tag:blogger.com,1999:blog-67343269329775711042024-02-18T19:17:15.644-08:00DESPERADOS THEORYAnonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.comBlogger186125tag:blogger.com,1999:blog-6734326932977571104.post-70408801600624904562017-06-09T11:16:00.002-07:002017-06-09T11:38:30.380-07:00“COMMODITY – MONEY – COMMODITY”, a monetary system implemented as an ecosystem of Ricardian Contract vouchers.<div dir="ltr" style="text-align: left;" trbidi="on">
<h1 class="western" style="color: #00000a; font-family: ubuntu, sans-serif; font-size: 18pt; margin-bottom: 0.08in; text-align: left;">
Abstract</h1>
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<i><span style="font-family: inherit; font-size: large;">This paper is inspired by the works of Samo Kavčič around the marxian concept of C-M-C money. <a class="sdfootnoteanc" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote1sym" name="sdfootnote1anc" style="font-size: 9.12px;"><sup>1</sup></a> <a class="sdfootnoteanc" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote2sym" name="sdfootnote2anc" style="font-size: 9.12px;"><sup>2</sup></a> It broadly shares all the goals and principles. However, it proposes a different mechanism, or rather, different mechanics to achieve a similar monetary circulation.</span></i></div>
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<i><span style="font-family: inherit; font-size: large;">The purpose is to bring it closer to the concept that “Anyone who offers goods and services for sale in the market is qualified to issue currency”, THE END OF MONEY AND THE FUTURE OF CIVILIZATION, by Thomas H. Greco, Jr., 2009, trying to minimize the role any government or monetary authority, or law enforcement, has to play in the system. After all, the final marxian utopia is the overcoming of the state by the free association of the workers and producers.</span></i></div>
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<i><span style="font-family: inherit; font-size: large;">To do so, we recover some of the ideas of Paul Grignon by which “Credit Coin is a contract backed by promises of future productivity” <a class="sdfootnoteanc" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote3sym" name="sdfootnote3anc" style="font-size: 9.12px;"><sup>3</sup></a> <a class="sdfootnoteanc" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote4sym" name="sdfootnote4anc" style="font-size: 9.12px;"><sup>4</sup></a>. We take strictly the principle that the promise of the producer has to be a legally binding contract to deliver the goods. The role of the state should be no other than enforce the fulfillment of these freely issued contracts by the producers with the holders. The system should work and stabilize without any further monetary intervention.</span></i></div>
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<i><span style="font-family: inherit; font-size: large;">To standardize and make the contract legally binding, we propose to use the Ricardian Contract format for the C-M-C currencies. A Ricardian contract is a document which is legible to both a court of law and to a software application. Its purpose is to provide digital trading systems of various kinds the solidity of legally binding claims on goods or property.<a class="sdfootnoteanc" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote5sym" name="sdfootnote5anc" style="font-size: 9.12px;"><sup>5</sup></a> <a class="sdfootnoteanc" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote6sym" name="sdfootnote6anc" style="font-size: 9.12px;"><sup>6</sup></a></span></i></div>
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<i><span style="font-family: inherit; font-size: large;">We describe how small producers can associate in cooperatives or associations and the Ricardian Contract collectively signed and used as framework for the promises. Something like the widespread Marketing Agreements used, for example, by farmers. However, the model also works for a big company.</span></i></div>
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<i><span style="font-family: inherit; font-size: large;">Finally, we highlight how block-chain technologies with smart contract functions is the technology of choice.</span></i></div>
<h1 class="western" style="break-before: page; color: #00000a; direction: ltr; font-family: Ubuntu, sans-serif; font-size: 18pt; margin-bottom: 0.08in;">
Summary of changes to the KMK</h1>
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<span style="font-family: inherit; font-size: large;">This is a summary of the main changes to the original KMK proposal:</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">The small community closed loop economy used just for the purpose to illustrate the functioning of mutual credit currency systems,</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">for us it is an essential precondition for the model that the local CMC currencies cannot be freely traded with general purpose currencies or larger scale currencies. We propose as well a scenario of a closed loop economy covering from district to region, covering the economy areas for which this size is the optimal and adequate economies of scale <a class="sdfootnoteanc" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote7sym" name="sdfootnote7anc" style="font-size: 9.12px;"><sup>7</sup></a>, but, for now, its closed. We leave a model for the interrelation of different scale CMC currencies in a “Great Localization and Engagement scenario” pending for a future elaboration. A model on transitory conditions in which these CMC islands emerge under the dominance (and possible hostile actions) of large scale, world trade, or national fiat, currencies will not be elaborated for now. Table 1 provides a list of industries that could be included in such a closed loop economy. The reason is that a C-M-C system becomes vulnerable to speculation if world trade currencies are let in.</span></div>
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<span style="font-family: inherit; font-size: large;">Instead of a general purpose currency like KMK,</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">we propose an ecosystem of CMC currencies, vouchers, issued by the main production sectors as promises of their future production, expressed in production units. These currencies can be freely traded with each other at the local monetary market.</span></div>
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<span style="font-family: inherit; font-size: large;">the goal is to obtain a better transparency of the monetary cycle from issuance to redemption, where the identity is not diluted into a general purpose currency.</span></div>
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<span style="font-family: inherit; font-size: large;">the goal is a better self-governance of the monetary circuits associated to an industry production.</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">there is no assumption of a monopoly of any entity (business or association) over any currency of a productive sector at this local community. Milk producers could associate into one or several cooperatives, each of them with their own currency or vouchers, competing each other. In that sense, CMC currencies resemble trade mark bonds, competing with each other.</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">Instead of a mandatory forecasts submitted and approved by whatever authority followed by the approval of overdraft credits,</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">we propose a self-credit with no other authorization than the producers themselves, consisting in the the issuance of signed vouchers on their future production, legally valid. The vouchers are denominated in units of production of that special product. The vouchers can be issued at any time before product in the market, and must have a validity start date and end date, corresponding to their product at the market and expiration dates. Start means the moment when the product is ready for sale. End means the moment when the product perishes.</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">Instead of a Monetary Separation of the so called “Real and the Financial Exchange Circles”, be it by a rule-based barrier or in the form of explicit restrictions on trading with old goods, or the Prohibition of Speculation, involving top down monitoring of transactions in the general purpose KMK currency,</span></div>
<ul>
<li><div class="western" style="direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span lang="en-US" style="font-family: inherit; font-size: large;">we introduce a special subgroup of CMC currencies intended to be able to buy long lasting property that have a property title with property shares and property usage rights. We call them “slow” currencies.</span></div>
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<span style="font-family: inherit; font-size: large;">The public sector is not displayed simply as another agent called "town".</span></div>
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<span style="font-family: inherit; font-size: large;">we propose a special public sector CMC currency which is used to collect taxes and has special rules.</span></div>
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<span style="font-family: inherit; font-size: large;">As all the money in the system is already self-credit, the system works with no other form of credit or loan.</span></div>
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<span style="font-family: inherit; font-size: large;">In special, the acquisition of long term assets is not considered and does not need to involve any credit.</span></div>
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<span style="font-family: inherit; font-size: large;">Small agents, in special households, not issuing any money, and therefore not having any self-credit money, may have the need of cash-flow credit. Example is he credit card instrument. It makes no sense to increase the monetary mass with money representing goods, if the production of that good is not increased. Therefore, for that purpose:</span></div>
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<span style="font-family: inherit; font-size: large;">either the cash-flow credit is a zero balance private P2P credit at any of the CMC currencies (like a LETs)</span></div>
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<span style="font-family: inherit; font-size: large;">or it is done in the public sector CMC currency, being the public sector authority the only able to regulate over the overall monetary mass of the public sector CMC and about how much “out of the nothing” temporary money can be tolerated. All other agents have only their interest as the driver and should not have a say in this social interest parameter</span></div>
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Issuing promises of production and delivery</h1>
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<span lang="en-US" style="font-family: inherit; font-size: large;">The producers issue vouchers on their own CMC to finance their production cycle. They pay their providers with the vouchers they issue. Typically these costs consist of:</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">Labor.</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">Utilities (heating, fuel, communications, electricity).</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">Any other type of working capital.</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">Taxes.</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">Contingencies or reserves. Some vouchers may be issued but not released to circulation.</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">Margin, meaning a reserve for amortization of long term production means, new capitalization or investment in productivity increases, contingency reserves and profits</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">There are many ways to program the issuance of vouchers. The only condition is that, if</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">then</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtol8XLai9HlUdp7jfBMLf4VI5QVKXnYHBWdTSLExzPNCruETtR3rrjrXRfgt5m4wC_dBm0kUmqfl2ztPxXuaJakBs6M7lo00wlaiFQ56fLbbXEGApn9qhpGf_5koC1XdsXwY1jNsHmSk/s1600/CommodityMoneyCommodity_html_bf120e2ce17e1408.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="43" data-original-width="277" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtol8XLai9HlUdp7jfBMLf4VI5QVKXnYHBWdTSLExzPNCruETtR3rrjrXRfgt5m4wC_dBm0kUmqfl2ztPxXuaJakBs6M7lo00wlaiFQ56fLbbXEGApn9qhpGf_5koC1XdsXwY1jNsHmSk/s1600/CommodityMoneyCommodity_html_bf120e2ce17e1408.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;"><span lang="en-US"></span><br /></span>
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<span lang="en-US" style="font-family: inherit; font-size: large;"><br /></span></div>
<span style="font-family: inherit; font-size: large;"><span lang="en-US">
</span>
</span><br />
<div class="western" style="color: #00000a; direction: ltr; line-height: 16px; margin-bottom: 0in;">
<span lang="en-US" style="font-family: inherit; font-size: large;">That is, all vouchers issued along the production cycle addressing a product to be delivered at a given month have to add to the total foreseen production.</span></div>
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</span>
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<div class="western" style="color: #00000a; direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span lang="en-US"><span lang="en-US" style="font-family: inherit; font-size: large;">It seems a safe approach to issue vouchers progressively in a quantity as required by the production costs, plus the margin, to also sequentially filling the delivery curve at a future time. The production curve and the delivery curve may have different shapes. This approach minimizes the monetary mass in circulation.</span></span></div>
<span style="font-family: inherit; font-size: large;"><span lang="en-US">
</span>
</span><br />
<div class="western" style="color: #00000a; direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span lang="en-US"><span lang="en-US" style="font-family: inherit; font-size: large;">Table 2 provides a simulation for a production cycle of one year, for products that once in the market expire in 5 months. In the example, the product delivery follows a strong seasonal curve (as it could be agricultural) while production costs have only moderate seasons and most is steady costs.</span></span></div>
<span style="font-family: inherit; font-size: large;"><span lang="en-US">
</span>
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<div class="western" style="color: #00000a; direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span lang="en-US"><span lang="en-US" style="font-family: inherit; font-size: large;">However the system gives ample freedom for businesses to design their own issuance policy.</span></span></div>
<span style="font-family: inherit; font-size: large;"><span lang="en-US">
</span>
</span><br />
<div class="western" style="color: #00000a; direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span lang="en-US" style="font-family: inherit; font-size: large;">The main freedom is at the policy to issue the quantity corresponding to the margin. We will devote a section to this problem.</span></div>
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</span>
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<div class="western" style="color: #00000a; direction: ltr; line-height: 16px; margin-bottom: 0in;">
<span lang="en-US"><span lang="en-US" style="font-family: inherit; font-size: large;">The system is as simple as explained above. However, we will explore different parts of the monetary circuitry to watch for possible hidden side effects.</span></span></div>
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</span>
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<h1 class="western" style="color: #00000a; direction: ltr; font-family: Ubuntu, sans-serif; font-size: 18pt; margin-bottom: 0.08in;">
<span lang="en-US">
Monetary mechanics</span></h1>
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<span lang="en-US">
<a href="https://www.blogger.com/null" name="__RefHeading___Toc1015_2383778620"></a>Pricing at the market</span></h2>
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</span></ol>
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</span></div>
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<span lang="en-US"></span><br />
<div class="western" style="color: #00000a; direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span lang="en-US"><span lang="en-US" style="font-family: inherit; font-size: large;">We said that the vouchers are denominated in units of production of that special product. That would be liters, kgs, units, meters …</span></span></div>
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</span>
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<h3 class="western" style="color: #00000a; direction: ltr; font-family: "Liberation Sans", serif; font-style: italic; font-weight: normal; margin-top: 0.17in;">
<span lang="en-US">
Base Units</span></h3>
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<span lang="en-US"><span lang="en-US" style="font-family: inherit; font-size: large;">However, any producer produces a wide range of products under a main header. Farmers of a poor region not jet under intensive mono culture may grow a wide range of crops, a long list like Rice paddy, Cow's milk whole, fresh, Cattle meat, Pig meat, Chicken meat, Wheat, Soybeans, Tomatoes, Sugar cane, Maize (Corn), Eggs in shell, Potatoes, Vegetables, Grapes, Water Buffalo milk, Cotton lint, Apples, Bananas, Cassava (yuca), Mangos, Mangosteens, Guavas, Sheep, meat, Coffee, Palm oil, Onions, dry, Beans, dry and green, ..., etc. The variety can be huge. Imagine a hardware store, just the list of screws. Issuing a special voucher for each of them is unnecessary and very cumbersome. Subsets of these products can be covered under the same CMC currency umbrella, following probably more farmers territorial grouping than a precise portfolio of products.</span></span></div>
<span style="font-family: inherit; font-size: large;"><span lang="en-US">
</span>
</span><br />
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<span lang="en-US"><span lang="en-US" style="font-family: inherit; font-size: large;">At another variant, the range of products could cover the full recycling cycle, like food, restoration, food waste collection, composting and urban or near rural farming. In this case the CMC covers different products of the same cycle.</span></span></div>
<span style="font-family: inherit; font-size: large;"><span lang="en-US">
</span>
</span><br />
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<span lang="en-US"><span lang="en-US" style="font-family: inherit; font-size: large;">The only condition is that the Ricardian Contract makes it clear. The fields MERCHANDISES, DEFINITIONS or DESCRIPTIONS, and CONDITIONS provide the necessary fields as usual merchant contracts do.</span></span></div>
<span style="font-family: inherit; font-size: large;"><span lang="en-US">
</span>
</span><br />
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<span lang="en-US"><span lang="en-US" style="font-family: inherit; font-size: large;">Pricing can be done the way we are used to for example in travel MILES. MILES is the generic denomination, anchoring into real travel miles at some specific (base) type of trip. Then each real travel mile will have a specific price in MILES depending if it is a first class transoceanic flight or an economy class local flight. LETs operating on services may use the HOUR as the unit of exchange, but the services of high level lawyer may cost you several HOURS per hour.</span></span></div>
<span style="font-family: inherit; font-size: large;"><span lang="en-US">
</span>
</span><br />
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<span lang="en-US"><span lang="en-US" style="font-family: inherit; font-size: large;">There seems not to be necessary that producers specify further how much they will produce of each, other than making public the numbers issued of their vouchers (the monetary mass), nor what price they commit to put at each of the articles.</span></span></div>
<span lang="en-US" style="font-family: inherit; font-size: large;">
</span>
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<span lang="en-US"><span lang="en-US" style="font-family: inherit; font-size: large;">Free market and competition seems to be enough to guarantee the appropriate reaction of the customers against unfair prices or scarcity of products, as at any shopping center today.</span></span></div>
<span lang="en-US"><span style="font-family: inherit; font-size: large;">
</span></span>
<br />
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<span lang="en-US"><span lang="en-US" style="font-family: inherit; font-size: large;">What has to be clearly specified in the Ricardian Contract is the range of products against which the vouchers can be redeemed, and the value of the total production promised for a given month, expressed in the base unit of that currency (in the farmers example above, for example in KgCROPS).</span></span></div>
<span lang="en-US">
</span>
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<span lang="en-US">
Value distribution</span></h3>
<span lang="en-US">
</span>
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<span lang="en-US"><span lang="en-US" style="font-family: inherit; font-size: large;">The producers will aim that the customers perceive fair and stable prices.</span></span></div>
<span lang="en-US">
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<span lang="en-US" style="font-family: inherit; font-size: large;">If the real production of a given month is</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEityvGRZW62qw5nT1j2TH11v3FN9G1KLhwUoraZKyOgLd4gZKH-rUlk8QKtDldq9Lpu7N2ZIniisA8TyL91hQzTQkC21XvyUmLCYAiC2_W7xZdmi1NcEDmxjNES4jGuCWgcPlxbbXSdoUQ/s1600/CommodityMoneyCommodity_html_c644bfff84c22463.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="20" data-original-width="408" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEityvGRZW62qw5nT1j2TH11v3FN9G1KLhwUoraZKyOgLd4gZKH-rUlk8QKtDldq9Lpu7N2ZIniisA8TyL91hQzTQkC21XvyUmLCYAiC2_W7xZdmi1NcEDmxjNES4jGuCWgcPlxbbXSdoUQ/s1600/CommodityMoneyCommodity_html_c644bfff84c22463.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;">By law, the total value of vouchers issued as a promise for that month has to be able to buy the whole production. So that, by definition</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi34l2mhe47y9whkPjtAAxYtcVz3puuQiH_WcVHY8dqkUGskn5la_KPIUXO4uFH3CH01yTXzhr070LCyPY1N4uRiJErlsBV5w3EMAfI8OCZFIrT2L0c6HQ4MqnQ5FJnOqVJM0AgbEpQ0As/s1600/CommodityMoneyCommodity_html_a5cc1e417f77d169.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="20" data-original-width="127" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi34l2mhe47y9whkPjtAAxYtcVz3puuQiH_WcVHY8dqkUGskn5la_KPIUXO4uFH3CH01yTXzhr070LCyPY1N4uRiJErlsBV5w3EMAfI8OCZFIrT2L0c6HQ4MqnQ5FJnOqVJM0AgbEpQ0As/s1600/CommodityMoneyCommodity_html_a5cc1e417f77d169.gif" /></span></a></div>
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<span lang="en-US"><span style="font-family: inherit; font-size: large;">The prices of the different products are set, so that</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcwCXHzFIRS1cjKRHGakjp1xwGagsg-B0xS0EnAjZPLOsKf0s9b3NaxN68fgrdakdKUncxlHuhFjdR1Ez6PNEzpQyEVrmKTZ_-dKtRYNIkYimq_sbCOAAwHYdgGMx1i5lcjo7KI414RqU/s1600/CommodityMoneyCommodity_html_d18e96deb3b7d182.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="22" data-original-width="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcwCXHzFIRS1cjKRHGakjp1xwGagsg-B0xS0EnAjZPLOsKf0s9b3NaxN68fgrdakdKUncxlHuhFjdR1Ez6PNEzpQyEVrmKTZ_-dKtRYNIkYimq_sbCOAAwHYdgGMx1i5lcjo7KI414RqU/s1600/CommodityMoneyCommodity_html_d18e96deb3b7d182.gif" /></span></a></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">which is no other than the Quantitative Money Law.</span></div>
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<span style="font-family: inherit; font-size: large;"><span lang="en-US">This is the basic pillar law, that </span><span lang="en-US"><i><b>the vouchers issued as a promise for that month has to be able to buy the whole production put in the market that month</b></i></span><span lang="en-US">, and occupies a legal positioning similar to anti-fraud or counterfeiting laws.</span></span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;">Prices should be set in a way that customers perceive them fair, and expensive products accepted as expensive, and cheap as cheap. This does not need any further regulation as the market reaction, as it is today.</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;"></span></div>
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<span style="font-family: inherit; font-size: large;"><span lang="en-US">However, this is not enough. The customers should perceive that this corresponds to the expected </span><span lang="en-US"><i>P(n)</i></span><span lang="en-US"> when they accepted the vouchers in exchange of products or services. We analyze this closer at the Redemption Cycle section.</span></span></div>
<h2 class="western" style="color: #00000a; direction: ltr; font-family: "Liberation Sans", serif; font-size: 14pt; margin-top: 0.17in;">
The redemption cycle</h2>
<ol start="6" style="color: #00000a;">
</ol>
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<span lang="en-US" style="font-family: inherit; font-size: large;">Table 3 provides a simulation of the redemption cycle for products that follow a strong cyclic maturation.</span></div>
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Overproduction</h3>
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<span lang="en-US"></span></div>
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<span style="font-family: inherit; font-size: large;">Overproduction, for example, at getting an extraordinary harvest, is easily solved. Shortly before maturity, the business may issue the missing money, in order to offer more product at the same prices.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijOiNv5eWzqDQy4rSFuHDWbjOnA6Re-FBhawpSTluxsVK4RQ9e7A9GTfXaaxS7Sp8ZxBfBEo6wdT2DGaXVqeo7xbI2kS_hS89kdJVB6THGHJoImbB_2KOSCpJG8TQUyRqwva6V4ZGYGhw/s1600/CommodityMoneyCommodity_html_351a471988cb5748.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="21" data-original-width="176" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijOiNv5eWzqDQy4rSFuHDWbjOnA6Re-FBhawpSTluxsVK4RQ9e7A9GTfXaaxS7Sp8ZxBfBEo6wdT2DGaXVqeo7xbI2kS_hS89kdJVB6THGHJoImbB_2KOSCpJG8TQUyRqwva6V4ZGYGhw/s1600/CommodityMoneyCommodity_html_351a471988cb5748.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;">The monetary circuit is guaranteed.</span></div>
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<span style="font-family: inherit; font-size: large;">All production costs already passed, the increased issuance will be added directly to the margin quantity. It will probably translate into a decreased percentage of sales of the available stock, an increase of products that expire, and as a result into a not so brilliant margin increase, but otherwise the system manages the situation with the business as usual mechanisms.</span></div>
<h3 class="western" style="color: #00000a; direction: ltr; font-family: "Liberation Sans", serif; font-style: italic; font-weight: normal; margin-top: 0.17in;">
Underproduction</h3>
<div class="western" style="color: #00000a; direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span style="font-family: inherit; font-size: large;">Underproduction, for example, at getting a poor harvest because of bad weather (or, in the worst case, trying to cheat), is solved less easy.</span></div>
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<span style="font-family: inherit; font-size: large;">With all issued money in circulation, the monetary mass in circulation cannot be decreased.</span></div>
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<span lang="en-US" style="font-family: inherit; font-size: large;"></span></div>
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<span style="font-family: inherit; font-size: large;">A good practice is to issue for the whole expected production</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhq2HKmwKBG48dEesTmkqO5jRrr5y_AGuMhex_q1EjPlwBFVQw9hambxx4yaJtbk7vz2J1RioRlZVhuRpWpkTd5wHLyzxI5XpcGsPNZHyq92GpufmAlALgIJ8Su6g0wSwlLKuDSUxjyTKM/s1600/CommodityMoneyCommodity_html_3aa1ee5cbdf62033.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="20" data-original-width="80" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhq2HKmwKBG48dEesTmkqO5jRrr5y_AGuMhex_q1EjPlwBFVQw9hambxx4yaJtbk7vz2J1RioRlZVhuRpWpkTd5wHLyzxI5XpcGsPNZHyq92GpufmAlALgIJ8Su6g0wSwlLKuDSUxjyTKM/s1600/CommodityMoneyCommodity_html_3aa1ee5cbdf62033.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;">but keep some vouchers in reserve out of circulation until the last minute.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgocvMdMRjnRXLfGkLtjZ6GcXOzDHIT2uTZnBQvgkrRTSTi1BkbmJepf19esaQYDJuOcEY81uWvERcChjC59obQPFbtn0UINPJ0nTomsTblD9Pkihbj3G4AG-gJwTH1qmmk342Ar8YifS0/s1600/CommodityMoneyCommodity_html_2d3a031ec11fb3da.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="21" data-original-width="196" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgocvMdMRjnRXLfGkLtjZ6GcXOzDHIT2uTZnBQvgkrRTSTi1BkbmJepf19esaQYDJuOcEY81uWvERcChjC59obQPFbtn0UINPJ0nTomsTblD9Pkihbj3G4AG-gJwTH1qmmk342Ar8YifS0/s1600/CommodityMoneyCommodity_html_2d3a031ec11fb3da.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;">The advantage is that the announcement of the total amount of vouchers issued is an indication of production expected. The drawback is that the cancellation of retained vouchers can only be done trough expiration, which is not transparent to what has happened.</span></div>
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<span style="font-family: inherit; font-size: large;">The best practice is to issue vouchers for the amounts just needed to pay for the production costs and then treat all cases as overproduction. The expected production can be announced as a forecast by other means.</span></div>
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<span style="font-family: inherit; font-size: large;">If things go worst, and there is a disaster production, and the only option, given the pillar law, is to increase prices, and take on the business shoulders the decrease in credibility, putting into risk the acceptance of future issuance of the business CMC. A dead sentence for the business in a normal situation. But not so different as it works now. After a natural disaster, or a drought, agricultural products may sky-rocket. Everybody will damn the situation, but nobody will blame the farmers for it.</span></div>
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<span style="font-family: inherit; font-size: large;">But the overall model works as it is. No authority or regulation body is required working on sanctions or ex-post overdraft or credit balancing. Sin carries penance.</span></div>
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Stock management</h3>
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<span style="font-family: inherit; font-size: large;">Our starting point is products that expire in a fraction of the production cycle, like, typically, agricultural products, say, months. Each industry would work with an average expiring period, and the vouchers would also have an expiring period and thus an expiring date.<sup style="font-size: 9.12px;"><a class="sdfootnoteanc" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote8sym" name="sdfootnote8anc" style="font-size: 9.12px;">8</a></sup></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0yMIi61QKS_Rfbh4r8aTCTVQiVLyIjgsdyGvBXF3WsHvzRh4oY7c6Z3OvdXyNgL7DvLnsL-TTcZMOxbJ2_JpFiD7FAEOcD5z7Nzhl6ch9zPGKjfceWf-1LeJepjWfSHadsFFcjRwswAM/s1600/CommodityMoneyCommodity_html_28fae844d74f65b8.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="20" data-original-width="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0yMIi61QKS_Rfbh4r8aTCTVQiVLyIjgsdyGvBXF3WsHvzRh4oY7c6Z3OvdXyNgL7DvLnsL-TTcZMOxbJ2_JpFiD7FAEOcD5z7Nzhl6ch9zPGKjfceWf-1LeJepjWfSHadsFFcjRwswAM/s1600/CommodityMoneyCommodity_html_28fae844d74f65b8.gif" /></span></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFfEXddwe5V3nro-4NofPEM7jhxdxJYo3LiXGsQFD3Y2_0iVoGEHiRwDk4Es1zekjVowEpHSUUOD3tT2p84Mfegi_252GbCCPJYkdcFzbXflDiyLcXyngIc5xLEPx2OpsNXxn3BCDxNdE/s1600/CommodityMoneyCommodity_html_cb623e66095e48b6.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="20" data-original-width="351" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFfEXddwe5V3nro-4NofPEM7jhxdxJYo3LiXGsQFD3Y2_0iVoGEHiRwDk4Es1zekjVowEpHSUUOD3tT2p84Mfegi_252GbCCPJYkdcFzbXflDiyLcXyngIc5xLEPx2OpsNXxn3BCDxNdE/s1600/CommodityMoneyCommodity_html_cb623e66095e48b6.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;">The model also applies for durable goods like electronics, hardware, computers, cars or even houses. However, the acquisition process is different. At consumables, the voucher buys the product or service to be consumed. You buy an apple, take it away and eat it. At durable goods there is an intermediate step that certifies the right to use it. This certification may range from a guarantee document for a home appliance, to a registered property document of a house. We will deal with the details in section “Durable capital goods”.</span></div>
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<span style="font-family: inherit; font-size: large;">Attentive customers will pick up the freshest products, and attentive sellers will tempt the customers with the products closer to expiration. Unavoidably, unless each month all the stock is sold, there will be a certain amount of products that expire in the shelf's.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZMuFlNnyKkMo3LOZI8JQk0wLGXos7VVGaGPW74xSoD6X6UyURyFxT6087sYpwHyOxe36hGGCZvCppM0cnDGCngekvZrTSHw1Sk8yVpFfkxPsjam0azu4BYrWQ2SeG6NzDzT0VA_zsIBc/s1600/CommodityMoneyCommodity_html_9e7bb59e554bacdc.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="20" data-original-width="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZMuFlNnyKkMo3LOZI8JQk0wLGXos7VVGaGPW74xSoD6X6UyURyFxT6087sYpwHyOxe36hGGCZvCppM0cnDGCngekvZrTSHw1Sk8yVpFfkxPsjam0azu4BYrWQ2SeG6NzDzT0VA_zsIBc/s1600/CommodityMoneyCommodity_html_9e7bb59e554bacdc.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;">In this system, the expiration of products has economic implications, but not monetary implications. If the expiring period <i>exp</i> has been properly calculated, the vouchers will be expiring at the same pace as the products, and no monetary stress is produced.</span></div>
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<span style="font-family: inherit; font-size: large;">Of course, the voucher holders that don't redeem the vouchers on time will have a loss. The impact should be similar to Silvio Gesell “demurrage”. It discourages any “storage” of vouchers, except for a long expiration period (slow money).</span></div>
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<span style="font-family: inherit; font-size: large;">If the stock for sale at a given <i>n-1</i> month is</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRMlVXlFKGmnM78iWgKovAlWKEVd8mgghyP2McJjwgTQJ8oc2hZdkXNR-ee-jJBM8F7AxmcW7YGzVEhvtsVj9zrJkKxlb36uyldlsbpD6lLxlGf22snuFUFmGFXCyCvGbzycHRTxIsetU/s1600/CommodityMoneyCommodity_html_5c0feaba2178344c.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="20" data-original-width="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRMlVXlFKGmnM78iWgKovAlWKEVd8mgghyP2McJjwgTQJ8oc2hZdkXNR-ee-jJBM8F7AxmcW7YGzVEhvtsVj9zrJkKxlb36uyldlsbpD6lLxlGf22snuFUFmGFXCyCvGbzycHRTxIsetU/s1600/CommodityMoneyCommodity_html_5c0feaba2178344c.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;"><span style="font-size: 16px;">And the sales that month </span><i style="font-size: 16px;">n</i><span style="font-size: 16px;"> is</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4_g61vMfshEgEIlNsf5xUuC71OghPR_2pSRIeM9JgByze4aiFo4MVNXBUifIPMq-H7gYwF10UWe9_wL4XPkbxMg5B4z6Kk4jlR8_XSYSenHED6rSVgASJGaVAMCCoc3s1X-8ZoIs5nws/s1600/CommodityMoneyCommodity_html_482e913097a0819e.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="20" data-original-width="334" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4_g61vMfshEgEIlNsf5xUuC71OghPR_2pSRIeM9JgByze4aiFo4MVNXBUifIPMq-H7gYwF10UWe9_wL4XPkbxMg5B4z6Kk4jlR8_XSYSenHED6rSVgASJGaVAMCCoc3s1X-8ZoIs5nws/s1600/CommodityMoneyCommodity_html_482e913097a0819e.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;"><i>Redeem(n) </i>refers to the sales made at any month <i>n</i> with any voucher currently valid.</span></div>
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<span style="font-family: inherit; font-size: large;">The redemption is composed by vouchers of different maturity</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSYrX_ppAMRLd-ttM18XDvkf5nTh_ChfOTfP8KvuqCmPbZxGionxxr2M5DOKmXYA1eYBkaTFLhy-0Gv6KAdeVsh80HRmYFJHHSSjiEq4MBUBAvKmdoZ9xrJFUtntzdpoTjAHV0QH8KaZY/s1600/CommodityMoneyCommodity_html_cff26db002d762d0.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="21" data-original-width="375" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSYrX_ppAMRLd-ttM18XDvkf5nTh_ChfOTfP8KvuqCmPbZxGionxxr2M5DOKmXYA1eYBkaTFLhy-0Gv6KAdeVsh80HRmYFJHHSSjiEq4MBUBAvKmdoZ9xrJFUtntzdpoTjAHV0QH8KaZY/s1600/CommodityMoneyCommodity_html_cff26db002d762d0.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;">To avoid making payments a cumbersome process, the IT wallet may take care of choosing first “old” vouchers until the price is fulfilled.</span></div>
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<span style="font-family: inherit; font-size: large;">Equally, the goods may come form different deliveries</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGSmoSr4KKVvPJ1rISywjzF5i2PdGvb27OzG4Dliw5lPNpN92V_zQVdugGPo3DHpzcRpiKMPfA6Nx2-Kj8qHm7aZAYvGhet1uXhkof6W-tKZK2AGM1pG7aA7K3GpSq9yN519Y3jOh4Vrk/s1600/CommodityMoneyCommodity_html_53ff343cd998cd24.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="21" data-original-width="520" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGSmoSr4KKVvPJ1rISywjzF5i2PdGvb27OzG4Dliw5lPNpN92V_zQVdugGPo3DHpzcRpiKMPfA6Nx2-Kj8qHm7aZAYvGhet1uXhkof6W-tKZK2AGM1pG7aA7K3GpSq9yN519Y3jOh4Vrk/s1600/CommodityMoneyCommodity_html_53ff343cd998cd24.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;">This does not change the totals, but we take note for the section Debt Clearing.</span></div>
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<span style="font-family: inherit; font-size: large;">The leftover for next month is</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7cOvZQD5MpQukYgZOyqjrUj5jix7Pg09GZmRZe1LgyVorUsNEeYqQDJeYh2eCSVX0CbXIhCUQ_U-1CQQetjoPPZiOA_x4q-Ff7EAaJkZcSkv1syqyuG53ZFpxsODjOYIw8aqYoLTZDAQ/s1600/CommodityMoneyCommodity_html_341e985a00db042a.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="20" data-original-width="302" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7cOvZQD5MpQukYgZOyqjrUj5jix7Pg09GZmRZe1LgyVorUsNEeYqQDJeYh2eCSVX0CbXIhCUQ_U-1CQQetjoPPZiOA_x4q-Ff7EAaJkZcSkv1syqyuG53ZFpxsODjOYIw8aqYoLTZDAQ/s1600/CommodityMoneyCommodity_html_341e985a00db042a.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;">Next month the stock will be</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitd9fRiieh8rfmNrPU4FLvAWpvIS2Wf78waHhX0G3W7Pk6N1Jx8N4jHkpH1R3c15Q4lTOT7YR3nQf-K-dkYiVAf89N4SDDDdH_0XSVWfNfpV8w8LpXO2nh5H_BUXVZgNoZQj2NOX0KgeA/s1600/CommodityMoneyCommodity_html_c9ff776d06f2c831.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="20" data-original-width="151" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitd9fRiieh8rfmNrPU4FLvAWpvIS2Wf78waHhX0G3W7Pk6N1Jx8N4jHkpH1R3c15Q4lTOT7YR3nQf-K-dkYiVAf89N4SDDDdH_0XSVWfNfpV8w8LpXO2nh5H_BUXVZgNoZQj2NOX0KgeA/s1600/CommodityMoneyCommodity_html_c9ff776d06f2c831.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;"><span style="font-size: 16px;">If we assume that products are taken out of the shelf without preference on expiration, the proportion of goods that remain from the unsold products </span><i style="font-size: 16px;">exp</i><span style="font-size: 16px;"> months before is an average fraction of all the stock. In the real world, expiration values will vary around this mean value.</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQnz-fIzaEjiXX8hSRQJjH8hT1Q2eQEa67uRef8U_I47T2y7je4YpYSrY0MiFUCb_GVp0I2C9gNgYQX6yyGE1R8BFZvhFYPA-3MA0q96z6gf17WraQbop5sAOQjlbklK7ltlEmC_4D_q4/s1600/CommodityMoneyCommodity_html_ef5c8c866d0ddef4.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="65" data-original-width="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQnz-fIzaEjiXX8hSRQJjH8hT1Q2eQEa67uRef8U_I47T2y7je4YpYSrY0MiFUCb_GVp0I2C9gNgYQX6yyGE1R8BFZvhFYPA-3MA0q96z6gf17WraQbop5sAOQjlbklK7ltlEmC_4D_q4/s1600/CommodityMoneyCommodity_html_ef5c8c866d0ddef4.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;"><br /></span></div>
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<span style="font-family: inherit; font-size: large;"><span style="font-size: 16px;">It has to be noted that the monetary mass of vouchers with period of validity at this time is exactly </span><i style="font-size: 16px;">S(n)</i></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmdzNG_Y43-fxIuD7I_6WqQFhkv9VmVEEbvfaMViuwIdPF4GnWZc7x9J_D2IMofNcB9q-ywdCojrM7dhPLEdiGqFWTVRzDJq0NWwbOn-7le1yOyJLzkEpSogZRTR_l7jn3Ve65_dLqe9c/s1600/CommodityMoneyCommodity_html_3c00cc1095396b5c.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="20" data-original-width="301" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmdzNG_Y43-fxIuD7I_6WqQFhkv9VmVEEbvfaMViuwIdPF4GnWZc7x9J_D2IMofNcB9q-ywdCojrM7dhPLEdiGqFWTVRzDJq0NWwbOn-7le1yOyJLzkEpSogZRTR_l7jn3Ve65_dLqe9c/s1600/CommodityMoneyCommodity_html_3c00cc1095396b5c.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;">However, there is a pending monetary mass of</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMb_cYvH-vWjVF3I0vkceOPWdkLtWe6HRtNtFELZEoiUy0lBdHJU52DI8-NbGJ0omgl4WtTMMeNuNnxz-7_Dlbxh96lpsvs9t6tQ8sN4xIVTYl_QdzsLk8imZWL4GLgifrtxjBsvYHxdM/s1600/CommodityMoneyCommodity_html_70676a4892c7a1ad.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="43" data-original-width="171" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMb_cYvH-vWjVF3I0vkceOPWdkLtWe6HRtNtFELZEoiUy0lBdHJU52DI8-NbGJ0omgl4WtTMMeNuNnxz-7_Dlbxh96lpsvs9t6tQ8sN4xIVTYl_QdzsLk8imZWL4GLgifrtxjBsvYHxdM/s1600/CommodityMoneyCommodity_html_70676a4892c7a1ad.gif" /></span></a></div>
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<span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;"><h2 class="western" style="direction: ltr; font-family: "liberation sans", serif; font-size: 14pt; margin-top: 0.17in;">
Promise to Produce, promise to Sell</h2>
<span style="font-family: inherit; font-size: large;">
The system pivots around sales, not around production.</span></span></span></div>
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<span lang="en-US"><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;"><br /></span></span></div>
<div style="text-align: left;">
<span lang="en-US"><b style="color: #00000a; font-family: Ubuntu, serif; font-size: 12pt;">The promise is a promise to sell.</b></span><br />
<span lang="en-US"><span style="color: #00000a; font-family: "ubuntu" , serif;"><b><br /></b></span><span style="color: #00000a; font-family: inherit; font-size: large;">It means that, what counts is</span></span></div>
<div style="text-align: left;">
<span style="font-family: inherit; font-size: large;"><span lang="en-US"><span style="color: #00000a; font-family: "ubuntu" , serif;"><br /></span></span>
</span><br />
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<span lang="en-US" style="font-family: inherit; font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpsMAYgQBg_q0V50PMckByUSb-UgErTlDo3hBU0MMWPxjzOsfJj_E2OrNOI8MNsspO6RElo48D-pA7iJKUBBF9EvyHCV9iHSIgXqUvSoMTH5rk6r0V1Vs-rfH1M0Y2WI4e5dPVY5xb7LE/s1600/CommodityMoneyCommodity_html_3187bb6d321846ba.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="20" data-original-width="229" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpsMAYgQBg_q0V50PMckByUSb-UgErTlDo3hBU0MMWPxjzOsfJj_E2OrNOI8MNsspO6RElo48D-pA7iJKUBBF9EvyHCV9iHSIgXqUvSoMTH5rk6r0V1Vs-rfH1M0Y2WI4e5dPVY5xb7LE/s1600/CommodityMoneyCommodity_html_3187bb6d321846ba.gif" /></a></span></div>
<span lang="en-US" style="font-family: inherit; font-size: large;">
<span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">We assume that, if there was a sale, its because the product was there.</span></span><br />
<span lang="en-US" style="font-family: inherit; font-size: large;"><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">It has to be read the following way: I make a promise to sell for value</span><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;"> </span><i style="color: #00000a;">PP(n) </i><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">at month</span><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;"> </span><i style="color: #00000a;">n</i><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">. It is my business how I get it done. Either I produced the products enough, or bought the products enough to convince customers to pay me for them</span><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;"> </span><i style="color: #00000a;">PP(n) </i><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">at month</span><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;"> </span><i style="color: #00000a;">n</i><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">.</span></span><br />
<span lang="en-US" style="font-family: inherit; font-size: large;"><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">Any other approach pivoted on the real production put on the shelf's involves an intermediate step of a trusted third party making an inventory of products. In our view, this complicates unnecessarily matters.</span></span><br />
<span lang="en-US" style="font-family: inherit; font-size: large;"><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">Apparently, we miss a clear cut register of expectations on unfulfilled promises expressed in product units. Something like I accepted y * v</span><sub style="color: #00000a;">unit </sub><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">(n) expecting y * kg Tomatoes, and I got less. It seems we deviate form the strict Commodity term in the CMC definition.</span><br /><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">But we do not. At sales time, because of the basic pillar law, we converge again to a strict CMC definition. At promises time, there is anyhow an uncertainty factor to be build in into the system. If we follow punctually the products inventory path, we would need an external authority to translate it at the end to monetary terms, to impose at the end monetary penalties or rewards.</span></span><br />
<span lang="en-US" style="font-family: inherit; font-size: large;"><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">In this system, lack of product results in price increases that may result in less sales. In the end we get expired vouchers that the producer was not able to put into circulation or the customer was not interested to redeem. Pure monetary Debt Clearing mechanisms may penalize or reward expectations betrayed or surpassed.</span></span><br />
<span lang="en-US" style="font-family: inherit; font-size: large;"><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">The advantage is that it makes the system more flexible.</span></span><br />
<span lang="en-US" style="font-family: inherit; font-size: large;"><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">In the real world there is a mix of producers and sellers. Take a cooperative of crop growing farmers: it is normally the cooperative that puts in place the distribution.</span></span><br />
<span lang="en-US" style="font-family: inherit; font-size: large;"><span style="color: #00000a; font-family: "ubuntu" , serif; font-size: 12pt;">The mechanics is the following:</span></span><br />
<ul style="color: #00000a;"><span lang="en-US"><span style="font-family: inherit; font-size: large;">
</span>
<li><div class="western" style="line-height: 19.2px;">
<span style="font-family: inherit; font-size: large;">The real producers issue their promises, at their selling price. However, if they circulate them to pay for their costs, they arrive at a unplayable debt, cause no redemption will be made at their name, cause they don't sell. Before circulating and spending, they need an agreement with sellers.</span></div>
</li>
<li><div class="western" style="line-height: 19.2px;">
<span style="font-family: inherit; font-size: large;">The sellers issue their own promises at their selling price. At this moment, we have around double vouchers than production will be. What the sellers do is to come to agreements with producers.</span></div>
</li>
<li><div class="western" style="line-height: 19.2px;">
<span style="font-family: inherit; font-size: large;">When production is ready, sellers redeem from the producers to get the products.</span></div>
</li>
<li><div class="western" style="line-height: 19.2px;">
<span style="font-family: inherit; font-size: large;">At public sales, customers redeem from the sellers.</span></div>
</li>
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<span lang="en-US">
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</span></div>
<span lang="en-US">
<table cellpadding="1" cellspacing="0" style="width: 643px;">
<colgroup><col width="126"></col>
<col width="58"></col>
<col width="99"></col>
<col width="89"></col>
<col width="85"></col>
<col width="49"></col>
<col width="58"></col>
<col width="63"></col>
</colgroup><tbody>
<tr>
<td bgcolor="#ffffff" height="19" style="background: #ffffff;" width="126"><div class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="left" class="western">
issuing</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="99"><div align="left" class="western">
expenditures</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="89"><div align="left" class="western">
redemption</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="85"><div align="left" class="western">
<b>Producers </b>
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="49"><div class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="left" class="western">
<b>Sellers</b></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="63"><div class="western">
<br /></div>
</td>
</tr>
<tr>
<td bgcolor="#ffffff" height="19" style="background: #ffffff;" width="126"><div class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="99"><div class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="89"><div class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="85"><div align="left" class="western">
Debt</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="49"><div align="left" class="western">
Liquid</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="left" class="western">
Debt</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="63"><div align="left" class="western">
Liquid</div>
</td>
</tr>
<tr>
<td bgcolor="#ffffff" height="19" style="background: #ffffff;" width="126"><div align="left" class="western">
Producers issue</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
VP</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="99"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="89"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="85"><div align="center" class="western">
-VP</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="49"><div align="center" class="western">
VP</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
0</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="63"><div align="center" class="western">
0</div>
</td>
</tr>
<tr>
<td bgcolor="#ffffff" height="19" style="background: #ffffff;" width="126"><div align="left" class="western">
Sellers issue</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
VS</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="99"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="89"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="85"><div align="center" class="western">
-VP</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="49"><div align="center" class="western">
VP</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
-VS</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="63"><div align="center" class="western">
VS</div>
</td>
</tr>
<tr>
<td bgcolor="#ffffff" height="19" style="background: #ffffff;" width="126"><div align="left" class="western">
Producers spend</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="99"><div align="center" class="western">
<b>VP</b></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="89"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="85"><div align="center" class="western">
-VP</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="49"><div align="center" class="western">
0</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
-VS</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="63"><div align="center" class="western">
VS</div>
</td>
</tr>
<tr>
<td bgcolor="#ffffff" height="19" style="background: #ffffff;" width="126"><div align="left" class="western">
Sellers redeem</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="99"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="89"><div align="center" class="western">
VP</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="85"><div align="center" class="western">
0</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="49"><div align="center" class="western">
0</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
-VS</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="63"><div align="center" class="western">
VS – VP</div>
</td>
</tr>
<tr>
<td bgcolor="#ffffff" height="19" style="background: #ffffff;" width="126"><div align="left" class="western">
Sellers spend</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="99"><div align="center" class="western">
<b>VS – VP</b></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="89"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="85"><div align="center" class="western">
0</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="49"><div align="center" class="western">
0</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
-VS</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="63"><div align="center" class="western">
0</div>
</td>
</tr>
<tr>
<td bgcolor="#ffffff" height="19" style="background: #ffffff;" width="126"><div align="left" class="western">
Customers redeem</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="99"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="89"><div align="center" class="western">
VS</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="85"><div align="center" class="western">
0</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="49"><div align="center" class="western">
0</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
0</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="63"><div align="center" class="western">
0</div>
</td>
</tr>
<tr>
<td bgcolor="#ffffff" height="19" style="background: #ffffff;" width="126"><div align="left" class="western">
<b>Total</b></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
<b>VP+VS</b></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="99"><div align="center" class="western">
<b>VS</b></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="89"><div align="center" class="western">
<b>VP+VS</b></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="85"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="49"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="58"><div align="center" class="western">
<br /></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="63"><div align="center" class="western">
<br /></div>
</td>
</tr>
</tbody></table>
</span><br />
<div class="western" style="color: #00000a; direction: ltr; font-family: Ubuntu, serif; line-height: 19.2px; margin-bottom: 0.1in;">
<div class="western" style="direction: ltr; font-family: Ubuntu, serif; line-height: 16px; margin-bottom: 0in;">
<span lang="en-US"><i>VP = Vouchers issued by Producers</i></span></div>
<div class="western" style="direction: ltr; font-family: Ubuntu, serif; line-height: 16px; margin-bottom: 0in;">
<span lang="en-US"><i>VS = Vouchers issued by Sellers</i></span></div>
<div class="western" style="direction: ltr; font-family: Ubuntu, serif; line-height: 16px; margin-bottom: 0in;">
<span lang="en-US"><i><br /></i></span></div>
</div>
<span lang="en-US">
</span></div>
<h2 class="western" style="color: #00000a; direction: ltr; font-family: "Liberation Sans", serif; font-size: 14pt; margin-top: 0.17in;">
Debt clearing</h2>
<h3 class="western" style="color: #00000a; direction: ltr; font-family: "Liberation Sans", serif; font-style: italic; font-weight: normal; margin-top: 0.17in;">
Self credit debt</h3>
<div class="western" style="color: #00000a; direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span style="font-family: inherit; font-size: large;">At making a promise at any month for products to be delivered at any future month, producers issue vouchers to make payments today, and thus acquire a personal debt with the system and at the same time, with the society. It is a self-credit authorized by the society.</span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmfK3tH1akBTS1KxsnFsXflkBJOkQfD4ip0-2TRAB4ewgTsyAoIqK3oc8_DvSzdyUtqAfdESE_MuTlqKlKPSDFd_0nUBhYj9H8q7_jzIyzriWw43AgXotQ2HXCA5zimUUKv9ixVIivbNE/s1600/CommodityMoneyCommodity_html_98e87fdef265bb6c.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="21" data-original-width="167" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmfK3tH1akBTS1KxsnFsXflkBJOkQfD4ip0-2TRAB4ewgTsyAoIqK3oc8_DvSzdyUtqAfdESE_MuTlqKlKPSDFd_0nUBhYj9H8q7_jzIyzriWw43AgXotQ2HXCA5zimUUKv9ixVIivbNE/s1600/CommodityMoneyCommodity_html_98e87fdef265bb6c.gif" /></span></a></div>
<div class="western" style="color: #00000a; direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span style="font-family: inherit; font-size: large;">The vouchers issued by producer X for month <i>n</i> are annotated as a debt of producer X maturing at month <i>n</i>.</span></div>
<div class="western" style="color: #00000a; direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span style="font-family: inherit; font-size: large;">Once the producer X releases and circulates these vouchers as a payment for his costs in that CMC currency, the vouchers become anonymous and can be used to <i>cancel</i> the redemption of any product at any other producer (or seller) associated to that CMC currency. What remains is the debt of producer X.</span></div>
<div class="western" style="color: #00000a; direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span style="font-family: inherit; font-size: large;"><i>Cancel(n)</i> has a different meaning as <i>Redeem(n)</i>. The vouchers issued for <i>V(n) </i>can be cancelled until month <i>n+exp</i>. <i>Redeem(n) </i>refers to the sales made at any month <i>n</i> with any voucher currently valid (from n to n-exp). <i>Cancel(n)</i> means vouchers with validity start <i>n</i> cancelled at any time until <i>n+exp</i>.</span></div>
<div class="western" style="color: #00000a; direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span style="font-family: inherit; font-size: large;">The vouchers used in cancellation do not go to the producers (or seller) pocket, or wallet or liquid account, where he can spend them. He has spend them already. These cancellation vouchers go to cancel this producers debt. Remember that <b>the promise is a promise to sell.</b></span></div>
<div class="western" style="color: #00000a; direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span style="font-family: inherit; font-size: large;">The execution script is the following</span></div>
<pre class="western" style="color: #00000a; direction: ltr; margin-bottom: 0.2in;"><span style="font-family: inherit; font-size: large;"><span style="font-size: 12pt;">D</span><sub><span style="font-size: 12pt;">producerX</span></sub><span style="font-size: 12pt;">(n) </span>←<sub> </sub><span style="font-size: 12pt;">D</span><sub><span style="font-size: 12pt;">producerX</span></sub><span style="font-size: 12pt;">(n) – Cancel(n);</span></span></pre>
<pre class="western" style="color: #00000a; direction: ltr; margin-bottom: 0.2in;"><span style="font-size: 12pt;"><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">It means very clearly that producers cannot clear their debt by just delivering products. As explained above, they can only clear their debt by ensuring the sales either selling themselves or arranging a distribution channel as their granted buyer.</span></div>
<h2 class="western" style="direction: ltr; font-family: "liberation sans", serif; font-size: 14pt; margin-top: 0.17in; white-space: normal;">
Individual promises, collective promises</h2>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">The individual promises become individual debts. But once the vouchers start circulating in the market they become a collective promise.</span></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">We are now in a better position to explain how the system regulates the penalty of the unfulfilled expectations.</span></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">Unless there is a general natural disaster, underproduction comes from specific producers.</span></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">Normally, a seller will buy from a collection of producers who focus on production and not on selling.</span></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">A cheating or under-performing producer will come up with less products than expected. According the basic law, in order to buy these few products, the seller will need to use all the vouchers the producer has issued, cause the provider has to put them at a price covering his full issuance. It means this producer’s products will be much more expensive than the other producers providing the same seller.</span></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">At putting these products on his shelf's, the seller will need to go down to the average prices, thus losing money. He will probably prefer to punish this particular producer by not redeeming his products.</span></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">The producer will remain with his full debt.</span></div>
<h3 class="western" style="direction: ltr; font-family: "liberation sans", serif; font-size: 12pt; font-style: italic; font-weight: normal; margin-top: 0.17in; white-space: normal;">
Debt clearing</h3>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">Once the expiration period is over, it may turn out that</span></div>
<span style="font-family: inherit; font-size: large;">
</span><div class="separator" style="clear: both; font-size: 12pt; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNR6Zbc_YdZbZaUlhV13bWKuN8229fDdUX29CSNDsARkTNYgrMQH8qzkk8JrhuLUY5cxXqAgQ_8eK-bMz28BC-VmsVtv1QYDlltnig5mOKe9eOPa72iY9B13VVZ00kIkLlNnRRYk-ui2w/s1600/CommodityMoneyCommodity_html_5c966bf1c5691711.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="21" data-original-width="303" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNR6Zbc_YdZbZaUlhV13bWKuN8229fDdUX29CSNDsARkTNYgrMQH8qzkk8JrhuLUY5cxXqAgQ_8eK-bMz28BC-VmsVtv1QYDlltnig5mOKe9eOPa72iY9B13VVZ00kIkLlNnRRYk-ui2w/s1600/CommodityMoneyCommodity_html_5c966bf1c5691711.gif" /></span></a></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">By any of the reasons explained above, some quantity of vouchers stay unredeemed, and expire by themselves without cancelling any debt, or alternatively, have gone to another producer.</span></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">These producers that have consumed goods from the society without returning the same value to society have incurred at an overspending. This overspending is unspecific, social.</span></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">The restitution of the debt cannot be a reduction of their capacity to issue new vouchers based on promises of their future production. This would punish the whole society with a reduction of the overall future production. The producer has to produce all it can, the products have to be sold, and therefore the vouchers have to be issued.</span></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">What we can do is to deduct it from their capacity to spend them for their purposes, by giving these new vouchers to somebody else. Instead of using them for their ROI, they go to somebody else.</span></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">The question is to whom these just issued vouchers should be given. It was a social defraud, it has to be a social restitution, and thus a social expenditure.</span></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">Lets assume there is an entity, that we call “authority”, to whom these vouchers are given. To see how the monetary system works, this is enough. It could be the same authority that collects taxes, it could be the producers association, it could be some other authority. Its pretty much a political decision to be taken by democratic means, with many variants possible.</span></div>
<h3 class="western" style="direction: ltr; font-family: "liberation sans", serif; font-size: 12pt; font-style: italic; font-weight: normal; margin-top: 0.17in; white-space: normal;">
Negative debt or excess cancellation</h3>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">We can have also the contrary situation: by some reason, there where more sales than promised.</span></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">It has to be noted that the excess sales can only consist in redeeming vouchers issued by another producer.</span></div>
<div class="western" style="direction: ltr; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;"><span style="font-size: 12pt;">Once the debt for month n of a producer X has been cancelled, any excess of Cancel</span><sub style="font-size: 12pt;">producerX</sub><span style="font-size: 12pt;"><span style="font-size: 12pt;">(n) </span><span style="font-family: inherit;">goes to the </span></span><span style="font-family: inherit; font-size: 12pt;">producers (or seller) pocket, or wallet or liquid account, where he can spend them before they expire.</span></span></div>
<h2 class="western" style="direction: ltr; font-family: "liberation sans", serif; font-size: 14pt; margin-top: 0.17in; white-space: normal;">
Taxes debt</h2>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">We could consider the VAT debt, directly proportional to the sales.</span></div>
<div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">If we name the VAT multiplier <i>vat</i>, the tax debt for this month is</span></div>
<div class="separator" style="clear: both; font-family: "liberation mono", serif; font-size: 12pt; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4Ep-wKgs1DERBCOol0RnfhjylwlON5qdQE_KkNHGRlKbyml2dOdxpTwCBxFSiUgIjSbRbcSHx3IQrWUz-t5Tu6n_Xll9OnTxV-EoXUdMHiJgahDi59lsRI1OgBOIfmlXnEB5pEePcrAc/s1600/CommodityMoneyCommodity_html_f0447f984c9e1936.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="20" data-original-width="153" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4Ep-wKgs1DERBCOol0RnfhjylwlON5qdQE_KkNHGRlKbyml2dOdxpTwCBxFSiUgIjSbRbcSHx3IQrWUz-t5Tu6n_Xll9OnTxV-EoXUdMHiJgahDi59lsRI1OgBOIfmlXnEB5pEePcrAc/s1600/CommodityMoneyCommodity_html_f0447f984c9e1936.gif" /></a></div>
<span style="font-size: 12pt;">
</span><h2 class="western" style="direction: ltr; font-family: "liberation sans", serif; font-size: 14pt; margin-top: 0.17in; white-space: normal;">
Debt payment mechanics</h2>
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<span style="font-family: inherit; font-size: large;">There is not an easy mechanism to automatically deduct the debts from newly issued vouchers, because this is a free exercise of future planning covering many months.<span style="font-family: "liberation mono" , serif; font-size: 12pt;"> </span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiovjvPP4FqXB3hsH-4D61U3iH0L8I_a8F19JHo9Xoxp71is_GJoSqRTBNsBWS34WRJ93KDkBmDzCoVNSdlb3k89dNt948QmxibC0h1KoJO2U7HiRSoOrp0DlR4CXoOBgkkanE7LfmO8ho/s1600/CommodityMoneyCommodity_html_da350e0578959fbd.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit; font-size: large;"><img border="0" data-original-height="20" data-original-width="569" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiovjvPP4FqXB3hsH-4D61U3iH0L8I_a8F19JHo9Xoxp71is_GJoSqRTBNsBWS34WRJ93KDkBmDzCoVNSdlb3k89dNt948QmxibC0h1KoJO2U7HiRSoOrp0DlR4CXoOBgkkanE7LfmO8ho/s1600/CommodityMoneyCommodity_html_da350e0578959fbd.gif" /></span></a></div>
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<span style="font-family: inherit; font-size: large;">As the whole system is quite transparent, and outstanding debts as well as tax debts are recorded, and these records can be made accessible to any designated authority, we would prefer to leave it as a voluntary action of each producer.</span></div>
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<span style="font-family: inherit; font-size: large;">The payment would consist in using newly issued vouchers (of choice) to cancel past debt, be it <i>D(n) </i>or <i>Tx(n)</i>.</span></div>
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<span style="font-family: inherit; font-size: large;">The authority, same as the the Tax Authority now, can give a margin to the debtors, and could come up with ex-post sanctions if delays are not respected.</span></div>
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<a href="https://www.blogger.com/null" name="__RefHeading___Toc1023_2383778620"></a>Durable capital goods</h1>
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<span style="font-family: inherit; font-size: large;">We refer in this section to goods that have a long expiration period <i>exp</i> and have a price significantly bigger than the monthly cash flow of household or businesses.</span></div>
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<span style="font-family: inherit; font-size: large;">Consumables disappear after they are bought (buy an apple, eat it, its gone), but these goods are used once and again, or stay there at disposal, and last for a long time before amortization, from computers (3 years), furniture (10 years), vehicles (15 years), machinery (10 to 20 years), buildings (40 years or more), to civil engineering (100 years or more).</span></div>
