed evolution   World's number one political prisoner, Julian Assange, still in high security prison for exposing horrendous war crimes carried out by the US imperialists and their allies.     

How Bill Gates impeded global access to Covid vaccines

Through his hallowed foundation, the world’s de facto public health czar has been a stalwart defender of monopoly medicine.  by Alexander Zaitchik Part 3 - The extent and ways intellectual property posed barriers to ramping up production Technically housed within the WHO, the ACT-Accelerator is a Gates operation, top to bottom. It is designed, managed, and staffed largely by Gates organization employees. It embodies Gates’s philanthropic approach to widely anticipated problems posed by intellectual property–hoarding companies able to constrain global production by prioritizing rich countries and inhibiting licensing. Companies partnering with COVAX are allowed to set their own tiered prices. They are subject to almost no transparency requirements and to toothless contractual nods to “equitable access” that have never been enforced. Crucially, the companies retain exclusive rights to their intellectual property. If they stray from the Gates Foundation line on exclusive rights, they are

The billionaire class is a threat to Democracy

Since the pandemic began, America’s billionaires have seen their wealth skyrocket to an amount almost equal to a fifth of US GDP. This concentration of wealth is morally unacceptable — but it also represents a mortal threat to democracy.  by Luke Savage  It’s by now widely understood that the past twelve months have been a tale of two very different pandemics. Amid the countless stories of human misery buried in monthly unemployment figures, reports of widespread hunger, and tragic (though avoidable) deaths of frontline workers, COVID-19 has been a veritable bonanza for the tiny few at the commanding heights of the hyper-financialized global economy. Recent numbers published by the Financial Times underscore just how dramatic these gains have really been:                               Over the past two decades, as the global population of billionaires rose more than fivefold and the largest fortunes rocketed past $100bn . . . The pandemic has reinforced this trend. As the virus spread

The Pentagon seriously contemplated nuking China in 1958

Newly leaked documents show that US officials in 1958 cavalierly planned a nuclear strike on China over a handful of disputed islands. As Washington once more stokes tensions with China, it’s a reminder of the callous recklessness at the heart of US foreign policy.   by Branko Marcetic  Part 2 - Destruction for Dignity The plan, approved by the Joint Chiefs of Staff and developed before the 1958 Taiwan Strait Crisis began, envisaged only two phases in the response to a Chinese attack: patrol and reconnaissance, followed by the defeat of Chinese forces, who would be “ countered by an American attack with atomic weapons against the Chinese mainland. ” The nuclear attacks would begin against Chinese air bases before moving incrementally up into the Chinese mainland as far north as Shanghai, as was discussed at one point. As the study took care to point out, the plan didn’t include any intermediate step involving conventional weapons: “ the phase immediately following patrol and reconnaiss