Mutual Credit for the 21st century: Convertibility
Though posted in January 2012, this post remains valid.
I’m reposting this because at this point concrete solutions are crucial to the debate. When I published it first it was probably a little abstract for most, but perhaps now it is a better time to discuss these fundamental issues of Complementary Currencies.
At the related links below, the other important articles on Mutual Credit are made available.
Modern complementary currencies either allow for interest free credit, or for convertibility to euro or dollar. This explains to a large extent why interest free credit is not the norm and why Banks still exist. To compete with banking currencies in the marketplace, interest free credit (Mutual Credit) must be available in convertible form. Fortunately, the technology for this has become available.
This is the key to a new era.
At this point there are two major methods in operation for the creation of interest free ‘complementary currencies’. That is, units created…
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