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<span style="font-family: inherit; font-size: large;">They have an owner, and the ownership is certified by a property title (with shares) or at least a guarantee certificate. The owner has the right to use it, or assign exclusive users, generally for profit (through a renting contract).</span></div>
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<span style="font-family: inherit; font-size: large;">As, by large, the main investment of households and businesses in long lasting goods or fixed assets is buildings (or land), we will focus on this example for the reasoning.</span></div>
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<span style="font-family: inherit; font-size: large;">The trade of these goods is generally studied using the very paradoxical concept of “financial capital”. But in reality, financial capital is an entelechy, a chimera, constructed on the illusion of “money as a storage of value”. The “financial capital” paradoxical knot can only be cut by two “aha!” conceptual exercises that take this “money as a storage of value” to rigorous terms.</span></div>
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<span style="font-family: inherit; font-size: large;">The first “aha!” is that in the real world there is not such a thing as a time tunnel that can transport goods to the future, even less to exactly the moment you chose for your saved money to reappear in the market. So, what exactly happened with the goods this money represented in the past (according the Monetary Fundamental Quantity Law) and you failed to buy, and what goods will pop up in the future out of the nothing that can be bought with this “Lazarus” money? The answer is that only lasting goods store value! Money cant!</span></div>
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<span style="font-family: inherit; font-size: large;">The alternative explanation can only be that in the future there is a kind of noise money out of the monetary quantitative normal rules paying for products just sitting there waiting to be bought by the average pop up of money saved in the past. A very complicated and unquantifiable explanation when there is a more simple one: only lasting goods store value! Money cant!</span></div>
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<span style="font-family: inherit; font-size: large;">The second “aha!” is that the producers of lasting goods need to survive every day. Manufacturing fixed assets takes usually longer times and bigger costs and concentrated efforts. Labour, and part of the working capital, has to be fed with daily consumables to survive and feed the factory. So, what exactly these producers of lasting goods give away, every day, in exchange of these consumables?</span></div>
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<span style="font-family: inherit; font-size: large;">The FRB does it by spending the savings of the last sales, which were one-off sales of the whole ownership for the full price, financed by “financial capital”, provided as a mortgage, which results in a monthly payment of the buyer of a loan, with interest.</span></div>
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<span style="font-family: inherit; font-size: large;">But all what the builders need to provide the market with houses is to be paid on a monthly basis to continue the works and survive and pay for the materials, plus a profit, and this is precisely how the buyers prefer to pay or can pay, that is, on a monthly basis.</span></div>
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<span style="font-family: inherit; font-size: large;">The <u>one-off sales</u> of the whole ownership for the full price is only there to let the FRB go in between and provide a loan with interest (the so called “financial capital”) for the full. But it can be done in a totally different approach based on CMC promise money. A way that not only separates the financial capital, it eliminates it once for all.</span></div>
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<span style="font-family: inherit; font-size: large;">It consists on nothing more complicated than an exchange, at the currency exchange market, of fast money (short term, short expiration), as issued by the producers of consumables, with slow money (longer term, very long expiration), as issued by the fixed asset producers.</span></div>
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<span style="font-family: inherit; font-size: large;">The building industry would, as all other industries, issue their own vouchers to pay for they daily running costs (plus margin). They can be redeemed at any moment in time until the expiration date (say, next 40 years). In return of the redemption of these generic (construction industry) vouchers, the customers get two things:</span></div>
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<li><span style="font-size: large;">Shares of a particular property (or building, or machinery, or factory), meaning shares of the property title.</span></li>
<li><span style="font-size: large;">Exclusive usage rights of that property (for example habitation)</span></li>
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<span style="font-family: inherit; font-size: large;">The construction voucher Ricardian Contract would describe the details of the agreement, the terms and the conditions. For example, it may say that habitation rights can only be given to somebody having already a 10% of that property, and that habitation rights come along with exclusivity on the acquisition of further shares, and these rights are kept only if the dweller makes a monthly redemption of shares. It may also stipulate what happens if the dweller does not pay and how shares and habitation rights are transmitted to the new dweller. The details can adopt many variants according the market.</span></div>
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<span style="font-family: inherit; font-size: large;">All this can be done because the usage of a Richardian contract associated to the voucher, which allows for almost any contractual terms we are used to.</span></div>
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<span style="font-family: inherit; font-size: large;">The user has a similar experience as today. He has made some savings. Once a threshold reached, he occupies a house he does not yet own, he engages in a monthly payment until a day where he owns the house and has not to pay any more. The difference is that they do not pay the bank, they pay the builder.</span></div>
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<span style="font-family: inherit; font-size: large;">The builders have a more comfortable position with a daily income granted, cause they do not depend on one-off sales, but on a broad constant demand of their vouchers. They get as well long term warnings of the increases or decreases of the demand at looking at the demand for their vouchers, not finding how the market is only when the building is already there.</span></div>
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<span style="font-family: inherit; font-size: large;">The only difference is that the ghost nightmare of “financial capital” has gone forever.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsqdRdctGCGq05p80dqPsAtJMrqDE3UHQslFQ0jt_00T8LYTq7Lj2zn_51mJmw0clWOBIoB0a1p-pj4Inyc4_NhV2Z52DBAXhhiGi_CNx1ZlvXIXMQS-qNCnCYDi_75PakSDud7RequFI/s1600/CommodityMoneyCommodity_html_23f2617b6c8b8927.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="529" data-original-width="665" height="254" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsqdRdctGCGq05p80dqPsAtJMrqDE3UHQslFQ0jt_00T8LYTq7Lj2zn_51mJmw0clWOBIoB0a1p-pj4Inyc4_NhV2Z52DBAXhhiGi_CNx1ZlvXIXMQS-qNCnCYDi_75PakSDud7RequFI/s320/CommodityMoneyCommodity_html_23f2617b6c8b8927.png" width="320" /></a></div>
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Reselling a fixed asset</h2>
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<span style="font-family: inherit; font-size: large;">A final note on reselling.</span></div>
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<span style="font-family: inherit; font-size: large;">If an owner of a fixed asset that was bought with fixed asset vouchers, already redeemed, wants to resell the asset, new vouchers have to be issued to provide the monetary mass.</span></div>
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<span style="font-family: inherit; font-size: large;">It means the current owner of the shares has to go to the original manufacturing industry to get newly issued valid vouchers, for free.</span></div>
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<span style="font-family: inherit; font-size: large;">This is the principle, and there is no further detail needed for a document centred on monetary issues. However we make some remarks: in order not to give full control to the original manufacturers on the resell market, measures could be studied, like for example the issuing of special resell vouchers by another entity. Some guarantees may also be given: shares may be deposited at a third party until the vouchers are redeemed. In summary, the principle is clear and there are ample options for instruments to guarantee the operation.</span></div>
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<a href="https://www.blogger.com/null" name="__RefHeading___Toc1025_2383778620"></a>Margin</h1>
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<span style="font-family: inherit; font-size: large;">We have now the concepts needed to deal with the mechanics of the margin.</span></div>
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<span style="font-family: inherit; font-size: large;">As we said above, the quantity of vouchers to be issued beforehand has to be for the full price of the whole production, that is, costs plus margin or profit.</span></div>
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<span style="font-family: inherit; font-size: large;">However, the real profit cannot be known until the sales have been done and we know how many vouchers have been really redeemed and how much has expired and production has been lost.</span></div>
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<span style="font-family: inherit; font-size: large;">Profit is used for two main purposes:</span></div>
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<span style="font-family: inherit; font-size: large;">One part goes to investments to improve productivity. It means we exchange our CMC vouchers for vouchers representing machinery, or buildings or any other fixed production means. It means <b>we acquire slow money</b>. It will not have expired by the time we do our sales.</span></div>
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<span style="font-family: inherit; font-size: large;">Another part goes to pay the shareholders their ROI. To simplify, we assume it goes to pay their luxury life. It will have expired by the time we do our sales. Too late if the sales went bad!</span></div>
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<span style="font-family: inherit; font-size: large;">The mechanics to deal with the sales uncertainty, and compensate shareholders with a ROI according to sales, is to preventively buy only slow money, and only convert it again to fast money to pay the shareholders once we know the real profit.</span></div>
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Tax money</h1>
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<span style="font-family: inherit; font-size: large;">Tax money is a special CMC money. In a way, its a cycle that turns counter-clock the other cycles.</span></div>
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<span style="font-family: inherit; font-size: large;">Governments deliver goods and services such as healthcare, education, security, infrastructure and others. But they are universally provided not according to payment but according to needs. Citizens provide the funding for these services not according consumption, but according to wealth and other taxes criteria.</span></div>
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<span style="font-family: inherit; font-size: large;">It can be treated as a variant of CMC money, but it deserves a full article to properly explain the mechanics.</span></div>
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<span style="font-family: inherit; font-size: large;">The product that is on the market is your citizenship.</span></div>
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<span style="font-family: inherit; font-size: large;">The “state” (be it local, regional, national), discuses and approves the Public Budget and the Tax Policy through its democratic bodies.</span></div>
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<span style="font-family: inherit; font-size: large;">Each year the “state” pays the public costs (teaches, doctors, police,…) costs by issuing a number of vouchers</span></div>
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<span style="font-family: inherit; font-size: large;">It splits it into the direct taxation and indirect taxation.</span></div>
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<span style="font-family: inherit; font-size: large;">Then, it puts a price to each citizen according the Tax Policy with his part on direct taxation.</span></div>
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<span style="font-family: inherit; font-size: large;">Each year every citizen has to buy the renewal of his/her citizen rights.</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">It has to be noted that the same procedure can be applied to the financing of other autonomous self-governance social bodies, like NGO ‘s. In this case, it is the volunteers that play the role of public servants.</span></div>
<span style="font-size: 12pt;">
</span><h1 class="western" style="direction: ltr; font-family: ubuntu, sans-serif; font-size: 18pt; margin-bottom: 0.08in; white-space: normal;">
<a href="https://www.blogger.com/null" name="__RefHeading___Toc1029_2383778620"></a>Monetary plurality</h1>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">Open money means that buyers and sellers should be free to use any payment medium that is mutually agreeable to them, including the issuance and acceptance of their own currencies. Only the issuer of a currency should be obliged to accept it as payment, and must always accept it at face value (“at par”).</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">In the scenario above only labor will easily accept to be paid in the business CMC currency. In order to balance their shopping basket, employees will go to the currencies market to obtain the vouchers of the products they need. Instead of a universal currency solving the double coincidence of wants we have as replacement a currency market. The experience with crypto-currency exchange markets shows that this operation is now not more complicated that the monthly exercise of distributing the salary along the different household bank accounts and credit cards, which in fact follow destination paths. As reported by Georgina M. Gomez about the Argentinian experience<a class="sdfootnoteanc" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote9sym" name="sdfootnote9anc" style="font-size: 9.12px;"><sup>9</sup></a>, a moderated multiplicity of targeted currencies is perfectly workable for households.</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">Utilities have strong dominating positions, cause everybody needs their product, and will probably impose their own CMC (LtrFUEL, LtrWATTER, MBIT, WATTS). At issuing, the business will probably be forced to exchange their CMC currency into theirs before even paying. To be noted that these currencies (except, probably, WATTS in a renewable scenario) have steady prices, steady production and no expiration date, and a certain degree of accumulation is never risky.</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">All other forms of working capital will probably have a mixed situation, partly accepting the business CMC (in special if there is a mutual B2B relationship), party imposing their own CMC, and partly using a third party CMC, like for example a CMC used for B2B barter.</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">Margin quantity has to be issued at production time, so that the monetary mass covers the full price, which includes margin. Otherwise there will not be enough money in circulation to buy the full production at sales price, only at costs price. However it cannot be spend until sales have been confirmed. But by the time the sales is over, the vouchers have reached their expiration date. We leave to another section where this margin can be exchanged for “provisional storage”.</span></div>
<span style="font-size: 12pt;">
</span><h1 class="western" style="direction: ltr; font-family: ubuntu, sans-serif; font-size: 18pt; margin-bottom: 0.08in; white-space: normal;">
<a href="https://www.blogger.com/null" name="__RefHeading___Toc1258_2383778620"></a>Law</h1>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: medium; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">The system should run smoothly and self regulate by market mechanisms except for two rules to be enforced by authority, minimizing the role of any authority:</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: medium; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;"><span lang="en-US">The pillar law that should be enforced by authority is that </span><span lang="en-US"><i><b>the vouchers issued as a promise for that month has to be able to buy the whole production put in the market that month</b></i></span><span lang="en-US">.</span> <span lang="en-US">It means, exactly, that producers cannot be discovered selling products at other markets (say euros) letting their vouchers expire. They may put any prices they like, but the total price in CMC of all the stock in the CMC market has to add to the total value of vouchers issued. If this is granted, they may sell the rest of their production at any other market. We have already seen how they are automatically punished if they want to cheat by allocating too little to the CMC market. Enforcing this law may require inspections and other actions by the authority.</span></span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: medium; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">There is a prohibition of exchanging any of the CMC currencies of the community with any other external currency, outside the mechanisms and institution ruled by the local authority. The main purpose is to avoid the usage of free floating external currencies to purchase significant amounts of future production to speculate without the limiting factors explained above for the internal CMC currencies of the community.</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">All CMC currencies of the community can be freely exchanged in the currency market at any exchange rate mutually agreed by the traders. That means that as the maturity of a product approaches, its CMC currency will rise in price. This has the beneficial effect to speed up the circulation of the vouchers from the users less certain to need them to the users certain to need to redeem them, thus stimulating that all monetary mass is redeemed. If exchange with external fiat money is regulated, speculation is expected to be minimal since the vouchers have an expiration date, and speculators investing in currencies they don't need by currencies they need have the risk to arrive at expiration when they want to re-invest the gains into the currencies they need for their expenditures.</span></div>
<span style="font-size: 12pt;">
</span><h1 class="western" style="direction: ltr; font-family: ubuntu, sans-serif; font-size: 18pt; margin-bottom: 0.08in; white-space: normal;">
Take off notes</h1>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">Discount vouchers are widely extended amongst big corporations and retail store networks. Google Play and Apple Store are full of of Apps to manage these vouchers, most of them following adaptations of the Apple Wallet Pass specification<a href="https://developer.apple.com/wallet/"><span style="color: navy;"><span lang="zxx"><u>https://developer.apple.com/wallet/</u></span></span></a>, which are derivations of the Ricardian Contract embedded in the Apple platform.</span></div>
<span style="font-size: 12pt;">
</span><h2 class="western" style="direction: ltr; font-family: "liberation sans", serif; font-size: 14pt; margin-top: 0.17in; white-space: normal;">
Adoption</h2>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">We could see an easy adoption of the economic agents at regional levels if the necessary implementation, design and technology support is given. The support does not need to be for free.</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">Big corporations play in these circuits small amounts of their overall turnover. In order to get the more popular economical agents to risk more significant amounts of their business into an increasing virtual circle, some institutional framework should be provided.</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">- Monitoring of the pillar law.</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">- A protected internal currencies exchange market, that keeps them protected against the main vulnerability, which is external speculative capital.</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">One mechanism of protection is not to allow external exchanges in the electronic exchange market, but nothing prevents exchanges between particulars. Another layer of protection is to raise a membership barrier, by which only members can hold the vouchers (a particular CMC, or any of the CMCs of the region). Membership can be associated to the citizenship accounts, but it is making the system a bit more cumbersome.</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">The existence of a Tax Money CMC facilitates things. Its the “water” currency in which all the others may “swim”. As the universally wanted currency, it may facilitate the “double coincidence of wants” between CMC currencies.</span></div>
<span style="font-size: 12pt;">
</span><h2 class="western" style="direction: ltr; font-family: "liberation sans", serif; font-size: 14pt; margin-top: 0.17in; white-space: normal;">
Technology</h2>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">The only technology able to scale up to numbers, has flexibility to build all functions and parameters, has low design costs and no investment costs, as well as easy to use smart phone Apps suited for the daily shopping, is ethereum<a href="https://www.ethereum.org/"><span style="color: navy;"><span lang="zxx"><u>https://www.ethereum.org/</u></span></span></a></span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;"><span lang="en-US">An open source development example can be found here </span><a href="https://github.com/segovro/voucher"><span style="color: navy;"><span lang="en-US"><u>https://github.com/segovro/voucher</u></span></span></a></span></div>
<span style="font-size: 12pt;">
</span><h1 class="western" style="direction: ltr; font-family: ubuntu, sans-serif; font-size: 18pt; margin-bottom: 0.08in; white-space: normal;">
Conclusions</h1>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">We have tighten the concept of money even closer to the marxian concept of COMMODITY – MONEY – COMMODITY, by never allowing MONEY to become abstract or universal, always stranded to some description of the COMMODITY it represents, tied to the time this COMMODITY is in the market, and tied to the producer that will produce it.</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">As a drawback we have a tolerable increase in the effort to manage a Monetary plurality at the currencies exchange market. Blockchain technology has just lowered very much this barrier.</span></div>
<span style="font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-size: 12pt; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<span style="font-family: inherit; font-size: large;">As benefits we have:</span></div>
<span style="font-size: 12pt;">
</span><ul style="font-size: 12pt; white-space: normal;">
<li><div class="western" style="direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span style="font-family: inherit; font-size: large;">Deleted financial capital, the need for FRB, the need for banks and the need for interest.</span></div>
</li>
<li><div class="western" style="direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span style="font-family: inherit; font-size: large;">Provided companies with steady working capital and granted cash flow.</span></div>
</li>
<li><div class="western" style="direction: ltr; line-height: 19.2px; margin-bottom: 0.1in;">
<span style="font-family: inherit; font-size: large;">Provided fixed capital manufacturers with tools to smoothly adapt for long terms market variations.</span></div>
</li>
</ul>
<span style="font-size: 12pt;">
</span><span style="font-size: 12pt;">
</span><span style="font-family: "liberation mono" , serif; font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-family: ubuntu, serif; font-size: medium; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<b>Table 1 Sectors that could be included in a closed loop economy at an enlarged urban area</b></div>
<span style="font-size: 12pt;">
</span><span style="font-size: 12pt;">
</span><span style="font-family: "liberation mono" , serif; font-size: 12pt;">
</span><div class="western" style="direction: ltr; font-family: ubuntu, serif; font-size: medium; line-height: 19.2px; margin-bottom: 0.1in; white-space: normal;">
<style type="text/css">
@page { margin: 0.79in }
p { margin-bottom: 0.1in; direction: ltr; color: #00000a; line-height: 120%; text-align: left; orphans: 2; widows: 2 }
p.western { font-family: "Ubuntu", serif; font-size: 12pt; so-language: en-US }
p.cjk { font-family: "Noto Sans CJK SC Regular"; font-size: 12pt; so-language: zh-CN }
p.ctl { font-family: "FreeSans"; font-size: 12pt; so-language: hi-IN }
a:link { so-language: zxx }
</style>
</div>
<span style="font-size: 12pt;">
</span><span style="font-size: 12pt;">
</span><span style="font-family: "liberation mono" , serif; font-size: 12pt;">
</span><table cellpadding="1" cellspacing="0" style="font-family: "liberation mono", serif; font-size: 12pt; width: 643px;">
<colgroup><col width="211"></col>
<col width="212"></col>
<col width="211"></col>
</colgroup><tbody>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
<span style="color: white;"><span style="font-size: 10pt;"><b>Unit</b></span></span></div>
</td>
<td bgcolor="#808080" style="background: #808080;" width="212"><div align="left" class="western">
<span style="color: white;"><span style="font-size: 10pt;"><b>City/District</b></span></span></div>
</td>
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
<span style="color: white;"><span style="font-size: 10pt;"><b>Extended
Urban area and Region</b></span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
<span style="color: white;"><span style="font-size: 10pt;"><b>Distance
km</b></span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="right" class="western">
<span style="color: black;"><span style="font-size: 10pt;">50</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="right" class="western">
<span style="color: black;"><span style="font-size: 10pt;">300</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
<span style="color: white;"><span style="font-size: 10pt;"><b>Population</b></span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="right" class="western">
<span style="color: black;"><span style="font-size: 10pt;">100.000</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="right" class="western">
<span style="color: black;"><span style="font-size: 10pt;">2
million</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
<span style="color: white;"><span style="font-size: 10pt;"><b>Production</b></span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Urban
Farms, Vertical Farming</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Farms</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Construction</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Construction
materials</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Small
Manufacturing</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Advanced
manufacturing, Just in Time assembly</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Micro
renewable’s</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Renewable
farms</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Textile
makeup</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Food
processing</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Civil
works</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Food
recycling</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Composting</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">TV
production</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Transport
infrastructure </span></span>
</div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Vehicle
assembly</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
<span style="color: white;"><span style="font-size: 10pt;"><b>Distribution</b></span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Proximity
shops</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Big
shopping centres</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Fresh
food</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Food
packaging</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Daily
consumables</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Clothing</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Entertainment</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Seeds
and agricultural products</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Clothes</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
</div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
<span style="color: white;"><span style="font-size: 10pt;"><b>Services</b></span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Schooling</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">University</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">General
medical care</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Regional
and specialty hospitals</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Repair</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Public
health</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Brico,
DIY</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Police,
Security</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Restaurants,
Hotels, Tourism</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Legal
services</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Waste
recycling</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Industrial
recycling</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#808080" style="background: #808080;" width="211"><div align="left" class="western">
</div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="212"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Public
transport (bus, subway)</span></span></div>
</td>
<td bgcolor="#ffffff" style="background: #ffffff;" width="211"><div align="left" class="western">
<span style="color: black;"><span style="font-size: 10pt;">Public
transport (regional train)</span></span></div>
</td>
</tr>
</tbody></table>
<span style="font-size: 12pt;">
</span><span style="font-size: 12pt;">
</span><span style="font-family: "liberation mono" , serif; font-size: 12pt;">
</span></span></pre>
<pre class="western" style="color: #00000a; direction: ltr; font-family: "Liberation Mono", serif; margin-bottom: 0.2in;"><span style="font-size: 12pt;"><div class="western" style="break-before: page; font-size: medium; line-height: 19.2px; white-space: normal;">
<b>Table 2 Issuance cycle</b></div>
<div class="western" style="font-size: medium; line-height: 19.2px; white-space: normal;">
Example of cyclic industry</div>
<div class="western" style="font-size: medium; line-height: 19.2px; white-space: normal;">
<style type="text/css">
body,div,table,thead,tbody,tfoot,tr,th,td,p { font-family:"Arial"; font-size:x-small }
a.comment-indicator:hover + comment { background:#ffd; position:absolute; display:block; border:1px solid black; padding:0.5em; }
a.comment-indicator { background:red; display:inline-block; border:1px solid black; width:0.5em; height:0.5em; }
comment { display:none; }
</style>
</div>
<table border="0" cellspacing="0">
<colgroup width="49"></colgroup>
<colgroup width="61"></colgroup>
<colgroup width="55"></colgroup>
<colgroup width="105"></colgroup>
<colgroup width="52"></colgroup>
<colgroup width="61"></colgroup>
<colgroup width="54"></colgroup>
<colgroup width="84"></colgroup>
<colgroup width="85"></colgroup>
<tbody>
<tr>
<td align="left" height="17" valign="bottom">Month</td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom">Salaries</td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom">Utilities</td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom">Working capital</td>
<td align="left" valign="bottom"><b>Costs</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom">Margin</td>
<td align="left" valign="bottom"><b>Issued</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>Delivery</b></td>
<td align="left" valign="bottom"><b>Redeemed</b></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="-11" valign="bottom">-11</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3250" valign="bottom">3.250</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="6000" valign="bottom">6.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="11250" valign="bottom"><b>11.250</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1220,59212854641" valign="bottom">1.221</td>
<td align="right" sdnum="3082;0;#.##0" sdval="12470,5921285464" valign="bottom"><b>12.471</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="left" valign="bottom"></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="-10" valign="bottom">-10</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3433,01270189222" valign="bottom">3.433</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="7464,10161513775" valign="bottom">7.464</td>
<td align="right" sdnum="3082;0;#.##0" sdval="12897,11431703" valign="bottom"><b>12.897</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1399,29921922934" valign="bottom">1.399</td>
<td align="right" sdnum="3082;0;#.##0" sdval="14296,4135362593" valign="bottom"><b>14.296</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="left" valign="bottom"></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="-9" valign="bottom">-9</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3500" valign="bottom">3.500</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="8000" valign="bottom">8.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="13500" valign="bottom"><b>13.500</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1464,71055425569" valign="bottom">1.465</td>
<td align="right" sdnum="3082;0;#.##0" sdval="14964,7105542557" valign="bottom"><b>14.965</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="left" valign="bottom"></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="-8" valign="bottom">-8</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3433,01270189222" valign="bottom">3.433</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="7464,10161513775" valign="bottom">7.464</td>
<td align="right" sdnum="3082;0;#.##0" sdval="12897,11431703" valign="bottom"><b>12.897</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1399,29921922934" valign="bottom">1.399</td>
<td align="right" sdnum="3082;0;#.##0" sdval="14296,4135362593" valign="bottom"><b>14.296</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="left" valign="bottom"></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="-7" valign="bottom">-7</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3250" valign="bottom">3.250</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="6000" valign="bottom">6.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="11250" valign="bottom"><b>11.250</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1220,59212854641" valign="bottom">1.221</td>
<td align="right" sdnum="3082;0;#.##0" sdval="12470,5921285464" valign="bottom"><b>12.471</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="left" valign="bottom"></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="-6" valign="bottom">-6</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3000" valign="bottom">3.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="4000" valign="bottom">4.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="9000" valign="bottom"><b>9.000</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="976,473702837129" valign="bottom">976</td>
<td align="right" sdnum="3082;0;#.##0" sdval="9976,47370283713" valign="bottom"><b>9.976</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="left" valign="bottom"></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="-5" valign="bottom">-5</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2750" valign="bottom">2.750</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="6750" valign="bottom"><b>6.750</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="732,355277127846" valign="bottom">732</td>
<td align="right" sdnum="3082;0;#.##0" sdval="7482,35527712785" valign="bottom"><b>7.482</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="left" valign="bottom"></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="-4" valign="bottom">-4</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2566,98729810778" valign="bottom">2.567</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="535,898384862245" valign="bottom">536</td>
<td align="right" sdnum="3082;0;#.##0" sdval="5102,88568297003" valign="bottom"><b>5.103</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="553,648186444924" valign="bottom">554</td>
<td align="right" sdnum="3082;0;#.##0" sdval="5656,53386941495" valign="bottom"><b>5.657</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="left" valign="bottom"></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="-3" valign="bottom">-3</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2500" valign="bottom">2.500</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="0" valign="bottom">0</td>
<td align="right" sdnum="3082;0;#.##0" sdval="4500" valign="bottom"><b>4.500</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="488,236851418564" valign="bottom">488</td>
<td align="right" sdnum="3082;0;#.##0" sdval="4988,23685141856" valign="bottom"><b>4.988</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="left" valign="bottom"></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="-2" valign="bottom">-2</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2566,98729810778" valign="bottom">2.567</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="535,898384862246" valign="bottom">536</td>
<td align="right" sdnum="3082;0;#.##0" sdval="5102,88568297003" valign="bottom"><b>5.103</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="553,648186444924" valign="bottom">554</td>
<td align="right" sdnum="3082;0;#.##0" sdval="5656,53386941495" valign="bottom"><b>5.657</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="left" valign="bottom"></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="-1" valign="bottom">-1</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2750" valign="bottom">2.750</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="6750" valign="bottom"><b>6.750</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="732,355277127846" valign="bottom">732</td>
<td align="right" sdnum="3082;0;#.##0" sdval="7482,35527712785" valign="bottom"><b>7.482</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="left" valign="bottom"></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="0" valign="bottom">0</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3000" valign="bottom">3.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="4000" valign="bottom">4.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="9000" valign="bottom"><b>9.000</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="976,473702837129" valign="bottom">976</td>
<td align="right" sdnum="3082;0;#.##0" sdval="9976,47370283713" valign="bottom"><b>9.976</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="left" valign="bottom"></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="1" valign="bottom">1</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3250" valign="bottom">3.250</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="6000" valign="bottom">6.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="11250" valign="bottom"><b>11.250</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1220,59212854641" valign="bottom">1.221</td>
<td align="right" sdnum="3082;0;#.##0" sdval="12470,5921285464" valign="bottom"><b>12.471</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="15000" valign="bottom"><b>15.000</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="13914,340813973" valign="bottom">13.914</td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="2" valign="bottom">2</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3433,01270189222" valign="bottom">3.433</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="7464,10161513775" valign="bottom">7.464</td>
<td align="right" sdnum="3082;0;#.##0" sdval="12897,11431703" valign="bottom"><b>12.897</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1399,29921922934" valign="bottom">1.399</td>
<td align="right" sdnum="3082;0;#.##0" sdval="14296,4135362593" valign="bottom"><b>14.296</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="18660,2540378444" valign="bottom"><b>18.660</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="19194,896927761" valign="bottom">19.195</td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="3" valign="bottom">3</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3500" valign="bottom">3.500</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="8000" valign="bottom">8.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="13500" valign="bottom"><b>13.500</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1464,71055425569" valign="bottom">1.465</td>
<td align="right" sdnum="3082;0;#.##0" sdval="14964,7105542557" valign="bottom"><b>14.965</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="20000" valign="bottom"><b>20.000</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="20479,0975292771" valign="bottom">20.479</td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="4" valign="bottom">4</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3433,01270189222" valign="bottom">3.433</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="7464,10161513776" valign="bottom">7.464</td>
<td align="right" sdnum="3082;0;#.##0" sdval="12897,11431703" valign="bottom"><b>12.897</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1399,29921922934" valign="bottom">1.399</td>
<td align="right" sdnum="3082;0;#.##0" sdval="14296,4135362593" valign="bottom"><b>14.296</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="18660,2540378444" valign="bottom"><b>18.660</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="15034,8621928005" valign="bottom">15.035</td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="5" valign="bottom">5</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3250" valign="bottom">3.250</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="6000" valign="bottom">6.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="11250" valign="bottom"><b>11.250</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1220,59212854641" valign="bottom">1.221</td>
<td align="right" sdnum="3082;0;#.##0" sdval="12470,5921285464" valign="bottom"><b>12.471</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="15000" valign="bottom"><b>15.000</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="16954,0368706014" valign="bottom">16.954</td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="6" valign="bottom">6</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3000" valign="bottom">3.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="4000" valign="bottom">4.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="9000" valign="bottom"><b>9.000</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="976,473702837129" valign="bottom">976</td>
<td align="right" sdnum="3082;0;#.##0" sdval="9976,47370283713" valign="bottom"><b>9.976</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="10000" valign="bottom"><b>10.000</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="9472,79222946514" valign="bottom">9.473</td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="7" valign="bottom">7</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2750" valign="bottom">2.750</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="6750" valign="bottom"><b>6.750</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="732,355277127846" valign="bottom">732</td>
<td align="right" sdnum="3082;0;#.##0" sdval="7482,35527712785" valign="bottom"><b>7.482</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="5000" valign="bottom"><b>5.000</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="6736,18878555411" valign="bottom">6.736</td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="8" valign="bottom">8</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2566,98729810778" valign="bottom">2.567</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="535,898384862247" valign="bottom">536</td>
<td align="right" sdnum="3082;0;#.##0" sdval="5102,88568297003" valign="bottom"><b>5.103</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="553,648186444924" valign="bottom">554</td>
<td align="right" sdnum="3082;0;#.##0" sdval="5656,53386941495" valign="bottom"><b>5.657</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1339,74596215562" valign="bottom"><b>1.340</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1771,76867139164" valign="bottom">1.772</td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="9" valign="bottom">9</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2500" valign="bottom">2.500</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="0" valign="bottom">0</td>
<td align="right" sdnum="3082;0;#.##0" sdval="4500" valign="bottom"><b>4.500</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="488,236851418564" valign="bottom">488</td>
<td align="right" sdnum="3082;0;#.##0" sdval="4988,23685141856" valign="bottom"><b>4.988</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="0" valign="bottom"><b>0</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="85,6778840819986" valign="bottom">86</td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="10" valign="bottom">10</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2566,98729810778" valign="bottom">2.567</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="535,898384862246" valign="bottom">536</td>
<td align="right" sdnum="3082;0;#.##0" sdval="5102,88568297003" valign="bottom"><b>5.103</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="553,648186444924" valign="bottom">554</td>
<td align="right" sdnum="3082;0;#.##0" sdval="5656,53386941495" valign="bottom"><b>5.657</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1339,74596215561" valign="bottom"><b>1.340</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1192,34533071579" valign="bottom">1.192</td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="11" valign="bottom">11</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2750" valign="bottom">2.750</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="6750" valign="bottom"><b>6.750</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="732,355277127846" valign="bottom">732</td>
<td align="right" sdnum="3082;0;#.##0" sdval="7482,35527712785" valign="bottom"><b>7.482</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="5000" valign="bottom"><b>5.000</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="5054,97482183246" valign="bottom">5.055</td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="12" valign="bottom">12</td>
<td align="right" sdnum="3082;0;#.##0" sdval="3000" valign="bottom">3.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="2000" valign="bottom">2.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="4000" valign="bottom">4.000</td>
<td align="right" sdnum="3082;0;#.##0" sdval="9000" valign="bottom"><b>9.000</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="976,473702837129" valign="bottom">976</td>
<td align="right" sdnum="3082;0;#.##0" sdval="9976,47370283713" valign="bottom"><b>9.976</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="10000" valign="bottom"><b>10.000</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="9607,8868306615" valign="bottom">9.608</td>
</tr>
</tbody></table>
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<b style="font-family: Ubuntu, serif; font-size: 16px; white-space: normal;">Table 3 Redemption cycle for a seasonal product</b></div>
<div class="separator" style="clear: both; text-align: left;">
</div>
<table border="0" cellspacing="0">
<colgroup width="49"></colgroup>
<colgroup width="84"></colgroup>
<colgroup width="40"></colgroup>
<colgroup width="58"></colgroup>
<colgroup width="52"></colgroup>
<colgroup width="61"></colgroup>
<colgroup width="80"></colgroup>
<colgroup width="54"></colgroup>
<colgroup width="75"></colgroup>
<colgroup width="66"></colgroup>
<colgroup width="82"></colgroup>
<tbody>
<tr>
<td align="left" height="17" valign="bottom">Month</td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>Production</b></td>
<td align="left" sdnum="3082;0;0" valign="bottom">Start</td>
<td align="left" sdnum="3082;0;0" valign="bottom">Expires</td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>Stock</b></td>
<td align="left" sdnum="3082;0;0" valign="bottom">% sold</td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>Redeemed</b></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom">Unsold</td>
<td align="left" sdnum="3082;0;0" valign="bottom">% expiring</td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>Expiring</b></td>
<td align="left" valign="bottom"><b>Final stock</b></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="1" valign="bottom">1</td>
<td align="right" sdnum="3082;0;#.##0" sdval="15000" valign="bottom"><b>15.000</b></td>
<td align="right" sdnum="3082;0;0" sdval="1" valign="bottom">1</td>
<td align="right" sdnum="3082;0;0" sdval="5" valign="bottom">5</td>
<td align="right" sdnum="3082;0;#.##0" sdval="15000" valign="bottom"><b>15.000</b></td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,927622720931535" valign="bottom">92,76 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="13914,340813973" valign="bottom"><b>13.914</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1085,65918602697" valign="bottom">1.086</td>
<td align="left" sdnum="3082;0;0" valign="bottom"></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1085,65918602697" valign="bottom"><b>1.086</b></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="2" valign="bottom">2</td>
<td align="right" sdnum="3082;0;#.##0" sdval="18660,2540378444" valign="bottom"><b>18.660</b></td>
<td align="right" sdnum="3082;0;0" sdval="2" valign="bottom">2</td>
<td align="right" sdnum="3082;0;0" sdval="6" valign="bottom">6</td>
<td align="right" sdnum="3082;0;#.##0" sdval="19745,9132238714" valign="bottom"><b>19.746</b></td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,972094666381689" valign="bottom">97,21 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="19194,896927761" valign="bottom"><b>19.195</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="551,016296110349" valign="bottom">551</td>
<td align="left" sdnum="3082;0;0" valign="bottom"></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="551,016296110349" valign="bottom"><b>551</b></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="3" valign="bottom">3</td>
<td align="right" sdnum="3082;0;#.##0" sdval="20000" valign="bottom"><b>20.000</b></td>
<td align="right" sdnum="3082;0;0" sdval="3" valign="bottom">3</td>
<td align="right" sdnum="3082;0;0" sdval="7" valign="bottom">7</td>
<td align="right" sdnum="3082;0;#.##0" sdval="20551,0162961103" valign="bottom"><b>20.551</b></td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,99650047638535" valign="bottom">99,65 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="20479,0975292771" valign="bottom"><b>20.479</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="71,9187668332961" valign="bottom">72</td>
<td align="left" sdnum="3082;0;0" valign="bottom"></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="71,9187668332961" valign="bottom"><b>72</b></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="4" valign="bottom">4</td>
<td align="right" sdnum="3082;0;#.##0" sdval="18660,2540378444" valign="bottom"><b>18.660</b></td>
<td align="right" sdnum="3082;0;0" sdval="4" valign="bottom">4</td>
<td align="right" sdnum="3082;0;0" sdval="8" valign="bottom">8</td>
<td align="right" sdnum="3082;0;#.##0" sdval="18732,1728046777" valign="bottom"><b>18.732</b></td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,802622437320568" valign="bottom">80,26 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="15034,8621928005" valign="bottom"><b>15.035</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="3697,31061187721" valign="bottom">3.697</td>
<td align="left" sdnum="3082;0;0" valign="bottom"></td>
<td align="left" sdnum="3082;0;#.##0" valign="bottom"><b>
</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="3697,31061187721" valign="bottom"><b>3.697</b></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="5" valign="bottom">5</td>
<td align="right" sdnum="3082;0;#.##0" sdval="15000" valign="bottom"><b>15.000</b></td>
<td align="right" sdnum="3082;0;0" sdval="5" valign="bottom">5</td>
<td align="right" sdnum="3082;0;0" sdval="9" valign="bottom">9</td>
<td align="right" sdnum="3082;0;#.##0" sdval="18697,3106118772" valign="bottom"><b>18.697</b></td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,906763396219754" valign="bottom">90,68 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="16954,0368706014" valign="bottom"><b>16.954</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1743,27374127579" valign="bottom">1.743</td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,151857891157521" valign="bottom">15,19 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="264,729874060424" valign="bottom"><b>265</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="1743,27374127579" valign="bottom"><b>1.743</b></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="6" valign="bottom">6</td>
<td align="right" sdnum="3082;0;#.##0" sdval="10000" valign="bottom"><b>10.000</b></td>
<td align="right" sdnum="3082;0;0" sdval="6" valign="bottom">6</td>
<td align="right" sdnum="3082;0;0" sdval="10" valign="bottom">10</td>
<td align="right" sdnum="3082;0;#.##0" sdval="11743,2737412758" valign="bottom"><b>11.743</b></td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,806656852098214" valign="bottom">80,67 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="9472,79222946514" valign="bottom"><b>9.473</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="2270,48151181065" valign="bottom">2.270</td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,0661166588385192" valign="bottom">6,61 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="150,11665151555" valign="bottom"><b>150</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="2270,48151181065" valign="bottom"><b>2.270</b></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="7" valign="bottom">7</td>
<td align="right" sdnum="3082;0;#.##0" sdval="5000" valign="bottom"><b>5.000</b></td>
<td align="right" sdnum="3082;0;0" sdval="7" valign="bottom">7</td>
<td align="right" sdnum="3082;0;0" sdval="11" valign="bottom">11</td>
<td align="right" sdnum="3082;0;#.##0" sdval="7270,48151181065" valign="bottom"><b>7.270</b></td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,926512057641768" valign="bottom">92,65 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="6736,18878555411" valign="bottom"><b>6.736</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="534,292726256535" valign="bottom">534</td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,00864691217296708" valign="bottom">0,86 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="4,6199822785954" valign="bottom"><b>5</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="534,292726256535" valign="bottom"><b>534</b></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="8" valign="bottom">8</td>
<td align="right" sdnum="3082;0;#.##0" sdval="1339,74596215562" valign="bottom"><b>1.340</b></td>
<td align="right" sdnum="3082;0;0" sdval="8" valign="bottom">8</td>
<td align="right" sdnum="3082;0;0" sdval="12" valign="bottom">12</td>
<td align="right" sdnum="3082;0;#.##0" sdval="1874,03868841215" valign="bottom"><b>1.874</b></td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,945428011890637" valign="bottom">94,54 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="1771,76867139164" valign="bottom"><b>1.772</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="102,270017020514" valign="bottom">102</td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,442917478171856" valign="bottom">44,29 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="45,2971780313189" valign="bottom"><b>45</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="102,270017020514" valign="bottom"><b>102</b></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="9" valign="bottom">9</td>
<td align="right" sdnum="3082;0;#.##0" sdval="0" valign="bottom"><b>0</b></td>
<td align="right" sdnum="3082;0;0" sdval="9" valign="bottom">9</td>
<td align="right" sdnum="3082;0;0" sdval="13" valign="bottom">13</td>
<td align="right" sdnum="3082;0;#.##0" sdval="102,270017020514" valign="bottom"><b>102</b></td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,837761511908352" valign="bottom">83,78 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="85,6778840819986" valign="bottom"><b>86</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="16,5921329385153" valign="bottom">17</td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,373539171095313" valign="bottom">37,35 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="6,19781158455626" valign="bottom"><b>6</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="16,5921329385153" valign="bottom"><b>17</b></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="10" valign="bottom">10</td>
<td align="right" sdnum="3082;0;#.##0" sdval="1339,74596215561" valign="bottom"><b>1.340</b></td>
<td align="right" sdnum="3082;0;0" sdval="10" valign="bottom">10</td>
<td align="right" sdnum="3082;0;0" sdval="14" valign="bottom">14</td>
<td align="right" sdnum="3082;0;#.##0" sdval="1356,33809509413" valign="bottom"><b>1.356</b></td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,879091529632991" valign="bottom">87,91 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="1192,34533071579" valign="bottom"><b>1.192</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="163,992764378334" valign="bottom">164</td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,735347867162891" valign="bottom">73,53 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="120,591729515754" valign="bottom"><b>121</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="163,992764378334" valign="bottom"><b>164</b></td>
</tr>
<tr>
<td align="right" height="17" sdnum="3082;" sdval="11" valign="bottom">11</td>
<td align="right" sdnum="3082;0;#.##0" sdval="5000" valign="bottom"><b>5.000</b></td>
<td align="right" sdnum="3082;0;0" sdval="11" valign="bottom">11</td>
<td align="right" sdnum="3082;0;0" sdval="15" valign="bottom">15</td>
<td align="right" sdnum="3082;0;#.##0" sdval="5163,99276437833" valign="bottom"><b>5.164</b></td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,978888827401562" valign="bottom">97,89 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="5054,97482183246" valign="bottom"><b>5.055</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="109,017942545878" valign="bottom">109</td>
<td align="right" sdnum="3082;0;0,00\ %" sdval="0,576886828859737" valign="bottom">57,69 %</td>
<td align="right" sdnum="3082;0;#.##0" sdval="62,8910151641047" valign="bottom"><b>63</b></td>
<td align="right" sdnum="3082;0;#.##0" sdval="109,017942545878" valign="bottom"><b>109</b></td>
</tr>
</tbody></table>
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<a class="sdfootnotesym" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote1anc" name="sdfootnote1sym">1</a> Samo Kavčič, THE “COMMODITY – MONEY – COMMODITY” MUTUAL CREDIT COMPLEMENTARY CURRENCY SYSTEM, Marxian money to promote community trade and market economy, International Journal of Community Currency Research, 2016, VOLUME 20 (S UMMER ) 41-53 <a href="https://ijccr.net/current-issue/vol-20-summer-pp-41-53/"><span style="color: navy;"><span lang="zxx"><u>https://ijccr.net/current-issue/vol-20-summer-pp-41-53/</u></span></span></a></div>
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<a class="sdfootnotesym" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote2anc" name="sdfootnote2sym">2</a> Samo Kavčič, Monetary Separation of the Real and the Financial Exchange Circles, IV International Conference on Social and Complementary Currencies: Money, Consciousness and Values for Social Change, <a href="https://goo.gl/juelrR"><span style="color: navy;"><span lang="zxx"><u>https://goo.gl/juelrR</u></span></span></a></div>
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<a class="sdfootnotesym" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote3anc" name="sdfootnote3sym">3</a> Paul Grignon, Digital Coin, January 1, 2008. Revised August 14, 2009</div>
</div>
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<div class="sdfootnote-western" style="break-before: page; direction: inherit; font-family: Ubuntu, serif; font-size: 9pt; line-height: 12px; margin-bottom: 0.2in; margin-left: 0.24in; text-indent: -0.24in;">
<a class="sdfootnotesym" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote4anc" name="sdfootnote4sym">4</a> Paul Grignon, Digital Coin in Brief - July 17 2009 and accompanying documents: Digital Coin Technology, Digital Coin Specifications, Mortgages in the Credit Coin System</div>
</div>
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<a class="sdfootnotesym" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote5anc" name="sdfootnote5sym">5</a> The Ricardian Contract <a href="https://en.wikipedia.org/wiki/Ricardian_Contract"><span style="color: navy;"><span lang="zxx"><u>https://en.wikipedia.org/wiki/Ricardian_Contract</u></span></span></a></div>
</div>
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<a class="sdfootnotesym" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote6anc" name="sdfootnote6sym">6</a><span style="color: black;"> </span><span style="color: black;"><span style="font-family: "verdana" , "lucida" , "helvetica" , "arial" , sans-serif;"><span style="font-size: 9pt;">The Ricardian Financial Instrument Contract </span></span></span><a href="http://www.systemics.com/docs/ricardo/issuer/contract.html"><span style="color: navy;"><span lang="zxx"><u>http://www.systemics.com/docs/ricardo/issuer/contract.html</u></span></span></a><span style="color: black;"><u></u></span></div>
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<a class="sdfootnotesym" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote7anc" name="sdfootnote7sym">7</a> The Great Transition, New Economics Foundation, Jan 2012, The Great Localisation and Engagement, Criteria for determining appropriate scale, page 60</div>
</div>
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<a class="sdfootnotesym" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote8anc" name="sdfootnote8sym">8</a> INTERNET-DRAFT XML Voucher: Generic Voucher Language <draft-ietf-trade-voucher-lang-07.txt> <a href="https://tools.ietf.org/html/draft-ietf-trade-voucher-lang-07"><span style="color: navy;"><span lang="zxx"><u>https://tools.ietf.org/html/draft-ietf-trade-voucher-lang-07</u></span></span></a></div>
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<a class="sdfootnotesym" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104#sdfootnote9anc" name="sdfootnote9sym">9</a> Georgina Gomez, How does monetary plurality really work? Reflections on the Argentine experience (2000-2005), IV International Conference on Social and Complementary Currencies</div>
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Anonymoushttp://www.blogger.com/profile/13305955758684580225noreply@blogger.com2tag:blogger.com,1999:blog-6734326932977571104.post-80879602891998451172017-05-04T07:29:00.001-07:002017-05-04T08:11:21.331-07:00<div dir="ltr" style="text-align: left;" trbidi="on">
<h1 id="ethereum-ricardian-voucher-token" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0.4); border-bottom: 1px solid rgb(238, 238, 238); color: #172f47; font-family: Arial, Helvetica, sans-serif; font-size: 1.75em; padding-bottom: 0.3em;">
Ethereum Ricardian-Voucher Token</h1>
<div>
Ethereum <strong>ERC:20</strong> and <strong>legally
valid token</strong> that is a promise of a real world goods, products or
merchandises
</div>
<h1 id="self-credit-currencies-issued-by-producers-of-goods-or-services" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0.4); border-bottom: 1px solid rgb(238, 238, 238); color: #172f47; font-family: Arial, Helvetica, sans-serif; font-size: 1.75em; padding-bottom: 0.3em;">
Self-credit currencies issued by producers of goods or services</h1>
<ul>
<li>Anyone who offers goods and services for sale in the market
is qualified to issue currency. <em>THE END OF MONEY AND
THE FUTURE OF CIVILIZATION, by Thomas H. Greco, Jr., 2009</em>
</li>
<li>Buyers and sellers should be free to use any payment medium
that is mutually agreeable to them, including the issuance and
acceptance of their own currencies.</li>
<li>Only the issuer of a currency should be obliged to accept it
as payment, and must always accept it at face value (“at par”).</li>
<li>There should be no forced circulation of any currency. Legal
tender should obligate government only, and should not apply to
transactions between private parties.</li>
<li>Credit Coin is a contract backed by promises of future
productivity, and in that sense, is no different than conventional
bank credit, time-dollars or LETS systems. <em>DIGITAL COIN
IN BRIEF, by Paul Grignon, 2009</em>
</li>
<li>..., it is apparent that the buyer who issued the monetary
instrument to the seller has made a commitment to the community that
he, in his turn, will engage in business, i.e., will bid for money by
offering his own goods and services in the open market. <em>FLIGHT
FROM INFLATION, The Monetary Alternative, by E.C. Riegel, 2003</em>
</li>
</ul>
<div>
<img alt="selfcredit" border="0" src="https://cloud.githubusercontent.com/assets/6016780/25551242/c1054e3e-2c47-11e7-8d19-46c37df6c93f.png" width="600" />
</div>
<div>
Product vouchers are legal contracts with a specific data model <em>
<a draft-ietf-trade-voucher-lang-07="" href="https://www.blogger.com/blogger.g?blogID=6734326932977571104" html="" https:="" tools.ietf.org="">INTERNET-DRAFT
Ko Fujimura XML Voucher: Generic Voucher Language</a>
</em>
</div>
<div>
<br />
<br />
<img alt="merchandise" border="0" src="https://cloud.githubusercontent.com/assets/6016780/25551320/91fef9d6-2c48-11e7-969d-cf482e6d301e.png" />
<br />
<br /></div>
<div>
Most of the ethereum ERC20: Token standard (ERC: Token standard 20)
tokens rely only on promises just stated at a website. <em><a href="https://github.com/ethereum/EIPs/issues/20">ERC20: Token
standard </a></em>
</div>
<div>
In the end, their value relies only on the trust expressed
in the market, and the investment made at the ICO, but have no legal
validity. A Ricardian contract based token would bring to reality
Thomas Greco, Bernard Leathaer and Paul Grigon dreams that every
producer of a good is entitled to issue money as a promise about its
production. </div>
<h1 id="smart-contracts" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0.4); border-bottom: 1px solid rgb(238, 238, 238); color: #172f47; font-family: Arial, Helvetica, sans-serif; font-size: 1.75em; padding-bottom: 0.3em;">
Smart contracts</h1>
<div>
A contract is a mutually agreeable arrangement of rules among mutually
suspicious parties so they may cooperate with limited risks to each
other's mischief. It is a game both are willing to play because both
expect to win. A conventional contract is passive paper interpreted at
great expense by lawyers and courts. A smart contract is written in
program code, in which the logic of the program's execution enforce
the terms of the contract. Smart contracts reduce costs by orders of
magnitude, leading to a more cooperative world. <em>ERights.org,
home of E, the secure distributed pure-object platform for writing
Smart Contracts: Patterns of Cooperation without Vulnerability
<a href="https://www.cypherpunks.to/erights/">https://www.cypherpunks.to/erights/</a></em>
</div>
<div>
Smart contracts also known as a smart property are computer
protocols that facilitate, verify, or enforce the negotiation or
performance of a contract, or that make a contractual clause
unnecessary. Smart contracts often emulate the logic of contractual
clauses. Proponents of smart contracts claim that many kinds of
contractual clauses may thus be made partially or fully
self-executing, self-enforcing, or both. Smart contracts aim to
provide security superior to traditional contract law and to reduce
other transaction costs associated with contracting.</div>
<div>
A smart contract is a computerized transaction protocol that executes
the terms of a contract. The general objectives are to satisfy common
contractual conditions (such as payment terms, liens, confidentiality,
and even enforcement), minimize exceptions both malicious and
accidental, and minimize the need for trusted intermediaries. Related
economic goals include lowering fraud loss, arbitrations and
enforcement costs, and other transaction costs. <em>The Idea
of Smart Contracts, 1997 by Nick Szabo, <a href="https://goo.gl/1CKyOj">https://goo.gl/1CKyOj</a></em>
</div>
<div>
Smart contracts go beyond the vending machine in proposing
to embed contracts in all sorts of property that is valuable and
controlled by digital means. Smart contracts reference that property
in a dynamic, often proactively enforced form, and provide much better
observation and verification where proactive measures must fall short.</div>
<div>
A Smart Contract has to be: </div>
<ul>
<li><strong>Smart</strong> for computers: enforced by an
executable script. Turing complete. </li>
<li>A <strong>Contract</strong> in the eyes of humans
(lawyers). Semantics is human. A valid legal document.
</li>
</ul>
<h1 id="ricardian-contract" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0.4); border-bottom: 1px solid rgb(238, 238, 238); color: #172f47; font-family: Arial, Helvetica, sans-serif; font-size: 1.75em; padding-bottom: 0.3em;">
Ricardian contract</h1>
<div>
A Ricardian contract is a document which is legible to both a court of
law and to a software application. Its purpose is to provide digital
trading systems of various kinds the solidity of legally binding
claims on property, so that you and your partners can concentrate on
the business opportunity. <em>The Ricardian Contract
<a href="http://iang.org/ricardian/">http://iang.org/ricardian/</a></em>
</div>
<div>
The documents known as Ricardian contracts are the essential method to
describe "value" in financial cryptography. The Ricardian contract is
both a document that presents a form for a legal contract, and a
design pattern to incorporate that document securely into an
accounting system. When used properly, they are pervasive, being found
in some sense from the client GUI layer down to the secure Internet
protocol level. <em>Ricardian contracts
<a href="http://www.webfunds.org/guide/ricardian.html">http://www.webfunds.org/guide/ricardian.html</a></em>
</div>
<div>
<img alt="Ricardian Contract" border="0" src="https://camo.githubusercontent.com/8c980cc11f1e7d5d10bcd7c18f5f28966ff044ce/687474703a2f2f7777772e77656266756e64732e6f72672f696d616765732f52432d626f772d7469652e706e67" width="600" />
</div>
<div>
The Ricardian contract is a method of recording a document
as a contract at law, and linking it securely to other systems such as
accounting for the contract as an issuance of value. It is robust
through use of identification by Cryptographic hash function,
transparent through use of readable text for legal prose and efficient
through markup language to extract essential information.</div>
<div>
In the simplest possible terms, a Ricardian Contract is a formatted
document that is both human readable and program parsable. It
identifies a Legal Issuer and an Issuance Server, and includes
(OpenPGP) keys for those parties. The document is signed in (OpenPGP)
cleartext form by the Legal Issuer's contract signing key. A unique
identifier is formed by a canonical message digest (hash) which
provides an unforgeable link to the accounting system. <em>Sistemics,
The Ricardian Financial Instrument Contract
<a href="http://www.systemics.com/docs/ricardo/issuer/contract.html">http://www.systemics.com/docs/ricardo/issuer/contract.html</a></em>
</div>
<h1 id="ethereum-ricardian-tokens" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0.4); border-bottom: 1px solid rgb(238, 238, 238); color: #172f47; font-family: Arial, Helvetica, sans-serif; font-size: 1.75em; padding-bottom: 0.3em;">
Ethereum Ricardian Tokens</h1>
<div>
The ethereum Standardized Contract APIs for Transferable Fungibles,
ERC: Token standard 20, provides the basis for the executable part of
a Ricardian contract. <em>Standardized_Contract_APIs
<a href="https://github.com/ethereum/wiki/wiki/Standardized_Contract_APIs">https://github.com/ethereum/wiki/wiki/Standardized_Contract_APIs</a></em>
</div>
<div>
As regards the semantic part, the swarm protocol allows to bind any
ethereum ERC: Token standard 20 token to a human readable and legal
valid document through it swarm hash. <em>Semantics,
Blockchains and Ricardian Contracts
<a href="https://www.slideshare.net/christopherbrewster/semantics-blockchains-and-ricardian-contracts">https://www.slideshare.net/christopherbrewster/semantics-blockchains-and-ricardian-contracts</a></em>
</div>
<div>
Its the intersection of the two components that can create a
blockchain based and legally valid currency that is a promise of a
real world good. <em>On the intersection of Ricardian and
Smart Contracts
<a href="http://iang.org/papers/intersection_ricardian_smart.html">http://iang.org/papers/intersection_ricardian_smart.html</a></em>
</div>
<h1 id="implementation" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0.4); border-bottom: 1px solid rgb(238, 238, 238); color: #172f47; font-family: Arial, Helvetica, sans-serif; font-size: 1.75em; padding-bottom: 0.3em;">
Implementation</h1>
<h2 id="conformance-to-the-ethereum-erc20-token-standard" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0.4); border-bottom: 1px solid rgb(238, 238, 238); color: #172f47; font-family: Arial, Helvetica, sans-serif; font-size: 1.75em; padding-bottom: 0.3em;">
Conformance to the ethereum ERC20 Token standard</h2>
<div>
<strong>function</strong> <span style="color: #741b47;">totalSupply</span>() constant returns (uint256
totalSupply)<br />
<strong>function</strong> <span style="color: #741b47;">balanceOf</span>(address
_owner) constant returns (uint256 balance)<br />
<strong>function</strong> <span style="color: #741b47;">transfer</span>(address <em>to,
uint256</em>value) returns (bool success)<br />
<strong>function</strong> <span style="color: #741b47;">transferFrom</span>(address <em>from,
address</em>to, uint256 _value) returns (bool success)<br />
<strong>function</strong> <span style="color: #741b47;">approve</span>(address <em>spender,
uint256</em>value) returns (bool success)<br />
<strong>function</strong> <span style="color: #741b47;">allowance</span>(address <em>owner,
address</em>spender) constant returns (uint256 remaining)<br />
<strong>event</strong> <span style="color: #741b47;">Transfer</span>(address
indexed <em>from, address indexed</em>to, uint256 _value)<br />
<strong>event</strong> <span style="color: #741b47;">Approval</span>(address indexed <em>owner,
address indexed</em>spender, uint256 _value)
</div>
<h2 id="conformance-to-the-ricardian-contract" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0.4); border-bottom: 1px solid rgb(238, 238, 238); color: #172f47; font-family: Arial, Helvetica, sans-serif; font-size: 1.75em; padding-bottom: 0.3em;">
Conformance to the Ricardian contract</h2>
<h3 id="association-and-producers-fields" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0.4); border-bottom: 1px solid rgb(238, 238, 238); color: #172f47; font-family: Arial, Helvetica, sans-serif; font-size: 1.75em; padding-bottom: 0.3em;">
Association and Producers fields</h3>
<div>
string <strong>_brandname</strong>; <span style="color: #38761d;">// the name you are normally
known by in the street</span><br />
string <strong>_shortname</strong>;
<span style="color: #38761d;">// short name is displayed by trading software, 8 chars</span><br />
string <strong>_longname</strong>;<span style="color: #134f5c;"> </span><span style="color: #38761d;">// full legal name</span><br />
string <strong>_address</strong>; <span style="color: #38761d;">// formal address for
snail-mail notices</span><br />
string <strong>_country</strong>; <span style="color: #38761d;">//
two letter ISO code that indicates the jurisdiction</span><br />
string <strong>_registration</strong>; <span style="color: #38761d;">// legal registration code
of the legal person or legal entity</span><br />
address <strong>_registryBzz</strong>;
<span style="color: #38761d;">// swarm hash of the signer human readable registry document
</span></div>
<h3 id="token-fields" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0.4); border-bottom: 1px solid rgb(238, 238, 238); color: #172f47; font-family: Arial, Helvetica, sans-serif; font-size: 1.75em; padding-bottom: 0.3em;">
Token fields</h3>
<div>
uint256 <strong>totalSupply</strong>;<br />
string <strong>voucherTokenName</strong>;<br />
uint8 <strong>decimals</strong>;<br />
string <strong>voucherTokenSymbol</strong>;<br />
address <strong>voucherTokenLogoBzz</strong>; <span style="color: #38761d;">// swarm hash of
the voucher icon or logo</span><br />
uint8 <strong>validity_start</strong>;
<span style="color: #38761d;">// start date of the contract. Validity period of the voucher to
redeem merchandises</span><br />
uint8 <strong>validity_end</strong>;
<span style="color: #38761d;">// end date of the contract. Provides restrictions on the validity
period of the voucher
</span></div>
<h3 id="contract-fields" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0.4); border-bottom: 1px solid rgb(238, 238, 238); color: #172f47; font-family: Arial, Helvetica, sans-serif; font-size: 1.75em; padding-bottom: 0.3em;">
Contract fields</h3>
<div>
address <strong>contractBzz</strong>; <span style="color: #38761d;">// swarm hash of the signer
human readable contract</span><br />
string[] <strong>merchandises</strong>;
<span style="color: #38761d;">// Provides restrictions on the object to be claimed</span><br />
string[] <strong>definitions</strong>; <span style="color: #38761d;">// Includes terms and
definitions to be defined in a contract</span><br />
string[] <strong>conditions</strong>;
<span style="color: #38761d;">// Provides any other applicable restrictions
</span></div>
<h2 id="functioning" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0.4); border-bottom: 1px solid rgb(238, 238, 238); color: #172f47; font-family: Arial, Helvetica, sans-serif; font-size: 1.75em; padding-bottom: 0.3em;">
Functioning</h2>
<ul>
<li>There is an <strong>Association</strong> grouping
the <strong>Producers</strong>, and issuing the voucher <strong>tokens</strong>.
It also writes and signs the legal <strong>contract</strong>,
defining the <strong>merchandises</strong> or goods,
the <strong>definitions</strong> and the <strong>conditions</strong></li>
<li>The Association issues a value <strong>V</strong> of
voucher tokens, valid for a period <strong>M</strong> of
months. It holds it in the association wallet
</li>
<li>The Association accepts or rejects membership applications of
Producers </li>
<li>Each Producer makes <strong>promises</strong> of
production and sells of value <strong>p</strong> for
month <strong>m</strong></li>
<li>The Association approves, or not, the promise. It will
consider the capacity of the producer to conform to the quality
parameters of the contract. Authorises the producer to <strong>withdraw</strong> tokens
for value <strong>p</strong> to their wallet
</li>
<li>Sales consist in transferring tokens for value <strong>s</strong>,
selling the price, from the buyer to the association wallet,
redeeming the voucher. Deduct <strong>s</strong> to the
promises <strong>p</strong> of the producer for that
month <strong>m</strong></li>
<li>Any month <strong>m</strong>, the association adds the
net remaining promise <strong>p</strong> (positive or
negative) of each producer at any previous month <strong>m-x</strong> to
the promise of month <strong>m</strong></li>
<li>At approving a new promise of a producer for a future
month <strong>m</strong>, the association may consider decrease
the requested promise in view of a prexisting promise or a carry over
promisering <strong>voucherTokenSymbol</strong>;
</li>
<li>Sales consist in transferring tokens for value <strong>s</strong>,
selling the price, from the buyer to the association wallet,
redeeming the voucher. Deduct <strong>s</strong> to the
promises <strong>p</strong> of the producer for that
month <strong>m</strong></li>
<li>Any month <strong>m</strong>, the association adds the
net remaining promise <strong>p</strong> (positive or
negative) of each producer at any previous month <strong>m-x</strong> to
the promise of month <strong>m</strong></li>
<li>At approving a new promise of a producer for a future
month <strong>m</strong>, the association may consider decrease
the requested promise in view of a prexisting promise or a carry over
promise
</li>
</ul>
<h2 id="functioning" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0.4); border-bottom: 1px solid rgb(238, 238, 238); color: #172f47; font-family: Arial, Helvetica, sans-serif; font-size: 1.75em; padding-bottom: 0.3em;">
GitHub</h2>
<a href="https://github.com/segovro/Ricardian_Token">https://github.com/segovro/Ricardian_Token</a>
<br />
<br />
<img src="https://camo.githubusercontent.com/fd104113b99df6944da7c7f7fb3da1efbf25346f/687474703a2f2f706c617374656e6b612e68752f77702d636f6e74656e742f75706c6f6164732f323031322f30322f62792d6e632d6e642e65755f2e706e67" />
<br />
<a href="https://creativecommons.org/licenses/by-nc-nd/4.0/">Attribution-NonCommercial-NoDerivatives 4.0 International CC BY-NC-ND 4.0</a></div>
Anonymoushttp://www.blogger.com/profile/13305955758684580225noreply@blogger.com0tag:blogger.com,1999:blog-6734326932977571104.post-37464423416238478642016-03-07T12:14:00.000-08:002016-03-07T13:11:32.185-08:00PoC Community Currency Ethereum DAPP, now online<html><head></head><body><b>Community Currency monetary design</b><br><ol>
<li>
<b>Transactions</b>: anybody with an ETH account may transfer
currency to anybody with an ETH account. Commoners and invitees
can trade in the free market with the currency.<br>
</li>
<li>
<b>P2P credit</b>: only Commoners can endorse P2P credit to
other Commoners of the same Community. They put as guarantee a
number of Units of Trust of their Reputation. New money is
created for the credit. At the end of the credit money is
retrieved from the borrower and destroyed. Successful credits
reward the endorser Reputation with additional Units of Trust.
Failed credits penalize the endorser Reputation.</li>
<li>
<b>Commoners</b>: Commoners can provide public services for
the Community, and be paid for it by the Commune. Commoners can
crowd-fund the expenses of the Commune.</li>
<li>
<b>Community</b>: there is a rolling budget for the Commons
activities. The budget and the associated administrative tasks
for the Commons is managed by the Commune. The currency
parameters are managed by the Treasury.</li>
<li>More information at the wiki <a class="moz-txt-link-freetext" href="https://github.com/segovro/Community-Currency/wiki">https://github.com/segovro/Community-Currency/wiki</a>
</li>
</ol>
<b>How to run the PoC Community Currency</b><br><ol>
<li>Download the following release of the MIST Ethereum browser
corresponding to your OS at <a class="moz-txt-link-freetext" href="https://github.com/ethereum/mist/releases/tag/0.3.6">https://github.com/ethereum/mist/releases/tag/0.3.6</a>
</li>
<li>Run Mist Browser<br>
</li>
<li>Within Mist, browse to the DAPP at <a class="moz-txt-link-freetext" href="http://communitycurrency.website/index.html"></a><a class="moz-txt-link-freetext" href="http://communitycurrency.website/index.html">http://communitycurrency.website/index.html</a>
</li>
<li>Be aware, its an experimental Mist browser, so that the HTML
design of the DAPP has been limited to the minimum usage of css
and js.</li>
</ol>
<b>How to play with the PoC Community Currency</b><br><ol>
<li>Ask the Commune (<a class="moz-txt-link-abbreviated" href="mailto:desperado.theory@gmail.com">desperado.theory@gmail.com</a>)
to be accepted as member. Provide your ETH account.</li>
<li>Go to the commonersList.html page where you have a list of
other peer commoners ETH accounts.</li>
<li>Send them transactions.</li>
<li>Endorse some credits to peers. </li>
<li>Claim public service hours.</li>
<li>Contribute to the Commons with some crowd-funding.</li>
<li>Ask for a credit to a peer you know the email (in the future,
through whysper).</li>
</ol>
<b>How to create a Community Currency for your own community</b><br><ol>
<li>Download the source files from <a class="moz-txt-link-freetext" href="https://github.com/segovro/Community-Currency"></a><a class="moz-txt-link-freetext" href="https://github.com/segovro/Community-Currency">https://github.com/segovro/Community-Currency</a>
</li>
<li>Edit <i><b>contract.sol </b></i>and adapt it to your needs, change
community name, currency name and symbol, currency parameters,
etc.</li>
<li>Edit the HTML pages and adapt them to the new functions and
your own corporate image.</li>
<li>Submit the new contract with the Ethereum-Wallet or with
Mix.</li>
<li>Upload your DAPP to a public webspace.</li>
</ol>
<b>Follow the blockchain and view the contract and the JSON ABI</b><br><ol>
<li>Blockchain transactions at <a class="moz-txt-link-freetext" href="https://live.ether.camp/account/d870e20d6b2ad29a3a68f6a3ddd27d6a79bd61a2">https://live.ether.camp/account/d870e20d6b2ad29a3a68f6a3ddd27d6a79bd61a2</a>
</li>
<li>JSON at
<a class="moz-txt-link-freetext" href="https://live.ether.camp/account/d870e20d6b2ad29a3a68f6a3ddd27d6a79bd61a2/contract">https://live.ether.camp/account/d870e20d6b2ad29a3a68f6a3ddd27d6a79bd61a2/contract</a>
</li>
<li>Send your comments to <a class="moz-txt-link-abbreviated" href="mailto:segovro@gmail.com">segovro@gmail.com</a>
</li></ol></body></html>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com3tag:blogger.com,1999:blog-6734326932977571104.post-532621515376581612016-01-24T18:31:00.001-08:002016-01-29T06:15:54.754-08:00In search of a plan B<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="line-height: 100%; margin-bottom: 0.21cm; margin-top: 0.42cm;">
<span style="color: black;"><span style="font-family: "verdana" , "arial" , serif;"><span style="font-size: x-large;"><b><span lang="en-US">In
search of </span><span lang="en-US">a </span><span lang="en-US">plan
B</span></b></span></span></span></div>
<span lang="en-US"><i>ROGELIO SEGOVIA</i></span><br />
<span lang="en-US"><i>Rogelio Segovia is member of the Instituto
de la Moneda Social </i></span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.monedasocial.org/"><i>http://www.monedasocial.org/</i></a></u></span></span><br />
<br />
<span style="font-size: x-small;"><span lang="en-US">This
article was originally published the 6th January 2016, in Spanish, at
VIENTO SUR, “</span></span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.vientosur.info/spip.php?article10836"><span style="font-size: x-small;"><span lang="en-US">A
la búsqueda del plan B</span></span></a></u></span></span><span style="font-size: x-small;"><span lang="en-US">”</span></span><br />
<img src="http://www.vientosur.info/IMG/siteon0.jpg?1308215513" width="200" /><br />
<span style="font-size: x-small;"><span lang="en-US"> </span></span><br />
<span lang="en-US"><i>[In this article the need to launch already
now and grow a monetary plan B that we will need when we need to look
into the eyes the Eurogroup. For when that time comes this plan
should already operating, covering a significant percentage of the
economy, so that it can expand rapidly in front of a situation of
suffocation as the Greek, allowing at least the internal economy
work, giving a precious letup, of months, before planting the new
state monetary system on the world monetary table. It is a plan B
that grows from the bottom up. It is a plan B that is post-capitalist
at the roots, which does not pay interest to the Banks. But above
all, it is a plan B that can be helping in the meantime, in a
practical way, the most desperate population]</i></span><br />
<br />
<span lang="en-US">Since the definitive establishment of the
Federal Reserve (Fed), the US Central Bank, after a long process with
two earlier attempts, what we have is the enthronement of the
financial power over the rest of the capital (and I dare even
classify it as a new superclass); the apostolic model of the State of
the four powers is obsolete, the "democratic theater" State
has grown a protuberance, a fifth power, the banking power, with
their own bodies intermediation, with Central Banks in the lead as
private cartels of the banks, with the rest of civil society excluded
from these bodies.</span><br />
<span lang="en-US"><i> </i></span><span lang="en-US">
</span>
<br />
<span lang="en-US">The Federal Reserve System US was established
on December 23, 1913 by the Law of the Fed (Federal Reserve Act). It
is the result of the reaction of the big banks to the panic of 1907:
in 1910, executives of the banks JPMorgan, Rockefeller and Kuhn, Loeb
& Co. Banks, etc., held for ten days a meeting in Jekyll Island,
Georgia, secretly, in pure conspiratorial style, but full of
patriotic fervor according their autobiographies, concocted the plan,
presented to Congress by the Republican Party and supported by the
American Bankers' Association. The Federal Reserve controls the size
of the money supply with almost absolute power, out of almost any
democratic control, and thus took over all the controls of the
economic control room, and now the crisis or booms can be generated
at will. It is called "Money Cartel". The European Central
Bank (ECB) and most Central Banks in th world are designed in its
image and likeness.</span><br />
<br />
<span lang="en-US">There is no way to "conquer it from
within." Either it is abolished or amended by law from the
classical democratic State bodies, as proposed now Bernie Sanders,
and it seems that Varoufakis follows now with the DiEM25 intitiative,
and we wish them all the best of all lucks. Bernie does not seem to
be very aware that he is calling by her name no other than the mother
of </span><span lang="en-US"><i>Aliens</i></span><span lang="en-US">
nest, the </span><span lang="en-US"><i><b>beast</b></i></span><span lang="en-US">
herself. They call it Plan B, but it is a Plan A. As Siriza had a
Plan A. For me, it is more than problematic any progress without
creating an alternative power to put in place monetary areas of
sufficient size out of their system, as it is uncertain modify labor
legislation without a healthy dose of workers' struggle. What I miss
is a Plan B.</span><br />
<br />
<h2 style="text-align: left;">
<span lang="en-US">The reality of the monetary movement </span></h2>
<span lang="en-US">There is a huge explosion of literature about
monetary reform without a clear ideological compass in a pot of
thought where all more or less agree on the diagnosis of the crisis
of the current monetary and financial system, but the result is a
vortex of approaches ranging from anarcho-capitalist, followers of
the Austrian school, till the preachers of the Common Good through a
change of consciousness and ethical behavior.</span><br />
<br />
<span lang="en-US">Within this turmoil on the currency reform, a
current is emerging without explicit Marxist roots, but clearly
post-capitalist, united in some way (although not formally) around a
vision of the future with the resistance to climate change, the
economic sustainability or de-growth and the fight against poverty as
major axes. One of their centers of thought is undoubtedly the
</span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.neweconomics.org/"><span lang="en-US">National
Economics Foundation</span></a></u></span></span><span lang="en-US">
(NEF), and variants of the "</span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.greattransition.org/"><span lang="en-US">Great
Transition</span></a></u></span></span><span lang="en-US">". Key
authors are for example, </span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.lietaer.com/"><span lang="en-US">Bernard
Lietaer</span></a></u></span></span><span lang="en-US">, </span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.moneyasdebt.net/"><span lang="en-US">Paul
Grignon</span></a></u></span></span><span lang="en-US">, </span><span style="color: navy;"><span lang="zxx"><u><a href="http://beyondmoney.net/"><span lang="en-US">Thomas
H. Greco</span></a></u></span></span><span lang="en-US">, </span><span style="color: navy;"><span lang="zxx"><u><a href="http://ellenbrown.com/"><span lang="en-US">Ellen
Brown</span></a></u></span></span><span lang="en-US">. We have a
solid historical research by authors like Stephen Zarlenga </span><span lang="en-US">(</span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.monetary.org/"><span lang="en-US"><i>The
Lost Science of Money. The Mythology of Money–The Story of Power</i></span></a></u></span></span><span lang="en-US">
(2005, American Monetary Institute)</span><span lang="en-US">.
We must especially mention an author with a privileged position at
the crossroads between the theory of law, economics and cryptography,
</span><span style="color: navy;"><span lang="zxx"><u><a href="http://szabo.best.vwh.net/"><span lang="en-US">Nick
Szabo</span></a></u></span></span><span lang="en-US">, bridge author
with the movement of crypto-currencies.</span><br />
<br />
<span lang="en-US">The STRO, the </span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.socialtrade.nl/"><span lang="en-US">Social
Trade Orgnaization</span></a></u></span></span><span lang="en-US">,
has played a key role in spreading the ideas into initiatives.
Another think tank to mention is the </span><span style="color: navy;"><span lang="zxx"><u><a href="http://p2pfoundation.net/Main_Page"><span lang="en-US">P2P
Foundation</span></a></u></span></span><span lang="en-US">. </span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.cyclos.org/"><span lang="en-US">Cyclos</span></a></u></span></span><span lang="en-US">,
</span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.digipay4growth.eu/"><span lang="en-US">Digipay4Growth</span></a></u></span></span><span lang="en-US">,
</span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.communitycurrency.org/"><span lang="en-US">Community
Currency</span></a></u></span></span><span lang="en-US">, </span><span style="color: navy;"><span lang="zxx"><u><a href="https://www.community-exchange.org/home/"><span lang="en-US">Community
Exchange System</span></a></u></span></span><span lang="en-US">,
Community Currencies in Action are all resource centers for
complementary currencies, providing from knowledge to software. In
Spain a small think tank around the </span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.monedasocial.org/"><span lang="en-US">Instituto
de la Moneda Social</span></a></u></span></span><span lang="en-US">
is taking form.</span><br />
<br />
<span lang="en-US">The complementary currency </span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.wir.ch/"><span lang="en-US">WIR
Bank</span></a></u></span></span><span lang="en-US"> in Switzerland,
in existence since 1934, formerly the Swiss Economic Circle (GER:
Wirtschaftsring-Genossenschaft) has an annual turnover of 4,6 billion
Swiss francs, serving 45 000 SMEs with 15 000 employees. The business
plan of </span><span style="color: navy;"><span lang="zxx"><u><a href="http://sonantes.fr/"><span lang="en-US">SoNantes</span></a></u></span></span><span lang="en-US">,
France, has a goal to take over 10% of GDP in Nantes. Partly thanks
to the activity of STRO, there are nearly 4 000 complementary
currencies in the world. </span><br />
<span lang="en-US"> </span>
<br />
<span style="color: navy;"><span style="color: black;">The telco giants are entering in plunder mode
to dispute the role of banks as primary intermediaris of money.</span> <span lang="zxx"><u><a href="https://en.wikipedia.org/wiki/M-Pesa"><span lang="en-US">M-Pesa</span></a></u></span></span><span lang="en-US">
in Kenya, mobile money, has a base of 10 million users. Launched in
2007 by Vodafone for Safaricom and Vodacom, the largest mobile
network operators in Kenya and Tanzania. It has since expanded to
Afghanistan, South Africa, India and in 2014 to Eastern Europe. </span>
<br />
<span lang="en-US">The Tunisian government has introduced the
</span><span style="color: navy;"><span lang="zxx"><u><a href="https://www.e-dinar.poste.tn/"><span lang="en-US">eDinar</span></a></u></span></span><span lang="en-US">
digital currency in conjunction with Tunisian Telecom and Monetas,
600,000 people had for the first tie access to some form of financial
services in recent months.</span><br />
<span lang="en-US">The Banco Central de Ecuador launches in 2015
its “d</span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.dineroelectronico.ec/"><span lang="en-US">inero
electrónico</span></a></u></span></span><span lang="en-US">”.</span><br />
<span lang="en-US">In all cases, it is now new money. It is about
payment systems, as covered by the EU </span><span style="color: navy;"><span lang="zxx"><u><a href="http://ec.europa.eu/finance/payments/framework/index_en.htm"><span lang="en-US">Directive
on Payment Services</span></a></u></span></span><span lang="en-US">
(PSD), in which the source and final destination is always legal
tender money as issued by Banks. </span><br />
<span lang="en-US"> </span>
<br />
<span lang="en-US">But </span><span style="color: navy;"><span lang="zxx"><u><a href="http://grassrootseconomics.org/bangla"><span lang="en-US">Bangla-Pesa</span></a></u></span></span><span lang="en-US">,
the currency of the slums in Mombasa, with a social orientation, a
Credit Clearing System (Barter Exchange), thus not banking money, is
also performing very well: launched in 2013, covers 16% of retail
sales in their community.</span><br />
<br />
<span lang="en-US">In Spain, and mostly around initiatives of REAS
(</span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.economiasolidaria.org/red_redes"><span lang="en-US">Red
de Redes de Economía Alternativa y Solidaria</span></a></u></span></span><span lang="en-US">
- Network of Networks for Alternative and Solidarity Economy), </span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.vivirsinempleo.org/"><span lang="en-US">VIVIR
SIN EMPLEO</span></a></u></span></span><span lang="en-US"> lists an
inventory of tens of complementary or alternative currencies (not to
be confused with social banking, such as FIARE, which are a </span><span lang="en-US"><i>remake</i></span><span lang="en-US">
of the old Cajas de Ahorro, finally running with the same monetary
instrument). To highlight, currencies at municipal level, to be
treated further down.</span><br />
<br />
<span lang="en-US">We all know about Bitcoin and the boom of
crypto-currencies (1 million downloads of the main android wallet,
about 7 billion US $ in capitalization, 200,000 transactions per
day), with an ideology behind which is nourished, if by any, by the
neocon school and their Golden Calf of the "digital" gold
standard.</span><br />
<span lang="en-US">But it is not the only type of cryptocurrency.
Others also use block-chains, but try to implement models much closer
to the STRO traditional models. To highlight the open source movement
around </span><span style="color: navy;"><span lang="zxx"><u><a href="https://www.ethereum.org/"><span lang="en-US"><i>ethereum</i></span></a></u></span></span><span lang="en-US">.
Ethereum enables the design, contrary to a cryptocurrency emulating
"gold", scarce, limited, as Bitcoin, abundant crypto-money,
allowing for credit money, truly sovereign. In this case, technology
is not neutral, it is a key political choice.</span><br />
<br />
<h2 style="text-align: left;">
<span lang="en-US">History </span></h2>
<span lang="en-US">The monetary battle is old and historically it
formed part of the struggle for power. It goes back to the Punic Wars
and the Roman </span><span lang="en-US"><i>aes</i></span><span lang="en-US">,
an evolution of the original </span><span lang="en-US"><i>nomisma</i></span><span lang="en-US">
of Rome (King Numa, 716-612 BC), designed following the example of
Sparta. It was minted in copper and bronze, and not in precious
metals, with a nominal value higher than the price of the content in
metal on the market (even dipped in vinegar to further degrade the
metal). It was used to pay the labor value of the Roman army, the
welded, and was legal tender for their taxes. An amount linked to
census was emitted, and therefore fixed the exchange value of money
in Rome around the value of the soldiers salary, not gold. It was key
to destroy the invader equipment and refreshment logistics of
Hannibal, who's money was based on precious metals, not accepted in
Rome. Until the Punic Wars, the last benchmark for prices in Rome was
the pay of the legions. It was the subsequent robbery of the Roman
generals who flooded Rome with gold, had as consequence the
displacement of the peasants and ended up ruining the Empire.</span><br />
<br />
<span lang="en-US">The warlords had already discovered in
prehistory that much more productive than devastate, plunder and
abduct slaves in successive raids the weaker territories, it was to
maintain armies threatening enough and dictate a tribute to the
vassal territories to allow them sufficient prosperity optimize
revenues (</span><span style="color: navy;"><span lang="zxx"><u><a href="https://en.wikipedia.org/wiki/Laffer_curve"><span lang="en-US"><i>Laffer
curve</i></span></a></u></span></span><span lang="en-US"><i>, … one
implication of the Laffer curve is that increasing tax rates beyond a
certain point will be counter-productive for raising further tax
revenue ...</i></span><span lang="en-US">), finance the warlords
luxuries and pay the weld of the winning army. To avoid
misunderstandings, in times prior to the writing, the warlords left,
for example, a copy of a necklace with shells (or other objects) as a
reminder of the amount of grain, goats or work to be paid as taxes.
Throughout the year, defeated tribes traded between them with these
shells, because what mattered was the balance at year end, giving
rise to money to solve the "double coincidence of wills" in
the market between tribes. The main disadvantage of barter is that it
requires the double coincidence of interests, that is, that everyone
wants what another is offering in the same place at the same time;
money as a medium of exchange, solves it. Then the warlords
discovered that religious domination, assumed obedience, can save
many army mouths and established tributes on precious metals to the
temples, but also other more perishable products but costly to
obtain, such as feathers, which destination was not spending, but
ornamental </span><span lang="en-US">(Szabo,
Nick 2005, </span><a href="http://szabo.best.vwh.net/kula.html"><span style="color: navy;"><span lang="zxx"><u><span lang="en-US"><i>An
Explanation of the Kula Rin</i></span></u></span></span><span style="color: navy;"><span lang="zxx"><u><span lang="en-US">g</span></u></span></span></a><span lang="en-US">,
en Nick Szabo’s Papers and Concise Tutorials).</span><br />
<br />
<span lang="en-US">Already in the capitalist stage, the film </span><span style="color: navy;"><span lang="zxx"><u><a href="http://topdocumentaryfilms.com/the-secret-of-oz/"><span lang="en-US">The
Secret of Oz</span></a></u></span></span><span lang="en-US">, William
Still's documentary, explains how several US presidents, including
Lincoln himself, have been killed in this monetary battle within the
capitalist class, until finally imposing the FED model. They were
battles within the elite, without major role of the popular movement,
but representing more or less democratic political power options.
They were battles for supremacy within the bourgeois class, to
consolidate the position of the financial sector over the rest of the
capital, and especially about the owner peasants, but class struggle
in the end.</span><br />
<span lang="en-US">Actually, they retook a long history of the
battle of gold money, scarce money, linked to power, against abundant
money, popular money, represented by silver, an already fought battle
in the Middle Ages.</span><br />
<br />
<span lang="en-US">In the panic of 1893, shortly after the death
of Marx, came the first really popular currency movement, the </span><span style="color: navy;"><span lang="zxx"><u><a href="https://en.wikipedia.org/wiki/Free_silver"><span lang="en-US">Free
Silver</span></a></u></span></span><span lang="en-US"> Movement. The
long march of the unemployed in the </span><span style="color: navy;"><span lang="zxx"><u><a href="https://en.wikipedia.org/wiki/Coxey's_Army"><span lang="en-US">Coxey's
Army,</span></a></u></span></span><span lang="en-US"> in 1894, called
for public works policies, that we would today call Keynesian, linked
to expansionary monetary policies based on paper or silver.</span><br />
<br />
<span lang="en-US">Closer, our Spanish civil war is a historic
reef of the use of alternative currencies as combat ammunition</span><span lang="en-US"><b>
</b></span><span lang="en-US">(Corporales
Leal, Carolina 2011, </span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.ab-initio.es/moneda-y-guerra-civil-espanola-delitos-monetarios/"><span lang="en-US"><i>Moneda
y guerra civil española</i></span></a></u></span></span><span lang="en-US">,
Ab Initio, Núm. Extr. 1, 2011)</span><span lang="en-US">. As
a result of the evolution of the war, the metal became scarce and the
government of the Republic ordered the hoarding of coins of copper,
bronze and nickel, metals needed for the war industry. Collecting
pieces of gold and silver in general was also ordered because these
precious metals were used to buy weapons to the USSR. During the war,
some provinces were cut off from the rest of Republican territory,
and had to issue their own currency as an emergency measure. Minting
local coins on the Republican side occurred mainly in Catalonia and
Valencia. In addition, in areas where the anarchist CNT and the
extreme left had more power, collectives and cooperatives emerged. It
was economic and social institutions that formed in enterprises and
large agricultural farms locally, especially in the regions of
Arragon and Catalonia. Many of these communities and cooperatives
came to mint their own currency, the outlaw, with revolutionary
intentions which aimed to overthrow the economic system of the
Republican state. Its monetary model was the currency promise of the
good to be produced (''will deliver the bearer" be it potatoes,
grapes, clothing, machinery, etc.). There are examples of money based
on bread or flour of the miller. It is a self-credit. It came to
exist money of the republican army battalions.</span><br />
<br />
<span lang="en-US">The battle against neo-liberal policies, first
in </span><span style="color: navy;"><span lang="zxx"><u><a href="http://community-currency.info/en/category/currencies/central-south-america/"><span lang="en-US">Latin
America</span></a></u></span></span><span lang="en-US"> and now in
</span><span style="color: navy;"><span lang="zxx"><u><a href="http://community-currency.info/en/category/currencies/europe/"><span lang="en-US">Europe,</span></a></u></span></span><span lang="en-US">
have definitely converted the currency movement in a movement
associated with grassroots movements, the breeding ground where
thousands have borne fruit STRO like proposals.</span><br />
<br />
<h2 style="text-align: left;">
<span lang="en-US">Orthodoxy </span></h2>
<span lang="en-US">I do not find many wires to pull at Marxist
literature to analyze what is discussed in the vast literature of the
movement of the monetary reform.</span><br />
<br />
<span lang="en-US">We celebrated text of Ernest Mandel </span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.ernestmandel.org/en/works/txt/1990/karlmarx/6.htm"><span lang="en-US"><i>Marx's
Theory of Money</i></span></a></u></span></span><span lang="en-US">
(2004, Internet Archive). We have the compendium of Fred Moseley
</span><span style="color: navy;"><span lang="zxx"><u><a href="http://ioakimoglou.netfirms.com/resources/Lesxi-Kataskopwn/Marx-on-Money.pdf"><span lang="en-US"><i>Marx's
Theory of Money Modern Appraisals</i></span></a></u></span></span><span lang="en-US">
(2005, Palgrave MacMillan) and we find 200 pages of authors diving in
classic texts to say "This is based on what was already said or
not said by Marx", but few proposals on how to generate
intellectual tools or artifacts with which to arm current grassroots
movements. The debate is being fought mainly in the area of
consistency of ideas, essentially with the idea abstract labour
value. This is certainly a powerful scientific methodology by which
physicists have discovered, for example, never observed planets. But
it is a methodology that requires the essential complement of
accumulation and richness of details provided by the empirical
evidence. The largest source almost contemporary of Marx, based on a
systematic investigation of historical, anthropological and
archaeological sources, is the enormous work of Alexander del Mar
</span><span lang="en-US">(Por
ejemplo del </span><span style="color: navy;"><span lang="zxx"><u><a href="https://en.wikipedia.org/wiki/Alexander_del_Mar"><span lang="en-US">Mar,
Alexander</span></a></u></span></span><span lang="en-US">,
(1867). </span><span lang="en-US"><i>History
of money and civilization,</i></span><span lang="en-US">
(repr. NY: Burt Franklin, 1969)</span><span lang="en-US">,
work to which, apparently, Marx had no access. Since then, as Stephen
Zarlenga points, any monetary history research has been the area of
academic research in political economy more censored, with the
exception of the Austrian School, heavily sponsored and promoted in
all schools in the world economy, especially in USA.</span><br />
<br />
<div align="justify" class="western" style="line-height: 100%;">
<span lang="en-US">If
anything I'll take the recommendation of the editor of the above
</span><span lang="en-US"><i>Marx's Theory of Money Modern Appraisals</i></span><span lang="en-US">
in his introduction :</span><br />
<br />
<i><span lang="en-US">“In terms of future research, I would suggest that the most urgent task is to develop further a theory of pure credit money (without commodity back- ing), based on Marx’s theory, in a way that is consistent with Marx’s labour theory of value and surplus labour theory of surplus-value. Promising beginnings concerning this important task have been made by several of the authors in this book and by others ...”. </span></i><br />
<span lang="en-US"><br /></span></div>
<span lang="en-US">If what we are talking about is the basic
concept of credit money, the problem is solved in the literature of
monetary reform sufficiently to operate in practice: credit money
represents the labor-value of the products to be produced, they will
be sold in the future and with the sale the credit will be canceled.
This does not contradict any Marxist principle. On the contrary, it
strengthens. Now it is true that this concept would lack deeper treat
(I will not go into details</span><span lang="en-US">,
see, for example, Matslats (2105), "</span><span style="color: navy;"><span lang="zxx"><u><a href="http://matslats.net/wave-particle-money"><span lang="en-US">Wave/particle
money</span></a></u></span></span><span lang="en-US">",
Segovia, Rogelio (2015), "</span><span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.com.co/2015/09/credit-is-time-dimension-of-money.html"><span lang="en-US">Credit
is the time dimension of money</span></a></u></span></span><span lang="en-US">"</span><span lang="en-US">,
and a mathematical framework that treats the probabilistic universe
of possible future transactions. Nothing missing to be clear about
the basic choices of the monetary reform.</span><br />
<br />
<h2 style="text-align: left;">
<span lang="en-US">The power machine </span></h2>
<span lang="en-US">Money is not just a concept. It is primarily an
instrument of power whose mechanisms must be understood.</span><br />
<br />
<span lang="en-US">The modern version of this instrument of power
was initially created by the Amsterdamsche Wisselbank, the Sveriges
Riksbank and the Bank of England, a model well established already in
1700 and remains in force to this day, commonly known as </span><span lang="en-US"><i>"fractional
reserve banking"</i></span><span lang="en-US"> or fractional
reserve banking. Fractional reserve banking is a system in which
banks they are only required to keep as reserve a fraction of the
amount of customer deposits, although they have the obligation to
return the deposits on demand. The system is based on the fact that
depositors tend not to claim all their deposits at once, not all
debtors are paying the same time.</span><br />
<br />
<span lang="en-US">The banks twist this concept even further.</span><br />
<br />
<span lang="en-US">This includes deposits generated by granting a
credit (the deposit that appears in your account when we sign a
mortgage). The deposit in the account of the debtor actually has only
a small reserve behind at the bank (the ECB requires only 1%). In
this way the multiplication “ex-nihilo” of the money is
generated. Several central banks have pages where they shamelessly
explain the mechanics [McLeay, Michael et al. of the Bank’s
Monetary Analysis Directorate, 2014, </span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.bankofengland.co.uk/publications/Pages/quarterlybulletin/2014/qb14q1.aspx"><span lang="en-US"><i>Money
creation in the modern economy</i></span></a></u></span></span><span lang="en-US">,
Bank of England Quarterly Bulletin 2014, Q1]</span><br />
<br />
<span lang="en-US">This fraudulent practice was opened by the
ancient goldsmiths with their gold deposit notes. They acted as
intermediaries to lend at interest the deposited gold. Soon they
began to issue more notes than they had gold reserves. When the State
began issuing its own notes, banks replaced the goldsmiths and notes
had to be in legal tender notes, ultimately backed by the State gold.
Give, as credit, more money than the deposited was forbidden by law
as counterfeiting, but the law was talking only about money printed
by the Mint. Nothing says the law about electronic money at the bank
data bases representing minted money. So the banks repeated the trick
of the goldsmiths. It consists of two sources of money, complementary
to each other, and a supplementary mechanism to give it a value:</span><br />
<br />
<h4 style="text-align: left;">
<span lang="en-US"><i>1. Mechanism of imposition of legal tender
money and its value</i></span></h4>
<span lang="en-US">As the legal tender is the required currency in
taxes, and the money by which state expenditures are paid, especially
government employees, the legal tender money is the one that
establishes and anchors the value (the trend of the value) of the
money used in all other monetary transactions within State Legal
framework. And it sets the value the most Marxist way possible,
because it makes it by using the commodity mother of all commodities
and final measure of all other commodities, which is none other than
the very Marxist labor value of its officials. Is the same monetary
policy for value setting used by the Romans and the Athenians.
Aristotle money whose value is by law.</span><br />
<br />
<span lang="en-US">The labor value of gold as an intermediate
measure of value is not needed. It is a necessary accessory reference
value as a bridge only to consider a Country economy in the global
economy, a fraction of each economy to this day, which is mainly
national (European in our case).</span><br />
<br />
<span lang="en-US">So that the value of a legal tender currency in
a State is actually fixed in the spreadsheet of the State Budget,
that establishes chapters of expenses and income, and more
specifically, establishes an arbitrary figure measured at its
currency metrics, which is the global amount for the salary of its
civil servants. </span>
<br />
<span lang="en-US">Divide it by the number of public employees,
compare it with the goods an average civil servant is supposed to
buy, and you have the value of this legal tender. </span>
<br />
<ul>
<li><div style="margin-bottom: 0cm;">
<span lang="en-US">A Country may
have a State Budget of 1 000 000 COINS to pay 1 000 public employees
with an average salary of 1 000 COINS. 1 000 COINS = 1 salary. The
value of the money by law. </span>
</div>
</li>
<li><span lang="en-US">Another Country has a State Budget of 1
000 BUCKS. It pays 1 000 public employees with a salary of 1 BUCK. </span>
<br />
</li>
<li><span lang="en-US">In the exchange market, the tendency will
be 1 BUCK = 1 000 COINS</span><br />
</li>
</ul>
<span lang="en-US">Sure, we can complicate the example by saying
that the standards of living are different, but in the end, all
conversions made, the principle will hold. </span>
<br />
<span lang="en-US">The Holy Grail of the last reference value of
legal tender money, who's market value is fixed by a commodity,
translated into value of labour is a much more familiar ground to the
left than where it appears that the Marxist scholars seek it, who
seek it where the neoliberals do, looking at gold.</span><br />
<br />
<span lang="en-US">And it is a key concept because it gives us
clues about how to approach the monetary model to the periphery of
the State, such as town councils, but also to the governance
structures of any popular, solidarity or alternative movement, any
base, solidarity and resistance structure. Whenever we have a Commons
or Public work with a circuit on collective contributions, we have a
sound monetary base.</span><br />
<br />
<h4 style="text-align: left;">
<span lang="en-US"><i>2. The amount issued by the Central Bank as
a reserve for banks</i></span></h4>
<span lang="en-US">The first is the so called "money printing
press" of the Central Banks. Surprisingly, the state can not
issue money and can not use the money issued by the Central Bank. In
Europe, according to the Maastricht Treaty, the physical money is
issued by the mints under authorization from the ECB, and electronic
money is issued by typing, by divine act, at the terminals of the
ECB.</span><br />
<br />
<span lang="en-US">The ECB is above the law or any democratic body
(“</span><span lang="en-US"><i>neither the ECB, nor a national
central bank, nor any member of their decision-making bodies shall
seek or take instructions from Community institutions or bodies, from
any government of a Member State or from any other body”</i></span><span lang="en-US">).</span><br />
<br />
<span lang="en-US">It is is prohibited for the ECB and the
National Central Banks the lending in favor of such institutions, the
Member States, or any other national public body as well as the
direct purchase of "debt instruments", much less to pay
their expenses. The ECB money can only be used for lending to private
banking the reserves they need to provide credits.</span><br />
<br />
<span lang="en-US">The state is there as troupe to move the
machinery, impose the currency by law and give value (could we say
"wash"?) to the money generated by and for the cartel of
private banking. That's why is called fiat money (fiat), since it is
based on faith and trust of the community, that is, not backed on
precious metals or anything other than a promise of payment from the
issuer. A promise to pay you for a bank note by another banknote. The
bank does not need a reserve of gold to backup the value of your
money. It is the State machinery which says, in the Banks name, how
much is the value of an euro, in proportion to a reference wage.</span><br />
<br />
<span lang="en-US">This article focuses on principles, but its a
great opportunity to comment how a currency like the euro, relying on
the setting of its value in 24 State Budgets, with 24 wage levels,
has not the same purchasing power in all countries.</span><br />
<span lang="en-US">That's the sign of the Bank which is the
Central Bank's mission is to keep inflation under control. It does so
by regulating reserves and interest Banking, trying to control the
intensity so that this credit be granted, and thus the total money
supply. The intention of this mission is none other than, without
inflation, debts on loans issued by the cartel members and their
interests are paid, mercilessly, at an actual nominal value equal to
that contracted.</span><br />
<br />
<h4 style="text-align: left;">
<span lang="en-US"><i>3. The instrument of credit money</i></span></h4>
<span lang="en-US">It is the money created </span><span lang="en-US"><i>“ex
nihilo”</i></span><span lang="en-US"> (out of nothing), as
explained above in the fractional reserve banking, multiplying by far
the reserves, and a money that when it comes into circulation
increases the money supply issued by the Central Bank to meet the
amounts needed by quantitative theory of money, and where it fits
perfectly Marx considerations on the volume and velocity of money, so
far until is returned, when it is wiped out again, and the cycle is
repeated with new money created through credit.</span><br />
<br />
<span lang="en-US">In our economies this money is about 97% of the
circulating money (mostly electronic deposits). As it is issued with
interest, we must return more money than money was created and,
therefore, this banking elite stands at a podium above the rest
seeing all the other capitalists in the arena competing to death to
repay loans, go break the stragglers and, in any case, growing
exponentially the GDP to create a market for the growing volume of
money to be returned and burning the planet until exhaustion.</span><br />
<br />
<span lang="en-US">We should not launch an anathema too hasty
about this kind of money, as the </span><span style="color: navy;"><span lang="zxx"><u><a href="http://positivemoney.org/"><span lang="en-US">positive
money</span></a></u></span></span><span lang="en-US"> current within
the monetary reform current does. In the slums where Bangla-PESA
operates, the daily fluctuation of incomes of small businesses is
around 400%. The need for money trough credit for SMEs to save the
bumps is structural. It is simply the result of the randomness of the
small size of their market. Free money available for credit backed
100% by savings is only a small fraction of what is needed, for
example, by SME's. Most of the savings, in special family savings, go
as investment in capital goods and is not available for lending.
Therefore, if you can not create </span><span lang="en-US"><i>“ex
nihilo”</i></span><span lang="en-US"> money, there will be missing
money for credit. You have to keep the magic of pure credit money
(without the backing of any commodities), but radically democratizing
its generation, taking away that power form the banks by putting this
power under popular sovereignty. And especially escape the spiral of
growth, abolishing interest.</span><br />
<br />
<span lang="en-US">Proposals of “Fair Banking” or “Ethical
Banking”, as far as it works with interest, whatever well intended
mission statements, is not even close to what it is needed. In the
end they are webbed with the rest of the banking system. The proposal
of a Public Bank giving interest-free loans, comes closer, but it
takes something much more distributed and more near the democratic
sovereignty bodies than a centralized State Public Bank.</span><br />
<br />
<span lang="en-US">This diabolical theater of Chinese shadow
puppets, where nothing is what it seems, is like a </span><span lang="en-US"><i>Matrix</i></span><span lang="en-US">
world, which only holds because we believe it all, is staged by a
small elite and by these shadows they dominate nations, make wars,
ruin millions and lead the planet to the abyss. On the left we remain
trapped in this illusion, in these concepts and in that language.
Perhaps improperly we speak about anti-capitalism, when the
capitalists, defined as owners of the means of production, and are a
subordinate class of this top predator class. Just look at Piketty
(Piketty, Thomas, (2013), “</span><span style="color: navy;"><span lang="zxx"><u><a href="https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Century"><span lang="en-US">Capital
in the Twenty-First Century</span></a></u></span></span><span lang="en-US">”,
Harvard University Press) and the rates of return of each. When this
elite nor has what is traditionally understood as capital because it
has not the money it claims to have, but the power to say that it has
it, and then money "is". How we call them? Gods?</span><br />
<br />
<span lang="en-US">For this reason, it is necessary, of course, a
growing civil tide flooding the institutions of the "canonical"
State, but also other tide settling in territories outside the </span><span lang="en-US"><i>Matrix
</i></span><span lang="en-US">world, beyond the bondage of interest
payments to the outgrowth of the fifth power, in a new monetary world
of the Commons, if only to point to show the way to what and who
remains inside the </span><span lang="en-US"><i>Matrix </i></span><span lang="en-US">world,
and facilitate a massive migration when the Eurogroup ever happens to
come again with a blackmail to the people (in an event that one would
dream as viral and uncontrollable a second version of the fall of the
wall). The leitmotif is the same: sovereignty. Democratic
sovereignty, food sovereignty, energy sovereignty ... and monetary
sovereignty.</span><br />
<br />
<span lang="en-US">The social acceptance of social currencies that
pay not interest to bank credit money to make it grow to significant
economic areas is laborious because as payment service they do not
have radically superior benefits, and frequently are operated with
very amateurish means or platforms, and they generate a lot of
mistrust. However, in a shocking situation like the Greek, previous
use at small percentages (5%?) of the economy can be enough to make
it viral. In the Argentine “corralito”, in the Greek and Cypriot
crisis, the growth was explosive for crypto-currencies. A fruit
vendor without customers, surely will accept the complementary
currency before throwing the rotten fruit.</span><br />
<br />
<span lang="en-US">As a side note, banking has reached this
oligopoly by one and only position of strength. It is the only
industrial sector that enjoys the almost absolute confidence of
everybody to safely carry the books of the transactions between any
other third parties. Formerly paper books, now giant databases. And
this the Achilles heel on which we have an historic opportunity.
Cryptography allows us to design decentralized databases, P2P
ledgers, bockchains, safer and more reliable than have ever been the
monster computer at the bank vaults. This will remove the carpet
under their feet and lowers the entry barrier to the main means of
production of their business to within the reach of a Neighborhood
Association.</span><br />
<br />
<h2 style="text-align: left;">
<span lang="en-US">Conceptual and action guidelines </span></h2>
<span lang="en-US">On June 28, 2015, the troika banged his fist on
the table and thwarted all Syriza negotiations with a simple action,
showing who actually exercises sovereignty. The ECB cut the tap for
reserves to Greek banks and that suffocated at a stroke the Greek
economy, putting to knees Syriza and thus the Greek people,
highlighting the null value of democracy. The monopoly of the money
machinery is the monopoly of power. </span><br />
<span lang="en-US"> </span>
<br />
<span lang="en-US">Vaguely Varoufakis was speaking of a mysterious
"monetary plan B", never matured or explicited. And we all
wonder what that plan B was, what the G</span><span lang="en-US"><i>rexit</i></span><span lang="en-US">
would consist. The boldest minds talk of a EuroDracma
(crypto-currency?), But in the end, bank debt money. Meanwhile, civil
society, through its grassroots, is covering the State gaps as it can
and is finding alternative ways of economic functioning. It seems
that the plan B of Varoufakis has no connection with these movements
to provide them with alternative monetary instruments.</span><br />
<br />
<span lang="en-US">In our country (Spain) what we need to do, as
</span><span style="color: navy;"><span lang="zxx"><u><a href="https://es.wikipedia.org/wiki/Jaime_Pastor"><span lang="en-US">Jaime
Pastor</span></a></u></span></span><span lang="en-US"> says in these
pages (</span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.vientosur.info/"><span lang="en-US">VIENTO
SUR</span></a></u></span></span><span lang="en-US">), is to convert
the electoral machinery of </span><span style="color: navy;"><span lang="zxx"><u><a href="http://podemos.info/"><span lang="en-US">PODEMOS</span></a></u></span></span><span lang="en-US">
in a machinery for empowering social movements from existing
grassroots and 15M platforms. Otherwise, between now and the next
election the millions in poverty and precariat, tired of the limited
efficiency of the activity of the 69 MEPs of PODEMOS in Parliament,
have resulted in his despair into a Greek New Democracy or French
National Front in our country.</span><br />
<br />
<span lang="en-US">It is necessary to launch and grow now the
monetary plan B that we will need when we need to look into the eyes
the Eurogroup. </span><span style="color: navy;"><span lang="zxx"><u><a href="https://en.wikipedia.org/wiki/Juan_Carlos_Monedero"><span lang="en-US">Juan
Carlos Monedero</span></a></u></span></span><span lang="en-US"> says
again and again that the volume of our economy will be enough as a
deterrent. I doubt it. Higher towers have fallen. In extreme cases -
and the financial crisis of the derivatives bubble can bring extreme
cases - their hands have not trembled to make a clean sweep of larger
economies like Russia, after the fall of the wall.</span><br />
<span lang="en-US">When that moment comes, we must have already an
operational B plan covering a significant percentage of the economy,
so that it can expand rapidly at a situation of suffocation like the
Greek, allowing at least the internal economy work, giving a precious
breath, may be months, before planting any new monetary system on the
world monetary system board. It is a plan B that grows from the
bottom up. It is a plan B that has post-capitalist roots, which does
not pay interest to the Banking World Web. But above all, it is a
plan B that can be helping in the meantime, and in practice, the most
desperate population by helping them to run their alternative
economic solutions.</span><br />
<br />
<span lang="en-US">In the article </span><span lang="en-US"><i>Apuntes
para una soberanía monetaria</i></span><span lang="en-US"> (Segovia,
Rogelio, 2015, Instituto de la Moneda Social) </span><span lang="en-US"><i>[</i></span><span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.com.co/2016/01/notes-around-monetary-sovereignty.html"><span lang="en-US"><i>Notes
around monetary sovereignty</i></span></a></u></span></span><span lang="en-US"><i>]</i></span><span lang="en-US">
I outline the principles of monetary sovereignty that should guide
these efforts. I only pretend to open a first breach in the gap in
the left literature in the field. Hopefully it bears fruit in a
thousand ideas, but above all, in a thousand initiatives.</span><br />
<span lang="en-US">I would urge the movement to organize a wide
debate with the few scholars, groups of alternative economy, as ATTAC
and others, Ethical Banking people, Social Currencies, the agents of
the social economy as </span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.economiasolidaria.org/red_redes"><span lang="en-US">REAS</span></a></u></span></span><span lang="en-US">,
party economic teams like 3E, to go first body developing a
conceptual guides and solid action. The anti-austerity movement that
proposes Varoufakis seems a suggestive framework to frame the debate.
My first question is: Where is it written that an expansive policy of
public works only have to finance with debt money, as the euro?</span><br />
<br />
<h2 style="text-align: left;">
The plan B of a peoples empowerment machinery</h2>
<div lang="en-US">
We are position ourselves at a vision of the economy
that has been named <i>"the new feminist economics"</i>, a
less efficient economy but a more resilient one, in a re-localized
economy, less global, a "buy local", which takes into
account the total cost of things including its recycling and
environmental costs, where you must carefully manage renewable
energy. To this what corresponds is a machinery of sovereign money
consisting of a monetary systems ecology corresponding to the ecology
of governance structures where democracy is exercised (Lietaer,
Bernard, et. al. (2012), <a href="http://www.clubofrome.org/?p=4478" target="_blank">Money
and Sustainability, The Missing Link</a>, Triarchy Press).<br />
</div>
<div lang="en-US">
The Public Banking of which we speak, is a banking at
each level, at each and every economic niche and every community
building an ecology of sovereign currencies. Communities are free to
issue currency as they like and give or lend it to the government of
the community to manage their Commons budgets without further
condition than the community has participated in the preparation of
the budgets and know and accept the effects in services, taxes and
inflation. Some agencies or community agents, strictly evaluated and
with powers according their records of successful, returned credits,
will be delegated by the community to analyze the solvency of the
credit requests, and can create all the needed credit money. Better
if nobody selects them and it is all a P2P reputation building
process.<br />
</div>
<div lang="en-US">
The hottest level is the municipal level. <a href="https://sonantes.fr/" target="_blank">SoNantes</a>.
<a href="https://brixtonpound.org/" target="_blank">Brixton Pound</a>.
Now in Barcelona. The program of <a href="https://barcelonaencomu.cat/es/programa/navega/cerca?title_field_value=moneda&field_measure_citymodel_type_tid=All&field_measure_topic_tid=All&field_measure_district_tid=All&field_measure_neighbourhoods_tid=All" target="_blank">Barcelona
en Comu</a> includes creating a local currency.</div>
<div lang="en-US">
The municipal money has some very clear lines, which
are not so evident in other grassroots intitiatives. These would be
the guidelines:</div>
<ol style="text-align: left;">
<li>At least part of the wages of municipal officials
must be paid with that money. It is what fixes the labor-value
reference of the currency and is resistant to any external monetary
maelstrom.</li>
<li>At least part of municipal taxes (or municipal
services) must be compulsorily charged in that currency, or
optionally with an incentive, because this will encourage all other
economic agents to obtain that currency if they want to pay taxes.
</li>
<li>You need a first base of local businesses to
accept that currency as part of the payments, but mainly as a
clearinghouse for businesses, as mutual suppliers, wich is the side
that most presses the SMEs books of accounts. It is necessary to
guarantee the convertibility to euro.</li>
<li>It must be possible to authorize credit lines in
that currency, <i>“ex nihilo”</i>, without interest, by delegated
bodies and monitored by the community, ensuring sovereignty over the
temporary surplus of credit money.</li>
<li>If possible avoid using a data base resident on a
server, centralized, vulnerable, and instead keep the records at a
blockchain, decentralized, P2P shared collectively, almost
unvulnerable against lightly taken executive decisions at local power
shifts. If you close, not before a proper legal battle. The monetary
legal building has many cracks, - it could be no other if the
business ground is a fraud -, so if the records are saved at a
foreclosure, then there is every chance of winning the legal battle.
</li>
</ol>
<div lang="en-US">
The structures of solidarity or parallel economy, as
now flourish in Greece, temporarily replacing the state or generating
new cooperation structures should follow a similar model. In Spain, the <span style="color: navy;"><span lang="zxx"><u><a href="http://www.reddesolidaridadpopular.org/">Red
de Solidaridad Popular</a></u></span></span> seems the most mature
candidate to test a state-wide movement monetary system. Is
particularly sensitive the payment of the "public
proto-employees" of these structures and their place in the
labor law, but at a soup kitchen, volunteers must be paid in the
currency of the network to which the soup kitchen belongs . All
donations should be made in that currency, by changing euros if
necessary, so that a stock of euros will be available to buy in the
"external" market. If people who come to the dining room
can pay whith what they have earned in a Time Bank with that social
currency, have won something important, their dignity. And of course,
you must give credit by creating new money, as a collective act.</div>
<br /><br /></div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com2tag:blogger.com,1999:blog-6734326932977571104.post-87785587070414177892016-01-13T10:47:00.000-08:002016-01-15T08:08:03.407-08:00Notes around monetary sovereignty<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Liberation Sans, sans-serif;"><span style="font-size: x-large;"><b>Notes around monetary sovereignty</b></span></span></div>
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<span style="font-family: arial;"><span style="font-size: x-small;">This article was originally published in Spanish at the<span class="Apple-converted-space"> </span></span></span><span style="font-family: arial;"><span style="font-size: x-small;"><b>Instituto de la Moneda Social</b></span></span><span style="font-family: arial;"><span style="font-size: x-small;">, August 13, 2015,<span class="Apple-converted-space"> </span><a class="western" href="http://www.monedasocial.org/apuntes-soberania-monetaria/" target="_blank">Apuntes para una soberanía monetaria</a>. Amended with some corrections and some additional clarifications.</span></span></div>
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<a href="https://www.blogger.com/null" name="result_box1"></a><span style="font-family: arial; font-size: large;">The Monetary Sovereignty is understood as the ability of citizens to directly issue the money necessary for the economy and the management of the Commons, and keep directly record of the transactions, without intermediaries.</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box2"></a><span style="font-family: arial;">Of course not enough, the monetary system must be well designed for the economy and well managed.</span></span></div>
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<span style="font-family: arial; font-size: large;"><i>"....but money has become by convention a sort of representative of demand; and this is why it has the name 'money' (nomisma) - because it exists not by nature but by law (nomos) and it is in our power to change it and make it useless."</i><span class="Apple-converted-space"> </span>Aristotle, Nicomachean Ethics [1133b 1]</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box3"></a><span style="font-family: arial;">The Vision, the Utopia, and the monetary context</span></span></h1>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box4"></a><span style="font-family: arial;"><span lang="en-US">The "Real Utopia" scenario context for these notes is the stage after something like a<span class="Apple-converted-space"> </span><a class="western" href="http://www.neweconomics.org/publications/entry/the-great-transition-social-justice-and-the-core-economy" target="_blank">Great Transition</a><span class="Apple-converted-space"> </span>to a sustainable economy and more socially just. This approach is valid if we think that the way to a post-capitalist society will not be alone, nor primarily, a conquest of political power of the Capitalist State and a </span></span></span><span style="font-size: large;"><span style="font-family: arial;"><span lang="en-US"><span style="font-size: large;"><span style="font-family: arial;"><span lang="en-US">top-down </span></span></span>change from that power supported by mobilization. </span></span></span><br />
<span style="font-size: large;"><span style="font-family: arial;"><span lang="en-US">This will complement with the consolidation<span class="Apple-converted-space"> </span><a class="western" href="http://desperado-theory.blogspot.com.es/2013/05/consolidacion-de-islas-de-economia.html" target="_blank">Islands<span class="Apple-converted-space"> </span></a><a class="western" href="http://desperado-theory.blogspot.com.es/2013/05/consolidacion-de-islas-de-economia.html" target="_blank">of Social<span class="Apple-converted-space"> </span></a><a class="western" href="http://desperado-theory.blogspot.com.es/2013/05/consolidacion-de-islas-de-economia.html" target="_blank">Economy</a>, brewing thus a<span class="Apple-converted-space"> </span><a class="western" href="http://desperado-theory.blogspot.com.es/2014/03/gestacion-de-un-contra-poder-de.html" target="_blank">counter-power of social economy</a>. B Plans that may be imposed to</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">big capital at</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">the political fights. B Plans</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">out of the<span class="Apple-converted-space"> </span><a class="western" href="http://www.webofdebt.com/" target="_blank">web of debt</a><span class="Apple-converted-space"> </span>money, without the</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">only alternative to a massive bankers blackmail being</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">a<span class="Apple-converted-space"> </span><a class="western" href="http://www.zerohedge.com/news/2015-07-29/complete-collapse-greece-reverts-barter-economy-first-time-nazi-occupation" target="_blank">regression to the mo</a><a class="western" href="http://www.zerohedge.com/news/2015-07-29/complete-collapse-greece-reverts-barter-economy-first-time-nazi-occupation" target="_blank">st</a></span></span><a class="western" href="http://www.zerohedge.com/news/2015-07-29/complete-collapse-greece-reverts-barter-economy-first-time-nazi-occupation" target="_blank"><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">primitive methods of barter</span></span></a><span style="font-family: arial;"><span lang="en-US"><span class="Apple-converted-space"> </span>as happens now in Greece, and this counter-power, lived by millions as a possible reality, growing</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">until it becomes dominant.</span></span></span><br />
<span style="font-size: large;"><span style="font-family: arial;"><span lang="en-US">Erik Olin Wright, (2015) at "<a href="https://www.jacobinmag.com/2015/12/erik-olin-wright-real-utopias-anticapitalism-democracy/" target="_blank">How to Be an Anticapitalist Today</a>", Jacobin speaks about this duality:<br /><i>"You need to participate both in political movements for taming capitalism through public policies and in socioeconomic projects of eroding capitalism through the expansion of emancipatory forms of economic activity. We must renew an energetic progressive social democracy that not only neutralizes the harms of capitalism but also facilitates initiatives to build real utopias with the potential to erode the dominance of capitalism."</i></span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box5"></a><span style="font-family: arial;"><span lang="en-US">Unfortunately, monetary systems have</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">not a miraculous single currency solution (either "independent of central banks", either</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">"with demurrage", either</span></span><span style="font-family: arial;"><span lang="en-US">"mutual credit", whatever that is), in special not any virtual currency just hanging from the Web. The monetary system is closely linked to the government of a community, to the management of the economy and specially the management of<span class="Apple-converted-space"> </span><a class="western" href="http://www.madrilonia.org/2013/05/comunes-una-vieja-idea-muy-actual/" target="_blank">Common</a><a class="western" href="http://www.madrilonia.org/2013/05/comunes-una-vieja-idea-muy-actual/" target="_blank">s</a></span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">(the Common Good).</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box9"></a><span style="font-family: arial;"><span lang="en-US">Therefore, using a full scene of speculative, Utopian</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">vision of a post-capitalist society allows us to see aspects that are elliptical or not that</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">evident in each of the emerging islands solidarity economy, which have different business models and lace different in the future society (some are embryonic social services, other cooperatives, etc.), and display especially aspects of their possible relationship with the community government and the possible transition process (Rob Hopkins,<a class="western" href="http://www.cs.toronto.edu/~sme/CSC2600/transition-handbook.pdf" target="_blank">The transition Handbook: From Oil Dependency to Local Resilience</a>).</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box10"></a><span style="font-family: arial;">The aim would be to provide each one of these islands a complete tool of a fully fledged monetary system, scalable to the final system. With that we would facilitate the agglutination into superior systems of initiatives that now seem divergent proposals, and facilitate their growth.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box11"></a><span style="font-family: arial;">Perhaps the aspect with most impact of this socio-economic vision for the monetary system of the future, beyond the preeminence of the Common Good and cooperative work, is that the trend towards a global economy has become a trend to re-location , to "<a class="western" href="http://desperado-theory.blogspot.com.es/2013/05/circuitos-estrategicos-compra-local-la.html" target="_blank">buy local</a>". The key factor is sustainability and the high cost of transportation due to the high cost of energy, even though most of it would be renewable.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box12"></a><span style="font-family: arial;">Therefore, the economy will have the<span class="Apple-converted-space"> </span><b>principle of subsidiarity</b><span class="Apple-converted-space"> </span>as one of its most crucial bases. In political terms, the subsidiarity principle is widely accepted that it is better to decide and execute everything as close to the people affected. In economic terms, this means that you have reversed the economies of scale to make the local economy more efficient in most areas concerning the proper size for industries, optimum flexibility to changes ("resilience") and its permeability to innovation (a lower level of investment required). The principle of reuse and recycle reinforces this trend.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box13"></a><span style="font-family: arial;"><span lang="en-US">For global production what remains</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">only is what it is more efficient overall, considering the whole life cycle. For example, some industrial products (chips, electronic instrumentation, semiconductors, pharmaceuticals, modules transport systems, as driven wheels of the electric vehicle) will remain global or continental production, while its assembly can be local or even micro-level "do it yourself" in small workshops of highly robotized neighborhood with 3D printing machines, etc. repositories using open engineering design under<span class="Apple-converted-space"> </span><a class="western" href="http://es.creativecommons.org/" target="_blank">Creative Commons</a>. Other examples of global production are the backbone of the Internet or knowledge (as Wikipedia).</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box14"></a><span style="font-family: arial;"><span lang="en-US">The rest, about anything that involves heavy weight (food) or implies transport of persons (services), will be production for markets nation-wide, regional or local. The garment, furniture, household utensils, and even the assembly of electric vehicles can be local. In food, there will be a spectacular growth of<span class="Apple-converted-space"> </span><a class="western" href="https://en.wikipedia.org/wiki/Urban_agriculture" target="_blank">urban agriculture</a>, occupying a place in the cycle</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">of the water and waste in each city. Social services of health, education, elderly, dependent, will be</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">managed more locally, linked to local citizens taxes and fees.</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box15"></a><span style="font-family: arial;"><span lang="en-US">Thus the circuits of production, distribution and services are<span class="Apple-converted-space"> </span><a class="western" href="http://desperado-theory.blogspot.com.es/2014_07_01_archive.html" target="_blank">restructured at various scales</a>.</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box17"></a><span style="font-family: arial;"><span lang="en-US">To this corresponds an ecosystem of currencies</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">to all those scales. An ecosystem with virtually a<span class="Apple-converted-space"> </span><a class="western" href="https://books.google.es/books?id=NUDaAQAAQBAJ&num=11&hl=es" target="_blank">currency</a></span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">to each well, including fiat currencies for the management</span></span><span style="font-family: arial;"><span lang="en-US">of the Commons at each community government level (national, regional, local, micro).</span></span></span></div>
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<span style="font-family: arial; font-size: large;"><span lang="en-US"><b>Currencies backed by</b></span></span><span style="font-family: arial; font-size: large;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial; font-size: large;"><span lang="en-US"><b>production or products</b></span></span><span style="font-family: arial; font-size: large;"><span lang="en-US">: A geographically broader levels, in no man's land, there will probably be a predominance of currencies oriented to "barter" or B2B and B2P and currencies</span></span><span style="font-family: arial; font-size: large;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial; font-size: large;"><span lang="en-US">(<a class="western" href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">currencies</a></span></span><span style="font-size: large;"><a class="western" href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank"><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">promises of goods, products and services</span></span></a><span style="font-family: arial;"><span lang="en-US">) currencies. These are currencies that are a bond</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">or garment for an existing product or service, in storage, or future.</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box19"></a><span style="font-family: arial;"><b>The fiat legal tender</b>: At more local levels, and given that social services (education, health, security, local transportation, and in future also the generation of energy as a common good) are managed locally, there will be a predominance of currencies in which taxes are levied, that is legal tender currencies, which are the currencies in which public services are financed.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box20"></a><span style="font-family: arial;"><span lang="en-US">With regards<span class="Apple-converted-space"> </span></span></span><span style="font-family: arial;"><span lang="en-US"><b>usability</b></span></span><span style="font-family: arial;"><span lang="en-US">, a</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">complex ecosystem of currencies imposes an intermediate barrier to the solution of the<span class="Apple-converted-space"> </span><a class="western" href="https://es.wikipedia.org/wiki/Historia_del_dinero" target="_blank">double coincidence of wants</a><span class="Apple-converted-space"> </span>that historically monetary systems must solve: exchanges. That is why there is a tendency</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">to single currencies. This barrier is a highly damped in a system based on crypto-currencies, with</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">agile exchange markets and multi-currency electronic wallets. This dampens the need for currency monopoly over large geographic regions. It seems reasonable to assume that each person can comfortably handle a handful of different currencies in everyday life, without involving greater complexity as now handling</span></span><span style="font-family: arial;"><span lang="en-US">various bank accounts. You need that a currency exchange can be made from the same wallet. The balance is probably each user in a given area has to manage</span></span><span style="font-family: arial;"><span lang="en-US">between 5-10 popular currencies. Nothing more complicated than your supermarket card, the public transport card, your bank payment card and your credit card.</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box22"></a><span style="font-family: arial;">It is in the context of this ecosystem that we have outlined in broad strokes how we intend to discuss monetary sovereignty.</span></span></div>
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<span style="font-family: arial; font-size: large;">Sovereignty over the amount of money in circulation, to issue currency.</span></h1>
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<span style="font-size: large;"><i>“</i><i><span style="font-family: arial;"><span lang="en-US">Give me control of a nation’s money supply, and I care not who makes its laws”</span></span></i></span></div>
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<span style="font-size: large;"><i><span style="font-family: arial;"><span lang="en-US">Amschel Rothchild</span></span></i></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box24"></a><span style="font-family: arial;">Sovereignty means controlling the money supply in circulation and sovereignty to issue currency.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box25"></a><span style="font-family: arial;">In the current system, the money supply is controlled by the credit tap. The need for credit is a direct function of the temperature of the economy in the amount and intensity of necessary transactions. The invention of fractional reserve banking by which you can generate money from nothing, as long as it is returned, it is a brilliant invention to follow these changes in temperature, essential to the modern economy.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box26"></a><span style="font-family: arial;">This ability to create money out of nothing is now in the hands of the banks, which monopolize the issue of money in the form of credit to businesses and issuing legal tender to the governments. Central banks only very indirectly control the money supply through the public issue of the reserves that banks operate.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box27"></a><span style="font-family: arial;">Note that this is possible by the merger, electronic bank records of the quantities of legal tender issued by the Central Bank and deposit money. Bank money at the beginning of fractional reserve banking, originally consisted of bank notes and legal tender consisted of notes and coins issued by the Mint, and was itself a promissory note in gold reserves. Now both are fused in the same record quantified in the name of legal tender, no longer promise anything. It is pure fiat money. And it is used for both the needs of the free market to the needs of public services.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box28"></a><span style="font-family: arial;">By this mechanism, banks control the economy.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box29"></a><span class="Apple-converted-space"> </span><span style="font-family: arial;">Banks have done with this power lead from the (electronic) recording transactions worldwide, and earn a reputation, deserved, taking them scrupulously. Today it is only a fraction of the money transactions "cash".</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box30"></a><span class="Apple-converted-space"> </span><span style="font-family: arial;">The second power, to create money out of nothing, it was possible to earn a reputation, too, to analyze the solvency of the creditor, and to ensure that the loan is repaid, so that the money supply balance again. A bright financial innovation. No moral objection to make, if it works.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box31"></a><span class="Apple-converted-space"> </span><span style="font-family: arial;">The benefit of this is distilled interest, which was originally established as a share of the benefits but also the risks, and then stripped of any risk to create money out of nothing. Interest has played a role in the expansion of the economy in the early centuries of fractional reserve banking. A money (to pay the debt plus interest) that comes out of nowhere, products can be brought "out of nothing" (for English, "from nothing" is "overseas").</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box32"></a><span style="font-family: arial;">The system, invented in the seventeenth century, has been corrupted and has reached its end of cycle.</span></span></div>
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<span style="font-family: arial; font-size: large;">The "blockchain" allows keeping records of transactions more reliably and safely, without intermediaries, directly P2P.</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box33"></a><span class="Apple-converted-space"> </span><span style="font-family: arial;">Banks have defrauded analyze its role to give credit solvency and have used their magic to create money for speculative bubbles and building purposes. The entire range is now in the financial capital, while the margins of productive capital is reduced to zero, and without any link to the real economy becoming fallacy all the talk about the role of competition. It is time to radically democratize this ability to analyze creditworthiness. Keeping records in the "blockchain" is the condition.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box34"></a><span class="Apple-converted-space"> </span><span style="font-family: arial;">Now, the interest generated by a compulsive need to GDP growth (the volume of goods traded with money) that leads to the destruction of the planet. The sustainability of the planet involves financial capitalism ending debt with interest (<a class="western" href="http://thischangeseverything.org/" target="_blank">This Changes Everything</a>, Naomi Klein).</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box35"></a><span style="font-family: arial;">Although it not mentioned, in what follows is understood that<span class="Apple-converted-space"> </span><b>credit should not have</b><span class="Apple-converted-space"> </span><b>interest</b>. Another thing is investment, which can lead to a share in profits, but implies also sharing the risk..</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box36"></a><span style="font-family: arial;">Monetary sovereignty of producers, companies, cooperatives and workers.</span></span></h1>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box37"></a><span style="font-family: arial;"><span lang="en-US">The first sovereignty is that any person or business that offers goods and services for sale on the market is able to issue currency.<span class="Apple-converted-space"> </span><a class="western" href="http://es.wikipedia.org/wiki/E.C._Riegel" target="_blank">E.C. Riegel</a><span class="Apple-converted-space"> </span>puts it this way "<a class="western" href="http://www.newapproachtofreedom.info/ffi/index.html" target="_blank">Flight from Inflation</a>": "An aspiring money issuer must, in exchange for goods or services purchased on the market (with money), put their own products or services on the market. This simple rule of equity is the essence of money”. This coin is a self-credit of the producers</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">to finance their inputs, and redeemed at the end of the production cycle of the product on delivery. Since no one is obliged to accept that currency, their acceptance will depend on the credibility of the producer. It is the currency of the baker in the medieval market. It is the currency of a time bank. It may be the currency of the agro-food industry.</span></span></span></div>
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<span style="font-size: large;"><i>“</i><i><span style="font-family: arial;"><span lang="en-US">Essentially, a currency should be a credit instrument that is spent into circulation by a trusted issuer on the basis of his commitment to accept it back in payment for desired goods and services that he is ready, willing and able to deliver.”</span></span></i></span></div>
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<span style="font-size: large;"><i><span style="font-family: arial;"><span lang="en-US">THOMAS H. GRECO JR.,<span class="Apple-converted-space"> </span><a class="western" href="http://beyondmoney.net/monographs/fundamentals-of-alternative-currencies-and-value-measurement/">Fundamentals of Alternative Currencies and Value Measurement</a></span></span></i></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box38"></a><span style="font-family: arial;">This ability is now almost entirely in the hands of banks by issuing money in the form of credit. It is the banks that grant loans to companies, especially SMEs, they need to manage their production cycle and the uncertainty in sales, purchasing, pricing, payments, uncertainty than large enterprises, managing large numbers, suffer to a lesser extent. It is the banks that grant loans to small investment in goods and production tools when there is no capital contribution.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box39"></a><span style="font-family: arial;">Large companies already use this system with its bonds and vouchers. The system can be generalized to different branches of production, distribution and services, with trade assotiation currencies. For example, there may be a currency freelance professional services, issued by their associations, the "PROFESSIONAL TIME" and every professional sets the price of his actual time.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box40"></a><span style="font-family: arial;">These currencies are legally a issuer contract with the carrier, a promise, of a product or a service.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box41"></a><span style="font-family: arial;">However, it should be noted that, except for very large companies that issue their own currency, the collective management of these currencies by trade associations is not without its complications. We must agree on the overall production and the share of each company sharing the currency, put mechanisms against fraud or failure, etc. You have to define the range of products to which it refers, and its period of validity (eg. a range of fresh vegetables, then which prices will go each)</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box43"></a><span style="font-family: arial;">This type of money is expected to cover only part of the market, where this is easy to do, probably in uncompetitive sectors and stable "market share" products and a limited range of prices.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box45"></a><span style="font-family: arial;">So presumably elsewhere the industry will use the fiat currency as a mediating instrument.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box46"></a><span style="font-family: arial;">The conclusion is that the fiat money supply of currency, though greatly diminished, will always be greater than the money supply provided by money backed by products.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box47"></a><span style="font-family: arial;"><span lang="en-US">In any case, commodity backed money erases with a stroke the need for a huge amount of credit, particularly credit based on collateral, such as mortgages. With these currencies, mortgages and purchases of capital goods are replaced by<span class="Apple-converted-space"> </span><a class="western" href="http://desperado-theory.blogspot.be/2014/07/b2p-currency-mortgages.html" target="_blank">another mechanism</a>. It is</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">the producers of durable goods who issue self-credit (eg the construction industry issues currency for the value of their buildings, and thus finances the work) and sells, in installments, the durable goods in their</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">currency.</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box48"></a><span style="font-family: arial;">The credit (debt money) hardly makes sense in these currencies, because they are already a form of auto-loan backed by future production of promised merchandise (including Time Banks).</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box49"></a><span style="font-family: arial;"><span lang="en-US">Technologically, its implementation in the form of crypto-currency shall include the<span class="Apple-converted-space"> </span><a class="western" href="http://desperado-theory.blogspot.com.es/2013/03/partes-del-documento-legal.html" target="_blank">meta-data</a><span class="Apple-converted-space"> </span>of that contract (which has a timetable and contents), a<span class="Apple-converted-space"> </span><a class="western" href="http://www.systemics.com/docs/ricardo/issuer/contract.html" target="_blank">contract with Ricardian format</a><span class="Apple-converted-space"> </span>digitally signed (see<span class="Apple-converted-space"> </span><a class="western" href="http://desperado-theory.blogspot.com.es/2013/04/ejemplos-de-contrato-ricardiano-para.html" target="_blank">examples</a>), so it is a<span class="Apple-converted-space"> </span><a class="western" href="http://desperado-theory.blogspot.com.es/2013/03/la-moneda-como-documento-legal.html" target="_blank">legal document<span class="Apple-converted-space"> </span></a>that can be required under the law. The main driver of these currencies Paul Grignon, and<a class="western" href="http://paulgrignon.netfirms.com/MoneyasDebt/" target="_blank">Digital Coin<span class="Apple-converted-space"> </span></a>(see an example<span class="Apple-converted-space"> </span><a class="western" href="http://www.livetravelwork.com/" target="_blank">implementation</a>).</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box50"></a><span style="font-family: arial;">Apple has released a standard, Apple Passbook, which is used to deliver discount vouchers, tickets and others like travel vouchers. There are wallet type "apps" for Android (eg<span class="Apple-converted-space"> </span><a class="western" href="https://play.google.com/store/apps/details?id=com.passesalliance.wallet" target="_blank">Pass2U</a>) and iOS that allow transactions and pay with these digital vouchers. However, they do not allow splitting or "monetary" changes. Pay fractions of these currencies would be like giving "shares of lottery", which must bear the reference of the original ticket, and this is not implemented in any of these wallets.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box51"></a><span style="font-family: arial;">We will have to wait for the block-chain technology for more manageable solutions. The block-chain system must include a content service to include the meta-data of the products (pictures, logo, etc.). In that sense, the SWARM planned ethereum 2.0 tool, a kind of BitTorrent for digital assets, is very promising.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box52"></a><span style="font-family: arial;">Monetary sovereignty to fund the Commons</span></span></h1>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box54"></a><span style="font-family: arial;">The second issue is the sovereignty (or control over the issuance) of the legal currency that is used for the financing of the Commons in a given community. That is, controlling the money supply of the currency used by the governing body of a community to pay for common services and to collect contributions or taxes. By Community we can understand a state, a republic, but also a regional government, a municipality or any charity organization.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box55"></a><span style="font-family: arial;">Weaknesses of the sovereign currency proposal requiring 100% reserve for the credits</span></span></h1>
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<span style="font-family: arial; font-size: large;">The monetary movement of “positive money” (<a class="western" href="http://internationalmoneyreform.org/" target="_blank">International Movement for Monetary Reform</a>, with the lead at<span class="Apple-converted-space"> </span><a class="western" href="http://positivemoney.org/" target="_blank">positivemoney.org</a>) proposes to snatch the capacity to issue money to private banks and delegates the decision of the issue (or destruction) of currency in circulation to Parliament, in accordance with the needs of the State Budget (in the case of a State). In a balanced State Budget you can use the money collected in taxes last year (which is equal to spent) and do not touch the money supply. In expansive State Budget, "sovereign" currency is issued, without asking anyone credit, issuing out of nowhere the money. In a contracting State Budget, part of the money collected prior year is destroyed.</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box57"></a><span style="font-family: arial;">The “positive money” current for banks proposes the strict role of intermediary for banks, ie, credits can only be made with previously saved and deposited money. It proposes to generalize to the global economy system the way loans are made between friends: "Take it out of my pocket" ..</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box58"></a><span style="font-family: arial;">In short, the current “positive money” proposes to regulate the money supply by the tap of the State Budget.</span></span></div>
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<span style="font-family: arial; font-size: large;">This solution is not convincing.</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box59"></a><span style="font-family: arial;"><b>Credit scarcity</b>: It links the total money supply, which should reflect the needs of the economy, to the rigidities of the economy of the Commons, the State Budget, which sometimes can be contradictory trends, and this seems a unnecessary rigidity. The additional variable needs of the economy in general cannot be met only with self-credit currencies type "bond for a commodity" or other complementary currencies. A large part of the economy will solve the problem of the double coincidence of wants with the more generic and more desired currency, which is the currency used for taxes. Therefore, credit must use the legal tender.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box60"></a><span style="font-family: arial;"><span lang="en-US">You cannot say that today a 97% money is debt money, and then minimize the scale of the need for credit. Total debt in Spain is around 3 billion euros. Mortgage debt, to be replaced in the future by paying in<span class="Apple-converted-space"> </span><a class="western" href="http://desperado-theory.blogspot.com.es/2014/07/b2p-currency-contract-versus-b2p.html" target="_blank">c</a><a class="western" href="http://desperado-theory.blogspot.com.es/2014/07/b2p-currency-contract-versus-b2p.html" target="_blank">ommodity c</a><a class="western" href="http://desperado-theory.blogspot.com.es/2014/07/b2p-currency-contract-versus-b2p.html" target="_blank">urrencies<span class="Apple-converted-space"> </span></a><a class="western" href="http://desperado-theory.blogspot.com.es/2014/07/b2p-currency-contract-versus-b2p.html" target="_blank">of<span class="Apple-converted-space"> </span></a><a class="western" href="http://desperado-theory.blogspot.com.es/2014/07/b2p-currency-contract-versus-b2p.html" target="_blank">long cycle</a>, round 1 billion. The State Budget is</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">around 0.5 billion. That is, it remains a need for additional debt of 1.5 billion. The total household savings is about 2 billion, but is mostly investment. The remaining available</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">deposits for loans do not reach 0.5 billion. There is a shortage of about 1 billion to cover.</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box61"></a><span style="font-family: arial;"><span lang="en-US">They themselves recognize it at: "<a class="western" href="http://positivemoney.org/publications/enough-credit-sovereign-money-system/" target="_blank">Would there be enough in a sovereign credit money system?</a>"</span></span></span></div>
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<span style="font-size: large;"><i>“</i><i><span style="font-family: arial;"><span lang="en-US">In the future, the increasingly significant role of peer-to-peer finance in debt markets is likely to further reduce the importance of bank lending to business”</span></span></i></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box62"></a><span style="font-family: arial;">That is, the system of "sovereign money" (the one issued for the State Budget) with 100% reserve credit holds only if, in addition, there is credit by “some other miracle” at the complemntary currencies.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box63"></a><span style="font-family: arial;">The brilliant solution of fractional reserve banking is that the total money supply will be determined by the amount of credit needed, that credit is made in the denomination of the currency used for taxes, - the legal tender - and what remains to do is to democratize radically the credit authorization, ie they are the same citizens who authorize the issuance, out of nowhere, of the sovereign money needed for the credit.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box64"></a><span style="font-family: arial;"><span lang="en-US">It is<span class="Apple-converted-space"> </span></span></span><span style="font-family: arial;"><span lang="en-US"><b>monopolistic:<span class="Apple-converted-space"> </span></b></span></span><span style="font-family: arial;"><span lang="en-US">to solve the double coincidence of wants, that is, that every debtor has to find some lenders who have at this very time deposits, availability, and willingness to make the loan, you need some institutions (banks) as intermediaries that</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">have vast amounts of deposits for credit. In one of the most detailed proposals positivemoney.org,<span class="Apple-converted-space"> </span><a class="western" href="https://www.google.es/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0CCIQFjAAahUKEwjnsrHzg5rHAhWFdx4KHa5HCvM&url=http://positivemoney.org/wp-content/uploads/2012/02/Bank-of-England-Creation-of-Currency-Bill-Smaller.pdf" target="_blank">Bank of England (Creation of Currency) Bill 2011</a>, users have two accounts of their deposits, a checking account and a savings account, freely available to the bank for credit. In exchange for a rent !!! This brings us back:</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box65"></a><span class="Apple-converted-space"> </span><span style="font-family: arial;">the monopoly of banks in the recording of transactions</span></span></div>
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<span style="font-family: arial; font-size: large;">the monopoly of banks to authorize loans</span></div>
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<span style="font-family: arial; font-size: large;">and back to interest !!!! there is no reason for someone freezing its assets without obtaining a return</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box66"></a><span style="font-family: arial;">Such power in the hands of banks (or whoever), and the rigidity of the system, soon would bring back the need to approve again the monster of the debt without reserve in the hands of a few.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box68"></a><span style="font-family: arial;">Some crypto-currencies designing solutions for credit. In the crypto-currencies of the first generation the monetary mas has to be mined, ie you can not make money out of nothing, they are<span class="Apple-converted-space"> </span><b>issued currencies</b>. Therefore, the solution for credit is a second currency, interchangeable with the first, which is the "credit money". By that we solve that the recording of transactions is distributed in the block-chain. We also solve that there is also interest. But again we need a monopolistic entity that mines and sells all the "credit money".</span></span></div>
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<span style="font-family: arial; font-size: large;">At<span class="Apple-converted-space"> </span><a class="western" href="https://www.community-exchange.org/home/issued-currencies-vs-metric-currencies-2/" target="_blank">“Issued Currencies vs Metric Currencies”</a>, 22 Dec 2015, Community Exchange System , Tim Jenkin says:</span></div>
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<span style="font-family: arial; font-size: large;"><i>... So if there is a creator who controls the quantity of what is created, that creator has enormous powers over what is created....</i></span></div>
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<span style="font-family: arial; font-size: large;"><i>... It is true in a certain sense that most currencies today do not exist in a physical sense. They are mostly digital – numbers on computers. However, what distinguishes issued currencies from metric currencies is that the former ‘exist’. ...</i></span></div>
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<span style="font-family: arial; font-size: large;"><i>... This applies to all<span class="Apple-converted-space"> </span><b>issued currencies</b>, including fiat currencies, metal-backed currencies, specie, national-currency backed complementary currencies and Bitcoin-type currencies. As issued currencies, there has to be a controlled quantity of them giving the creator/issuer an advantage over the users. ...</i></span></div>
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<span style="font-family: arial; font-size: large;"><i>...<span class="Apple-converted-space"> </span><b>Metric currencies</b><span class="Apple-converted-space"> </span>do not have the property of quantity. They simply measure, in the same way that litres and kilometres measure. There is no quantity of litres or kilometres. ...</i></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box69"></a><span style="font-family: arial;">The solution for credit with a sovereign currency will only be acheved with the crypto-currencies of the second generation, as<span class="Apple-converted-space"> </span><a class="western" href="https://www.ethereum.org/" target="_blank">ethereum</a>, where we only mine the fuel of the financial infrastructure (the ether), but where the money supply of any currency using the ethereum financial infrastructure can be generated “ex-nihilo”, with a line of code, by anybody the rules of that currency say. Any member of a community could, if so agreed, endorse a credit to another member and issue out of the nothing the money required.</span></span></div>
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<span style="font-family: arial; font-size: large;">Peer-to-Peer Credit without reserve</span></h1>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box72"></a><span style="font-family: arial;">Probably the main intellectual barrier to figure out how credit must operate in a sovereign monetary system is the "horror vacui" and the moral heresy before the concept that money can be generated from nothing.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box73"></a><span style="font-family: arial;">Those educated in the principles of modern physics are used to the concept that a particle appears out of nowhere or where there is not supposed to be. Whenever just for a while, within the quantum uncertainty margin.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box74"></a><span style="font-family: arial;">Until we understand and admit the brightness of the invention of the fractional reserve banking and its role in the modern economy, we can not advance a definition of a new generation, sovereign, “fractional reserve banking 2.0".</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box75"></a><span style="font-family: arial;"><span lang="en-US">The fact is that many systems of complementary currencies, mutual credit, do creation of money “ex-nihilo”. The credit given by default to all members of a mutual credit system (<a class="western" href="https://www.community-exchange.org/home/" target="_blank">CES, Community Exchange System</a>) increases, out of nowhere, the money supply in an amount per member.<span class="Apple-converted-space"> </span><a class="western" href="http://euro-cat.cat/es/" target="_blank">Eurocat</a><span class="Apple-converted-space"> </span>and<span class="Apple-converted-space"> </span><a class="western" href="http://www.sonantes.fr/" target="_blank">So</a><a class="western" href="http://www.sonantes.fr/" target="_blank">N</a><a class="western" href="http://www.sonantes.fr/" target="_blank">antes</a>, to take two examples, allow</span></span><span style="font-family: arial;"><span class="Apple-converted-space"> </span></span><span style="font-family: arial;"><span lang="en-US">for authorizing credit lines, also from nothing.</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box76"></a><span style="font-family: arial;">Credit (with no mortgage, with no collateral, based just on the guarantee of future income) resolves, like coins, the "double coincidence of wants", but in the<span class="Apple-converted-space"> </span></span><a class="western" href="http://desperado-theory.blogspot.com.co/2015/09/credit-is-time-dimension-of-money.html" target="_blank"><span style="font-family: arial;"><b>time dimension</b></span></a><span style="font-family: arial;">. Someone needs money now for an opportunity or business need that is now and not later, but will only have the money in due future when he makes another sales transaction that can not be advanced in time (renting an apartment on the beach in summer). The money will come in a future day, but the chain, the sequence, of transactions, visible to all and relatively safe (that's what it means “solvency”), has not brought it yet to that account.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box77"></a><span style="font-family: arial;">We all use credit card. We buy products now with the card because almost for sure we will get the salary paid at the end of the month. The card company has analyzed our solvency to set the limit of what we can safely spend. The company analyzes the statistics of defaults, fixed cancellation and complaint procedures, and averages the costs.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box78"></a><span style="font-family: arial;">For SMEs, it is about solving the problems of cash flow.</span></span></div>
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<span style="font-family: arial; font-size: large;">The peer-to-peer (P2P) credit we need must be variable, as big as needed (depending on solvency), having a clear sequence of returns with clear deadlines, and protocols for an unpaid credit well specified, so that failures are not avoided 100% but remain a small manageable cost to the community.</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box80"></a><span style="font-family: arial;">The P2P credit is not to transfer of deposits of one or more peer creditors to the debtor's account. That would be crowd-funding. The role of crowd-funding is another, it is a quasi-investment when there is a direct or indirect interest, if not in the financial benefits, in business results. In crowd-funding the monetary mass remains the same.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box81"></a><span style="font-family: arial;">At P2P credit, what is P2P is the analysis of solvency of the debtor. One or more peers, with enough<span class="Apple-converted-space"> </span></span><a class="western" href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html" target="_blank"><span style="font-family: arial;"><b>reputation</b></span></a><span style="font-family: arial;"><span class="Apple-converted-space"> </span>given by the Community to exercise this role, have the power to issue its judgment on the solvency of the credit applicant and authorize it or not. This reputation allocation can be done by a human denomination following some selection procedure of the Community, or can be obtained and increased by an algorithm looking at your past performance as “money lender”, or a combination of both. It works the same way that the expert of the office of your local bank authorizes your credit by delegation of the Bank, but not out of his pocket. If the opinion is positive, the Community creates from nothing, as in the fractional reserve banking, the money for the credit.</span></span></div>
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<span style="font-family: arial; font-size: large;">Once returned, the money disappears, so that the money supply balances again.</span></div>
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<span style="font-family: arial; font-size: large;">Any commoner of a given Community may initially have a reputation of an order of magnitude of the credit automatically given as is usual practice in mutual credit systems. At authorizing a credit, the lender (guarantor, agent) is deducted by the amount of corresponding reputation, which is returned at the payment of credit. A system with two currencies, money that can be transferred, and a quasi-currency, reputation, that you can not transfer, but varies according the credits you authorize and the credits that are successfully returned. Nothing very different to a bank agent bonus system.</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box83"></a><span style="font-family: arial;">If the debtor returns the money on time, the reputation of "lender" is increased (at an adjustable formula), so that in the future he may allow larger loans. Otherwise, the reputation of "lender" is penalized (also adjustable according to a formula), and possibly both the lender and the debtor can be fined with money. Thus fraud tends to zero easily.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box84"></a><span style="font-family: arial;">That is, in a P2P Community, the role of solvency analysis is radically democratized, but not automated. Lenders can use some indicators as banks do now, but nothing can replace the human analysis of the certainty of the transactions borrower provides as evidence of his solvency.</span></span></div>
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<span style="font-family: arial; font-size: large;">In a way, all future possible transactions of the borrower are a kind of probability space that expand in the future like a wave. See<span class="Apple-converted-space"> </span><a class="western" href="http://matslats.net/wave-particle-money" target="_blank">Wave/particle money</a>, by Matslats. It is not worth automating this analysis, and the results probably no better than the good eye of an experienced agent.</span></div>
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<span style="font-family: arial; font-size: large;">Ex ante, we have only chances.</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box85"></a><span style="font-family: arial;">However, the reward or the punishment of the reputation of the lender can be automated with formulas (and recorded in stone in the block-chain currency contract) so that nobody can do fraud. If the credit was returned or not, when and how much, is totally factual and can be recorded with no ambiguity.</span></span></div>
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<span style="font-family: arial; font-size: large;">Ex post, we have facts.</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box86"></a><span style="font-family: arial;"><span lang="en-US">A Community may want to be able to assign some of its members a special reputation, for example to some specialized experts of the team managing the currency. The<span class="Apple-converted-space"> </span><a class="western" href="http://euro-cat.cat/es/" target="_blank">Eurocat</a><span class="Apple-converted-space"> </span>project includes the appointment of such specialists.</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box88"></a><span style="font-family: arial;"><i>"A body of technicians in Sustainable Production Feasibility be created. These technicians are professionals with specific training required to be able to approve credit lines ... the access to such posts will be through a series of tests, the maintenance of which depends on the ratio of success or failure of the credits approved by them. "</i></span></span></div>
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<span style="font-family: arial; font-size: large;">As said already above, you may combine the delegation of reputation by the Community by a selection process, like in<span class="Apple-converted-space"> </span><i>eurocat,</i><span class="Apple-converted-space"> </span>probably for bigger loans, with a minimum automatic stating P2P lending capacity to any commoner, like in any mutual credit system, to stimulate small credits. From there, the reputation of both cases will vary with the "ratio of success or failure of the credits approved by them".</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box90"></a><span style="font-family: arial;">The solvency counseling service's could be paid. Its not an interest, but a payment of the time spend on it. Its price can be set the market, so it does not have to be a programmed functionality of the currency. Some people may find it attractive as a way of life, and spontaneously accumulate enough reputation to earn a living, thus becoming something like Community freelance banks. There is no better proof than that demonstrated in practice.</span></span></div>
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<span style="font-family: arial; font-size: large;">Sovereign issuance of new money and the Budget for the Commons</span></h1>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box94"></a><span style="font-family: arial;">The circuit of legal tender, the tax cycle, begins with the collection by the government of a given Community of the taxes of the past year activity, continues with the discussion and approval of the State Budget of the Commons for the following year, the request for credit for a possible deficit and finally the budget spending on public services and past debt. A new cycle of collecting taxes begins.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box95"></a><span style="font-family: arial;">After discussing the P2P credit, it becomes clear and how this mechanism should be, both in the future institutions of the Commons in the post-capitalist society, and the entities, NGO's, that now coordinate the islands of solidarity economy.</span></span></div>
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<span style="font-family: arial; font-size: large;">The total economic activity will correspond roughly to the number of commoners. The total monetary mass required will be thus also proportional to the number of commoners. The standard creation of the<span class="Apple-converted-space"> </span><b>main monetary mass</b><span class="Apple-converted-space"> </span>is to mint a quantity per commoner. For example, any new member would be gifted with a fixed quantity, minted “ex-nihilo”, without obligation of return.</span></div>
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<span style="font-family: arial; font-size: large;">At a no growth, sustainable, economy, the situation of an expansive economy will be rather seldom. Only in this case, a stronger volume and speed of transactions would require a bigger monetary mass. In this case,<span class="Apple-converted-space"> </span><b>new money</b><span class="Apple-converted-space"> </span>will be minted and given to the government as first spender. The government will spend it as extraordinary public works. If the economy shrinks, money has to be taken away of circulation.</span></div>
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<span style="font-family: arial; font-size: large;">On a steady economy, in which the State Budget has a peak by one reason or another, but the economy in general stays stable, the number of commoners is stable, the deficit has to be covered by credit,<span class="Apple-converted-space"> </span><b>P2P credit</b>, the only existing.</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box96"></a><span style="font-family: arial;">Every citizen gives the government a peer-to-peer credit, their share, equal for all, of the budget deficit, a quantity democratically agreed at discussing the State Budget of the Commons.</span></span></div>
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<span style="font-family: arial; font-size: large;">The collection of taxes is a different circuit. Once collected, their destiny is to finance the stable part of the State Budget. However, taxes are a function of redistribution and therefore are not equal for the rich than for the poor.</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box98"></a><span style="font-family: arial;">Reaching the ignition point for the solidarity economy implies that the coordinating bodies, ONGs, charities, associations of the solidarity economy (<a class="western" href="http://www.economiasolidaria.org/red_redes">REAS</a>,<span class="Apple-converted-space"> </span><a class="western" href="http://integrajkooperativoj.net/">Red de Cooperativas Integrales</a>,<span class="Apple-converted-space"> </span><a class="western" href="http://www.reddesolidaridadpopular.org/">Red de Solidaridad Popular</a>) at all levels, but also municipalities and regional authorities:</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box99"></a><span class="Apple-converted-space"> </span><span style="font-family: arial;">Create their own legal tender currency with P2P credit functionality.</span></span></div>
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<span style="font-family: arial; font-size: large;">Work with a Commons Budget to be spend into the social services, financed in case of need by P2P credits of all the commoners.</span></div>
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<span style="font-family: arial; font-size: large;">Function with a tax system, for citizens, businesses, and transactions (demurrage) only payable in their legal currency. Donations should be counted as part of the collection of taxes.</span></div>
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<span style="font-family: arial; font-size: large;">Additionally, any business producing a good, may issue its own self-credit currency as a promise of that good.</span></div>
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<span style="font-family: arial; font-size: large;">Municipality currencies follow a similar scheme, like for example the scheme for<span class="Apple-converted-space"> </span><a class="western" href="https://barcelonaencomu.cat/es/programa/navega/detall/crear-una-moneda-local-para-barcelona?oasis=1" target="_blank">Barcelona en Comú</a>.</span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box101"></a><span style="font-family: arial;">The role of volunteering as osmotic pump to transfer value</span></span></h1>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box102"></a><span style="font-family: arial;">Solidarity Economy represents a<span class="Apple-converted-space"> </span><a class="western" href="http://desperado-theory.blogspot.com.es/2013/05/la-potencia-de-la-economia-social.html" target="_blank">huge economic force</a>, and its volume, currently invisible, is not a negligible volume. To start talking, lets talk about volunteering. Millions of people voluntarily donate in a philanthropic way part of their time in volunteering works or time banks. The<span class="Apple-converted-space"> </span><a class="western" href="http://ccss.jhu.edu/research-projects/vmp/evmp/" target="_blank">European Volunteer Measurement Project</a><span class="Apple-converted-space"> </span>of the EUROPEAN VOLUNTEER CENTER estimated 140 million people worldwide who volunteer and that amounts to 277 billion Euros in value. Equivalent to the 7th economy in Europe. The time represents 68% of all philanthropic donations, much more than what banks, companies and states donate in the form of monetary donations.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box103"></a><span style="font-family: arial;">According to the report of the European Foundation for the Improvement of Living and Working Conditions - Second European Quality of Life Survey -<span class="Apple-converted-space"> </span><a class="western" href="http://www.eurofound.europa.eu/sites/default/files/ef_files/pubdocs/2011/02/en/1/EF1102EN.pdf" target="_blank">Participation in volunteering and unpaid job - 2011</a><span class="Apple-converted-space"> </span>in Europe, on average, 20% of the adult population in Europe does voluntary work, dedicating between 6 and 7 hours a week, something between 24 and 30 hours a month.</span></span></div>
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<span style="font-family: arial; font-size: large;"><span lang="en-US">The<span class="Apple-converted-space"> </span><a class="western" href="http://www.ilo.org/stat/Publications/WCMS_162119/lang--en/index.htm" target="_blank">Manual on the Measurement of Volunteer Work</a><span class="Apple-converted-space"> </span>ILO has very specific recommendations on how to estimate the value of that work.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box105"></a><span style="font-family: arial;">It's time to put into circulation these economic value to move the mills of the monetary circuits of solidarity economy.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box107"></a><span style="font-family: arial;">Volunteers working in organizations or cooperatives in the social economy should be paid in the sovereign currency of the Community (say a neighborhood association) or the self-credit currency of a production cooperative (say an urban farm). Volunteers working in jobs for the Commons, are proto- public employees of the new economy. They must be paid by the sovereign currency of the Community, and included in the budget of the Community and covered by the Community taxes and donations.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box108"></a><span style="font-family: arial;">It would seem logical that time banks also use that Community currency. Volunteers “sell” their time to the Commons public works, time bankers “sell” their time to the open market. Both can be measured in time,<span class="Apple-converted-space"> </span><b>hours</b>.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box109"></a><span style="font-family: arial;">The spending that volunteers would do in that currency in the local market is the piston that puts into circulation the new economy.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box111"></a><span style="font-family: arial;">Donations in euros should be exchanged to sovereign Community currency to move the mill. Almost all social enterprises accept donations in kind or in legal tender money. The soup kitchens, for example, collect food. It should be paid in Community currency to the donors. Donations in euros, for example, must be exchanged and paid in Community currency to the donors.</span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box112"></a><span style="font-family: arial;">That does not diminish the altruistic merit of the donor, on the contrary. Not doing so it's like donors coming by boat to an island of solidarity economy, deposit their gift, and then donors are expelled back to their country of origin of bank debt money. You have to invite them to the island and engage then in the Community social life!</span></span></div>
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<span style="font-family: arial; font-size: large;">The true charity would be they use their exchanged Community currency and become customers of the social enterprises of the Community, thus making the economy turn.</span></div>
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<span style="font-family: arial; font-size: large;">For old-fashioned minded donors, with a classic understanding of charity, they may always donate, this time without compensation, the received Community currency amount to the Commons wallet.</span></div>
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<span style="font-family: arial; font-size: large;">The value of a Community currency</span></h1>
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<span style="font-family: arial; font-size: large;">For currencies issued as self-credit by producers, the value is the value of the commodity, product, good or service the currency promises.</span></div>
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<span style="font-family: arial; font-size: large;">The difficulty is to understand what is the value of a Community currency that produces social services by volunteering work.</span></div>
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<span style="font-family: arial; font-size: large;">Ernest Mandel, at<span class="Apple-converted-space"> </span><a class="western" href="http://www.ernestmandel.org/en/works/txt/1990/karlmarx/6.htm" target="_blank">Marx’s Theory of Money</a><span class="Apple-converted-space"> </span>(2004), reminds that:</span></div>
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<span style="font-size: large;">“<span style="font-family: arial;"><i>In the same way as his theory of rent, Marx’s theory of money is a straightforward application of the labour theory of value. As value is but the embodiment of socially necessary labour, commodities exchange with each other in proportion to the labour quanta they contain. This is true for the exchange of iron against wheat, as it is true for the exchange of iron against gold or silver. Marx’s theory of money is therefore in the first place a commodity theory of money. A given commodity can play the role of universal medium of exchange, as well as fulfill all the other functions of money, precisely because it is a commodity, i.e. because it is itself the product of socially necessary labour. This applies to the precious metals in the same way it applies to all the various commodities which, throughout history, have played the role of money.”</i></span></span></div>
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<span style="font-family: arial; font-size: large;">However, Marxist theory has not very solid elaborations about pure fiat money, not backed by a commodity. We have to dig into the works of other authors to get some hints.</span></div>
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<span style="font-size: large; font-variant: normal;"><span style="font-family: arial;"><span style="font-style: normal;">Stephen Zarlenga, at<span class="Apple-converted-space"> </span><a class="western" href="http://www.monetary.org/lostscienceofmoney.html" target="_blank">“The Lost Science of Money”</a><span class="Apple-converted-space"> </span>(2002), explains:</span></span></span></div>
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<span style="font-size: large;">“<span style="font-family: arial;"><i>... For military and taxation purposes Servius Tullius (578-534 BC) organized Roman citizens into a more regimented society divided into six classes by wealth, to determine how much they paid in military dues. Members of the first class had assets valued at over 100,000 asses; members of the sixth class had less than 11,000 asses. Wealthier citizens had to contribute more, and the first two classes fielded over half the "Centurys" composing the Army.</i></span></span></div>
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<span style="font-size: large;">…<span class="Apple-converted-space"> </span><span style="font-family: arial;"><i>Perruzzi tells us that this money affected a large part of Italy and was "a legal tender” - not a doubt about it...</i></span></span></div>
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<span style="font-size: large;">…<span class="Apple-converted-space"> </span><span style="font-family: arial;"><i>Servius' monetary reform was in connection with his new census system … Servius divided the city and the countryside into regions and required everyone of the same district "to contribute a certain coin per head, men paying one kind, women another, and children yet another...and to know the number of those living, newly born and died and came of age, he prescribed which coin relatives were to contribute for each one - into the treasury of Juno Lucina for the newborn, into that of Libitina for the deceased, into that of Juventas for those arriving at manhood. From those coins he would know every year the total of the inhabitants and which of them were of military age.”</i></span></span></div>
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<span style="font-family: arial; font-size: large;">AES EQUESTRE, AES HORDEARIUM, and AES MILITARE, were the ancient terms for the pay of the Roman soldiers, before the regular<span class="Apple-converted-space"> </span><i>stipendium</i><span class="Apple-converted-space"> </span>was introduced. The<span class="Apple-converted-space"> </span><i>aes equestre</i><span class="Apple-converted-space"> </span>was the sum of money given for the purchase of the horse of an eques; the<span class="Apple-converted-space"> </span><i>aes hordearium</i>, the sum of money paid yearly for the upkeep of the horse of an eques, in other words the pay of an eques; and the<span class="Apple-converted-space"> </span><i>aes militare</i>, the pay of a foot soldier.</span></div>
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<span style="font-family: arial; font-size: large;">The mystery is uncovered: the<span class="Apple-converted-space"> </span><b>value</b><span class="Apple-converted-space"> </span>of a legal tender money collected by a State to the census as taxes and used mainly to pay the soldiers of its army, soldiers being the main proportion of the public employees of that state, is, as could be no other, is the<span class="Apple-converted-space"> </span><b>labour quanta</b><span class="Apple-converted-space"> </span>you can pay with a unit of that currency.</span></div>
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<span style="font-family: arial; font-size: large;">The pay of a foot soldier was 100 asses a month.</span></div>
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<span style="font-family: arial; font-size: large;">For fiat legal tender, as it is the required currency in taxes, and the currency at which the state expenditures are paid, especially government employees, it is the one that establishes and anchors the value (as a trend) of the money used in all other monetary transactions within a judicial framework and sets the value at the most Marxist way possible, because it makes using the commodity mother of all commodities and final measure of all other commodities, which is none other than the very Marxist labor value of its officials, in their currency units. It is the same monetary policy for setting value to the legal tender currency already used by the Romans and the Athenians. Aristotle money whose value is by law.</span></div>
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<span style="font-family: arial; font-size: large;">So the value of a currency is fixed by a state in the spreadsheet of the State Budget, at establishing chapters of expenses and incomes, and more specifically, at establishing a figure, a quantity denominated in that currency, to pay the salary of its civil servants.</span></div>
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<span style="font-family: arial; font-size: large;">And it is a key concept because it gives us clues about how to orient the monetary model for Community currencies.</span></div>
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<span style="font-family: arial; font-size: large;"><span style="font-variant: normal;"><span style="font-style: normal;">We know that all the added value at solidarity Communities is given by the work provided by the volunteers. The value of the Community currency is also given by the the work provided by the volunteers. This is why volunteers should be paid and the pay included in the Community budget. Its because it sets the value of the currency. A very transparent choice of the name for a Community currency is<span class="Apple-converted-space"> </span></span></span><span style="font-variant: normal;"><span style="font-style: normal;"><b>community HOUR pay</b></span></span><span style="font-variant: normal;"><span style="font-style: normal;">.</span></span></span></div>
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<span style="font-size: large;"><a href="https://www.blogger.com/null" name="result_box113"></a><span style="font-family: arial;">Sovereignty of peer-to-peer record keeping</span></span></h1>
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<span style="font-family: arial; font-size: large;">It is generally accepted that the new monetary system should be based on the technology of the block-chain, so that the P2P sovereignty for record keeping is full, and not easily vulnerable.</span></div>
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<span style="font-family: arial; font-size: large;">As we will need to use metric currencies (<a class="western" href="https://www.community-exchange.org/home/issued-currencies-vs-metric-currencies-2/" target="_blank">“Issued Currencies vs Metric Currencies”</a>, 22 Dec 2015, Community Exchange System , Tim Jenkin), able to manage P2P credit, that is, negative balances, we need to use second generation block-chain technologies, handling<span class="Apple-converted-space"> </span><a class="western" href="http://szabo.best.vwh.net/smart_contracts_idea.html" target="_blank">smart contracts</a>.</span></div>
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<span style="font-family: arial; font-size: large;">Proof of concept</span></h1>
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<span style="font-family: arial; font-size: large;"><b>wiki</b></span><span style="font-family: arial; font-size: large;"><span class="Apple-converted-space"> </span>with monetary principles of a sovereing currency with P2P credit<span class="Apple-converted-space"> </span><a class="western" href="https://github.com/segovro/Community-Currency/wiki">https://github.com/segovro/Community-Currency/wiki</a></span></div>
<div style="-webkit-text-stroke-width: 0px; color: black; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin-bottom: 0.1cm; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
<span style="font-family: arial; font-size: large;"><b>mockup</b></span><span style="font-family: arial; font-size: large;"><span class="Apple-converted-space"> </span><a class="western" href="http://communitycurrency.website/">http://communitycurrency.website/</a></span></div>
</div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com0tag:blogger.com,1999:blog-6734326932977571104.post-78722194677736465782016-01-06T18:00:00.003-08:002016-01-06T18:04:35.014-08:00A la búsqueda del plan B<body>Reproducido de VIENTO SUR<div><br><div>
<img width="300" src="http://www.vientosur.info/IMG/siteon0.jpg?1308215513"></div><div><div class="cartouche">
<div class="surlignable">
<p class="surtitre">Soberanía monetaria</p>
<h1 class="titre">A la búsqueda del plan B</h1>
<p class="soustitre">Rogelio Segovia</p>
</div>
<p><small>Miércoles 6 de enero de 2016</small></p><p><p><i>En este artículo se defiende la necesidad de poner en marcha y
hacer crecer ya el plan B monetario que nos hará falta cuando debamos
mirarle a los ojos al Eurogrupo. Para cuando llegue ese momento este
plan debe estar ya operativo cubriendo un porcentaje significativo de la
economía, de manera que pueda ampliarse rápidamente ante una situación
de asfixia como la griega, permitiendo que al menos la economía interna
funcione, dando un respiro precioso, de meses, antes de plantar el nuevo
sistema monetario estatal en el tablero mundial. Es un plan B que crece
de abajo hacia arriba. Es un plan B que es de raíz postcapitalista, que
no paga interés a la Banca. Pero sobre todo, es un plan B que puede ir
ayudando, en el mientras tanto, ya, de forma práctica, a la población
más desesperada. </i></p>
<p>Desde la instauración definitiva de la Reserva Federal (la FED), el
Banco Central de EE UU, tras un largo proceso con dos intentos
anteriores, lo que tenemos es la entronización del poder financiero
sobre el resto del capital (y que yo me atrevería a clasificar incluso
como una nueva superclase); el modelo de Estado apostólico de los cuatro
poderes está obsoleto, le ha crecido una excrecencia al Estado “teatro
democrático”, un quinto poder, el poder bancario, con sus propios
órganos de intermediación, con los Bancos Centrales a la cabeza como
cárteles privados de la banca, y con el resto de la sociedad civil
excluido.</p>
<p><i>“Creo que las instituciones bancarias son más peligrosas para
nuestras libertades que los ejércitos permanentes. Ya han levantado una
aristocracia adinerada que ha establecido un Gobierno en rebeldía. El
poder de emisión debería ser arrebatado a los bancos y restaurado a la
gente a la que pertenece propiamente”. </i>(Thomas Jefferson, Autor de la Declaración de Independencia EE.UU).</p>
<p>El Sistema de Reserva Federal de EE UU fue creado el 23 de diciembre
de 1913 por la Ley de la Reserva Federal (Federal Reserve Act). Es fruto
de la reacción de la gran banca a la crisis de pánico de 1907: en 1910,
ejecutivos de los bancos JPMorgan, Rockefeller y Kuhn, Loeb & Co.,
recluidos durante diez días en Jekyll Island, Georgia, de forma secreta,
en el más puro estilo conspirativo, pero insuflados de fervor
patriótico según sus autobiografías, pergeñaron el plan, presentado al
Congreso por el partido Republicano y apoyado por la American Bankers’
Association. El Sistema de Reserva Federal controla el tamaño de la
oferta monetaria con poder casi absoluto, fuera de casi ningún control
democrático, y con ello se hicieron con todos los mandos de la sala de
control económico, y ahora las crisis o las bonanzas se pueden generar a
voluntad. Se le llama <i>“cartel del dinero”</i>. El Banco Central Europeo (BCE) está diseñado a su imagen y semejanza.</p>
<p><i>“Dejadme emitir y controlar el dinero de un país, y no me preocupara quien hace las leyes”</i> (Mayer Amschel Rothschild)</p>
<p>No cabe “conquistarlo desde dentro”. Solo cabe la abolición o su
modificación por ley desde los órganos democráticos clásicos, como
propone ahora Bernie Sanders, y parece que Varoufakis le seguirá pronto,
y todos les deseamos la mejor de las suertes. No parece que Bernie sea
muy consciente de que está mentando a la misma madre de la bicha de <i>Alien</i>.
Para mí, es más que problemático ningún avance sin crear un poder
alternativo que instaure áreas monetarias de dimensión suficiente fuera
de su sistema, como es incierto modificar una legislación laboral sin su
sana dosis de lucha obrera.</p>
<p><strong>La realidad del movimiento monetario</strong></p>
<p>Hay una ingente explosión de literatura alrededor de la reforma
monetaria, sin una brújula ideológica clara, en una marmita de
pensamiento donde todos más o menos coinciden en el diagnóstico de la
crisis del sistema monetario y financiero actual, pero con el resultado
de una vorágine de orientaciones que van desde los anarco-capitalistas,
seguidores de Friedrich Hayek y la escuela austriaca, hasta los
evangelizadores del bien común como un cambio de conciencia.</p>
<p>Dentro de este tumulto sobre la reforma monetaria, está emergiendo
una corriente –sin raíces explicitas marxistas, pero claramente
post-capitalista– unida de alguna manera (aunque no formalmente) en
torno a una visión del futuro con la resistencia al cambio climático, el
decrecimiento y la lucha contra la pobreza como ejes importantes. Uno
de sus centros de pensamiento es sin duda la National Economics
Foundation (NEF), y sus variantes de la <i>“Gran Transición”</i><b>/1</b>. Contamos con una sólida investigación histórica hecha por autores como Stephen Zarlenga<b>/2</b>.
Hay que mencionar especialmente un autor con una posición privilegiada
en el cruce entre la teoría del derecho, la economía y la criptografía,
Nick Zvabo, autor puente con el movimiento de las criptomonedas.</p>
<p>La STRO, Social Trade Foundation (STRO), ha jugado un papel clave en difundir las ideas y convertirlas en iniciativas. Otro <i>think tank</i> a mencionar es la P2P Foundation. En España se está creando un pequeño <i>think tank</i> en torno al Instituto de la Moneda Social.</p>
<p>En gran parte gracias a la actividad del STRO, ya hay casi 2 500
monedas complementarias en el mundo. La moneda complementaria WIR en
Suiza, que existe desde 1934, tiene una facturación anual de 1,2
millones de francos suizos, sirviendo a 62 000 pymes. El plan de negocio
de SoNantes aspira a hacerse cargo de un 10% del PIB de Nantes, en
Francia. Los gigantes de las telecomunicaciones están entrando a saco a
disputar el rol de los bancos como emisores primarios de dinero. M-PESA
en Kenia, el dinero del móvil, tiene una base de 10 millones de
usuarios. Pero Bangla-PESA, la moneda de las chabolas en Mombasa, con
una orientación social, inspirada por el STRO, no le va a la zaga:
lanzada en 2014, abarca un 16% de las ventas minoristas en su comunidad.</p>
<p>En España –y alrededor de muchas iniciativas del REAS (Red de Redes
de Economía Alternativa y Solidaria)–. Vivir sin Empleo cataloga un
inventario de decenas de monedas complementarias o alternativas (a no
confundir con la banca social, como por ejemplo FIARE, que son un <i>remake</i>
de las viejas Cajas de Ahorro, funcionando al fin con el mismo
instrumento monetario). A destacar, las monedas de ámbito municipal, que
trataré luego.</p>
<p>Todos hemos oído hablar del Bitcoin y el boom de las criptomonedas (1
millón de descargas del monedero, unos 7 billones US$ en
capitalización, 200 000 transacciones al día), con una ideología detrás
que si acaso se nutre de la escuela neoliberal, y su becerro de la
vuelta al patrón oro “digital”.</p>
<p>Pero no es el único tipo de criptomoneda. Otras, asimismo usando la
cadena de bloques, intentan implementar modelos muchos próximos a la
tradición STRO. A destacar el movimiento <i>“open source”</i> en torno a <i>“ethereum”</i>:
permite diseñar, frente a una emulación del dinero patrón “oro”,
escaso, limitado, como en Bitcoin, dinero abundante, con crédito,
auténticamente soberano. En este caso, la tecnología no es neutra, sino
que es una opción política clave.</p>
<p><strong>Historia</strong></p>
<p>La batalla monetaria viene de lejos y ha formado parte históricamente
de la lucha por el poder. Se remonta hasta las guerras púnicas y el aes
romano, una evolución del nomisma original de Roma (Rey Numa, 716-612
AC), diseñado siguiendo el ejemplo de Esparta. Se acuñaba en cobre y
bronce, y no en metales preciosos, con un valor nominal superior al
precio del valor del metal en el mercado (incluso bañado en vinagre para
degradar aún más el metal). Se usaba para pagar el valor-trabajo del
ejército romano, la soldada, y era moneda de curso legal para sus
tributos, pues se emitía una cantidad vinculada al censo, y por tanto
fijaba el valor de cambio del dinero en Roma en torno al valor de la
soldada, que no el oro. Fue un arma fundamental para destruir la
logística de avituallamiento del invasor Aníbal, que se basaba en dinero
metal precioso, no aceptado en Roma. Hasta las guerras púnicas, el
valor último de referencia para todos los precios en Roma era la paga de
las legiones. Fue la rapiña posterior de los generales romanos la que
inundó Roma de oro, permitió desplazar al campesinado y acabó arruinando
el Imperio.</p>
<p>Los señores de la guerra ya habían descubierto en la prehistoria que
mucho más productivo que arrasar, saquear y secuestrar esclavos en
sucesivas razias a territorios más débiles, era mantener unos ejércitos
suficientemente amenazantes y decretar unos tributos para los
territorios vasallos que permitieran suficiente prosperidad como para
optimizar la recaudación (curva de Laffer)<b>/3</b>, financiar sus lujos
y pagar a la soldada. Para evitar malentendidos, en tiempos previos a
la escritura, dejaban, por ejemplo, una copia de un collar con unas
conchas (u otros objetos) como recordatorio de la cantidad de grano,
cabras o trabajos a tributar. A lo largo del año, las tribus sometidas
comerciaban entre ellas con esas conchas, porque lo que importaba era el
saldo a final de año, dando lugar al dinero para solucionar la <i>“doble coincidencia de voluntades”</i>
en el mercado. La principal desventaja del trueque es que requiere la
doble coincidencia de intereses, es decir que cada uno desee lo que otro
le está ofreciendo en el mismo lugar y al mismo tiempo; el dinero, como
medio de intercambio, lo resuelve. Después, los señores de la guerra
descubrieron que la dominación religiosa, la obediencia asumida, puede
ahorrar muchas bocas del ejército e instauraron los tributos en metales
preciosos a los templos, aunque también otros productos más perecederos,
pero costosos de obtener, como plumas, cuyo destino no era gastarlos,
sino ornamental<b>/4</b>.</p>
<p>Ya en el escenario capitalista, la película <i>El secreto de OZ</i>,
el documental de William Still, explica cómo varios presidentes de USA,
incluido el propio Lincoln, han sido asesinados en esta batalla
monetaria dentro de la clase capitalista, hasta conseguir imponer
finalmente el modelo de la FED. Eran batallas dentro de la elite, sin
gran protagonismo del movimiento popular, pero si representando opciones
más o menos democráticas del poder político. Eran batallas por la
hegemonía dentro de la clase burguesa, por consolidar el posicionamiento
del sector financiero sobre el resto del capital, y en especial sobre
el campesinado propietario, pero lucha de clases al fin.</p>
<p>En realidad, retomaban una larga historia de la batalla de dinero
valor oro, el dinero escaso, vinculado al poder, contra el dinero
abundante, popular, representado por la plata, una batalla ya librada en
la Edad Media.</p>
<p>En la crisis de pánico de 1893, poco después de la muerte de Marx,
surgió un primer movimiento monetario realmente popular, el Free Silver
Movement. La larga marcha de los desempleados de la Coxey’s Army, en
1894, reclamaba políticas de obras públicas que hoy llamaríamos
keynesianas, vinculadas a políticas monetarias expansivas basadas en
papel o en plata.</p>
<p>Más cercana, nuestra guerra civil es un filón histórico del uso de monedas alternativas como munición de combate<b>/5</b>.
Como consecuencia de la evolución de la guerra, el metal empezó a
escasear y el gobierno de la República ordenó el atesoramiento de
monedas de cobre, bronce y níquel, metales necesarios para la industria
bélica. También se ordenó la recogida de piezas de oro y plata en
general, ya que estos metales preciosos se empleaban para la compra de
armamento a la URSS. Durante la contienda, algunas provincias que
quedaron aisladas del resto del territorio republicano tuvieron que
emitir moneda propia como medida de emergencia. La acuñación de monedas
locales en el bando republicano se dio sobre todo en Catalunya y en
Valencia. Además, en las zonas donde la CNT y la extrema izquierda
tenían más poder, surgieron colectividades y cooperativas. Se trataba de
instituciones económico-sociales que se formaron en empresas y en
grandes haciendas agrícolas a nivel local, sobre todo en las comunidades
de Aragón y Catalunya. Muchas de esas colectividades y cooperativas
llegaron a acuñar moneda propia, al margen de la ley, con intenciones
revolucionarias cuyo objetivo era derrocar el sistema económico del
Estado republicano. Su modelo monetario era el de moneda promesa del
producto que se va a producir (se “entregará al portador” sean patatas,
uvas, ropa, maquinaria, etc.). Hay ejemplos de dinero basado en el pan o
la harina del molinero. Es un auto-crédito. Llegó a haber dinero de
batallones del ejército republicano.</p>
<p>La batalla contra las políticas neoliberales, primero en América
Latina y ahora en Europa, han convertido definitivamente el movimiento
monetario en un movimiento asociado a los movimientos de base, el caldo
de cultivo donde han fructificado miles de propuestas de STRO.</p>
<p><strong>La ortodoxia</strong></p>
<p>No encuentro muchos hilos de los que tirar en la literatura marxista
para analizar lo que se analiza en la ya ingente literatura del
movimiento de la reforma monetaria.</p>
<p>Tenemos el célebre texto de Ernest Mandel <i>Marx’s Theory of Money</i> (2004, Internet Archive). Tenemos el compendio de Fred Moseley <i>Marx’s Theory of Money Modern Appraisals</i> (2005, Palgrave Mac Millan) y nos encontramos con 200 páginas de autores buceando en los textos clásicos para decir “<i>esto se sustenta en lo que ya decía o no Marx</i>”,
pero con pocas propuestas sobre cómo generar herramientas intelectuales
o artefactos con los que armar los movimientos de base actuales. El
debate se libra sobre todo en el terreno de la consistencia de las
ideas, esencialmente con la idea valor-trabajo. Esto es una metodología
científica ciertamente poderosa, mediante la cual los físicos han
descubierto, por ejemplo, planetas nunca observados. Pero es una
metodología que requiere del complemento imprescindible de la
acumulación y de la riqueza de detalles proporcionados por la evidencia
empírica. La fuente contemporánea de Marx más importante, basada en una
investigación sistemática de fuentes históricas, antropológicas y
arqueológicas, es el ingente trabajo de Alexander del Mar<b>/6</b>, obra
a la que, según parece, no tuvo acceso Marx. Desde entonces, como
señala Stephen Zarlenga, cualquier investigación de la historia
monetaria ha sido el área de investigación académica en economía
política más censurada, con la excepción de la Escuela Austriaca,
fuertemente patrocinada y promocionada en todas las escuelas de economía
del mundo, especialmente en EE UU.</p>
<p><i>“Está muy bien que la gente de la nación no entienda nuestro
sistema bancario y monetario, porque si lo hicieran, creo que habría una
revolución antes de mañana por la mañana</i>.”(Henri Ford, Fundador de Ford Motor Company)</p>
<p>Si acaso me quedo con la recomendación del editor de la antes citada <i>Marx’s Theory of Money Modern Appraisals</i> en su introducción (traducción propia): <i>"En
términos de investigación futura, sugeriría que la tarea más urgente es
desarrollar una teoría del dinero crédito puro (sin el respaldo de
productos básicos), basado en la teoría de Marx, de una manera que sea
consistente con la teoría del valor-trabajo de Marx y la teoría del
valor añadido y la plusvalia. Inicios prometedores relativos a esta
importante tarea se han hecho por varios de los autores de este libro y
por otros ... ".</i></p>
<p>Si de lo que estamos hablando es del concepto básico, el problema se
resuelve en la literatura de la reforma monetaria de forma suficiente
para operar en la práctica: representa valor-trabajo de productos que se
producirán, se venderán en el futuro y con la venta se cancelara el
crédito. Esto no contradice ningún principio marxista. Al contrario, los
refuerza. Ahora bien, es cierto que a este concepto le faltaría
tratarlo con más profundidad (no entro en los detalles)<b>/7 y /8</b>, y
una armazón matemática, que trate el universo probabilístico de
posibles transacciones futuras. Nada que nos falte para tener claras las
opciones fundamentales de la reforma monetaria.</p>
<p><strong>La máquina del poder</strong></p>
<p>El dinero no es sólo un concepto. Es sobre todo un instrumento de poder cuyos mecanismos hay que comprender.</p>
<p>La versión moderna de este instrumento de poder fue creada
inicialmente por el Amsterdamsche Wisselbank, el Sveriges Riksbank, y el
Bank of England, consolidada ya en 1700 y sigue vigente hasta nuestros
días, comúnmente conocido como “<i>fractional reserve banking</i>” o
Banca de reserva fraccional. La Banca de reserva fraccional o
fraccionaria es un sistema bancario en el cual a los bancos sólo se les
exige tener una fracción del monto de los depósitos de sus clientes como
reserva, aunque tienen la obligación de retornar esos depósitos bajo
demanda. El sistema está basado en el hecho de que los depositantes no
suelen reclamar todos sus depósitos al mismo tiempo, ni todos los
deudores están pagando al mismo tiempo. Esto incluye los depósitos
generados al conceder un crédito (el depósito que aparece en nuestra
cuenta cuando firmamos una hipoteca). El deposito en la cuenta del
deudor en realidad solo tiene una pequeña reserva detrás (el BCE exige
solo el 1%). Con ello se genera una multiplicación <i>ex-nihilo</i> del dinero. Varios bancos centrales tienen páginas donde lo explican sin rubor.<b>/9</b></p>
<p>Esta práctica fraudulenta la inauguraron los antiguos orfebres con
sus pagarés de depósito de oro. Hacían de intermediarios para prestar
con interés el oro depositado. Pronto empezaron a emitir más pagarés que
reservas de oro tenían. Cuando el Estado empezó a editar sus propios
pagarés, los bancos reemplazaron a los orfebres y sus pagarés tenían que
ser en billetes oficiales, en última instancia respaldados por el oro
del Estado. Prestar más dinero del depositado quedó prohibido por ley
como falsificación de moneda, pero solo respecto del dinero impreso por
la Casa de la Moneda. Nada dice la ley del dinero electrónico de las
bases de datos bancarios. Así que los bancos repitieron el truco de los
orfebres. Consiste en dos fuentes de dinero, complementarias, y el
mecanismo adicional para dotarlo de valor:</p>
<p><i>1.- Mecanismo de imposición de la moneda de curso legal y de su valor</i></p>
<p>Como es la moneda exigible en los impuestos, y también el dinero con
el que se pagan los gastos del Estado, y en especial los empleados del
gobierno, es el que establece y ancla el valor (la tendencia) del dinero
usado en todas las otras transacciones dentro de un marco
jurisdiccional monetario y fija ese valor de la forma más marxista
posible, porque lo hace usando la <i>commodity</i> (producto básico) madre de todas las <i>commodities</i> y última medida de todas las otras <i>commodities</i>,
que no es otro que el muy marxista valor-trabajo de sus funcionarios,
en su moneda. Es la misma política monetaria de fijación de valor que ya
usaban los romanos y los atenienses. El dinero de Aristóteles cuyo
valor es por ley.</p>
<p>El valor-trabajo del oro como medida de valor intermedia sobra. Es
una referencia accesoria necesaria como valor puente solo al considerar
la economía de ese país dentro de la economía mundial, una fracción de
cada economía hasta nuestros días, que es mayoritariamente nacional
(europea en nuestro caso).</p>
<p>De modo que el valor de una moneda en un Estado se fija en la hoja de
cálculo de los Presupuestos Generales del Estado, al establecer los
capítulos de gastos e ingresos, y más precisamente, al establecer la
cifra que, en su moneda, se hace cargo del salario de sus empleados
públicos:</p>
<ul>
<li>- Un Estado puede emitir 1 000 000 de Perras Chicas y pagar a 1 000
funcionarios con un salario de 1 000 Perras Chicas. 1 000 Perras
Chicas= 1 salario. Es el valor del dinero por ley. </li>
<li>- Otro país emite 1 000 Monis, paga 1 000 funcionarios con un
salario de un Monis. 1 Monis = 1 salario. La tendencia, en el mercado de
intercambio, será 1 Monis = 1 000 Perras Chicas. </li>
</ul>
<p>Podemos complicar el ejemplo con una comparativa de distintos niveles
adquisitivos de los funcionarios en ambos países, pero al final el
principio se mantiene.</p>
<p>El Santo Grial del valor de referencia último del dinero, cuyo valor en el mercado de intercambio lo fija una <i>commodity</i>
(un producto básico) traducida a valor-trabajo, está en un terreno
mucho más familiar para la izquierda de donde parece que lo buscan los
eruditos marxistas, que lo buscan donde lo buscan los neocon, en el oro.</p>
<p>Y es un concepto clave, porque nos da pistas sobre cómo orientar el
modelo monetario para la periferia del Estado, por ejemplo los
Ayuntamientos, pero también para las estructuras de gobernanza de
cualquier otro movimiento popular, de solidaridad o alternativo,
cualquier estructura de base, de solidaridad y de resistencia. Siempre
que tengamos unos trabajos de los comunes con un circuito en
contribuciones colectivas, tenemos una base monetaria sólida.</p>
<p><i>2. La cantidad que emite el Banco Central como reserva para los Bancos</i></p>
<p>Una primera es la llamada “máquina de imprimir dinero” de los Bancos
Centrales. Sorprendentemente, el Estado ni puede emitir dinero ni puede
hacer uso del dinero emitido por el Banco Central. En Europa, según el
tratado de Maastrich, el dinero físico lo emiten las Casas de la Moneda
bajo autorización del BCE, y el dinero electrónico se emite tecleando,
por acto divino, en los terminales del BCE.</p>
<p>El BCE está por encima de la ley (<i>"ni los bancos centrales
nacionales, ni ninguno de los miembros de sus órganos rectores podrán
solicitar o aceptar instrucciones de las instituciones u organismos
comunitarios, ni de los gobiernos de los Estados miembros, ni de ningún
otro órgano"</i>).</p>
<p>Se prohíbe al BCE y a los bancos centrales nacionales otorgar
créditos a favor de dichas instituciones, de los Estados miembros, o de
cualquier otra entidad pública nacional, así como la adquisición directa
de <i>"instrumentos de deuda"</i>, mucho menos para pagar sus gastos.
Solo puede usarse para prestar a la Banca Privada las reservas que
necesita para prestar a su vez.</p>
<p>El Estado está ahí como comparsa para mover la maquinaria, imponer
por ley y dar valor (podríamos decir “lavar”?) al dinero generado por y
para el cartel de la Banca Privada. Es por eso que se llama dinero
fiduciario (fiat), pues se basa en la fe o confianza de la comunidad, es
decir, que no se respalda por metales preciosos ni nada que no sea una
promesa de pago por parte de la entidad emisora. La banca ya no necesita
una reserva de oro para dar valor de respaldo a su dinero. Es la
maquinaria del Estado la que dice, en su nombre, cuánto vale un euro, en
proporción a un salario de referencia.</p>
<p>Este artículo se centra en los principios, pero viene al pelo
comentar como una moneda como el euro, dependiente de la fijación de su
valor en 24 Presupuestos Generales del Estado, con 24 niveles
salariales, no tiene el mismo valor adquisitivo en todos los países.</p>
<p>Ese árbitro del cartel de la Banca que es el Banco Central tiene como
misión mantener controlada la inflación. Lo hace regulando las reservas
y el interés a la Banca, intentando controlar así la intensidad del
crédito que esta puede conceder, y con ello la masa monetaria total. La
intención de esa misión no es otra que, sin inflación, las deudas de los
prestamos emitidos por los miembros del cartel y sus intereses se
paguen, de forma inmisericorde, a un valor real igual al nominal al que
se contrajeron.</p>
<p><i>3. El instrumento dinero crédito</i></p>
<p>Es el dinero creado <i>ex nihilo</i> (de la nada), como hemos
explicado arriba en la Banca de reserva fraccional, multiplicando por
mucho la reservas, y que cuando entra en circulación aumenta la masa
monetaria emitida por el Banco Central, para satisfacer las cantidades
necesarias por las teorías cuantitativas del dinero, y donde encajan
perfectamente las consideraciones de Marx sobre el volumen y la
velocidad del dinero hasta el momento que se devuelve. Cuando se
devuelve se aniquila de nuevo, y el ciclo se repite con nuevo dinero
creado a través del crédito.</p>
<p>En nuestras economías es alrededor del 97% del dinero circulante (en
su mayoría depósitos electrónicos). Como se emite con interés, hay que
devolver más dinero del que se creó y, por lo tanto, esta elite bancaria
se sitúa en la tribuna por encima del resto viendo a todos los otros
capitalistas en la arena compitiendo a muerte por devolver los créditos,
quebrar a los rezagados y, en todo caso, haciendo crecer
exponencialmente el PIB para ingresar el volumen creciente que hay que
devolver y quemando el planeta hasta la extenuación.</p>
<p>No debemos lanzar un anatema demasiado precipitado sobre este tipo de
dinero, como hace la corriente de Dinero Positivo. En las chabolas
donde opera Bangla-PESA, la fluctuación diaria de los ingresos de los
pequeños negocios es del 400 %. La necesidad de dinero para crédito de
las PYMES para salvar los baches es estructural. Es simplemente fruto de
la aleatoriedad del pequeño volumen de su mercado. El dinero libremente
disponible para créditos del ahorro es solo una pequeña fracción de lo
que necesitan, por ejemplo, las PYMES. La mayoría del ahorro va a
inversión en bienes de capital, no a disposición para préstamos. Por lo
tanto, si no se puede generar dinero <i>ex-nihilo</i>, faltara dinero
para crédito. Hay que mantener la magia del dinero crédito puro (sin el
respaldo de productos básicos), pero democratizando radicalmente su
generación, arrebatando ese poder a los bancos poniéndolo bajo soberanía
popular. Y sobre todo escapar de la espiral de crecimiento, aboliendo
el interés.</p>
<p>La propuesta de una Banca Publica que de créditos sin interés, se le
aproxima, pero hace falta algo mucho más distribuido y más cercano a los
órganos de soberanía democrática que una Banca Publica “estatal”
centralizada.</p>
<p>Este diabólico teatro de sombras chinas, donde nada es lo que parece, es como un mundo <i>Matrix,</i>
que solo se sostiene porque nos lo creemos todos, es la escenificación
por la que una pequeña elite domina naciones, crea guerras, arruina a
millones y lleva el planeta al abismo. En la izquierda seguimos
atrapados en esta ilusión, en esos conceptos y en ese lenguaje. Hablamos
quizás impropiamente de anti-capitalismo, cuando los capitalistas,
entendidos como los dueños de los medios de producción, ya son una clase
subalterna de esta clase predadora superior. Basta ver en Piketty los
índices de retorno de cada una. Cuando esta elite ni tiene lo que
clásicamente se entiende como capital, porque no tiene el dinero que
dice tener, sino el poder de decir que lo tiene, y entonces “es”, ¿cómo
la llamamos? ¿Dioses?</p>
<p>Por eso mismo, hace falta, como no, una marea civil que crezca
inundando las instituciones del estado “canónico”, pero también otra
marea asentándose en territorios fuera del mundo <i>Matrix, </i>más allá
de la servidumbre del pago de intereses a esa excrecencia del quinto
poder, en un nuevo mundo monetario de los Comunes, aunque solo sea para
señalar el camino a lo que queda, y facilitar una migración masiva
cuando al Eurogrupo se le ocurra volver a tocar las narices (en un
acontecimiento que uno soñaría tan viral e incontenible como una segunda
versión de la caída del muro). El leitmotiv es el mismo: soberanía.
Soberanía democrática, suplementaria, energética,… y monetaria.</p>
<p>La aceptación de monedas sociales que no pagan interés al dinero
crédito bancario en áreas económicas significativas es laboriosa, ya que
como medio de pago no presentan ventajas radicalmente superiores, y si
generan mucha desconfianza. Sin embargo, en una situación de asfixia
como la griega, un uso previo en pequeños porcentajes (¿5%?) puede ser
suficiente para convertirlo en viral. En el corralito argentino, la
crisis chipriota y la horca griega, el crecimiento de las cripto-monedas
fue explosivo. Un frutero sin clientes, seguro que acepta la moneda
local antes que tirar la fruta.</p>
<p>Como nota adicional, la banca ha alcanzado este oligopolio gracias a
una sola y única posición de fuerza. Es la única rama industrial que
goza de la confianza casi total de llevar de forma segura los libros de
cuentas de operaciones entre terceros. Antes eran libros en papel, ahora
son gigantescas bases de datos. Y esta es la gran oportunidad
histórica. La criptografía nos permite diseñar bases de datos
descentralizadas, P2P, en la cadena de bloques, más seguras y más
fiables que nunca han sido los monstruos informáticos de los sótanos
bancarios. Esto les quita la alfombra debajo de los pies y hace que la
barrera de entrada al principal medio de producción de su negocio esté
al alcance de una Asociación de Vecinos.</p>
<p><strong>Guías conceptuales y de acción</strong></p>
<p>El día 28 de junio de 2015, la troika dio un puñetazo sobre la mesa y
frustró todas las negociaciones de Syriza con una simple acción,
demostrando quién ejerce realmente la soberanía. El BCE cortó el grifo
de las reservas a los bancos griegos y con eso asfixió de un plumazo la
economía griega, poniendo de rodillas a Syriza y con ello al pueblo
griego, poniendo en evidencia el valor nulo de la democracia. Anteayer,
Macri devolvió la paridad con el dólar en Argentina, lanzando un <i>shock</i> de libro (Naomi Klein) destinado a quebrar las bases de las conquistas sociales del peronismo.</p>
<p>Vagamente, Varoufakis habla de un misterioso “<i>plan monetario B</i>”, nunca madurado ni explicitado. Y todos nos preguntamos cuál sería ese plan B, en qué consiste el <i>grexit</i>.
Las mentes más atrevidas hablan de un eurodracma (¿criptomoneda?), pero
a la postre, dinero deuda bancario. Mientras tanto, la sociedad civil, a
través de sus movimientos de base, está cubriendo como puede las
lagunas del Estado y va encontrando fórmulas de funcionamiento económico
alternativos. No parece que el plan B de Varoufakis tenga conexión
ninguna con dotar a esos movimientos de instrumentos monetarios
alternativos.</p>
<p>En nuestro país toca, como dice Jaime Pastor en las páginas de esta
revista, reconvertir la maquinaria electoral de Podemos en una
maquinaria de potenciación de movimientos sociales a partir de las
plataformas 15M existentes y las cabezas de puente conquistadas en el
poder municipal, salvo que de aquí a las próximas elecciones los
millones de precarios, hartos de la eficiencia limitada de la actividad
de los 69 de Podemos en el Parlamento, hayan dado lugar en su
desesperanza a una Nueva Democracia o un Front National en nuestro país.</p>
<p>Es necesario poner en marcha y hacer crecer ya el plan B monetario
que nos hará falta cuando debamos mirarle a los ojos, como dice
Monedero, al Eurogrupo. Monedero afirma una y otra vez que el volumen de
nuestra economía bastará como medida disuasoria. Varoufakis dice lo
mismo. Yo lo dudo. Torres más altas han caído. En casos extremos –y la
crisis financiera de la burbuja de los derivados puede traernos casos
extremos– no les ha temblado la mano para hacer tabla rasa de economías
más grandes, como la rusa, tras la caída del muro.</p>
<p>Para cuando llegue ese momento debe estar ya operativo un plan B
cubriendo un porcentaje significativo de la economía, de manera que
pueda ampliarse rápidamente ante una situación de asfixia como la
griega, permitiendo que al menos la economía interna funcione, dando un
respiro precioso, de meses, antes de plantar el nuevo sistema monetario
estatal en el tablero mundial. Es un plan B que crece de abajo hacia
arriba. Es un plan B que es de raíz postcapitalista, que no paga interés
a la Banca. Pero sobre todo, es un plan B que puede ir ayudando, en el
mientras tanto, ya, de forma práctica, a la población más desesperada.</p>
<p>En el artículo <i><a href="http://www.monedasocial.org/apuntes-soberania-monetaria/">Apuntes para una soberanía monetaria</a></i>
(Segovia, Rogelio, 2015, Instituto de la Moneda Social), esbozo los
principios de soberanía monetaria que deberían guiar esas iniciativas.
Con ello sólo pretendo abrir una primera brecha en el vacío que existe
en la literatura de izquierda en este campo. Ojalá fructifique en mil
ideas, pero sobre todo, en mil iniciativas.</p>
<p>Sería de urgencia que el movimiento organizara un amplio debate con
los pocos estudiosos del tema, los grupos de economía alternativa, como
ATTAC y otros, la Banca ética, las monedas sociales, los agentes de la
economía social como REAS, los equipos de los partidos como el 3E de
Podemos, para ir elaborando un primer cuerpo de Guías conceptuales y de
acción sólido. El movimiento antiausteridad que propone Varoufakis
parece un marco sugerente para enmarcar el debate. Mi primera pregunta
sería: ¿dónde está escrito que una política expansiva de obra pública se
tenga que financiar solo con dinero deuda, como el euro?</p>
<p><strong>El plan B de la maquinaria de empoderamiento popular</strong></p>
<p>Nos situamos en una visión de la economía que ha dado en llamarse “<i>la nueva economía feminista</i>”, una economía menos eficiente pero más resistente (<i>resilient</i>), en una economía relocalizada, menos global, de <i>“compra local”</i>,
donde entra en juego el coste total de las cosas incluyendo su coste
ecológico y de reciclaje, donde hay que administrar con cuidado las
energías renovables. A ello corresponde una maquinaria de dinero
soberano formado por una ecología de sistemas monetarios<b>/10</b> correspondiente a la ecología de las estructuras de gobernanza donde se ejerce la nueva democracia soberana.</p>
<p>La Banca Pública de la que hablamos, es una banca a cada nivel, cada
nicho económico y cada comunidad de esa ecología de monedas. Esta libre
para emitir la moneda que guste y dársela o prestársela al gobierno de
la comunidad para sus presupuestos de gestión de los Comunes, sin más
condición que la comunidad haya participado en la elaboración de los
presupuestos y conozca y acepte los efectos que va a tener en cuanto a
servicios, impuestos e inflación. Unas agencias o agentes de la
comunidad, estrictamente evaluados y capacitados según historial de
concesión de créditos exitosos, devueltos, serán los delegados por la
comunidad para analizar la solvencia de las peticiones de crédito, y
podrán crear todo el dinero crédito necesario.</p>
<p>El nivel de mayor actualidad es el nivel municipal. Puesto sobre el
tapete, por ejemplo, en Barcelona. El programa de Ahora en Común incluye
la creación de <a href="https://barcelonaencomu.cat/es/programa/navega/cerca?title_field_value=moneda&field_measure_citymodel_type_tid=All&field_measure_topic_tid=All&field_measure_district_tid=All&field_measure_neighbourhoods_tid=All">una moneda municipal</a>.</p>
<p>El dinero municipal tiene unas líneas muy claras, que no son tan
evidentes en otras instituciones de base. Estas serían las líneas
maestras:</p>
<p>1. Al menos parte de la paga de los funcionarios municipales debe
hacerse con ese dinero. Es el que fija el valor-trabajo de referencia de
la moneda y es resistente ante cualquier vorágine monetaria externa.</p>
<p>2. Al menos parte de los impuestos municipales (o servicios
municipales) debe cobrarse obligatoriamente con esa moneda, u
opcionalmente con un incentivo, porque animará a todos los otros agentes
económicos a obtenerla si quieren pagar los impuestos. Por tanto,
deberán operar con ella en el mercado.</p>
<p>3. Es necesario partir de una primera base de empresas locales que
acepten esa moneda como parte de los pagos, pero sobre todo como cámara
de compensación de los negocios entre ellos, como proveedores mutuos,
que es el flanco que más aprieta el libro de cuentas de las PYMES. Es
necesario garantizar a convertibilidad al euro.</p>
<p>4. Deben poderse autorizar líneas de crédito en esa moneda, <i>ex nihilo</i>,
sin interés, por organismos o personas delegadas y supervisadas por la
comunidad, asegurando la soberanía sobre el surplus temporal de dinero
crédito.</p>
<p>5. A ser posible debe evitarse usar una base de datos residente en un
servidor, centralizado, vulnerable, y por el contrario se deben llevar
los registros a la cadena de bloques, descentralizada, compartida
colectivamente en forma P2P, casi inexpugnable frente a decisiones
ejecutivas a la ligera del poder local de turno. Si se ha de cerrar, que
no sea antes de una batalla legal en condiciones. El edificio legal
monetario tiene muchas grietas, así que si se salvan los registros de un
embargo, luego hay muchas posibilidades de ganar la batalla legal.</p>
<p>Las estructuras de solidaridad o de economía paralela, como las que
ahora florecen en Grecia, provisionalmente reemplazando al Estado o
generando nuevas estructuras paraestatales deben seguir un modelo
parecido. Es especialmente delicado el pago de los “<i>protoempeados públicos</i>”
y su encaje en la legislación laboral, pero en un comedor social, los
voluntarios deben pagarse con la moneda de la red a la que pertenezca el
comedor social. Toda donación debe hacerse en esa moneda, cambiando por
euros si es necesario, de manera que se genere un <i>stock</i> de euros
para comprar en el mercado “exterior”. Si las personas que acuden al
comedor se lo pueden pagar con lo que se han ganado en un banco de
tiempo en esa moneda social, habrán ganado algo muy importante, su
dignidad. Y por supuesto, se debe poder dar crédito creando dinero
nuevo, como un acto colectivo.</p>
<p>Cada área económica que use moneda social es un área que deja de
pagar intereses y que puede generar un proceso acumulativo tanto de
impulso económico como de capital de los Comunes muy rápido.</p>
<p>De momento, el modelo más acabado de moneda social en nuestro país es sin duda la <a href="http://www.eldiario.es/catalunya/catalunyaeuropa/Cuenta-moneda-catalana-complementaria-Euro_6_246085402.html">red Eurocat</a> en Catalunya. La <a href="http://www.reddesolidaridadpopular.org/">Red de Solidaridad Popular</a>
me parece el candidato más maduro para ensayar un sistema monetario del
movimiento de ámbito estatal. Muchos de los circuitos que impulsa REAS
son también terreno favorable. Es urgente que, en cuanto a tecnología
monetaria, grupos de las facultades de Tecnologías de la Información
pusieran a disposición del movimiento plataformas sobre la cadena de
bloques, poco vulnerables a acciones represivas. Mención especial merece
una primera generación como la criptomoneda FaicCoin de FairCoop, el
movimiento liderado por Enric Duran.</p>
<p>29/12/2015</p>
<p><b>Notas</b></p>
<p><b>1/</b> Autores imprescindibles son por ejemplo, Bernard Leataer, Paul Grignon, Thomas Greco, Ellen Brown.</p>
<p><b>2/</b> <i>The Lost Science of Money. The Mithology of Money–The Story of Power</i> (2005, American Monetary Institute)</p>
<p><b>3/</b> <a href="https://es.wikipedia.org/wiki/Curva_de_Laffer">https://es.wikipedia.org/wiki/Curva_de_Laffer</a>
La curva de Laffer representa la relación existente entre los ingresos
fiscales y los tipos impositivos, muestra cómo varía la recaudación
fiscal al modificar los tipos impositivos.</p>
<p><b>4/</b> Szabo, Nick 2005, <i>An Explanation of the Kula Rin</i>g, en Nick Szabo’s Papers and Concise Tutorials</p>
<p><b>5/</b> Corporales Leal, Carolina 2011, <i>Moneda y guerra civil española</i>, Ab Initio, Núm. Extr. 1, 2011</p>
<p><b>6/</b> Por ejemplo del Mar, Alexander, (1867). <i>History of money and civilization.</i> (repr. NY: Burt Franklin, 1969); otros en <a href="https://en.wikipedia.org/wiki/Alexander_del_Mar">https://en.wikipedia.org/wiki/Alexander_del_Mar</a></p>
<p>7/ Matslats (2105), "Wave/particle money", <a href="http://matslats.net/wave-particle-money">http://matslats.net/wave-particle-money</a>.</p>
<p><b>8/</b> Segovia, Rogelio (2015), "Credit is the time dimension of money", <a href="http://desperado-theory.blogspot.com.co/2015/09/credit-is-time-dimension-of-money.html">http://desperado-theory.blogspot.com.co/2015/09/credit-is-time-dimension-of-money.html</a></p>
<p><b>9/</b> McLeay, Michael et al. of the Bank’s Monetary Analysis Directorate, 2014, <i>Money creation in the modern economy</i>, Bank of England Quarterly Bulletin 2014, Q1.</p>
<p><b>10/</b> Lietaer, Bernard, et. al. (2012), Money and Sustainability, The Missing Link, Triarchy Press.</p></small></p></div></div>
</div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com1tag:blogger.com,1999:blog-6734326932977571104.post-33204760259737215972015-09-22T03:27:00.001-07:002015-09-22T04:44:50.101-07:00Credit is the time dimension of money<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="line-height: 100%; margin-bottom: 0in;">
<span style="font-family: Ubuntu; line-height: 150%;">Before
relativity, time was considered to be a separate entity to space.
Relativity made clear that they belong to the same entity, and they
are related by energy. The same way, credit belongs to the essential
function of money as medium of exchange, and they are related by the
socially assigned reputation of the lender.</span></div>
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">I
will make early my heretic statement: <b>FRACTIONAL RESERVE BANKING,
AND THE CREATION OF MONEY OUT OF THE NOTHING IS THE MOST BRILLIANT
FINANCIAL INVENTION OF OUR ERA</b>. </span>
</div>
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">Sure,
combined with interest, it has evolved to the tumor of the debt
monster bubble of today. At speaking about debt, we tend to put it at
the negative corner. We are so terrified, that at speaking about
debt, we prefer to stay at the safe land where there is not actually
debt, because there is a collateral or a monetary asset, like in
mutual credit. But we should not kill the patient to heal the cancer.
Unless we are able to propose something more advanced than fractional
reserve banking, and not something more primitive, we will not
succeed.</span></div>
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;"><br /></span></div>
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;"><b>What
is credit</b></span></div>
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">One
of the essential functions of money is Medium of Exchange. It is more
related as a way of issuing it, compared to other means like
commodity, acknowledgment and fiat. </span>
</div>
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">As
a medium of exchange, money is supposed to solve the “<i><b>double
coincidence of wants</b></i>” problem in a given market. Somebody
puts some tickets into circulation in that market, tickets accepted
by everybody as a measure of value, decoupling the problem of the
“double coincidence of wants” (of products to be exchanged) into
a simple coincidence of wants of a product against the number of
tickets representing a value.</span></div>
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">Credit
is also supposed to solve the “double coincidence of wants”
problem in a given market, but in the time dimension. Somebody needs
some money now to buy something that he wants now, and no later, but
he will get the money only later when he makes another future
transaction, a transaction that cannot be done now (he wants to
attend and pay a course in spring. To earn his income, he runs an
hotel, but customers only will come later in summer).</span></div>
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">Credit
is needed to be able to increase temporarily and locally the monetary
mass with money there where it is needed. The money will arrive later
(this is what solvency means) but the chain of transactions has not
brought it there jet. However, the money is needed now to generate a
new transaction demanded by the economy.</span></div>
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">Money
solves the “double coincidence of wants” creating a chain of
transactions where the money flows. This circuit has a huge essential
<b>synchronization problem</b> we tend not to be aware of, now that
we are used to large commercial surfaces where we have products from
all over the world, all seasons and all obsolescences. It has been
the fractional reserve banking, by creating money out of the nothing,
to take care of the synchronization.</span></div>
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">In
old times, the saturday market at the village square took care of
space and time coincidence. The “bakers money” was issued in the
morning and redeemed in the afternoon.</span></div>
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">Without
the possibility of this type of credit the economy gets stuck. We all
know, without credit most SME's would not survive. SME's are
responsible for the largest part of the economy. By nature, SME's
arrive at cashflow problems. Every sale only randomly adjusts to the
planned cycle from offer to delivery to payment. For large
corporations with huge number operations this becomes a moderated
noise. SME's, with few sales in relation to total sales (like in the
Bangla-Pesa example), need to ride the random shaking of incomes and
payments in their balance sheet. The credit financial tool provides
this flexibility to smooth the peaks with credit, with out of the
nothing money.</span></div>
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;"><br /></span></div>
<div style="line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;"><b>Money
out of the nothing</b></span></div>
<div style="font-weight: normal; line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">Physics analogy comes for help again. Quantum
mechanics allows a particle to appear there where or when it is not
supposed to be, across an energy (time or space) barrier. So to say,
out of the nothing. The condition is that only for a very short
period until all conservation laws are fulfilled.</span></div>
<div style="font-weight: normal; line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">Credit is a kind of monetary tunnel effect. The
equivalent monetary mass conservation law is the famous equation of
exchange:</span></div>
<div align="center" style="font-weight: normal; line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">M x V = P x Q</span></div>
<div align="left" style="font-weight: normal; line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">It means that, in order to create credit money
out of the nothing, it has to be guaranteed that it is given back.
Each credit contributes to the average monetary mass at a pace where
other credits are returned, so that the level remains stable.</span></div>
<div align="left" style="font-weight: normal; line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">The solution proposed by the </span><span style="color: navy;"><span lang="zxx"><u><a href="http://internationalmoneyreform.org/"><span style="font-family: Ubuntu;">International
Movement for Monetary Reform</span></a></u></span></span><span style="font-family: Ubuntu;">,
with </span><span style="color: navy;"><span lang="zxx"><u><a href="http://positivemoney.org/"><span style="font-family: Ubuntu;">positivemoney.org</span></a></u></span></span><span style="font-family: Ubuntu;">
as the lead, of a 100% backed credit is not satisfactory for modern
economy. </span>
</div>
<div align="left" style="font-weight: normal; line-height: 150%; margin-bottom: 0in;">
<span style="font-family: Ubuntu;">You cannot state that 97% of the monetary mass is
banks issued debt money, and then minimize the amount of the need for
credit. Taking the example of Spain, the total debt is around 3
billion. Out of it, 1 billion may be mortgages. Mortgages, as Paul
Grignon explains </span><span style="font-family: Ubuntu;">(Mortgages in the Credit
Coin System, Paul Grignon</span><span style="font-family: Ubuntu;">, </span><span style="font-family: Ubuntu;">2012)
</span><span style="font-family: Ubuntu;">can be solved by an exchange of commodity
currencies of long and short cycles (long lasting goods against
perishable goods). State budget, equivalent to the sovereign money
issuing, is around 0,5 billion. There is a remaining 1,5 billion need
in credit. Family savings are around 2 billion, but most of it is
investment and what remains available for liquid credit, as
</span><span style="color: navy;"><span lang="zxx"><u><a href="http://positivemoney.org/"><span style="font-family: Ubuntu;">positivemoney.org</span></a></u></span></span><span style="font-family: Ubuntu;">
proposes is hardly 0,5 billion.</span></div>
<div style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">Still,
we have an additional need of 1 billion, essential for the economy,
to be crated out of the nothing.</span></div>
<div style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">They
recognize it at</span><span style="font-family: Ubuntu;"> </span><span style="color: navy;"><span lang="zxx"><u><a href="http://positivemoney.org/publications/enough-credit-sovereign-money-system/"><span style="font-family: Ubuntu;">“Would
there be enough credit in a sovereign money system?”</span></a></u></span></span></div>
<div style="line-height: 150%; margin-bottom: 0.02in;">
“<span style="font-family: Ubuntu;"><i>In
the future, the increasingly significant role of peer-to-peer finance
in debt markets is likely to further reduce the importance of bank
lending to business”</i></span></div>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">We have to get rid of the “horror vacui” and
moral rejection of money created out of the nothing as credit.</span></div>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">An additional analysis to be maid is on what kind
of money credit out of the nothing can be made. Some short not
elaborated statements:</span></div>
<ul>
<li><div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">Credit out of the nothing does not make sense on
commodity money. Commodity money is already a self issued credit by
the producers expressed through a <a href="http://www.systemics.com/docs/ricardo/issuer/contract.html">Ricardian
contract</a> commitment. Only the producer has the power. </span>
</div>
</li>
<li><div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">Credit out of the nothing makes sense in fiat
money, the one to manage the commons budget, and agreed socially.
</span><span style="font-family: Ubuntu;">The monetary governance body can socially
agree on a mechanism to authorize the credit. In a post-Transition
scenario (Rob Hopkins, </span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.cs.toronto.edu/~sme/CSC2600/transition-handbook.pdf"><span style="font-family: Ubuntu;">The
Transition Handbook: From Oil Dependency to Local Resilience</span></a></u></span></span><span style="font-family: Ubuntu;">),
at an economy where subsidiarity is a strong factor due to transport
(energy cost and local generation), fiat money will be related to
local, public services. In this scenario, the risk of the debt tumor
explosion is mitigated. </span>
</div>
</li>
<li><div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">Interest can be left out. It plays no role any
more, in the times where the limit of resources has been reached. </span>
</div>
</li>
</ul>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;"><b><br /></b></span>
<span style="font-family: Ubuntu;"><b>Solvency analysis is a human activity</b></span></div>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">The very good news is that the solvency analysis
of the borrower, to authorize a credit, is made by humans, cannot be
automated. The extremely good news is that the monopoly of the
solvency analysis can be taken from the banks, once we use the
block-chain to register the transactions in contract based
crypto-currencies (on ethereum financial infrastructure, doug
project, etc.), with no fixed monetary mass.</span></div>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">Every day, hundreds of thousands of local branch
bank agents, authorize, in the name of the bank, with hierarchically
established criteria and tools, and after analyzing the borrowers
solvency, a credit, not necessarily linked to a collateral, but to
the credibility and chances of a future income flow shown by the
user, which is what solvency means.</span></div>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">This is a human activity that cannot be
automated.</span></div>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">Far from a blind monstruous money machinery, our
monetary system consists in a layer of mechanic transactions, with a
myriad of spots of human interventions gearing the necessary tunnel
effect of issuing temporary money.</span></div>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">The sovereign fiat money governance can foresee a
vast variety of </span><span style="font-family: Ubuntu;"><b>money lending
reputation assignment </b></span><span style="font-family: Ubuntu;"><span style="font-weight: normal;">mechanisms
to nominate its own credit agents, thus giving ample opportunity to
make customized designs of local fiat. Banks have seniority grades.
LETS give a certain amount of credit to all members by default, a
short circuit to nominating agents. In <a href="http://communitycurrenciesinaction.eu/curreny-pilot-sonantes/" target="_blank">SoNantes</a>
(FR), credit lines can be authorized by the currency administrators.
The project </span></span><span style="color: navy;"><span lang="zxx"><u><a href="http://euro-cat.cat/es/"><span style="font-family: Ubuntu;"><span style="font-weight: normal;">Eurocat</span></span></a></u></span></span><span style="font-family: Ubuntu;"><span style="font-weight: normal;">
(ES) nominates specialists after a selection process. </span></span><span style="font-family: Ubuntu;"><b>Reputation
as moneylender</b></span><span style="font-family: Ubuntu;"><span style="font-weight: normal;">
could be gained from the scratch by a</span></span><span style="font-family: Ubuntu;">ny
citizen, starting with a LET level capacity, by a good record of
successful credit authorizations.</span></div>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;"><br /></span></div>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;"><b>Summary</b></span></div>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">The monetary system dominated by banks consists
of:</span></div>
<ul>
<li><div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">Having a monopoly of keeping the transaction
records</span></div>
</li>
<li><div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">Analyzing the solvency to issue money to give
credits</span></div>
</li>
<li><div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">Profiting from interest</span></div>
</li>
</ul>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">Once we have the transaction ledger in our hands
on the blockchain, the monetary reform creativity has to concentrate
in the gearing/governance of money issuing as credit.</span></div>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;"><br /></span></div>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;"><b>Last remark</b></span></div>
<div style="font-style: normal; line-height: 150%; margin-bottom: 0.02in;">
<span style="font-family: Ubuntu;">The sovereign money needed for the State Budget
could be created the same way, as a credit authorized by the people
to the State. </span>
</div>
<div style="font-style: normal; line-height: 100%; margin-bottom: 0.02in;">
<br />
<br /></div>
<div style="font-style: normal; line-height: 100%; margin-bottom: 0.02in;">
<br />
<br /></div>
<div style="font-style: normal; line-height: 100%; margin-bottom: 0.02in;">
<br />
<br /></div>
<div align="left" style="font-style: normal; font-weight: normal; line-height: 100%; margin-bottom: 0.02in;">
<br />
<br /></div>
</div>
Anonymoushttp://www.blogger.com/profile/13305955758684580225noreply@blogger.com1tag:blogger.com,1999:blog-6734326932977571104.post-29395955005864343832015-08-10T13:11:00.000-07:002015-08-10T13:11:04.636-07:00Moneda con pagos y créditos P2P sin reserva. Funcionalidades<div dir="ltr" style="text-align: left;" trbidi="on">
<div>
<span style="font-size: large;">El propósito y la justificación monetaria de las funcionalidades descritas a continuación se encuentran en:</span></div>
<div>
<ul>
<li><a href="http://desperado-theory.blogspot.com.es/2015/08/apuntes-para-una-soberania-monetaria.html" target="_blank">Apuntes para una soberanía monetaria</a></li>
<li><a href="http://desperado-theory.blogspot.com.es/2015_05_01_archive.html" target="_blank">What the hell is a P2P credit?</a></li>
</ul>
</div>
<div>
<span style="font-size: large;">El diseño funcional esta pensado para programarlo como un “smart contract” para la plataforma <a href="https://www.ethereum.org/" target="_blank">ethereum</a>, en su cadena de bloques, y ejecutado como una <a href="https://github.com/ethereum/wiki/wiki/Ethereum-Development-Tutorial" target="_blank">DAPP</a> en un navegador ethereum o habilitado para ethereum.</span></div>
<div>
<span style="font-size: large;">Partimos de la funcionalidad básica de una moneda simple descrita como ejemplo en <a href="https://www.ethereum.org/token" target="_blank">THE COIN</a>, y le añadiremos las necesarias para autorizar y operar con lineas de crédito.</span></div>
<h1>
<span style="font-size: large;">Contrato de moneda básica</span></h1>
<div>
<span style="font-size: large;">La moneda básica es un contrato en la cadena de bloques que incluye una base de datos con un registro que tiene el saldo asociado a cada cuenta. La base de datos se abre con la cuenta del creador y se va ampliando con cada cuenta que recibe o emite una transferencia.</span></div>
<div>
<span style="font-size: large;">El creador del contrato hace de Banco Central y emite toda la moneda que va a existir. Puede transferir esa cantidad, por ejemplo, al gobierno de esa comunidad, o, por ejemplo, distribuirlo entre todos los miembros.</span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG9yY8AmQe2EvYuHwZWL_DTFrJzMeb-LijrpdrAbZir_Ax5O5bbeKf5wAZUuIOs47xkzTlVsavnBiYcX6dZOyS3H9Mb0qwaqaSBvwORP8Zh1OAx4l-rksXUWYtl1uaYtNydPUkpFsm4yM/s1600/p2pcredit1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="232" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG9yY8AmQe2EvYuHwZWL_DTFrJzMeb-LijrpdrAbZir_Ax5O5bbeKf5wAZUuIOs47xkzTlVsavnBiYcX6dZOyS3H9Mb0qwaqaSBvwORP8Zh1OAx4l-rksXUWYtl1uaYtNydPUkpFsm4yM/s640/p2pcredit1.png" width="640" /></a></div>
<span style="font-size: large;">La gran diferencia con las cripto-monedas de primera generación (</span><a href="https://bitcoin.org/" style="font-size: x-large;" target="_blank">bitcoin</a><span style="font-size: large;">, </span><a href="https://fair-coin.org/" style="font-size: x-large;" target="_blank">faircoin</a><span style="font-size: large;">) es que esa cantidad no hay que minarla como monedas. Basta declararla. Se minaran las transacciones y sus cambios a la cadena de bloques.</span></div>
<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEit90_cOnTt7S0JhIkK4kcwf-toY5olc5CZ_DE7-quhJkYdm2hiW4EKbHRZ0Gw-XCLwHVCU7sDDsHxohd1utqeRR5SqpPKyNu9-5kApn2U1Yl8dUJIX1Vfczj8xY80pnmjVK7xXDxOnWoE/s1600/p2pcredit2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEit90_cOnTt7S0JhIkK4kcwf-toY5olc5CZ_DE7-quhJkYdm2hiW4EKbHRZ0Gw-XCLwHVCU7sDDsHxohd1utqeRR5SqpPKyNu9-5kApn2U1Yl8dUJIX1Vfczj8xY80pnmjVK7xXDxOnWoE/s640/p2pcredit2.png" width="640" /></a></div>
<span style="font-size: large;">Un pago se dispara con un mensaje al contrato en la cadena de bloques. El mensaje incluye la cuenta del remitente, la cuenta del destinatario de la transferencia, y la cantidad a pagar. Si el remitente tiene saldo suficiente, su saldo tiene un decremento por el importe del pago, y el del destinatario tiene un incremento igual.</span></div>
<h2 style="text-align: left;">
<span style="font-size: large;">Contrato de moneda con linea de crédito sin reserva</span></h2>
<div>
<span style="font-size: large;">La base de datos de una moneda con crédito es algo mas complicada.</span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTD-UAfH42u4LEGmevU1IJ5OGaSVt_6dqoanveo3V1txQKAxlJpM9g3Dkms2c0ksqaWdzfV44SxeH4KNAR9mX-sZSP4mIGdnSK4ipdBr4o3bH86RNTl_5bRC5oBYWV96GizzzOWXPypEg/s1600/p2pcredit3.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="352" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTD-UAfH42u4LEGmevU1IJ5OGaSVt_6dqoanveo3V1txQKAxlJpM9g3Dkms2c0ksqaWdzfV44SxeH4KNAR9mX-sZSP4mIGdnSK4ipdBr4o3bH86RNTl_5bRC5oBYWV96GizzzOWXPypEg/s640/p2pcredit3.png" width="640" /></a></div>
<div>
<ul>
<li><span style="font-size: large;">Tiene el saldo de cada cuenta, que puede ser negativo.</span></li>
<li><span style="font-size: large;">Tiene el acumulado de la reputación de cada cuenta en emitir créditos exitosos. La reputación no se puede transferir, solo ganar. Solo el creador del contrato puede transferir reputación por criterios externos al mecanismo de la moneda.</span></li>
<li><span style="font-size: large;">Tiene los parámetros necesarios para manejar los créditos, como son el monto del crédito, su fecha de caducidad, el coste en reputación al prestamista, y la cuenta del prestamista.</span></li>
</ul>
<span style="font-size: large;">El crédito se diseña como una linea de crédito (como una tarjeta de crédito) y no como un deposito (como un crédito bancario). El prestatario, cuando pague, puede llegar a saldos negativos hasta el limite de la linea de crédito.</span></div>
<div>
<span style="font-size: large;">Por tanto, al pagar, ha aumentado la masa monetaria, ha creado nuevo dinero de la nada. El criterio mas fiable de que la masa monetaria ha vuelto al equilibrio es que el prestamista ha rellenado el hueco, y su saldo ha vuelto a positivo.</span></div>
<div>
<span style="font-size: large;">El efecto monetario es el mismo que en un crédito tipo deposito, pero hemos preferido este procedimiento al de un deposito porque permite un control mas simple y claro.</span></div>
<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrJnHnNDfcGBmZmPNFITrqnmtoss-1LFHzvlw8DFW_P52QUwxZqRhBBYxLn5j6HcqWsAiOvrxDL951cgva-sFmFSjDVIHLaSKY7KT8T8Y1b1mK9n941j4pSOkuWEE3CBPKEdNifxDPmhc/s1600/p2pcredit4.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="350" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrJnHnNDfcGBmZmPNFITrqnmtoss-1LFHzvlw8DFW_P52QUwxZqRhBBYxLn5j6HcqWsAiOvrxDL951cgva-sFmFSjDVIHLaSKY7KT8T8Y1b1mK9n941j4pSOkuWEE3CBPKEdNifxDPmhc/s640/p2pcredit4.png" width="640" /></a></div>
<span style="font-size: medium;"><br /></span></div>
<div>
<span style="font-size: large;">Se puede dar a todas las cuentas una linea de crédito por defecto, como en los sistemas LETS. Hay que dar a todas las cuentas una supuesta reputación inicial para que puedan empezar a dar créditos y ganarse una reputación mayor. Hay que fijar un porcentaje en premio al coste en reputación puesto en juego al autorizar un crédito, si resulta exitoso.</span></div>
<div>
<span style="font-size: large;">El creador del contrato hace de Banco Central y puede añadir una cantidad a la masa monetaria, masa monetaria cuyo total sera igual a la emitida por el creador mas la generada a través de los pagos contra linea de crédito (la suma de saldos negativos).</span></div>
<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPK6JjKZA6cqn8BpGP9Rst2GN8jBdwYiHPoWjwGdcf1Z1JZJNJxE8RbheQcvXZ8ZD5qw9oHoG-0cX84hjRtwxOWgMVBPFBeTfm13Kk0Mpsy9SknHppvZXSOsu39vl8PYY4JC6j_r4RiWs/s1600/p2pcredit5.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="392" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPK6JjKZA6cqn8BpGP9Rst2GN8jBdwYiHPoWjwGdcf1Z1JZJNJxE8RbheQcvXZ8ZD5qw9oHoG-0cX84hjRtwxOWgMVBPFBeTfm13Kk0Mpsy9SknHppvZXSOsu39vl8PYY4JC6j_r4RiWs/s640/p2pcredit5.png" width="640" /></a></div>
<span style="font-size: large;">Un pago se dispara con un mensaje al contrato en la cadena de bloques. El mensaje incluye la cuenta del remitente, la cuenta del destinatario de la transferencia, y la cantidad a pagar. Si el remitente tiene saldo suficiente, contando su saldo, el limite de la linea de crédito mas la cantidad “lets”, su saldo tiene un decremento por el importe del pago, y el del destinatario tiene un incremento igual.</span></div>
<div>
<span style="font-size: large;">El pago se bloquea si la linea de crédito ha expirado. Antes de proceder hay que cerrar el crédito.</span></div>
<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEil4DZ46Y_XAkQyn7ucHovdnHxd3vBcrZ7XzxFDD6tWKdcxfz8w6wJF0iWw4rCfZCsQJRiwer52LVB4aBFHkDponkm2fgN3Hip0PHq4YBs1vfrXR7ex6iRrg6A1AcdV6MDPTdsG_FfcWuE/s1600/p2pcredit6.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="392" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEil4DZ46Y_XAkQyn7ucHovdnHxd3vBcrZ7XzxFDD6tWKdcxfz8w6wJF0iWw4rCfZCsQJRiwer52LVB4aBFHkDponkm2fgN3Hip0PHq4YBs1vfrXR7ex6iRrg6A1AcdV6MDPTdsG_FfcWuE/s640/p2pcredit6.png" width="640" /></a></div>
<span style="font-size: large;">Como decimos, el criterio para saber si se ha pagado el crédito es que el saldo de la cuenta es positivo.</span></div>
<div>
<ul>
<li><span style="font-size: large;">En ese momento se anula la linea de crédito y su fecha se lleva a 0. A partir de entonces la cuenta no puede caer en saldos negativos.</span></li>
<li><span style="font-size: large;">Se le restituye al prestamista todo su coste en reputación, aumentado por el factor de premio.</span></li>
</ul>
</div>
<div>
<span style="font-size: large;">Con ello se ha cerrado el crédito y se puede seguir con el procedimiento de pago, que ya solo contara con la cantidad “lets”.</span></div>
<div>
<span style="font-size: large;">Si el saldo sigue en negativo, al cancelar el crédito, la cuenta bloquea todo pago, hasta que se rellene el hueco con nuevos ingresos.</span></div>
<div>
<span style="font-size: large;">Por otra parte, se descarta el coste de reputación del prestamista. Ha sido un crédito fallido y no recuperara nada (se podría programar otro diseño mas “tolerante”).</span></div>
<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIMw_k0KGorEVVtqtGR3cg0FJLJQMcLDc8b1iBCPhK1bgWVeMTmE2LHiGHsHCXWnj60rDWN25o25RNWAIzdwf91WdPCTWs1lZ9R8swg0AkubDyQHxhon4k2gD9F9lpcxtILPu8763nJbo/s1600/p2pcredit7.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="402" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIMw_k0KGorEVVtqtGR3cg0FJLJQMcLDc8b1iBCPhK1bgWVeMTmE2LHiGHsHCXWnj60rDWN25o25RNWAIzdwf91WdPCTWs1lZ9R8swg0AkubDyQHxhon4k2gD9F9lpcxtILPu8763nJbo/s640/p2pcredit7.png" width="640" /></a></div>
<span style="font-size: large;">La autorización de un crédito se dispara con un mensaje al contrato en la cadena de bloques. El mensaje incluye la cuenta del remitente, la cuenta del destinatario del crédito, el monto del crédito y el tiempo para devolverlo.</span></div>
<div>
<span style="font-size: large;">Este primer diseño tiene algunas simplificaciones, que se podrán complicar en versiones posteriores:</span></div>
<div>
<ul>
<li><span style="font-size: large;">No se puede cancelar el contrato antes de tiempo. Aunque el saldo sea positivo la linea de crédito sigue activa.</span></li>
<li><span style="font-size: large;">No se pueden tener dos lineas de crédito simultaneas. La existencia de una linea de crédito bloquea la concesión de otra.</span></li>
<li><span style="font-size: large;">No se pueden programar pagos, es decir una linea de crédito con escalones decrecientes programables.</span></li>
</ul>
</div>
<div>
<span style="font-size: large;">El procedimiento es el siguiente:</span></div>
<div>
<ol>
<li><span style="font-size: large;">Lo primero es calcular el coste del crédito en reputación del prestamista. Hemos utilizado el área total de la masa monetaria incrementada incluyendo la dimensión temporal. Es decir el monto por el tiempo. Otros diseños pueden usar otros algoritmos.</span></li>
<li><span style="font-size: large;">Luego hay que ver si el prestamista tiene ganada reputación suficiente, añadiendo la reputación que se le supone a cada cuenta por defecto, para autorizar un crédito de tal calibre.</span></li>
<li><span style="font-size: large;">Si es así, se le aparta de momento al prestamista el coste en reputación, hasta que el crédito se devuelva con éxito.</span></li>
<li><span style="font-size: large;">Finalmente, se le rellenan a la cuenta del prestatario todos los parámetros del crédito.</span></li>
</ol>
</div>
<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-pSci_a_1kZcuLDt7Yjx2XlLzR4Yvbx3NcvPC89yxHBWSW48ljHd1ArfWhE-D1Fxuf_EYHZkQBDcfWUl55yt7LTNNOEWkG4jdceMrlpb4WppbiQYk-jOAd2FYGXCqFvJjqEl7o94ECPM/s1600/p2pcredit8.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="390" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-pSci_a_1kZcuLDt7Yjx2XlLzR4Yvbx3NcvPC89yxHBWSW48ljHd1ArfWhE-D1Fxuf_EYHZkQBDcfWUl55yt7LTNNOEWkG4jdceMrlpb4WppbiQYk-jOAd2FYGXCqFvJjqEl7o94ECPM/s640/p2pcredit8.png" width="640" /></a></div>
<span style="font-size: large;">El ultimo procedimiento explica como el creador del contrato puede transmitir reputación a otras cuentas en las que tiene confianza. Seria como nombrar agentes expertos en créditos del Banco Central. </span><span style="font-size: large;"> </span></div>
</div>
Anonymoushttp://www.blogger.com/profile/13305955758684580225noreply@blogger.com2tag:blogger.com,1999:blog-6734326932977571104.post-11866615344837415272015-08-08T22:05:00.001-07:002015-08-09T02:38:59.662-07:00Apuntes para una soberanía monetaria<div dir="ltr" style="text-align: left;" trbidi="on">
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<div style="line-height: 150%; margin-bottom: 0in;">
<br />
<ul style="text-align: left;">
<li><b style="font-family: Calibri, sans-serif; font-size: large; line-height: 150%;">La
visión, la utopía, el contexto monetario</b></li>
<li><b style="font-family: Calibri, sans-serif; font-size: large; line-height: 150%;">Soberanía
sobre la masa monetaria en circulación, soberanía para emitir
moneda</b></li>
<li><b style="font-family: Calibri, sans-serif; font-size: large; line-height: 150%;">Soberanía
monetaria de los productores, de las empresas, las cooperativas y los
trabajadores</b></li>
<li><b style="font-family: Calibri, sans-serif; font-size: large; line-height: 150%;">Soberanía
monetaria ciudadana para financiar los Comunes</b></li>
<li><b style="font-family: Calibri, sans-serif; font-size: large; line-height: 150%;">Debilidades
de la moneda soberana con crédito de reserva 100%</b></li>
<li><b style="font-family: Calibri, sans-serif; font-size: large; line-height: 150%;">El
crédito peer-to-peer sin reserva</b></li>
<li><b style="font-family: Calibri, sans-serif; font-size: large; line-height: 150%;">La
emisión ciudadana del Soberano para los Comunes</b></li>
<li><b style="font-family: Calibri, sans-serif; font-size: large; line-height: 150%;">El
papel del voluntariado como bomba osmótica de transferencia de
valor</b></li>
<li><b style="font-family: Calibri, sans-serif; font-size: large; line-height: 150%;">Convertir
las donaciones a Soberanos para mover el molino</b></li>
<li><b style="font-family: Calibri, sans-serif; font-size: large; line-height: 150%;">Soberanía
para llevar los registros en forma peer-to-peer</b></li>
</ul>
</div>
</blockquote>
<hr />
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="line-height: 150%;"><span style="font-size: medium;">La
Soberanía Monetaria la entendemos como la capacidad de los
ciudadanos para emitir directamente la moneda necesaria para la
economía y la gestión de los Comunes, y de llevar directamente los
registros de las transacciones, sin intermediarios.</span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Por
supuesto no basta, el sistema monetario debe estar bien diseñado
para la economía y bien gestionado.</span></div>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<h1>
<span style="font-size: large;">La
visión, la utopía, el contexto monetario</span></h1>
</blockquote>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">El
escenario de contexto para estos apuntes es el escenario tras algo
así como una <span style="color: navy;"><span lang="zxx"><u><a href="http://www.neweconomics.org/publications/entry/the-great-transition-social-justice-and-the-core-economy"><b>Gran
Transición</b></a></u></span></span> hacia una economía sostenible
y socialmente mas justa. Esta aproximación es valida si pensamos que
la vía a una sociedad pos-capitalista no sera solo, ni
fundamentalmente, una conquista del poder político y un cambio desde
ese poder o de la “movilización”, sino a través de la
<span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.com.es/2013/05/consolidacion-de-islas-de-economia.html">Consolidación
de Islas de Economía Social</a></u></span></span>, gestando de esta
forma un <span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.com.es/2014/03/gestacion-de-un-contra-poder-de.html">contra-poder
de economía social</a></u></span></span>, unos planes B que se
puedan imponer al gran capital en los pulsos políticos, unos planes
B fuera de la telaraña del dinero deuda, sin que la única
alternativa sea la <span style="color: navy;"><span lang="zxx"><u><a href="http://www.zerohedge.com/news/2015-07-29/complete-collapse-greece-reverts-barter-economy-first-time-nazi-occupation">regresión
a los métodos mas primitivos de trueque</a></u></span></span> como
sucede ahora en Grecia, y que este contra-poder, vivido por millones
como una realidad posible, crecerá hasta que esta se convierta en
dominante.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Además,
desgraciadamente, los sistemas monetarios no admiten una solución
sencilla de alguna moneda milagrosa (sea “independiente de los
bancos centrales”, sea “con demurrage”, sea “de crédito
mutuo”, sea lo que sea). El sistema monetario esta estrechamente
vinculado al gobierno de una comunidad, a la gestión de su economía
y sobre todo a la gestión de los <span style="color: navy;"><span lang="zxx"><u><a href="http://www.madrilonia.org/2013/05/comunes-una-vieja-idea-muy-actual/">Comunes</a>
(del Procomún).</u></span></span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Por
tanto, usar un escenario completo de la visión especulativa,
utópica, de una sociedad pos-capitalista nos permite visualizar
aspectos que están elípticos o poco evidentes en cada una de las
islas de economía solidaria emergentes, que tienen modelos de
negocio diferentes y un encaje diferente en la sociedad futura
(algunos son embriones de servicios sociales, otros de empresas
cooperativas, etc.), y visualizar sobre todo sobre todo los aspectos
de su posible relación con el gobierno comunitario y el posible
proceso de transición (Rob Hopkins, <span style="color: navy;"><span lang="zxx"><u><a href="http://www.cs.toronto.edu/~sme/CSC2600/transition-handbook.pdf">The
Transition Handbook: From Oil Dependency to Local Resilience</a></u></span></span>).
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">El
objetivo seria dotar a cada una de esas islas de la herramienta de un
sistema monetario completo, escalable al sistema final. Con eso se
facilitaría la aglutinación en sistemas superiores de propuestas
que ahora parecen divergentes y su crecimiento.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Quizás
el aspecto con mas impacto de esa visión socio-económica para el
sistema monetario del futuro, mas allá de la preeminencia del
<span style="color: navy;"><span lang="zxx"><u>Procomún</u></span></span>
y el trabajo cooperativo, es que <span style="color: #222222;">la tendencia a
la globalización de la economía se ha convertido en una tendencia a
la </span><span style="color: #222222;"><b>localización</b></span><span style="color: #222222;">,
al</span><span style="color: #222222;"><b> </b></span><span style="color: #222222;">“</span><span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.com.es/2013/05/circuitos-estrategicos-compra-local-la.html"><span style="color: #222222;">compra
local</span></a></u></span></span><span style="color: #222222;">”.</span>
El factor clave es la sostenibilidad y la carestía<span style="color: #222222;">
del transporte debido a la carestía de la energía, incluso aunque
en su mayoría sea renovable. </span>
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Por
tanto, la e<span style="color: #222222;">conomía tendrá el principio de</span>
<span style="color: #222222;"><b>subsidiariedad</b></span> <span style="color: #222222;">como
una de sus bases mas determinantes.</span> <span style="color: #222222;">En
términos políticos, la subsidiariedad es el principio ampliamente
aceptado de que es mejor decidir y ejecutar todo lo más cercano a
las personas que se verán afectadas.</span> <span style="color: #222222;">En
términos económicos, esto significa que se han revertido las
economías de escala para hacer la economía local mucho más
eficiente en la mayoría de las áreas en cuanto al tamaño apropiado
para las industrias, una óptima flexibilidad ante los cambios
(“resilience”) y para su permeabilidad a la innovación (un nivel
menor de inversión necesaria).</span> El principio de reutilizar y
reciclar refuerza esta tendencia.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Queda
para la producción global solo lo que es más eficiente que sea
global, considerando todo el ciclo de vida. Por ejemplo, algunas
producciones industriales (chips, instrumentación electrónica,
semiconductores, productos farmacéuticos, los módulos de los
sistemas de transporte, como las ruedas motoras del vehículo
eléctrico) seguirán siendo de producción global o continental,
mientras que su ensamblaje puede ser local o incluso micro a nivel de
“hazlo tu mismo” en pequeños talleres de barrio altamente
robotizados, con maquinas de impresión 3D, etc. usando repositorios
de diseño de ingeniería abierta bajo licencia <span style="color: navy;"><span lang="zxx"><u><a href="http://es.creativecommons.org/">Creative
Commons</a></u></span></span>. Otros ejemplos de producción global
son el troncal de la Internet o el conocimiento (como Wikipedia).
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">El
resto, sobre todo lo que implique gran peso (alimentación) o
implique transporte de personas (servicios), sera producción para
mercados a escala de nación, región o local. La confección de
ropa, muebles, utensilios del hogar, e incluso el ensamblaje de los
vehículos eléctricos puede ser local. En alimentación, habrá un
crecimiento espectacular de la agricultura urbana, ocupando un lugar
en la cadena del agua y de los <span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.com.es/2013/05/circuitos-estrategicos-tratamiento-de.html">residuos</a></u></span></span>
en cada ciudad. Los servicios sociales de sanidad, educación,
ancianos, dependientes, se gestionaran de forma más local,
vinculados a tasas e impuestos de ciudadanía locales.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">De
esta forma se <span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.com.es/2014_07_01_archive.html">reestructuran
los circuitos de producción, distribución y servicios</a></u></span></span>
en diversas escalas.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">A
ello le corresponde un ecosistema de monedas a todas esas escalas. Un
ecosistema con prácticamente <span style="color: navy;"><span lang="zxx"><u><a href="https://books.google.es/books?id=NUDaAQAAQBAJ&num=11&hl=es">una
moneda para cada bien</a></u></span></span>, incluyendo monedas fiat
para la gestión de los Comunes a cada escala de gobierno comunitario
(nación, regional, local, micro).
</span></div>
<ol>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;"><b>Las monedas respaldadas por una producción</b>: A niveles
geográficamente mas amplios, en tierra de nadie, habrá
probablemente un predominio de monedas orientadas al “barter” o
monedas B2B y monedas B2P (<span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html">monedas
promesas de bienes, productos y servicios</a></u></span></span>).
Son monedas que son un bono o vale o prenda por un producto o
servicio existente, en depósito, o futuro.
</span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;"><b>Las monedas fiat de curso lega</b>l: A niveles mas locales, y
dado que los servicios sociales (educación, salud, seguridad,
transporte local, y en el futuro también la generación de la
energía como bien común) se gestiona a nivel local, habrá un
predominio de las monedas con las que se recaudan los impuestos, es
decir las monedas de curso legal, que son las monedas con las que se
financian los servicios públicos.
</span></div>
</li>
</ol>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Un
ecosistema complejo de monedas impone una barrera intermedia a la
solución de la <span style="color: navy;"><span lang="zxx"><u><a href="https://es.wikipedia.org/wiki/Historia_del_dinero">doble
coincidencia de deseos</a></u></span></span> que los sistemas
monetarios históricamente deben solucionar. Es por ello que se ha
tendido a monedas únicas. Esta barrera queda muy amortiguada en un
sistema basado en cripto-monedas con unos mercados de intercambio
ágiles y monederos electrónicos multi-moneda. Con ello se amortigua
mucho la necesidad de una moneda monopolista en grandes regiones
geográficas. Parece razonable asumir que cada persona puede manejar
con comodidad un puñado de monedas diferentes en la vida cotidiana,
sin implicar mayor complejidad a como ahora maneja diversas cuentas
bancarias. Es necesario que un cambio de divisa se pueda hacer desde
el mismo monedero sin mas dificultad que ahora se hace una
trasferencia. El equilibrio probablemente esta entre 5 a 10 monedas
populares en una zona dada.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Es
en el contexto de este ecosistema que hemos perfilado a grandes
brochazos como pretendemos discutir la soberanía monetaria.
</span></div>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<h1>
<span style="font-size: large;">Soberanía
sobre la masa monetaria en circulación, soberanía para emitir
moneda</span></h1>
</blockquote>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in; margin-left: 0.49in;">
<span style="font-size: medium;">
“<i>Give me control of a nations money supply, and I care not who
makes it’s laws”</i></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in; margin-left: 0.49in;">
<i><span style="font-size: medium;">Amschel Rothchild</span></i></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Soberanía
implica controlar la masa monetaria en circulación, y soberanía
para emitir moneda.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">En
el sistema actual, la masa monetaria se regula mediante el grifo del
crédito. La necesidad de crédito esta en función directa de la
temperatura de la economía, en el volumen e intensidad de las
transacciones necesarias. El invento de la banca de reserva
fraccionaria por el que se puede generar dinero de la nada, siempre
que se devuelva, es un invento genial para seguir esos cambios de
temperatura, esencial para la economía moderna.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Esta
capacidad de crear dinero de la nada esta ahora en manos de los
bancos, que monopolizan la emisión de dinero en forma de crédito a
las empresas y la emisión de dinero de curso legal a los Gobiernos.
Los Bancos Centrales solo controlan muy indirectamente la masa
monetaria a través de la emisión publica de las reservas con las
que operan los bancos.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;"><a href="https://www.blogger.com/null" name="__DdeLink__12_1320672493"></a>
Nótese que esto es posible por la fusión, en los registros
electrónicos del banco, de las cantidades de moneda legal emitidas
por el Banco Central y el dinero bancario. El dinero bancario, al
comienzo de la banca de reserva fraccionaria, consistía
originalmente en pagarés bancarios y el dinero de curso legal
consistía en las monedas y billetes emitidas por la Casa de la
Moneda, y era a su vez un pagare de las reservas en oro. Ahora ambos
se confunden en un mismo registro cuantificado en la denominación de
la moneda de curso legal, que no promete ya nada. Es puro dinero
fiat. Y se usa tanto para las necesidades del mercado libre, como
para las necesidades de los servicios públicos.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Por
este mecanismo, los bancos controlan la economía.
</span></div>
<ol>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">
Los bancos se han hecho con este poder a partir de llevar el
registro (electrónico) de las transacciones de todo el mundo, y
ganarse una reputación, merecida, de llevarlas escrupulosamente.
Hoy ya solo queda una fracción de las transacciones en dinero
“cash”.</span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">
El segundo poder, el de generar dinero de la nada, ha sido posible
por ganarse una reputación, también, de analizar la solvencia del
acreedor, y garantizar que se devuelve el préstamo, de forma que la
masa monetaria vuelve a equilibrio. Una innovación financiera
brillante. No hay objeción moral que hacerle, si funciona.
</span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">
El beneficio que se destila de todo ello es el interés, que al
principio se estableció como una participación en los beneficios,
pero también en los riesgos, y luego se despoja de todo riesgo al
crear dinero de la nada. El interés ha cumplido una función de la
expansión de la economía en los primeros siglos de la banca de
reserva fraccionaria. A un dinero (para pagar la deuda mas el
interés) que sale de la nada, se pueden traer productos “de la
nada” (para un ingles, “de la nada” es “overseas”).
</span></div>
</li>
</ol>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">El
sistema, inventado en el siglo XVII, se ha corrompido y ha alcanzado
su fin de ciclo.</span></div>
<ol>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">
El “blockchain” permite llevar los registros de las
transacciones de una manera mas fiable y segura, sin intermediarios,
directamente P2P.</span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">
Los bancos han defraudado su función de analizar la solvencia para
dar crédito y han usado su magia de crear dinero para fines
especulativos y de creación de burbujas. Todo el margen esta ahora
en el capital financiero, mientras los margenes del capital
productivo se reducen a cero, ya sin ningún vinculo con la economía
real convirtiendo en falacia toda la cháchara sobre el rol de la
competencia. Es hora de democratizar de forma radical esta capacidad
de analizar la solvencia. Llevar los registros en el “blockchain”
es la condición.
</span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">
Ahora, el interés genera una necesidad compulsiva de crecimiento
del PIB (el volumen de mercancías intercambiadas con dinero) que
nos lleva a la destrucción del planeta. La sostenibilidad del
planeta implica acabar con el capitalismo financiero de la deuda con
interés (<span style="color: navy;"><span lang="zxx"><u><a href="http://thischangeseverything.org/">This
changes Everything, Naomi Klein</a></u></span></span>).</span></div>
</li>
</ol>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;"><b>Aunque
no se mencione, en todo lo que sigue se entiende que el crédito NO
DEBE TENER INTERÉS</b>. Otra cosa es la inversión, que puede dar
lugar a una participación en beneficios.
</span></div>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<h1 class="western">
<span style="font-size: medium;">Soberanía
monetaria de los productores, de las empresas, las cooperativas y los
trabajadores</span></h1>
</blockquote>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">La
primera soberanía consiste en que cualquier persona o empresa que
ofrezca bienes y servicios para la venta en el mercado está
capacitada para emitir moneda. <span style="color: navy;"><span lang="zxx"><u><a href="http://es.wikipedia.org/wiki/E.C._Riegel">E.C.
Riegel</a></u></span></span> lo expresa de esta manera en <span style="color: navy;"><span lang="zxx"><u><a href="http://www.newapproachtofreedom.info/ffi/index.html">“Flight
from Inflation”</a></u></span></span>: "Un aspirante a emisor
de dinero debe, a cambio de los bienes o servicios que compra en el
mercado (con su moneda), poner sus propios productos o servicios en
el mercado. En esta simple regla de equidad radica la esencia del
dinero". Esta moneda es un auto-crédito de los productores para
financiar sus insumos, y se redime al final del ciclo productivo
contra entrega del producto. Como nadie está obligado a aceptar esa
moneda, su aceptación dependerá de la credibilidad del productor.
Es la moneda del panadero en el mercado medieval. Es la moneda de un
banco de tiempo. Puede ser la moneda de la industria
agro-alimentaria.
</span></div>
<div class="western" style="line-height: 150%; margin-left: 0.49in;">
<strong><span style="font-size: medium;">“<i><span style="font-weight: normal;">Essentially,
a currency should be a credit instrument that is spent into
circulation by a trusted issuer on the basis of his commitment to
accept it back in payment for desired goods and services that he is
ready, willing and able to deliver.”</span></i></span></strong></div>
<div class="western" style="line-height: 150%; margin-left: 0.49in;">
<span style="font-size: medium;"><strong><i><span style="font-weight: normal;">THOMAS
H. GRECO JR., </span></i></strong><span style="color: navy;"><span lang="zxx"><u><a href="http://beyondmoney.net/monographs/fundamentals-of-alternative-currencies-and-value-measurement/"><i>Fundamentals
of Alternative Currencies and Value Measurement</i></a></u></span></span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Esta
capacidad esta ahora casi al completo en manos de los bancos,
mediante la emisión de dinero (de curso legal) en forma de crédito.
Son los bancos los que conceden los créditos que las empresas, y
sobre todo las PYMES, necesitan para la gestión de su ciclo
productivo y la falta de certeza en ventas, compras, precios, pagos,
una falta de certeza que las grandes empresas, manejando grandes
números, sufren en menor medida. Son los bancos los que conceden los
créditos para la pequeña inversión en bienes y herramientas de
producción cuando no hay aporte de capital.</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Las
grandes empresas ya hacen uso de este sistema con sus bonos y vales.
El sistema se puede generalizar a distintas ramas de la producción,
distribución y servicios, con monedas gremiales. Por ejemplo, puede
haber una moneda para los que ofrecen sus servicios profesionales
como autónomos, emitidas por sus asociaciones, la “HORA
PROFESIONAL”, y cada profesional establece la tarifa de su hora
real.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Estas
monedas son legalmente un contrato del emisor con el portador, una
promesa, de un producto o un servicio.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">No
obstante, hay que señalar que, salvo para las muy grandes empresas
que emitan su propia moneda, la gestión colectiva de estas monedas
por asociaciones gremiales no deja de tener sus complicaciones. Hay
que ponerse de acuerdo en la producción global y la participación
de cada empresa que comparta la moneda, poner mecanismos contra el
fraude o el incumplimiento, etc. Hay que definir la gama de productos
a la que se refiere, y su periodo de validez (por ejemplo una gama de
verduras frescas, a la que luego se pondrá un precio a cada una, y
de que cosecha).
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Este
tipo de moneda es previsible que cubra solo una parte del mercado,
donde esto sea fácil de hacer, probablemente en sectores poco
competitivos y un “market share” estable, y con productos de una
gama de precios limitada.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Por
eso cabe suponer que otra parte de la industria usara la moneda fiat
como instrumento mediador.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">La
conclusión es que la masa monetaria de la moneda fiat, aunque muy
disminuida, siempre sera mayor que la masa monetaria necesaria para
gestionar los Comunes, para cubrir ademas esta parte del mercado
libre que no puedan cubrir las monedas respaldadas por la promesa de
un bien.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">En
cualquier caso, borran de un plumazo la necesidad de una ingente
cantidad de crédito, especialmente el crédito basado en un
colateral, como los créditos hipotecarios. Con estas monedas, las
hipotecas y las compras de bienes de capital se <span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.be/2014/07/b2p-currency-mortgages.html">sustituyen
por otro mecanismo</a></u></span></span>. Son los productores de
bienes duraderos los que se auto-creditan (por ejemplo la industria
de la construcción emite moneda por el valor de sus construcciones,
y con ello financia la obra) y venden, a plazos, en su moneda.</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">El
crédito (el dinero deuda) difícilmente tiene sentido en estas
monedas, porque ya son una forma de auto-crédito respaldadas por una
producción de mercancía prometida futura (incluyendo los Bancos de
Tiempo). No tiene ningún sentido emitir de la nada bonos por tomates
en una cantidad mayor que la cantidad de bonos emitidos por la
industria del tomate contra su cosecha futura. Eso no hará que haya
más tomates.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Tecnológicamente,
su implementación en forma de cripto-moneda deberá incluir los
<span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.com.es/2013/03/partes-del-documento-legal.html">meta-datos
</a></u></span></span>de ese contrato (que tiene unos plazos y unos
contenidos), un <span style="color: navy;"><span lang="zxx"><u><a href="http://www.systemics.com/docs/ricardo/issuer/contract.html">contrato
con formato Ricardiano</a></u></span></span> firmado digitalmente
(ver <span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.com.es/2013/04/ejemplos-de-contrato-ricardiano-para.html">ejemplos</a></u></span></span>),
de forma sea un <span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.com.es/2013/03/la-moneda-como-documento-legal.html">documento
legal</a></u></span></span> que se pueda exigir ante la ley. El
principal impulsor de estas monedas el Paul Grignon, y su <span style="color: navy;"><span lang="zxx"><u><a href="http://paulgrignon.netfirms.com/MoneyasDebt/">Digital
Coin</a></u></span></span> (ver un ejemplo de <span style="color: navy;"><span lang="zxx"><u><a href="http://www.livetravelwork.com/">implementación</a></u></span></span>).
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Apple
ha lanzado un estándar, <span style="color: navy;"><span lang="zxx"><u><a href="https://www.blogger.com/_blank">Apple
Passbook</a></u></span></span>, que se usa para entregar bonos
descuento, entradas y otros como bonos de viaje. Hay “apps” tipo
monedero para Android (por ejemplo <span style="color: navy;"><span lang="zxx"><u><a href="https://play.google.com/store/apps/details?id=com.passesalliance.wallet">Pass2U</a></u></span></span>)
y iOS que permiten hacer transacciones y pagar con estos bonos
digitales. Sin embargo, no permiten fraccionar ni hacer cambios
“monetarios”. Pagar con fracciones de estas monedas es como
entregar “participaciones de lotería”, que deben llevar la
referencia del boleto original.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Habrá
que esperar a la tecnología de la cadena de bloques para soluciones
mas manejables. El sistema en cadena de bloques debera incluir un
servidor de contendidos para incluir los meta-datos del producto (con
fotos, logo, etc.). En ese sentido, la herramienta <span style="color: navy;"><span lang="zxx"><u><a href="https://github.com/ethereum/cpp-ethereum/wiki/Swarm">SWARM</a></u></span></span>
planificada para ethereum 2.0, una especie de Bittorrent para activos
digitales, es muy prometedora.
</span></div>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<h1 class="western">
<span style="font-size: medium;">Soberanía
monetaria ciudadana para financiar los Comunes</span></h1>
</blockquote>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">La
segunda soberanía consiste en la emisión (o control sobre la
emisión) de la moneda de curso legal que se use para la gestión de
los Comunes en una comunidad dada. Es decir, controlar la masa
monetaria de la moneda que use el órgano de gobierno de una
comunidad para pagar los servicios comunes y recolectar las
contribuciones o impuestos. Por Comunidad podemos entender un Estado,
pero también un Gobierno Regional, un Ayuntamiento o una Entidad de
Barrio de Economía Solidaria.
</span></div>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<h1 class="western">
<span style="font-size: medium;">Debilidades
de la moneda soberana con crédito de reserva 100%</span></h1>
</blockquote>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">La
corriente monetaria de dinero positivo (<span style="color: navy;"><span lang="zxx"><u><a href="http://internationalmoneyreform.org/">International
Movement for Monetary Reform</a></u></span></span>, con
<span style="color: navy;"><span lang="zxx"><u><a href="http://positivemoney.org/">positivemoney.org</a></u></span></span>
a la cabeza), propone arrebatar la capacidad de emisión de dinero a
la banca privada y delega la decisión de la emisión (o destrucción)
de moneda en circulación al Parlamento, conforme a las necesidades
de los Presupuestos Generales del Estado (para el caso de un Estado).
En unos Presupuestos Generales del Estado equilibrados se puede usar
el dinero recogido en impuestos el año anterior (que sera igual al
gastado) y no hay que tocar la masa monetaria. En unos PGE expansivos
se emite un complemento de moneda “soberana”, sin pedir crédito
a nadie, emitiendo de la nada el dinero necesario. En unos PGE
contractivos se destruye parte del dinero recogido el año anterior.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">La
corriente de dinero positivo propone para los bancos la función
estricta de intermediario, es decir, los créditos solo se pueden
hacer con dinero previamente ahorrado y depositado. Propone
generalizar a la economía global el sistema de prestamos entre
amigos: “me lo saco de mi bolsillo”.</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">En
definitiva, la corriente de dinero positivo propone regular la masa
monetaria por el grifo de los Presupuestos Generales del Estado.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Esta
solución no es convincente.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;"><b>Escasez
de crédito: </b>Vincular la masa monetaria total, que debe reflejar
las necesidades de la economía en general, a las rigideces de la
economía de los Comunes, a los PGE, que en ocasiones pueden tener
tendencias contractivas o expansivas contradictorias, parece una
rigidez innecesaria. Las necesidades adicionales variables de la
economía en general para superar estas rigideces no se pueden
atender solo con monedas de auto-crédito tipo “vale por
mercancía”, o por otras monedas complementarias, de emisión libre
por los productores. Una gran parte de la economía solucionara el
problema de la doble coincidencia de intereses con la moneda mas
genérica y mas deseada, que es la moneda usada para los impuestos.
Por tanto, el crédito debe usar la moneda de curso legal.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">No
se puede decir que un 97% del dinero en circulación es dinero deuda,
y a continuación minimizar la envergadura de la necesidad de
crédito. La deuda total en España ronda los 3 billones de euros. La
deuda hipotecaria, a reemplazar en el futuro por pago en <span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.com.es/2014/07/b2p-currency-contract-versus-b2p.html">monedas
de ciclo largo</a></u></span></span>, ronda 1 billón. Los PGE rondan
los 0,5 billones. Es decir, resta una necesidad de deuda adicional de
1,5 billones. El total del ahorro familiar es del orden de los 2
billones, pero su mayoría es inversión. Los depósitos disponibles
para créditos tipo IMMR no llegan a 0,5 billones. Por muy
desequilibrada que este la economía frente a una economía
sostenible, hay un déficit de cerca de 1 billón a cubrir o con
monedas bono de producto, o crédito peer-to-peer.</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Ellos
mismos lo reconocen en <span style="color: navy;"><span lang="zxx"><u><a href="http://positivemoney.org/publications/enough-credit-sovereign-money-system/">“Would
there be enough credit in a sovereign money system?”</a></u></span></span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in; margin-left: 0.49in;">
<span style="font-size: medium;">
“<i>In the future, the increasingly significant role of
peer-to-peer finance in debt markets is likely to further reduce the
importance of bank lending to business”</i></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Es
decir, que su sistema de “dinero soberano” (el emitido para los
PGE) solo se sostiene si, ademas, hay financiación peer-to-peer.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">La
solución brillante de la banca de reserva fraccionaria es que la
masa monetaria total venga determinada por la cantidad de crédito
necesario, que el crédito se haga en la moneda usada para los
impuestos, - la moneda de curso legal -, y lo que hay que hacer es
que <b>se democratice de forma radical la autorización del crédito</b>,
es decir, que sean los mismos ciudadanos los que autoricen la
emisión, de la nada, del dinero soberano necesario para el crédito,
y de paso, el necesario para el presupuesto de los Comunes. Es al
revés de como propone el IMMR, no es que los ciudadanos usen para la
economía el dinero emitido por el gobierno, sino que el gobierno
usara una parte del dinero soberano, emitido por los ciudadanos para
la economía, para los gastos de los Comunes.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;"><b>Es
monopolista, anti-soberanía:</b> para solucionar, nuevamente, la
doble coincidencia de intereses, es decir, que cada deudor tenga que
buscar unos prestamistas que tengan en ese momento los depósitos, la
disponibilidad, y la voluntad de hacer el préstamo, se necesitan
unas entidades (los bancos) que hagan de intermediarios y dispongan
de vastas cantidades de depósitos disponibles para el crédito. En
una de las propuestas mas detalladas de positivemoney.org, <span style="color: navy;"><span lang="zxx"><u><a href="https://www.google.es/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0CCIQFjAAahUKEwjnsrHzg5rHAhWFdx4KHa5HCvM&url=http://positivemoney.org/wp-content/uploads/2012/02/Bank-of-England-Creation-of-Currency-Bill-Smaller.pdf">Bank
of England (Creation of Currency) Bill 2011</a></u></span></span>,
los usuarios tienen dos cuentas de sus depósitos, una cuenta
corriente y una cuenta de ahorros, de libre disposición del banco
para el crédito. A cambio de una renta!!! Esto nos lleva de nuevo:
</span></div>
<ol>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">
al monopolio de los bancos en el registro de las transacciones</span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">
al monopolio de los bancos para la autorización de los créditos</span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">
y de vuelta al interés!!!! no hay razón ninguna para que alguien
congele parte de sus activos sin obtener un rédito
</span></div>
</li>
</ol>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Tal
poder en manos de bancos (o quien sea), y la rigidez del sistema,
traerían muy pronto de vuelta al monstruo de la deuda sin reservas.</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">Algunas
cripto-monedas están en fase de definición de soluciones para el
crédito. En las cripto-monedas de primera generación hay que minar
la masa monetaria, es decir, que no se puede generar dinero de la
nada. Por ello, la solución es una segunda moneda, intercambiable
con la primera, que es la “moneda crédito”. Con ello,
solucionamos que el registro de las transacciones sea distribuido, en
la cadena de bloques. Solucionamos también que no haya interés.
Pero de nuevo necesitamos una entidad monopolista que mina y vende
toda la “moneda crédito”.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.02in;">
<span style="font-size: medium;">La
solución para el crédito con moneda soberana solo se encontrara con
las cripto-monedas de segunda generación, como ethereum, donde se
mina el fuel de la infraestructura financiera (el ether), pero donde
la masa monetaria de una moneda en concreto puede generarse de la
nada, con una linea de codigo.</span></div>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<h1 class="western">
<span style="font-size: medium;">El crédito peer-to-peer sin reserva</span></h1>
</blockquote>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Probablemente
el mayor impedimento intelectual para alumbrar como debe funcionar el
crédito en un sistema monetario soberano es el “horror vacui”
ante la herejía moral de que el dinero se pueda generar de la nada.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">A
los educados en los principios de la física moderna no nos causa
ninguna sorpresa que una partícula aparezca de la nada o donde no se
supone que debe de estar. Siempre que sea por un tiempo.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Hasta
que no se entienda la genialidad de la invención de la banca de
reserva fraccionaria y su rol en la economía moderna, no podremos
avanzar en una definición de una “banca de reserva fraccionaria”
de nueva generación, soberana.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">El
caso es que, de hecho, muchos sistemas de monedas complementarias, de
crédito mutuo, lo hacen. El crédito dado por defecto a todos los
miembros de un sistema de crédito mutuo (CES, Community Exchange
System), aumenta, de la nada, la masa monetaria en una cantidad por
miembro. <span style="color: navy;"><span lang="zxx"><u><a href="http://euro-cat.cat/es/">Eurocat</a></u></span></span>
y <span style="color: navy;"><span lang="zxx"><u><a href="http://www.sonantes.fr/">Sonantes</a></u></span></span>,
por tomar dos ejemplos, permiten autorizar lineas de crédito,
asimismo, de la nada.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">El
crédito (no hipotecario, sin colateral, el basado en la garantía de
unos ingresos futuros) resuelve, al igual que la moneda, la “doble
coincidencia de deseos”, pero en la dimensión temporal. Alguien
necesita un dinero ahora para una oportunidad o necesidad de negocio
que es ahora y no después, pero solo tendrá ese dinero mas tarde,
cuando realice otra transacción de venta que no se puede adelantar
(el alquiler de un apartamento en la playa sera en verano). El dinero
llegara en el futuro, pero la cadena de transacciones, visible para
todos y relativamente segura (eso es lo que significa solvencia),
todavía no lo ha traído.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Todos
usamos la tarjeta de crédito. Compramos productos ahora con la
tarjeta porque el salario llegara casi seguro a fin de mes. La
compañía de la tarjeta ha analizado nuestra solvencia para fijar el
limite. La compañía analiza la estadística de impagos, fija
procedimientos de cancelación y reclamación, y lo promedia en los
costes.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Para
las PYMES, se trata de solucionar los problemas de flujo de caja.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">El
crédito peer-to-peer (P2P) que necesitamos debe poder ser variable,
tan grande como sea necesario (dependiendo de la solvencia), y tener
una secuencia de devoluciones y unos plazos variables pero claros, y
los protocolos consecuencia de un impago bien especificados.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">El
crédito P2P no consiste en la transferencia de los depósitos de uno
o varios pares acreedores a la cuenta del par deudor. Eso es
crowdfunding. El rol del crowdfunding es otro, es una
cuasi-inversion, cuando hay un interés directo o indirecto, sino en
los beneficios, en el resultado del negocio.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Lo
que es P2P es el análisis de solvencia del deudor. Uno o varios
pares, con la reputación suficiente (que estará en función del
monto del crédito, pero también del tiempo, según una formula
ajustable), tienen el poder de emitir su juicio sobre la solvencia
del solicitante del crédito y autorizarlo o no. De la misma manera
que el experto de la oficina de tu banco local autoriza tu crédito,
pero no lo saca de su bolsillo. Si el dictamen es positivo, la
Comunidad creara, de la nada, al igual que en la banca de reserva
fraccionaria, el dinero necesario para el crédito.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Una
vez devuelto, el dinero desaparece, de forma que la masa monetaria
vuelve a equilibrio.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Todo
ciudadano puede tener inicialmente una reputación de un orden de
magnitud al admitido en los sistemas de crédito mutuo. Para dar el
crédito, al prestamista se le deduce la cantidad de reputación
necesaria, que se le devuelve al devolverse el crédito, pero no pone
su dinero. Es un sistema con dos monedas, el dinero, que se puede
transferir, y una cuasi-moneda, la reputación, que no se puede
transferir, pero si variar.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Si
el deudor devuelve el dinero a tiempo, la reputación del
“prestamista” se incrementa (según una formula ajustable), de
manera que en el futuro puede autorizar créditos de mayor
envergadura. Si no, la reputación del “prestamista” se penaliza
(según una formula también ajustable), y posiblemente tanto al
prestamista como al deudor se les puede multar en dinero. De esta
manera el fraude se lleva a cero de forma sencilla.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Es
decir, en una Comunidad P2P, la función del análisis de la
solvencia se democratiza de forma radical, pero no se automatiza. Los
prestamistas pueden usar algunos indicadores como hacen ahora los
bancos, pero nada puede reemplazar el análisis humano en concreto de
la certeza o no de las transacciones que el prestatario ofrece como
aval.</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Sin
embargo, el premio o la penalización de la reputación del
prestamista si se puede automatizar con formulas (y grabar en piedra
en el contrato en la cadena de bloques) de manera que nadie pueda
hacer fraude.</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Una
comunidad puede querer poder asignar a algunos de sus miembros una
cantidad de reputación especial, por ejemplo personal especializado
del equipo gestor de la moneda. El <span style="color: navy;"><span lang="zxx"><u><a href="http://euro-cat.cat/es/">Proyecto
Eurocat</a></u></span></span> contempla la designación de tales
especialistas.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">“Se
creara un cuerpo de Técnicos en Viabilidad Productiva Sostenible.
Estos técnicos serán profesionales, con formación especifica
obligatoria y con capacidad para aprobar lineas de crédito en
eurocats … accederán mediante una serie de pruebas a esta
condición, el mantenimiento de la cual dependerá del ratio de éxito
o fracaso de los créditos aprobados por ellos”.</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Basta
añadir a la reputación igualitaria asignada a cada ciudadano por el
sistema, la libre disposición por los creadores de la moneda de una
cantidad adicional de reputación transferible a sus Técnicos
designados. A partir de ahí, su reputación variara con el “ratio
de éxito o fracaso de los créditos aprobados por ellos”, como la
del resto de los ciudadanos de a pie.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">El
servicio de asesoramiento de la solvencia debería ser pagado. Su
precio lo puede fijar el mercado, de manera que no tiene que
pertenecer a la funcionalidad programada de la moneda. Algunos
ciudadanos pueden encontrarlo atractivo como modo de vida, y acumular
espontáneamente reputación suficiente para ganarse una capacidad de
autorización similar a los Técnicos designados oficialmente, sin
pasar por las pruebas. No hay mejor prueba que la demostrada en la
practica.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">El
problema de la doble coincidencia de intereses se soluciona con un
buscador. Si necesitas un crédito, buscas un peer con reputación
suficiente para autorizarlo que te pille cerca de tu casa. </span></div>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<h1 class="western">
<span style="font-size: medium;">La
emisión ciudadana del Soberano para los Comunes</span></h1>
</blockquote>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">El
circuito del dinero de curso legal, el ciclo impositivo, empieza con
la recogida por el gobierno de una Comunidad dada de los impuestos de
año anterior, la devolución de los créditos pendientes, sigue con
la discusión y aprobación de los presupuestos del año siguiente,
la solicitud de los créditos para un posible déficit y finalmente
con el gasto de ese presupuesto en los servicios públicos. Comienza
un nuevo ciclo de recogida de impuestos.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="line-height: 150%;"><span style="font-size: medium;">Tras
discutir el crédito peer-to-peer, se hace evidente y obvio como debe
ser este mecanismo tanto en las futuras instituciones de gobierno de
los Comunes en la sociedad post-capitalista, como en las entidades
que ahora coordinan las islas de economía solidaria.</span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;"><a href="https://www.blogger.com/null" name="__DdeLink__261_1805682581"></a>
Cada ciudadano concederá al gobierno un crédito peer-to-peer, su
parte alícuota (igual para todos) del déficit del presupuesto,
presupuesto acordado democráticamente, de los Comunes. En un régimen
funcionando adecuadamente, donde se ha devuelto todo el crédito del
año anterior, el déficit sera el total. Cada año se regenera de
nuevo, creándolo de la nada en forma de crédito ciudadano, la
cantidad de dinero necesaria para financiar los gastos de los
comunes, sin intereses.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Esta
cantidad a prestar al gobierno, vinculada a los derechos democráticos
básicos vinculados a la ciudadanía, es igual para todos.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">La
recogida de impuestos es un circuito diferente. Una vez recogidos, su
destino es cancelar el crédito ciudadano peer-to-peer, y por tanto
restituir la reputación de cada ciudadano (pero no dinero). Sin
embargo, los impuestos tienen una función de redistribución y por
tanto no son iguales para los ricos que para los pobres, y ademas el
pago es una transacción en dinero.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Alcanzar
el punto de ignición para la economía solidaria implicaría que las
entidades coordinadoras de la economía solidaria (<span style="color: navy;"><span lang="zxx"><u><a href="http://www.economiasolidaria.org/red_redes">REAS</a></u></span></span>,
<span style="color: navy;"><span lang="zxx"><u><a href="http://integrajkooperativoj.net/">Red
de Cooperativas Integrales</a></u></span></span>, <span style="color: navy;"><span lang="zxx"><u><a href="http://www.reddesolidaridadpopular.org/">Red
de Solidaridad Popular</a></u></span></span>), a todas las escalas:</span></div>
<ol>
<li><div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">
Crearan una moneda fiat con funcionalidad de crédito peer-to-peer a
cada escala</span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">
Impulsaran la creación de monedas respaldadas por un bien por sus
empresas y cooperativas</span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">
Funcionaran con un presupuesto para los trabajos Comunes a cada
escala financiado por un crédito peer-to-peer de todos sus
ciudadanos</span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">
Impusieran un sistema de impuestos, a ciudadanos y empresas, solo
pagable en la moneda fiat. Las donaciones deben ser contabilizadas
como parte de la recogida de impuestos.
</span></div>
</li>
</ol>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">No
es sencillo, pero si no se dan estas condiciones todo serán tracas
que se esfuman en el aire.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">No
todo tiene que suceder a la vez. Una cripto-moneda con funcionalidad
de crédito peer-to-peer puede ser bastante viral, sobre todo si es
posible vincularla a redes sociales. Su extensión independiente
puede ser la base sobre la que edificar el resto. Hay que tener en
cuenta que la dimensión de localización la dan en gran medida los
peers que autorizan la moneda, que deben ser cercanos al prestatario.
Hasta que no se llegue a las fases 3 y 4, donde se vincula la moneda
al proceso impositivo del gobierno de una comunidad, no hay problema
en usar una moneda de este tipo global, de uso local solo en sentido
laxo. Una vez llegadas a estas fases, cada comunidad deberá lanzar
su propia moneda soberana, salvo que queramos repetir el desastre del
EURO.
</span></div>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<h1 class="western">
<span style="font-size: medium;">El
papel del voluntariado como bomba osmótica de transferencia de valor</span></h1>
</blockquote>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;"><span style="color: #00000a;">La
Economía Solidaria supone una </span><span style="color: navy;"><span lang="zxx"><u><a href="http://desperado-theory.blogspot.com.es/2013/05/la-potencia-de-la-economia-social.html"><span style="color: #00000a;">fuerza
económica inmensa</span></a></u></span></span><span style="color: #00000a;">,
y su volumen, de momento invisible, es un volumen nada desdeñable.
Para empezar a hablar, hablemos del voluntariado. Millones de
personas entregan de forma voluntaria y filantrópica parte de su
tiempo en labores de voluntariado o en bancos de tiempo. El </span><span style="color: navy;"><span lang="zxx"><u><a href="http://ccss.jhu.edu/research-projects/vmp/evmp/"><span style="color: #00000a;">European
Volunteer Measurement Project</span></a></u></span></span><span style="color: #00000a;">
del EUROPEAN VOLUNTEER CENTRE estima en unos 140 millones de personas
en el mundo que hacen voluntariado y que su valor añadido asciende a
277 billones de euros. Equivalente a la 7ª economía en Europa. El
tiempo representa un 68% de todas las donaciones filantrópicas,
mucho más que todo lo que entregan los bancos, las empresas y los
estados en forma de donaciones monetarias.</span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;"><span style="color: #00000a;">Según
el informe de la European Foundation for the Improvement of Living
and Working Conditions - Second European Quality of Life Survey –
</span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.eurofound.europa.eu/sites/default/files/ef_files/pubdocs/2011/02/en/1/EF1102EN.pdf"><span style="color: #00000a;">Participation
in volunteering and unpaid job – 2011</span></a></u></span></span><span style="color: #00000a;">
en Europa, como media, un 20% de la población adulta hace labores de
voluntariado, dedicando a ello entre 6 y 7 horas a la semana, entre
24 y 30 horas al mes.</span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;"><span style="color: #00000a;">El
</span><span style="color: navy;"><span lang="zxx"><u><a href="http://www.ilo.org/stat/Publications/WCMS_162119/lang--en/index.htm"><span style="color: #00000a;">Manual
on the Measurement of Volunteer Work</span></a></u></span></span><span style="color: #00000a;">
de la OIT tiene recomendaciones muy precisas sobre cómo hacer
estimaciones del valor de ese trabajo. </span>
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;"><span style="color: #00000a;">Es
hora de poner en circulación esos valores económicos para mover el
molino de los circuitos monetarios de la economía solidaria. </span>
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="color: #00000a; font-size: medium;">Los
voluntarios que trabajan en las empresas o cooperativas de la
economía solidaria deben ser pagados en la moneda de esa
cooperativa, o alternativamente en la moneda soberana. Los
voluntarios que trabajan en trabajos de los Comunes, son
proto-empleados-publicos de la nueva economía. Deben ser pagados con
la moneda fiat, la moneda soberana, de esa Comunidad, su presupuesto
incluido en el presupuesto de esa Comunidad, y cubierto por los
impuestos.</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;"><span style="color: #00000a;">Parecería
lógico que los bancos de tiempo también usaran esa moneda. </span>
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;"><span style="color: #00000a;">El
gasto que hagan los voluntarios en esa moneda es el pistón que pone
en circulación la nueva economía. </span>
</span></div>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<h1 class="western">
<span style="font-size: medium;">Convertir
las donaciones a Soberanos para mover el molino</span></h1>
</blockquote>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Casi
todas las empresas sociales admiten donaciones en especie o en dinero
bancario o de curso legal. Los comedores sociales hacen colectas de
alimentos, por ejemplo. Se debería pagar en soberanos. Las
donaciones en euros, por ejemplo, deben ser convertidas a soberanos.
Las empresas sociales necesitan todavía euros para adquirir
productos y servicios. Eso no quita para que las donaciones primero
se “cambien” por soberanos al donante. Cuando hagan falta euros,
se ira al mercado cambiario de cripto-monedas.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Eso
no menoscaba el merito altruista de los donantes, al contrario. Es
como si llegaran en una barca a la isla de economía solidaria,
depositaran su ofrenda, y luego se les expulsara de vuelta a su país
del dinero deuda bancario. Hay que invitarlos a la isla y participar
de su vida social!
</span></div>
<blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;">
<h1 class="western">
<span style="font-size: medium;">Soberanía
para llevar los registros en forma peer-to-peer</span></h1>
</blockquote>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;"><a href="https://www.blogger.com/null" name="__DdeLink__26717_547355160"></a>
Por generalmente admitido, no hace falta casi argumentar que el nuevo
sistema monetario debe asentarse sobre la tecnología de la cadena de
bloques, de forma que la soberanía para llevar los registros en
forma peer-to-peer sea plena.</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Por
muy buenas y éticas que sean las intenciones de una banca como
<span style="color: navy;"><span lang="zxx"><u><a href="http://www.fiarebancaetica.coop/">FIARE</a></u></span></span>,
sean las intenciones de un CES sobre <span style="color: navy;"><span lang="zxx"><u><a href="http://www.cyclos.org/">Cyclos</a></u></span></span>,
no hay nada que impida que sigan el camino que siguieron las Cajas de
Ahorros, en España y en todo el mundo. La escalabilidad de Cyclos a
millones esta por demostrar, y la garantía de nivel de fiabilidad
del registro de las transacciones a los estándares de la banca (con
todas sus regulaciones, inspecciones, auditorias) apenas cuelga de la
confianza en una par de administradores del sistema.
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0in;">
<span style="font-size: medium;">Menos
asumido es que el nuevo sistema monetario debe desacoplar cada
moneda en concreto una cadena de bloques privada para cada moneda.
Necesitamos usar una tecnología de la cadena de bloques de segunda
generación que sirva como infraestructura general a cualquiera
relaciones contractuales acordadas entre las partes (monedas
soberanas, de producto) y programadas ad-hoc en la cadena de bloques,
donde el minado sea de la infraestructura y no de cada moneda, y sea
igualitario (son posibilidad de conquistar el 51% a fuerza de
computación). </span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghHMyfSANcHQ0uOPGmUgws0XSVhde_uL4r6tZYbnlNVYV5lQQPcdk4NwjmwG758RrcWetymq_YAdiq7iN9ucpUt0ymubx1rQ080bnF19VsOYquNhf7Q9ggK2upVsKhWMt8YB1Rn5BeFbo/s1600/Marmita.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="232" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghHMyfSANcHQ0uOPGmUgws0XSVhde_uL4r6tZYbnlNVYV5lQQPcdk4NwjmwG758RrcWetymq_YAdiq7iN9ucpUt0ymubx1rQ080bnF19VsOYquNhf7Q9ggK2upVsKhWMt8YB1Rn5BeFbo/s400/Marmita.png" width="400" /></a></div>
<span style="font-size: medium;"><br /></span></div>
</div>
Anonymoushttp://www.blogger.com/profile/13305955758684580225noreply@blogger.com2tag:blogger.com,1999:blog-6734326932977571104.post-64468302264021269882015-08-05T16:13:00.002-07:002015-08-05T16:13:25.348-07:00Áreas legales relevantes para las monedas complementarias<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="western" style="line-height: 150%; margin-bottom: 0.14in; text-align: center;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;"><i>(traducido
de “<a href="http://communitycurrenciesinaction.eu/toolkit-legal-and-compliance/" target="_blank">Legal
Topic Overview</a>” de CCIA)</i></span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="font-family: Ubuntu;">CCIA
(</span><span style="color: blue;"><span lang="es-ES"><u><a href="http://communitycurrenciesinaction.eu/"><span style="font-family: Ubuntu;">Community
Currencies in Action</span></a></u></span></span><span style="font-family: Ubuntu;">)
es probablemente la mayor experiencia piloto en monedas
complementarias realizada hasta la fecha en Europa. </span>
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="font-family: Ubuntu;">El
proyecto, desarrollado entre los años 2011 y 2015, pretendía sentar
las bases de la innovación interdisciplinar en sistemas monetarios
diseñados para el bien común. </span>
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="font-family: Ubuntu;">Con
un coste total de mas de 6 mill. EUR, y financiado en parte por los
</span><span style="color: blue;"><span lang="es-ES"><u><a href="http://ww.nweurope.eu/index.php?act=project_detail&id=5460"><span style="font-family: Ubuntu;">Fondos
de Desarrollo Regional de la UE</span></a></u></span></span><span style="font-family: Ubuntu;">
con mas de 3 mill. EUR, CCIA tuvo nueve socios de cuatro países del
noreste de Europa. </span>
</span></div>
<ol>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://www.wcva.org.uk/"><span style="font-family: Ubuntu;">Wales
Council for Voluntary Action</span></a></u></span></span><span style="font-family: Ubuntu;">,
UK</span></span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://www.justaddspice.org/"><span style="font-family: Ubuntu;">Spice
Innovations Limited</span></a></u></span></span><span style="font-family: Ubuntu;">,
UK </span></span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://www.neweconomics.org/"><span style="font-family: Ubuntu;">New
Economics Foundation</span></a></u></span></span><span style="font-family: Ubuntu;">,
UK </span></span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://www.lambeth.gov.uk/"><span style="font-family: Ubuntu;">London
Borough of Lambeth</span></a></u></span></span><span style="font-family: Ubuntu;">,
UK </span></span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://www.qoin.org/"><span style="font-family: Ubuntu;">Stichting
Points</span></a></u></span></span><span style="font-family: Ubuntu;">
(QOIN), NL</span></span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://www.oost.amsterdam.nl/"><span style="font-family: Ubuntu;">Gemeente
Amsterdam, Stadsdeel Oost</span></a></u></span></span><span style="font-family: Ubuntu;">,
NL </span></span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://www.humanvillage.org/"><span style="font-family: Ubuntu;">Humanvillage</span></a></u></span></span><span style="font-family: Ubuntu;">,
FR</span></span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://www.creditmunicipal-nantes.fr/"><span style="font-family: Ubuntu;">Crédit
municipal de Nantes</span></a></u></span></span><span style="font-family: Ubuntu;">,
FR </span></span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://www.limburg.net/"><span style="font-family: Ubuntu;">Limburg.Net</span></a></u></span></span><span style="font-family: Ubuntu;">,
BE</span></span></div>
</li>
</ol>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="font-family: Ubuntu;">Ha
tenido miles de participantes y ha experimentado con seis monedas de
distinto modelo de negocio, ademas de hacer un estudio de casos muy
amplio. Una idea de la dimensión de la experiencia nos la da la
moneda de Nantes que aspira a un 10% del PIB de la región. </span>
</span></div>
<ol>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://communitycurrenciesinaction.eu/curreny-pilot-sonantes/"><span style="font-family: Ubuntu;">SoNantes</span></a></u></span></span><span style="font-family: Ubuntu;">,
FR, una moneda para negocios B2B y B2C</span></span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://communitycurrenciesinaction.eu/makkie/"><span style="font-family: Ubuntu;">Makkie</span></a></u></span></span><span style="font-family: Ubuntu;">,
NL, una moneda de retribución al valor ambiental</span></span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://communitycurrenciesinaction.eu/lambeth-currency/"><span style="font-family: Ubuntu;">Brixton
Pound</span></a></u></span></span><span style="font-family: Ubuntu;">,
UK, una moneda de comercialización para PYMES</span></span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://communitycurrenciesinaction.eu/e-portemonnee/"><span style="font-family: Ubuntu;">E-Portemonnee</span></a></u></span></span><span style="font-family: Ubuntu;">,
BE, una moneda de retribución al valor ambiental</span></span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://communitycurrenciesinaction.eu/sme-tradenetwork/"><span style="font-family: Ubuntu;">TradeQoin</span></a></u></span></span><span style="font-family: Ubuntu;">,
NL, una moneda de intercambio B2B para PYMES</span></span></div>
</li>
<li><div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="color: blue;"><span lang="es-ES"><u><a href="http://communitycurrenciesinaction.eu/spice-timebanks/"><span style="font-family: Ubuntu;">Spice
Time Credits</span></a></u></span></span><span style="font-family: Ubuntu;">,
UK, un banco de tiempo</span></span></div>
</li>
</ol>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="font-family: Ubuntu;">CCIA
deja como herencia un centro de recursos de documentación,
conocimiento y herramientas para las monedas complementarias (entre
ellas un nuevo software inspirado en el conocido Cyclos) el
</span><span style="color: blue;"><span lang="es-ES"><u><a href="http://community-currency.info/"><span style="font-family: Ubuntu;">Community-Currency.info</span></a></u></span></span><span style="font-family: Ubuntu;">.</span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Como
decía Benatd Lietaer en el acto de clausura, el proyecto CCIA ha
mordido carne por primera vez en el sistema bancario que actualmente
crea la moneda de curso legal ya que dos de las monedas han sido
aceptadas para pagar los impuestos municipales.</span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="font-family: Ubuntu;">Vamos
a centrarnos especialmente en los resultados de su investigación
sobre los aspectos legales de las monedas complementarias. El
proyecto ha explorado en profundidad la conformidad de las monedas
complementarias con la legalidad de Bélgica, Francia, Alemania,
Holanda e Inglaterra. Los reportes por país se pueden encontrar en
</span><span style="color: blue;"><span lang="es-ES"><u><a href="http://communitycurrenciesinaction.eu/toolkit-legal-and-compliance/"><span style="font-family: Ubuntu;">http://communitycurrenciesinaction.eu/toolkit-legal-and-compliance/</span></a></u></span></span><span style="font-family: Ubuntu;">.</span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">De
estos estudios se desprenden unas conclusiones que fácilmente,
aunque con las debidas reservas, se podrían extender al resto de los
países europeos. Diversas directivas comunitarias proveen de un
marco común.</span></span></div>
<h1 class="western" style="line-height: 150%;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Visión
de conjunto de las áreas legales relevantes</span></span></h1>
<h2 class="western" style="line-height: 150%;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Impuestos</span></span></h2>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Las
autoridades y reguladores fiscales pueden tener prevenciones de que
las monedas comunitarios se conviertan en un medio por el que
empresas e individuos pueden escapar de las implicaciones fiscales de
las transacciones en las que participan. Por lo tanto es vital que
toda moneda comunitaria aspire a mitigar estos preocupaciones
legítimas tratando adecuadamente los temas del IVA, el Impuesto de
Sociedades y el IRPF para las empresas e individuos que participen
en el nuevo esquema monetario.</span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="font-family: Ubuntu;">Las
monedas sociales como los bancos de tiempo y los sistemas de crédito
mutuo (LETS), dada su escala relativamente limitada en cuanto a
balances e ingresos individuales, así como oportunidades de gasto,
tienen en general un riesgo bajo de evasión fiscal por los usuarios.
Para monedas profesionales o B2B con sistemas de circuito cerrado de
pagos, se deben poner en marcha medidas que ayuden a las empresas y a
los usuarios a ser conscientes de sus obligaciones fiscales legales y
a facilitar su pago. Facilita todo mucho si la autoridad fiscal
admite la moneda como medio de pago de los impuestos. </span>
</span></div>
<h2 class="western" style="line-height: 150%;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Seguros</span></span></h2>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Bajo
este epígrafe hay que considerar varios aspectos. Primero, el
impacto del modelo de negocio sobre los usuarios de la moneda y sobre
los voluntarios empleados como operadores de la moneda y la necesidad
de tener algún tipo de seguro para los riesgos de su actividad.
Segundo, como los órganos de gobierno se protegen de los mayores
riesgos.</span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">En
algunas ciudades y municipalidades los ciudadanos empleados en
trabajo voluntario están cubiertos por una póliza de seguros
municipal (accidentes, discapacidad laboral). Pero hay municipios
donde esto no es el caso.</span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="font-family: Ubuntu;">Las
empresas, fundaciones y otras entidades (con o sin ánimo de lucro)
que aspiren a implementar una moneda deben considerar el asunto de
una posible responsabilidad civil de los miembros de los órganos de
gobierno en casos de quiebras y bancarrotas y otras eventualidades. </span>
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Para
las compañías de seguros puede que no sea fácil asesorar acerca de
los riesgos que se corren al operar una moneda complementaria, por lo
que se requerirá una revisión de los posibles riesgos y una
negociación hasta acordar un tipo de póliza de seguros apropiada.</span></span></div>
<h2 class="western" style="line-height: 150%;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Seguridad
social y empleo</span></span></h2>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Uno
de los principales públicos objetivo de las monedas sociales son las
personas o en paro o fuera del mercado laboral, así como otras
personas vulnerables como personas con discapacidad, y personas en
marginación social, pobreza y de zonas deprimidas. Muchas de las
personas que participan o pudieran participar son perceptores de
beneficios sociales o del subsidio del paro. Para que puedan
participar sin poner en riesgo esos beneficios es importante
establecer un diálogo con los autoridades nacionales y locales
responsables para establecer las reglas del impacto de su
participación en esquemas de moneda social.</span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="font-family: Ubuntu;">Hay
una tendencia creciente, sobre todo en monedas con respaldo de moneda
legal, a pagar a los individuos que operan la moneda en la moneda
nueva. Por tanto es vital ver como esto se contempla en la
legislación laboral. Un aspecto no menor es su computación a
efectos de historial laboral. </span>
</span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="font-family: Ubuntu;">Un
documento clave en estos temas es el </span><span style="color: blue;"><span lang="es-ES"><u><a href="http://www.ilo.org/global/statistics-and-databases/meetings-and-events/international-conference-of-labour-statisticians/WCMS_100574/lang--en/index.htm"><span style="font-family: Ubuntu;">ILO
Manual on the Measurement of Volunteer Work</span></a></u></span></span><span style="font-family: Ubuntu;">.
</span>
</span></div>
<h2 class="western" style="line-height: 150%;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Protección
de datos e higiene y seguridad laboral</span></span></h2>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">La
protección de datos es un asunto legal importante para cualquier
servicio en la red. Los operadores de la moneda serán responsables
de formular e implementar políticas de protección de datos para
proteger la información sensible de los usuarios. Existe abundante
legislación al respecto.</span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Igualmente
hay una necesidad, a la hora de implicar algunos sectores sociales,
como niños, en actividades donde se emplee la nueva moneda, de
asegurarles unas políticas de protección adecuadas.</span></span></div>
<h2 class="western" style="line-height: 150%;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Servicios
financieros</span></span></h2>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Cualquier
organización que imprima dinero "físico", o bonos, o
ponga en circulación unidades monetarias electrónicas, y que sean
convertibles a moneda de curso legal o sirvan para proveer de
servicios de pago, necesitara revisar cuales son las regulaciones
sobre servicios financieros le son aplicables a su moneda y cuales
son las entidades responsables de hacerlas valer (bancos centrales,
autoridades reguladoras) para solicitar su conformidad o regular las
exenciones apropiadas.</span></span></div>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-size: medium;"><span style="font-family: Ubuntu;">Todos
los países tienen leyes muy restrictivas en cuanto a quien puede
imprimir dinero y los operadores de monedas complementarias deben
asegurarse que no contravienen tales reglas. Las provisiones de la
directiva sobre dinero electrónico (</span><span style="color: blue;"><span lang="es-ES"><u><a href="http://www.google.es/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0CCEQFjAA&url=http://www.boe.es/doue/2009/267/L00007-00017.pdf&ei=CaZwVdvLMYemU5zdgIgP&usg=AFQjCNHii_3prEf5JdXgCzqJycc95s7lsg&sig2=F15C2g7MS7oJjGcClxTbFw"><span style="font-family: Ubuntu;">DIRECTIVA
2009/110/CE DEL PARLAMENTO EUROPEO Y DEL CONSEJO</span></a></u></span></span><span style="font-family: Ubuntu;">
</span><span style="font-family: Ubuntu;"><i>de
16 de septiembre de 2009 sobre el acceso a la actividad de las
entidades de dinero electrónico y su ejercicio, así como sobre la
supervisión prudencial de dichas entidades</i></span><span style="font-family: Ubuntu;">)
y la directiva sobre medios de pago (</span><span style="color: blue;"><span lang="es-ES"><u><a href="http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2007:319:0001:0036:ES:PDF"><span style="font-family: Ubuntu;">DIRECTIVA
2007/64/CE DEL PARLAMENTO EUROPEO Y DEL CONSEJO</span></a></u></span></span><span style="font-family: Ubuntu;">
</span><span style="font-family: Ubuntu;"><i>de
13 de noviembre de 2007sobre servicios de pago en el mercado
interior</i></span><span style="font-family: Ubuntu;">)
solo se aplican a aquellas monedas que no pueden demostrar que operan
en una red limitada. No obstante, puede que sean aplicables otras
reglas y leyes de ámbito superior, por ejemplo sobre la emisión de
notas en papel.</span></span></div>
<h2 class="western" style="line-height: 150%;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">Aceptación
del sector público</span></span></h2>
<div class="western" style="line-height: 150%; margin-bottom: 0.14in;">
<span style="font-family: Ubuntu;"><span style="font-size: medium;">El
objetivo de muchas monedas complementarias es su aceptación a la par
de la moneda de curso legal por las entidades públicas. Cuando los
municipios aceptan la moneda complementaria como pago para sus
servicios (piscinas, transporte público, etc.) y los impuestos
municipales, la moneda obtiene un respaldo, una credibilidad y una
usabilidad muy superior. Sin embargo, las experiencias en la Eurozona
se han encontrado con barreras no tanto legales como de aversión a
la innovación y al riesgo por las autoridades locales. </span></span>
</div>
</div>
Anonymoushttp://www.blogger.com/profile/13305955758684580225noreply@blogger.com0tag:blogger.com,1999:blog-6734326932977571104.post-79473460717867273742015-05-12T10:38:00.001-07:002015-05-12T23:13:44.836-07:00What the hell is a P2P credit?<div dir="ltr" style="text-align: left;" trbidi="on">
<div align="center" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.17in; page-break-after: avoid;">
</div>
<style type="text/css">p { margin-bottom: 0.1in; line-height: 120%; }a:link { }</style><span style="font-family: Ubuntu;">The blockchain
supporting Smart Contracts opens the door for practical
implementations of some dreams of the monetary reform. Now
we can easily implement new currencies and many other financial
instruments. </span>
<br />
<div style="line-height: 100%;">
<span style="font-family: Ubuntu;">One of the most
controversial financial instruments is credit. In our current world,
giving credit is almost monopolized by banks, and in fact, most of
the circulating money is created as a record of a debt, as a loan or
as a mortgage, in a system called Fractional Reserve Banking. </span>
</div>
<div style="line-height: 100%;">
<span style="font-family: Ubuntu;">The monetary reform
movement explores in many alternative directions. </span>
</div>
<h1 class="western">
What is money?</h1>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<a href="https://www.blogger.com/null" name="__DdeLink__125_1006567959"></a>
<span style="font-family: Ubuntu;">Lets go back to basics. Money is supposed to
solve the “<a href="http://en.wikipedia.org/wiki/Coincidence_of_wants">double
coincidence of wants</a>” problem </span><span style="font-family: Ubuntu;">in a
given market</span><span style="font-family: Ubuntu;">. Somebody puts some tickets
into circulation </span><span style="font-family: Ubuntu;">in that market</span><span style="font-family: Ubuntu;">,
tickets accepted by everybody as a measure of value, decoupling the
problem </span><span style="font-family: Ubuntu;">of the “double coincidence of
wants” (of products to be exchanged) </span><span style="font-family: Ubuntu;">into
</span><span style="font-family: Ubuntu;">a </span><span style="font-family: Ubuntu;">simple
coincidence of wants of a product against the number of tickets
representing a value. </span><span style="font-family: Ubuntu;">Everybody wants the
same tickets, although different goods. It is a “wishes translator”
trough a common meta-wishes tool, money. Any product can be
represented (for the purposes of the market) by its market value (at
that market) embodied by a number of the tokens used (in that
market). </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">In the middle age village markets it was possibly
the baker the one writing tickets representing bread, to be baked
later in the morning. This is the nice tale told by Paul Grignon
(<a href="http://www.moneyasdebt.net/">http://www.moneyasdebt.net/</a>).
That is, the “less abstract” kind of token is a token
representing a commodity wanted by everybody: bread. The token does
not need to represent an existing good, it can be a promise. Day
after day, year after year, the baker bakes some bread. He has a well
established reputation. Therefore, his tokens, a “promise” of a
product, can be used as money. </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">States have always issued coins of legal tender
money representing due taxes, and have paid their armies with them.
Everybody is forced to pay taxes. Therefore the tokens representing
the taxes to be paid is also a token wanted by everybody. In fact, as
Nick Szabo explains (<a href="http://szabo.best.vwh.net/shell.html">http://szabo.best.vwh.net/shell.html</a>),
these tokens representing tributes to be paid to the warlord appeared
before a significant market worth its name existed between tribes.
The “pax romana” imposed by the warlord, with its tax money, is
what gave the ingredients for the market to grow. Even in the Middle
ages, the bakers money was only used at the occasional free markets
at the free villages. Usually, the tax money coined by the feudal
lord was used. </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Nowadays, banks put into circulation registries
representing debts due to them.</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">In one way or another, money is a token that is a
social instrument to solve the “<a href="http://en.wikipedia.org/wiki/Coincidence_of_wants">double
coincidence of wants</a>” in the market, and that is accepted by
everybody. Normally there are very convincing and even enforcing
arguments to be accepted by everybody. But this is instrumental. If
it can be accepted otherwise it will work as well.</span></div>
<h1 class="western">
What is credit?</h1>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<a href="https://www.blogger.com/null" name="__DdeLink__125_10065679591"></a>
<span style="font-family: Ubuntu;">Credit is also supposed to solve the “<a href="http://en.wikipedia.org/wiki/Coincidence_of_wants">double
coincidence of wants</a>” problem in a given market, but in the
time dimension. Somebody needs some money now to buy something that
he wants now, and no later, but he will get the money only later when
he makes another future transaction, a transaction that cannot be
done now (he has an hotel, but customers only want to come later on
in summer). </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;"><span lang="en-US">Credit is </span></span><span style="font-family: Ubuntu;"><span lang="en-US">needed
to be able to increase temporarily </span></span><span style="font-family: Ubuntu;"><span lang="en-US">and
locally </span></span><span style="font-family: Ubuntu;"><span lang="en-US">the
monetary mass with money there where it is needed. The money will
arrive later (this is what solvency means) but the chain of
transactions has not brought it there jet. However, the money is
needed now to generate a new transaction demanded by the economy. </span></span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">We all use credit cards. We buy goods with the
credit card, because the salary will arrive later almost for sure.
The credit card company has analyzed our solvency to set the limits.
The credit card company only statistically considers that when they
send the monthly bill we may have spend already all the salary. If
that happens, there are clear remedies. </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Without this possibility of credit the economy
gets stuck. We all know, without credit most SME's would not survive.
SME's are responsible for the largest part of the economy. By nature,
SME's arrive at cashflow problems. Every sale only randomly adjusts
to the planned cycle from offer to delivery to payment. For large
corporations with huge number operations this becomes a moderated
noise. SME's, with few sales in relation to total sales, need to ride
the random shaking of incomes and payments in their balance sheet.
The credit financial tool provides this flexibility to smooth the
peaks with money out of the credit.</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">The credits we need should be able to be as large
as necessary (depending on the solvency), have a clear payback timing
and deadlines, short or long, and the outcome of a default at payback
has to have a clear remedy (including, but not only, sanctions). </span>
</div>
<h1 class="western">
Credit in the Fractional Reserve Banking system</h1>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">The historical role of the Fractional Reserve
Banking System has been very positive, it has been a very useful
financial system for the last centuries. Banks provided a service of
giving loans, by creating money out of the nothing. The Fractional
Reserve Banking System loan mechanism means that they are authorized
to increase temporally the total monetary mass (Money creation in the
modern economy,
<a href="http://www.bankofengland.co.uk/publications/Pages/quarterlybulletin/2014/qb14q1.aspx">http://www.bankofengland.co.uk/publications/Pages/quarterlybulletin/2014/qb14q1.aspx</a>
Quarterly Bulletin 2014 Q1, BANK OF ENGLAND), and thus to generate a
small inflation with each credit. The banks social added value was
historically to analyze the solvency of the borrower. Banks give
credit but also guarantee that the overall monetary mass goes back
one day to the original level, that is, that loans are being paid, so
that money does not inflate forever.</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">This is indeed a wonderful financial invention!</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">In a way, in the Fractional Reserve Banking
system a credit resembles the quantum effect of putting into
circulation an electron and a hole at a semiconductor. Once an
electron is dispatched, the electron can travel separatedly from the
hole. So can do the money and the debt of a credit. </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Credit is a kind of tunnel effect. Money can
emerge because it comes across a time barrier instead of an energy
barrier. The money was supposed to appear later as a result of a
transaction of real goods, but it appears now. To do so, there be a
hole. When the real money appears, the hole, the debt, may have also
gone elsewhere. So, there real money looks for another hole to fuse
and disappear in the nirvana.</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">For the system to work, the monetary mass has to
stay in average the same, meaning that every electron has to find
sooner or later a hole, and every credit has to find a coin
representing a real good.</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Unfortunately, at giving credits, banks have
become a fiasco when analyzing the creditworthiness, the solvency, of
the creditors. Instead, the bank speculators have demonstrated to act
as compulsive gamblers playing bingo and baccarat with the real
world. At the top of the financial pyramid, in the economy of the XXI
there is no anymore benefit left than for bubbles. Solvency does not
play any role any more. </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">In my view, the essence of the discussion of
monetary reform is the discussion about who analyses the
creditworthiness of the creditor in any credit system, clearinghouse,
or currency invention, under the condition that we radically
democratize that function, so that we are back to solvency at giving
credits. </span>
</div>
<h1 class="western">
What is P2P in a P2P credit?</h1>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">A P2P credit is not necessarily P2P in the sense
that we transfer saved currency assets from one or several
moneylender Peers to a borrower Peer. This we call crowd-funding.
Crowd-funding cannot be generalized, it would require a too high
level of savings by all members of a Community. This would again
reinforce the role of money as storage of value, a role we would like
to decrease. </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">What becomes P2P is the solvency analysis of the
borrower. Any or several Peers, with reputation enough, are entitled
to give their judgement of the solvency of the Peer borrower. The
same way the expert of the local branch of your bank in the
Fractional Reserve Banking System does now. If their assessment is
positive, the Community will just create out of the nothing, as banks
do, the money necessary for the credit.</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Once the money is given back, it is destroyed, so
that the monetary mass returns to the equilibrium of:</span></div>
<div align="center" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">M x V = P x Q</span></div>
<div align="center" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;"><a href="http://en.wikipedia.org/wiki/Equation_of_exchange">http://en.wikipedia.org/wiki/Equation_of_exchange</a>
</span>
</div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">If the borrower returns the money on time, the
reputation of the “moneylenders” is increased. If not, the
reputation of the “moneylenders” is penalized, and probably they
get a penalty in money as well. </span>
</div>
<h1 class="western">
An example</h1>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Susan has a business of renting rooms at a winter
ski station. Bob has made a reservation for two rooms at T3, January
next year, at the price of 2 Units of Account, and Mary has made a
reservation of one room, at the price of 1 Unit of Account, also for
T3, January next year. Susan has checked, at the moment of the
reservation, T1, in June, that Bob and Mary earn enough.
Nevertheless, you can never be sure that they will not cancel the
reservation in the last minute. In that case, Susan will need to
urgently see for another customer. So far, over the last years she
succeeded to have full booking.</span></div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Susan would like to engage in a course of hotel
management provided by Charlie that starts at T2, September. The
price is 3 Units of Account, and has to be paid at T2. </span>
</div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Susan would need a credit from September to
January of 3 Units of Account. The P2P Community just creates the
money out of the nothing, annotates the debt in a credit account, and
increases her currency account by 3 Units of Account (later we will
propose a slightly different mechanics). </span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiFjFYpKJLdDrr5nFy1WQa_bri8qJ_2Pb2hMS6SwnhLGo-RSxnN1rbPbGAGp94BELLNiYkux0NTavK1VeTa5yWbNXhq7k5VJAnrBBkX_3QCtja6-xWHx0xr3GM-fH6gibkDmujIkegoYk/s1600/P2PCredit1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiFjFYpKJLdDrr5nFy1WQa_bri8qJ_2Pb2hMS6SwnhLGo-RSxnN1rbPbGAGp94BELLNiYkux0NTavK1VeTa5yWbNXhq7k5VJAnrBBkX_3QCtja6-xWHx0xr3GM-fH6gibkDmujIkegoYk/s400/P2PCredit1.png" width="400" /></a></div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;"> </span>
</div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">To do this procedure, the P2P Community delegates
to some “moneylendering” experts the analysis of Susan solvency. </span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKNOz7pm93qJwVeZRNZajqGywLG0hOk5EijLdZNge9PP0rXcP-OanmqfudVPK6bvYSvNHkCMU5jy9avuieDd5T5sxljCdV9091ht8RtIl7k8CYXWDVPLlG0IGLaD6iYBYUEY-vBfyWEk0/s1600/P2PCredit2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKNOz7pm93qJwVeZRNZajqGywLG0hOk5EijLdZNge9PP0rXcP-OanmqfudVPK6bvYSvNHkCMU5jy9avuieDd5T5sxljCdV9091ht8RtIl7k8CYXWDVPLlG0IGLaD6iYBYUEY-vBfyWEk0/s400/P2PCredit2.png" width="400" /></a></div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;"> </span>
</div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">At a P2P Community, this function can be
radically democratized, but not automated. Of course, some past
records and generic analysis of Susan finances can be provided by
some smart automated programs, but nothing will replace the concrete
analysis of the concrete credit needed for a particular situation,
made by a human. Except for the generic credit given by credit cards
for a limited amount, this is how most credits, in special credits
for SME's, work. Its a human at the local branch of the bank who
will do the assessment. </span>
</div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">In fact, we can give upfront to any member a
given “credit card” type of limited credit. Most LETs and Time
Banks do so. </span>
</div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Beyond that, we can give more ad hoc credit, and
any Peer in the Community that knows Susan and wants to do the
service of solvency analysis could do it. He or she has only to
accumulate enough “moneylendering” reputation. We could
arbitrarily say that anybody starts with a given amount of
“moneylendering” reputation, and anybody can give credit for a
quantity and a time in which:</span></div>
<div align="center" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">quantity x time < reputation</span></div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">In case of need, Susan may add the reputation of
several experts.</span></div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Contrary to solvency, the calculation of
“moneylender reputation” can be easily automated and hammered in
stone in the blockchain, so that nobody can cheat it. You just
increase the reputation by some agreed function on any properly
returned credit, and penalize it equally by some agreed function on
the amount and time of unpaid due quantities of the credits he or she
assessed. </span>
</div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Of course, the service should be paid. But it is
not essential to embed this service payment in the system. Rather, we
can leave it to the market, and negotiated out of the credit contract
as such. Therefore, the payment of “moneylender” services have
not to be designed together with the credit system. </span>
</div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">We all could assess a credit in good faith. But
because the reputation can accumulate, some members of the P2P
Community may chose to make a living out of it and become
“professionals”. Fair enough. They will care to stay in business
by not letting their reputation be penalized. </span>
</div>
<h1 class="western">
Credit mechanics is different to a mortgage</h1>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">In order to avoid misunderstandings as we
progress designing the P2P functions, lets clarify first that credit
is not a mortgage over a long lasting good, like a house, in which
the good can be the collateral (the easy solvency case). A credit has
usually no clear or specific collateral. </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;"><a href="http://desperado-theory.blogspot.be/2014/07/b2p-currency-mortgages.html" target="_blank">Mortgages</a>,
in which the mortgages assets are the collateral, are no longer
needed in a monetary system where most currencies represent a promise
of a good. Some other money is fiat public tender money representing
the commons public works: the public servants works, services and
goods. Money, in this case, is a promise of public goods. </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<a href="https://www.blogger.com/null" name="result_box"></a><a href="https://www.blogger.com/null" name="result_box1"></a>
<span style="font-family: Ubuntu;">In such a system, buying property, real estate or
long lasting machinery or goods can be done without credit. It can
become a barter system between the producers of long lasting goods
and the producers of every day consumption goods or services. In the
end the producers of long lasting goods need to eat fresh food every
day. Buying property, real estate or long lasting machinery or goods
consists in an exchange of the currencies with a long extinction time
(i.e. representing a production a batch of bricks) and currencies
with a short extinction time (i.e. representing a production of a
batch of yogurts).</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">There is no credit. There is an exchange of bonds
in the currency exchange market.</span></div>
<h1 class="western">
Credit is not an investment</h1>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Further, lets discard another potential
misunderstanding. Investment is not a credit. At an investment, the
investor shares all the risk of the investment. If the capital is
lost, the investor loses the capital.</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">At a credit, the law obliges the borrower to give
back the money in all cases.</span></div>
<h1 class="western">
The monetary reform proposals</h1>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">In most cases, the monetary reform proposals
(like the sovereign money proposal by positivemoney
<a href="http://www.positivemoney.org/">http://www.positivemoney.org/</a>,
most P2P credit proposals) suggest that credit is done by
transferring money stuck in a saving.</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">It is doubtful that the volume, the speed and the
flexibility of the credit required by the economy, in special, the
needs of the SMEs, can be covered by the amounts available as savings
in the banks or any future trusted recording system. In fact, now,
only around 1% of the money is backed by deposits. The rest is credit
money. Are we planning to shrink credit by 99%? </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Moreover, this system has a strong centralizing
force, since we are introducing again a “double coincidence of
wants” problem, to match somebody lending a certain quantity of
money for a period of time with somebody needing it exactly for that
period. Only large entities like banks, disposing over a vast amount
of deposits can treat it making the moneylender anonymous over
average saving levels. </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Paul Grignon solves the issue by proposing that
all the money is self credit of the main industrial providers of
basic goods. This solves the problem of some part of the credit used
today, the one used to finance these large industries, but not all.
If a currency called “vegetables” is backed by a promise of
agricultural goods, who else than the agricultural industry can give
credits on this currency? What does it mean, a credit of
“vegetables”? Who will analyze the small Susan case?</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Saving is itself a problematic function for
money. Money as a storage of value is already questioned by many
monetary analysts. Indeed, some equilibrium can be reached in the
formula with a steady flow of savings: </span>
</div>
<div align="center" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">M x V = P x Q</span></div>
<div align="center" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">(M – savings + back from savings) x V = P x Q</span></div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">We are talking about decisions on savings today,
to work in the formula 10 or 20 years from now, and money back in
circulation coming from savings 10 or 20 years ago. Has this any
meaning in real economy if savings is not linked to lending with
interest?</span></div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">You can put money in a socked under the mattress.
But the perishable goods they were supposed to pay for will not take
the time machine to reappear in the future when you want to buy them.
The relation of savings to real economy is anything but
straightforward. </span>
</div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">As said, in an economy where credits have no
interest, and currencies represent goods or public services,
accumulation (“savings”) can best be done by acquiring currencies
representing long lasting goods (i.e. marmor), goods that will really
be produced. </span>
</div>
<h1 class="western">
Cheating the system?</h1>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Some background noise of cheating in the system
can be expected, possibly by beginners, until they learn the
consequences.</span></div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Say you act as cheating moneylender and assess a
credit to a friend without solvency. Your reputation as moneylender
is ruined and your friend will have his account blocked until
sufficient income comes in to cover the debt.</span></div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">The quantity of this cheating operation is
limited to the initial average reputation of the moneylender, which
is low.</span></div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Imagine the cheating moneylender patiently
accumulates reputation by giving properly assessed credits waiting
for the last operation, which is fake. Then they disappear in some
Caribean island with the money of the last credit.</span></div>
<div align="left" style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Remind that assessing credits is not anonymous.
At every credit, there is an extra-monetary personal relation with
the borrower to explain the particular financial case. By the time
the moneylender has accumulated enough reputation to plan a last
credit to fly to the Caribe, many other members of the Community know
the real person by hard and can be easily prosecuted by whatever
authorities. There is nothing like cyber anonymity in the procedure,
although it can work with anonymous accounts. </span>
</div>
<h1 class="western">
How to design a currency with P2P credit on
ethereum</h1>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">The design of a currency with P2P credit on
ethereum would imply three contracts, one an almost standard currency
contract, and two quasi currencies.</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">(what follows is not formal programming language)</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">A) One contract holds the records of the currency
to operate the market, holding the Unit of Account used for payments.</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">As in any currency, a payment or a transfer is
done conditionally to the availability of funds:</span></div>
<span style="font-family: Ubuntu; line-height: 100%;"></span><br />
<ul>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">if payer account > transfer</span></span></li>
<ul>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">payer account = payer account – transfer</span></span></li>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">payee account = payee account + transfer</span></span></li>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">else stop</span></span></li>
</ul>
</ul>
<br />
<blockquote style="border: none; line-height: 100%; margin: 0px 0px 0px 40px; padding: 0px;">
</blockquote>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">We now add the available credit of the payer</span></div>
<span style="font-family: Ubuntu; line-height: 100%;"></span><br />
<ul>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">if payer account > transfer + payer credit</span></span></li>
<ul>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">payer account = payer account – transfer</span></span></li>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">payee account = payee account + transfer</span></span></li>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">else stop</span></span></li>
</ul>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">else stop</span></span></li>
</ul>
<br />
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
“<span style="font-family: Ubuntu;">payer credit” has to be looked at and
managed at a different contract, the credit contract.</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Notice that the payer account can become
negative.</span><br />
<span style="font-family: Ubuntu;">The day after the credit expires (the deadline to pay back), payer credit becomes zero, and the payer will not be able to make any further payments until sufficient income makes the account balance positive. </span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">B) A credit contract holds the records of the
available credit for each payer.</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">A moneylender can add credit out of his
reputation. </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
“<span style="font-family: Ubuntu;">reputation” has to be looked at and managed
at a different contract, the reputation contract. </span>
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">It has a time component.</span></div>
<span style="font-family: Ubuntu; line-height: 100%;"></span><br />
<ul>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">if moneylender reputation > credit</span></span></li>
<ul>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">While time < deadline</span></span></li>
<ul>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">moneylender reputation = moneylender reputation
– credit</span></span></li>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="font-family: Ubuntu; line-height: 100%;">payer credit = payer credit + credit</span></span></li>
</ul>
</ul>
</ul>
<br />
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
</div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu; line-height: 100%;">When time is over, we return the credit to zero.
To restore the reputation of the moneylender, we need to look at the payer account. If
it is negative, the credit has not been restored, and the
moneylender is penalized. If it is positive, the credit has been
restored, and the moneylender is being rewarded.</span><br />
<span style="font-family: Ubuntu; line-height: 100%;"><br /></span></div>
<span style="font-family: Ubuntu; line-height: 100%;"></span><br />
<ul><ul>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">When time > deadline</span></span></li>
<ul>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">payer credit = payer credit – credit</span></span></li>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">if payer account > 0</span></span></li>
<ul>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">moneylender reputation = moneylender reputation
+ credit + reward</span></span></li>
</ul>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">else moneylender reputation = moneylender
reputation – penalty</span></span></li>
<li><span style="font-family: Ubuntu; line-height: 100%;"><span style="line-height: 100%;">deadline = never (we do not repeat this)</span></span></li>
</ul>
</ul>
</ul>
<span style="font-family: Ubuntu; line-height: 100%;">The mechanics of the
moneylender reputation reward is slightly more complicated when there
are several overlapping credits with different deadlines. </span><br />
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">C) A reputation contract holds the records of the
reputation for each moneylender. To initialize everybodys reputation
with something, we can put in the credit contract the following:</span></div>
<ul>
<li><div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">if moneylender reputation + newcomer bond >
credit</span></div>
</li>
</ul>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">The penalty has to be at least equal to the
newcomer bond.</span></div>
<div style="line-height: 100%; margin-bottom: 0.08in; margin-top: 0.02in;">
<span style="font-family: Ubuntu;">Penalty and reward can be any agreed formula
based on the amount and time of the credit. </span>
</div>
</div>
Anonymoushttp://www.blogger.com/profile/13305955758684580225noreply@blogger.com1tag:blogger.com,1999:blog-6734326932977571104.post-26617742188121979012014-10-04T04:40:00.000-07:002014-10-04T05:12:36.118-07:00Prototype TimeBank on ethereum<div dir="ltr" style="text-align: left;" trbidi="on">
This is a prototype mutual credit system created on <a href="https://www.ethereum.org/" target="_blank">ethereum</a>.<br />
The units are expressed in HOURS, like in <b>TimeBanks</b>. <br />
<ul style="text-align: left;">
<li>It has no credit limit. If you want to establish a credit limit, you need to add a line on the serpent code to put this limit. </li>
<li>Anyone can participate. If you want to establish a filter to members of a certain association you would need to create a Name Register and filter transactions accordingly.</li>
</ul>
Instructions:<br />
<ol style="text-align: left;">
<li>Download and install ethereum alethzero client <a href="https://github.com/ethereum/cpp-ethereum/releases" target="_blank">cpp-ethereum-PoC6</a> </li>
<li>Create the contract written on <a href="https://github.com/ethereum/wiki/wiki/Serpent" target="_blank">serpent</a> with the code below</li>
<li>Create the HTML page with the code bellow. Run it on the <a href="https://github.com/ethereum/cpp-ethereum/wiki/Using-AlethZero" target="_blank">alethzero client</a></li>
</ol>
<b>Serpent code</b><br />
init:<br />
contract.storage[((msg.sender * 0x10) + 0x1)] = 0x1<br />
contract.storage[((msg.sender * 0x10) + 0x2)] = 0x1<br />
code:<br />
toAsset = (msg.data[0] * 0x10) + 0x1<br />
toDebt = (msg.data[0] * 0x10) + 0x2<br />
fromAsset = (msg.sender * 0x10) + 0x1<br />
fromDebt = (msg.sender * 0x10) + 0x2<br />
value = msg.data[1]<br />
if contract.storage[fromAsset] >= value:<br />
contract.storage[fromAsset] = contract.storage[fromAsset] - value <br />
else:<br />
contract.storage[fromDebt] = value - contract.storage[fromAsset]<br />
contract.storage[fromAsset] = 0<br />
if contract.storage[toDebt] >= value:<br />
contract.storage[toDebt] = contract.storage[toDebt] - value<br />
else:<br />
value = value - contract.storage[toDebt] <br />
contract.storage[toAsset] = contract.storage[toAsset] + value<br />
contract.storage[toDebt] = 0<br />
<b> HTML code</b><br />
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><br />
<html><br />
<head><br />
<title>Hours</title><br />
<link rel="stylesheet" href="http://maxcdn.bootstrapcdn.com/bootstrap/3.2.0/css/bootstrap.min.css"><br />
<link rel="stylesheet" href="http://maxcdn.bootstrapcdn.com/bootstrap/3.2.0/js/bootstrap.min.js"><br />
<script type="text/javascript"><br />
//change this contract address to the one you have created!<br />
var contractAddress = "0x022a6ef6cbbd383073c2c50feccc9565bd2c8da8"<br />
var assetFrom = eth.secretToAddress(eth.key) + 1<br />
var debtFrom = eth.secretToAddress(eth.key) + 2 <br />
function createTransaction() {<br />
var receiverAddress = '0x' + document.querySelector("#receiverAddress").value;<br />
var amount = document.querySelector("#amount").value<br />
var data = eth.pad(receiverAddress, 32) + eth.pad(amount, 32);<br />
eth.transact({from: eth.key, value: 0, to: contractAddress, data: data, gas: 5000, gasPrice: 100000}, function() {})<br />
}<br />
eth.watch({altered: {at: eth.secretToAddress(eth.key), id: contractAddress}}).changed(function() {<br />
document.getElementById("contractAddress").innerText = contractAddress<br />
document.getElementById("assetfrom").innerText = assetFrom<br />
document.getElementById("debtfrom").innerText = debtFrom<br />
document.getElementById("asset").innerText = eth.toDecimal(eth.stateAt(contractAddress, assetFrom))<br />
document.getElementById("debt").innerText = eth.toDecimal(eth.stateAt(contractAddress, debtFrom))<br />
}); <br />
</script><br />
</head><br />
<body><br />
<div class="header"><br />
<h2 class="text-muted">Hours <img src="https://sites.google.com/site/desperadostheory/files/hour.png" width="100" /></h2><br />
Contract: <strong id="contractAddress"></strong><br />
</div><br />
<div class="jumbotron"><br />
Assets Account: <strong id="assetfrom"></strong><br/><br />
Assets: <strong id="asset"></strong> HRS<br/><br />
Debts Account: <strong id="debtfrom"></strong><br/><br />
Debt: <strong id="debt"></strong> HRS<br/><br />
<br><br />
<div><br />
<div class="form-group"><br />
<input id="receiverAddress" class="form-control" type="text" placeholder="Receiver address"></input><br><br />
<input id="amount" class="form-control" type="text" placeholder="Amount"></input><br><br />
</div><br />
<button class="btn btn-default" onclick="createTransaction();">Send!</button><br />
</div><br />
</div><br />
</body><br />
</html><br />
<b>Screenshot</b><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5f33_eeMtgG00UnIZyIYrD6xdcrlY_iDdMKI3nFOvIr5bLYFIbEHGTRHktLnaLmYEN3F5TaXqYupMTzL6kszKJfjqYHhP7cwVTfkMY6QCMa_PRB77M0ZKf3AATBXlAYGo_nwKdGaAxl5P/s1600/Screenshot+from+2014-10-04+13:38:51.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5f33_eeMtgG00UnIZyIYrD6xdcrlY_iDdMKI3nFOvIr5bLYFIbEHGTRHktLnaLmYEN3F5TaXqYupMTzL6kszKJfjqYHhP7cwVTfkMY6QCMa_PRB77M0ZKf3AATBXlAYGo_nwKdGaAxl5P/s1600/Screenshot+from+2014-10-04+13:38:51.png" height="364" width="640" /></a></div>
<br />
<br />
<br /></div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com3tag:blogger.com,1999:blog-6734326932977571104.post-37684127557495170622014-08-19T10:47:00.001-07:002014-08-22T02:27:46.750-07:00P2P credit mechanics<div dir="ltr" style="text-align: left;" trbidi="on">
<style type="text/css">p { margin-bottom: 0.1in; direction: ltr; color: rgb(0, 0, 0); line-height: 120%; widows: 2; orphans: 2; }p.western { font-family: "Calibri",sans-serif; font-size: 11pt; }p.cjk { font-family: "Calibri",sans-serif; font-size: 11pt; }p.ctl { font-family: "Times New Roman",serif; font-size: 11pt; }</style>
<br />
<h2 class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in; text-align: left;">
The basics</h2>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
<a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html" target="_blank">P2P credit</a> is needed to be able to increase temporarily the monetary
mass with money there where it is needed. The money will arrive
later (this is what solvency means) but the chain of transactions has not
brought it there jet. However, the money is needed now to generate a
new transaction demanded by the economy. Without this possibility of
credit the economy gets stuck. The credit financial tool provides
this flexibility. </div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
<i>An example is somebody waiting for a payment of an already made sale
to a trusted customer. </i><br />
<br />
P2P credit is not intended to be used to buy capital goods. For that purpose we propose not to use the general purpose currency like the sovereigns, but specific <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html">B2P type of currencies </a>with the <a href="http://desperado-theory.blogspot.be/2014/07/b2p-currency-mortgages.html" target="_blank">B2P currency mortgages</a> financial instrument.</div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
A primitive P2P credit financial tool is to get the credit from a friend that
has the money as savings. But this involves that the friend lending the money
will not have his money available during the lending, and we are
generating again a bottleneck in the economy if the friend loses an
opportunity in the meanwhile.</div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
The big financial innovation of the Fractional Reserve Banking is in
essence that banks can create money out of the nothing, provided a
good analysis of the <a href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html" target="_blank">solvency </a>has been done, and the payback is very
much granted by a proper <a href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html" target="_blank">solvency</a> analysis.
</div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
The payback guarantees that the total monetary mass is returned to
the equilibrium as required by the temperature of the overall
economy, according the <a href="http://en.wikipedia.org/wiki/Quantity_theory_of_money" target="_blank">Quantity Theory of Money</a>, which says that the
volume of total money needs to follow the volume of the transactions
and their velocity, if prices are to be stable (<i>a kind of Ohms law for monetary circuits</i>). </div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
In the limit, in case of default, <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html" target="_blank">P2P credit system</a> goes back to the
old model of a friend lending money to a friend. In the <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html" target="_blank">P2P creditsystem</a> the moneylender can still dispose of his own money during the
credit time, meaning that if everything goes well, this is a more
flexible solution than the old one. If things go wrong, and payback
is not made, the moneylender puts the missing money as in good old
times.</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeNTcSf5625sk1vDhr16hO_kFH2QJ7ZtFKQpplqUhWs6mYY31jB3VPiFgMP3ZGt8v0jughHwTiZe6hG4MIDIEQ553RvE4ss4xhj5MY4mpttD9H31UB_DRpQXH95MdZrlLZS_nTDvqiWW3J/s1600/Slide3.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeNTcSf5625sk1vDhr16hO_kFH2QJ7ZtFKQpplqUhWs6mYY31jB3VPiFgMP3ZGt8v0jughHwTiZe6hG4MIDIEQ553RvE4ss4xhj5MY4mpttD9H31UB_DRpQXH95MdZrlLZS_nTDvqiWW3J/s1600/Slide3.PNG" height="454" width="640" /></a></div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
The <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html" target="_blank">P2P credit system</a> democratises radically this faculty of doing Fractional Reserve Banking type of credits, now
monopolized by the banks, and empowers every member with the same
capacity to put money in circulation out of the nothing to a certain limit
indicated by his <a href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html" target="_blank">reputation </a>as money lender, that is, his reputation
of lending money only to solvent borrowers. In this way we have the
best added value of the Fractional Reserve Banking invention, but we
get rid of all the disfunctions generated by the monopoly of the
banks. The main disfunction is that Banks do not take into account the solvency any more, because their main purpose of credits has become to generate bubbles. </div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
One of the main innovations would be that, when the Governing Bodies of the <a href="http://desperado-theory.blogspot.be/2014/06/commons-sovereigns.html" target="_blank">Equalitarian People's Association</a> have not enough with the collection of taxes for the Public Budget, the Governing Bodies can have <a href="http://desperado-theory.blogspot.be/2014/07/p2b-sovereign-currency.html" target="_blank">sovereigns</a> lend by the members and not by any bank. </div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
The services of doing the <a href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html" target="_blank">solvency</a> analysis prior to any credit are probably going to be
paid to the moneylender as a fraction of the loan, and not as an interest added to the
loan, again, to keep the monetary mass controlled, without any additional money needed to pay the interest. Probably some
members specialize in making a business out of it and make an effort
to gain more reputation, but they will not have any monopoly on it.</div>
<h2 class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in; text-align: left;">
Implementation</h2>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
The People’s Bank generates the initial amount of sovereigns with a
contract like this:</div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
<span style="font-family: Courier New, monospace;">init {<br />this.store[this.origin()]
= </span><span style="font-family: Courier New, monospace;"><b>1000.000.000</b></span><span style="font-family: Courier New, monospace;">}</span></div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
If members need to put new money in circulation they cannot make a
new contract like the above one, because it would be a different
contract than the one generated by the People’s Bank. They would
generate “sovereigns” out of the nothing, but the system would
recognise it is different “sovereigns”.</div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
Giving an order to the People’s Bank to increase the total amount
in the original contract and to send this amount to the borrower is
very complicated.</div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
The easiest procedure is that the People’s Bank creates from the
beginning an excess of sovereigns, a larger quantity as any
foreseeable growth of the <a href="http://desperado-theory.blogspot.be/2014/06/commons-sovereigns.html" target="_blank">Equalitarian People’s Association</a> will
ever need, but keeps it out of circulation. Alternativelly, it may increase it more prudently at given periods. Of course, to do so, the People's Bank will need to go through a voting process and obtain a large quorum of all members. </div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
LETs (<a href="http://en.wikipedia.org/wiki/Local_exchange_trading_system" target="_blank">Local exchange trading systems</a>) have invented since long time
how to do. Every new member is automatically “transferred” with a
fixed amount of “credit” at his disposal. The weak part of the
LETs system is that the procedure can only be used within
associations with limited numbers of participants, where there is a
social vigilance of the “solvency” of each participant at
returning the credit by his contributions. To scale it up to millions we need to delegate and partly automatize this supervisory function, assigning the suervision of each credit to a "moneylender". </div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
The <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html" target="_blank">P2P credit system</a> we propose is strongly inspired by the LETs
model. The People’s Bank will transfer to the loans accounts of
each of the members of the Equalitarian Peoples Association a
transfer of sovereigns as well.
</div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
The <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html" target="_blank">P2P credit system</a> provides the old LETs system with tools to make
it scalable to large populations by introducing some controls to this
credit:</div>
<ol>
<li><div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
The <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html" target="_blank">P2P credit system </a>provides a payback time for each sovereign
going out of the loans accounts, and this payback is executed
automatically.
</div>
</li>
<li><div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
In the <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html" target="_blank">P2P credit system</a> the quantity of sovereigns transferred to
the member’s loans accounts is not equal for all members; it is
equal to the member’s <a href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html" target="_blank">reputation</a> as moneylender. The Bank will
detract from the members loan account a quantity of sovereigns equal
to any decrease of reputation of the member as moneylender, and will
transfer to the loan accounts any increase of the reputation of the
member as moneylender.
</div>
</li>
<li><div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
In the<a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html" target="_blank"> P2P credit system</a> the moneylender cannot lend all the money
available in the loan account, he can only lend up to the quantity
indicated by the borrowers <a href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html" target="_blank">solvency</a> indicator.</div>
</li>
<li><div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
In the <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html" target="_blank">P2P credit system</a> the moneylender cannot lend money to
himself.</div>
</li>
</ol>
<h2 class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in; text-align: left;">
The loans account</h2>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
The loans account is not just another ethereum account of a member.
It is an additional contract each member signs with the People’s
Bank with the rules above.</div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
It has an additional rule; money can only go out of the account
provided a <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html" target="_blank">P2P Credit contract</a> has been signed between the
moneylender and the borrower, following a template.</div>
<div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
In summary the loans account:</div>
<ol>
<li><div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
Is a contract between each member and the People’s Bank</div>
</li>
<li><div class="western" lang="en-GB" style="line-height: 115%; margin-bottom: 0.14in;">
This contract can generate unlimited particular <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html" target="_blank">P2P Credit contracts</a><br />
<br /></div>
</li>
</ol>
<hr />
See also<br />
<ul style="text-align: left;">
<li>Community Currency <a href="http://www.communitycurrency.org/">http://www.communitycurrency.org/</a></li>
<li>IJCCR International Journal of Community Currency Research <a href="http://ijccr.net/" target="_blank">http://ijccr.net/</a>
</li>
</ul>
</div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com0tag:blogger.com,1999:blog-6734326932977571104.post-46065610094876957462014-08-05T07:00:00.003-07:002014-08-17T00:28:49.110-07:00ethereum Platform for Monetary Ecosystems for Equalitarian People Associations<div dir="ltr" style="text-align: left;" trbidi="on">
<h1 lang="en-GB" style="font-variant: small-caps;">
<span style="font-family: Cambria;"><span style="font-size: medium;">Equalitarian
Peoples Associations</span></span></h1>
<div align="left">
<span style="font-family: Calibri;"><span lang="en-GB"><b>Equalitarian
Peoples Associations </b></span></span><span lang="en-GB">are NGO's
with charitable, service, participatory or empowering orientation.
Examples can be parties, social movements associations, workers
unions, etc. They may provide services or goods in addition of
political activities. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">They are similar to other solidarity businesses
and enterprises in which the main aim is to put into the parallel
economy a service or a good. These enterprises need to have a
positive or not negative result. For them, the kind of currency that
is better suited is a currency based on a contract to deliver the
product. An example could be a cooperative to grow vegetables. </span>
</div>
<div align="left">
<span style="font-family: Calibri, sans-serif;"><span lang="en-GB">The</span>
<span lang="en-GB">special feature of Equalitarian Peoples
Associations when they provide services or create goods is that they
rely on donations in money, donations in goods and or voluntary work.
These wares are the </span><span lang="en-GB"><b>commons</b></span><span lang="en-GB">.
The logic is that of a public service. Nevertheless, the boundaries
are not sharp. </span></span>
</div>
<div align="left" lang="en-GB">
<a href="https://www.blogger.com/blogger.g?blogID=6734326932977571104" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6734326932977571104" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6734326932977571104" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6734326932977571104" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="http://lh4.ggpht.com/-1iHGLJWfmzI/U54-L8ZywdI/AAAAAAAAFdM/5CMk7-3NLuk/s1600-h/Slide3%25255B3%25255D.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="http://lh3.ggpht.com/-zb5MPCibUGg/U54-Kf2Lt0I/AAAAAAAAFc8/OMA_PbmXjXY/s1600-h/Slide2%25255B3%25255D.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="http://lh3.ggpht.com/-0Rb1VjzLK5k/U54-R_xtKtI/AAAAAAAAFeM/DSuIlOtqs6E/s1600-h/Slide4%25255B3%25255D.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="http://lh5.ggpht.com/-tvBcjqbnADE/U54-QWqB8RI/AAAAAAAAFd8/v1aYiPcaUnk/s1600-h/Slide2%25255B7%25255D.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="http://lh4.ggpht.com/-ebFTnBaQmA4/U54-Oq-Pn4I/AAAAAAAAFds/lLBjiwPSIrs/s1600-h/Slide1%25255B7%25255D.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="http://lh3.ggpht.com/-M9pE68MC5SU/U547KVE3LxI/AAAAAAAAFb4/zNIl4A_MESM/s1600-h/clip_image008%25255B3%25255D.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="http://lh3.ggpht.com/-3lgRGZoP7T4/U8LPRkXuF1I/AAAAAAAAGA0/PE2WNdZJY1Y/s1600-h/Slide2%25255B4%25255D.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="http://lh5.ggpht.com/-nSZDDnOf8CU/U54-NNtyo3I/AAAAAAAAFdc/9nzx-USYsZE/s1600-h/Slide1%25255B3%25255D.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="http://lh4.ggpht.com/-1iHGLJWfmzI/U54-L8ZywdI/AAAAAAAAFdM/5CMk7-3NLuk/s1600-h/Slide3%25255B3%25255D.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="http://lh3.ggpht.com/-zb5MPCibUGg/U54-Kf2Lt0I/AAAAAAAAFc8/OMA_PbmXjXY/s1600-h/Slide2%25255B3%25255D.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-family: Calibri;">By Equalitarian we mean that these associations
are voluntary and all <b>members</b> have the <u>same rights and
obligations</u> at their <b>decision making process</b>, the
discussion and <b>voting</b> process. It is the democratic civil
rights. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Equalitarian Peoples Associations members may
have <u>different rights and obligations</u> towards the <b>organisation
activities</b> and organisation benefits, like donations or voluntary
work, according to needs and capabilities. Obligations are
voluntarily accepted on a case by case basis as an individual
voluntary decision linked to a contract or at accepting a mandatory
collective decision involving the participation at an activity (i.e.
payment of the membership fee), the non acceptance implying loss of
membership. It is the public welfare rights. </span>
</div>
<table cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td style="border: 1.00pt solid #000000; padding: 0.05cm;" valign="top" width="611"><div lang="en-GB" style="margin-bottom: 0.35cm;">
<span style="font-family: Calibri;"><i>At
small scale an example could be a charity association running a
charity kitchen functioning with regular or occasional donations
in money, donations in food and voluntary work.</i></span></div>
<span style="font-family: Calibri;"><span lang="en-GB"><i>At large scale could
be a local or national state, delivering welfare state benefits,
functioning with taxes and public servants.</i></span></span>
</td>
</tr>
</tbody></table>
<h2 class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i> </i></span></span></h2>
<h2 class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>Statutes
and mission</i></span></span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Equalitarian Peoples Associations have
democratic <b>statutes</b>, or constitution, which is a <u>statute
contract</u> signed and committed by all members. Equalitarian
Peoples Associations statutes include a <b>mission</b>. The statute
defines the democratic processes and the bodies running them, and the
types of actions to achieve the goals of the mission and the bodies
in charge of executing them. The statute, and the mission, can be
changed following a democratic process according rules included in
the statute, and by a majority indicated in the statute. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Equalitarian Peoples Associations have a
<b>periodic action plans</b> implying <b>periodic budgets</b>. By
default, the period is a year. The action plans are social actions
for the benefit of the Equalitarian Peoples Association members and
other social targets specified in the mission. The action plan and
the budget are decided trough a democratic process as indicated in
the statute. The action plan and the budget are <u>periodic contracts
</u>that are ancillary annexes of the statute contract, and need to
be signed by a majority of the members, a majority specified in the
statutes. The management of the action plan may include further
democratic consultations during the period for the details or
adaptations of parts of the action plan. </span>
</div>
<h2 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>Periodic
Budget</i></span></span></h2>
<h3 align="left" class="western">
<span style="color: black;"><span style="font-family: Cambria;"><span style="font-size: small;"><span lang="en-GB">Incomes
and Expenditures</span></span></span></span><span style="color: black;"> </span>
</h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The budged of an Equalitarian Peoples
Associations periodic action plan is expressed in <b>incomes</b> and
<b>expenditures</b>.</span></div>
<div align="left">
<span style="font-family: Calibri;"><span lang="en-GB"><b>Incomes</b></span></span>
<span lang="en-GB">have these main budget lines:</span></div>
<ol>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">Money issued out of the nothing by the members,
in their monetary sovereignty, for this period and lend to the
Equalitarian Peoples Association. Nowadays, this function of lending
money t the state is only reserved to the banks in the Fractional
Reserve Banking System. The function is democratised to let
anybody do it. </span>
</div>
</li>
<li><div align="left">
<span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB">Membership
fees or taxes due by the members in this period and collected by the
Equalitarian Peoples Association.</span></span></span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">Other donations. </span>
</div>
</li>
<li><div align="left">
<span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB">Savings
from previous period.</span></span></span>
</div>
</li>
</ol>
<div align="left">
<span style="font-family: Calibri, sans-serif;"><span lang="en-GB"><b>Expenditures
</b></span><span lang="en-GB">have these main budget lines:</span></span></div>
<ol>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">The cost of running the public bodies. It is
the cost of the democratic process. </span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">Expenditures to deliver the social actions
indicated in the action plan and executed by the public service
bodies. Some of the expenditures may be investments. It is the cost
of the social benefits. </span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">The cost of the basic income due and paid to
all Equalitarian Peoples Association members. We classify it as
different to a social benefit as it is only monetary machinery but
not real goods. </span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">Money in the Peoples Bank that is returned to
pay the loans. </span>
</div>
</li>
</ol>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Mandatorily, at each periodic budget, the
<u>incomes equal the expenditures</u> within the period. There are
donations but no loans from the outside. Lending of any money at any
currency, including Commons Sovereigns, by the Equalitarian Peoples
Association governing body or any public service enterprise is
prohibited.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Exceptionally there may be <b>savings</b> from
one period passed to the next. No income can be included as a debt
for the next period. </span>
</div>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Economy</span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Once issued and spend by the Equalitarian
Peoples Associations, the Commons Sovereigns will circulate in the
free market of Open Money, having an economic impact beyond the
actions foreseen in the periodic action plans. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">This may impact notably the monetary mass of
Commons Sovereigns available inside the Equalitarian Peoples
Association community for the Periodic Budget circuit. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Equalitarian Peoples Associations have no
ambition to rule the free market economy around them, but discussing
a Periodic Economy Forecast beyond the Periodic Budget, the State
Budget, is necessary to the Monetary Policy chapter at the discussion
of the periodic action plan. </span>
</div>
<h1 align="left" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;">Structure</span></span></h1>
<h2 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>Members</i></span></span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">New members are admitted following rules
indicated in the statute and according a voting procedure amongst old
members as indicated in the statute contract. Once accepted as
member, the new member signs the current version of the <u>contract
statute</u> and all the rights and obligations for the members
included in them. He acquires the right to vote and obligation to
sign approved changes in the statute contract and the right to vote
and obligation to sign the periodic plan contracts. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The failure to participate in the democratic
decision process, that is, not exercising his/her rights to
participate in the decision process, including the voting, or not
accepting and not decisions taken by the majorities as specified in
the statute rules, may imply the member expulsion of the Equalitarian
Peoples Association. The precise conditions and procedures for
expulsion are specified in the statute. These rules are expressed as
points added or detracted to the member <b>reputation</b>. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The non fulfilment of his/her mandatory or
voluntarily acquired obligations towards the organisation activities
may also imply the member expulsion of the Equalitarian Peoples
Association. The precise rules are specified in the statute. The
rules are expressed as points added or detracted to the member
<b>reputation</b>. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">In case of dispute of a member, or several
members, with the Equalitarian Peoples Association governing bodies
with regards a decision process, or with the Public Service bodies
with respect his rights and obligations at the organisation
activities, an Ombudsman will organise a <b>public court</b> made out
of ordinary members of the Equalitarian Peoples Association,
following procedures included in the statute contract. The judgement
is mandatory to all parts. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Members may trade with each other or create
businesses, freely using the Equalitarian Peoples Association Commons
Sovereigns or any other currency. </span>
</div>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Members
Categories</span></span></h3>
<h4 align="left" class="western" lang="en-GB">
<span style="font-family: Calibri;"><span style="font-size: medium;">Citizen</span></span></h4>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Is the default member</span></div>
<h4 align="left" class="western" lang="en-GB">
<span style="font-family: Calibri;"><span style="font-size: medium;">Member of
Groups</span></span></h4>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Members can voluntarily join political Groups
that vote in the decision process jointly, after a separate internal
discussion and with their own majority rules, renouncing to their
individual votes. Groups cannot be created to do jointly a mandatory
action. Public Managers and Councilmembers have to abandon any Group
after being appointed. </span>
</div>
<h4 align="left" class="western" lang="en-GB">
<span style="font-family: Calibri;"><span style="font-size: medium;">Public
servants</span></span></h4>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">A citizen may be voluntarily recruited part time
or full time as employee of a public body. It has several properties,
the public service body, the post, the category, the duration, the
working time, and the salary. Public servants are nowadays called
volunteers and may not be paid at all, or only provided with
subsistence means or payments. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Salaries of the employment posts at the public
service enterprises are proposed by the management and fixed with
their annual operational costs plan. Acceptance of public servant
employee contract with a given salary is voluntary.</span>
</div>
<h4 align="left" class="western" lang="en-GB">
<span style="font-family: Calibri;"><span style="font-size: medium;">Court</span></span></h4>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">It is a property of Public Servants. A citizen
may be appointed temporarily as public servant to a court. It has a
property, he/she is nominated as a court for a judgment contained in
a contract. </span>
</div>
<h4 align="left" class="western" lang="en-GB">
<span style="font-family: Calibri;"><span style="font-size: medium;">Public
Managers</span></span></h4>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">It is a property of Public Servants. They have
powers over the Public body's accounts and to sign Public Servants
employment contracts and other service contracts with external
providers.</span></div>
<h4 align="left" class="western" lang="en-GB">
<span style="font-family: Calibri;"><span style="font-size: medium;">Councilmember's</span></span></h4>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">It is a property of Public Servants. They become
employees to the Equalitarian Peoples Association governing body
<b>secretariat</b>, a particular case of public body, after being
elected. They have powers over the Public Bank accounts, and to sign
action plans with the Public bodies. Councilmember's have a property
called post which implies the monitoring of a part of the action
plan. </span>
</div>
<h4 align="left" class="western" lang="en-GB">
<span style="font-family: Calibri;"><span style="font-size: medium;">Ombudsman</span></span></h4>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">It's a special senator's post. </span>
</div>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Members
Reputation</span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Members reputation is a scoring system (for
example from 0 to 100) to accumulate points at participating in the
democratic life of the Equalitarian Peoples Associations, that is, to
fulfil its obligations. The failure results in detraction of points.
It's a measure of the trust behind the Equalitarian Peoples
Association contracts. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Decision procedures defined in the statute, or
mandatory actions included in the actions plans, indicate the number
of points to be added or detracted to the reputation. They are
calculated to add to the top value (i.e.100). Points are added or
detracted automatically at executing the corresponding contract
clause. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">There is an average admittance reputation
acquired at the member admission. </span>
</div>
<ol>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">Reputation is public and appears in the members
profile. </span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">The reputation score does not result in any
increase or decrease in the members rights or obligations. At
reaching 0 or less it results into automatic expulsion. </span>
</div>
</li>
<li><div align="left">
<span style="font-family: Calibri;"><span lang="en-GB">There are additional
reputations linked to particular services, like reputation as
<a href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html" target="_blank">moneylender</a>.
</span></span>
</div>
</li>
</ol>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Members
Capacity</span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Member's capacity is expressed in Common
Sovereigns paid as membership fee or regular donation or Equalitarian
Peoples Association taxes. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">It is <u>voluntarily chosen</u> and declared by
every member before the discussion of the periodic action plan, so
that the income in membership fees is known. Once declared, it
becomes mandatory. Members can declare different capacity for each
period. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The amount of capacity does not result in
reputation points. Equalitarian Peoples Association may choose social
network platforms to express this kind subjective social reputation.
However, once the capacity is committed, the payment results in
reputation points.</span>
</div>
<h2 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>Private
corporations</i></span></span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Members can create any kind of private
corporations. They may use any kind of currency they want. Strongly
suggested is to use a currency consisting of a contract with the
bearer to deliver the goods produced by the corporation, a currency
that is a merchandise bond. If they want to use ethereum they can
work as Decentralised Autonomous Organisations, and issue a currency
with an amount representing the total of the goods to be placed in
the market. They may also use Common Sovereigns, if they want to do
so, as their trade currency. </span>
</div>
<h2 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>Governing
bodies</i></span></span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Equalitarian Peoples Associations have <b>governing
bodies</b> or <b>Councils </b>with part time or full time
<b>Councilmember's</b> elected democratically amongst the members
every period to manage the action plan. Each Councilmember is elected
for a particular post. The posts of the governing bodies are broadly
defined in the statutes and further specified for each action plan.
Councilmember's may different voting weights according to the post,
as broadly indicated in the statutes and further specified for each
action plan. At every period a majority of the members sign an
<u>appointment contract</u> with the elected Councilmember's giving
them the necessary powers to manage the action plan contract.
Payments related to the budget require the signature of
Councilmember's with a majority broadly defined in the statutes and
further specified for each action plan, for each budget line.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">No member can be elected as Councilmember more
than one consecutive period. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">At small size Equalitarian Peoples Associations
there is usually no need of a permanent assembly like a parliament.
The periodic plan can be discussed at a yearly assembly, real or
virtual. Changes in the rules of the statute can be equality
discussed at assembly, real or virtual.</span></div>
<h2 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>Public
service enterprises</i></span></span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Equalitarian Peoples Associations may decide to
have <b>public service enterprises </b>to execute parts of the action
plan. They function as autonomous public, social, enterprises. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">They are public service bodies, which are
publicly funded, and are at the same time social enterprises, that
have the capacity to trade. They need to manage the resources
efficiently, like companies. They follow usual accounting rules. If
they sell the services for a subsidized price, anyhow they need to
succeed in the market. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">All assets belongings of a public service
enterprise are belongings of the Equalitarian Peoples Association
statute contract. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The establishment of a public service enterprise
is part of a periodic plan, and by default inherited by the next
periodic plan, so that public service enterprises have some
stability. Public service enterprises may be dissolved at another
periodic plan. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Every period, the public service enterprise
signs a <u>contract</u> with the governing bodies to do some of the
works of the action plan. Public service enterprises are paid out of
the budget line allocated to these works. The default payment mode is
advance payments and reckoning with real costs after acceptance. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The expenses of the public service enterprises
are divided into <b>projects</b>, <b>operational costs </b>and
<b>investments</b>. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">At the beginning of each period, all public
service enterprises prepare and submit a periodic plan made out of
projects and operational costs. These plans need to be approved by
the governing bodies and are part of the contract.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">To do the works, at projects or operational
costs, public service enterprises may <u>contract</u> services or
goods to members or to any other party. These contracts follow a good
administrative practice public tender procedure. Every project
implies a contract with the provider. The contract payment is
expressed in Commons Sovereigns and can only be paid in <b>Commons
Sovereigns</b>.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">To do the works indicated as operational costs,
public service enterprises may have part time or full time <b>public
employees</b> to do the necessary jobs. Public employees, including
the management, are recruited and <u>contracted</u> voluntarily
amongst and only amongst the members. The governing bodies of the
Equalitarian Peoples Association are in charge of the selection and
appointment of the public employees. By delegation, the public
service body's managers may do recruitment of non management
employees. The employment contract payment, the salary, is expressed
in Commons Sovereigns and can only be paid in Commons Sovereigns.
Employment at public bodies, including management posts, may last
more than one period. The contract for a management post is never
less than one period. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Public service enterprises may invest into
infrastructures, like office equipment or cooking machines. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The management of the public service enterprises
has the powers to sign payments according rules set out at
establishing the body. Every payment has to correspond to a contract
for the delivery of a good, a service, be it a project or an
operational cost, or an employment contract. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The <b>acceptance of the works</b> of the public
service enterprises is decided trough a democratic process of all
members as indicated in the statute, prior to the process of deciding
the next action plan. Some rules of this audit could be something
like:</span></div>
<ol>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">The people's rejection of the works implies the
automatic resignation of all the management of the public service
enterprise and the disqualification to occupy any such post for the
next three periods. No further liability is required. </span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">The public acceptance of works may be prepared
evaluations contracted to independent experts, publicly appointed. </span>
</div>
</li>
<li><div align="left">
<span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB">The
acceptance of the works implies an </span></span></span><span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB"><b>audit</b></span></span></span><span style="color: black;">
</span><span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB">of
the accounts. If the audit detects a misuse of the resources of the
public service body, according the principles of economy and
efficiency, whether the works are accepted or not, it results in
sending off as members of the Equalitarian Peoples Association of
the management of the public service body, and they cannot be
readmitted for the next three periods. No further liability is
required unless the misuse has implied personal enrichment. In that
case the governing bodies may claim damages to the general civil
justice system.</span></span></span>
</div>
</li>
</ol>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The incomes of the public service enterprises
are the funding received from the Equalitarian Peoples Association
governing body and the incomes resulting from the selling of the
services. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">These enterprises need to have a positive or not
negative result. No lending is allowed by any other body of the
Equalitarian Peoples Association, ant member, any external
institution or person. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">A special Public Service Enterprise is the
Donations service paying the Basic Income and collecting the
donations or taxes. </span>
</div>
<table cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td style="border: 1.00pt solid #000000; padding: 0.05cm;" valign="top" width="611"><div lang="en-GB" style="margin-bottom: 0.35cm;">
<span style="font-family: Calibri;"><i>At
small scale an example of a public enterprise could be the kitchen
itself of a charity kitchen association; another public enterprise
the team collecting the food donations.</i></span></div>
<span style="font-family: Calibri;"><span lang="en-GB"><i>At large scale it
could be the public schools of a district under one management.</i></span></span>
</td>
</tr>
</tbody></table>
<h1 align="left" lang="en-GB">
<br /><span style="font-family: Cambria;"><span style="font-size: medium;">Monetary
system</span></span></h1>
<h2 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>Commons
Sovereigns</i></span></span></h2>
<div align="left">
<span style="font-family: Calibri, sans-serif;"><span lang="en-GB"><b>Commons
Sovereigns</b></span> <span lang="en-GB">is a type of currencies
designed for </span><span lang="en-GB"><b>Equalitarian Peoples
Associations</b></span><span lang="en-GB">. </span></span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The name of <b>Commons Sovereigns </b>is to
express that it is a currency to manage the people's commons with
full sovereignty. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The purpose of Commons Sovereigns is:</span></div>
<ul type="disc">
<li><div align="left">
<span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB">Specific
to Commons Sovereigns:</span></span></span>
</div>
<ul type="circle">
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">Using them to measure manage the peoples
commons investments and <u>assets</u>. </span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">Using them in as a collective means to <u>measure
and reward the work</u> of the Equalitarian Peoples Associations
<b>public servants</b>. In that sense it would put in circulation a
value equivalent to the usually the non-paid voluntary work of the
members of the NGOs. </span>
</div>
</li>
<li><div align="left">
<span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB">Using
them as a tool of </span></span></span><span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB"><u>transfer
of wealth</u></span></span></span><span style="color: black;"> </span><span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB">between
the members of the Equalitarian Peoples Associations that are
healthier in terms of debt money to the less healthy members. In
that sense it would carry and put in circulation the value of the
external donations and membership fees to the NGO.</span></span></span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">Using them as tickets to <u>pay the social
benefits</u> provided by the Equalitarian Peoples Association, if
any. For example, beneficiaries of a charity kitchen run by the
Equalitarian Peoples Association, members or not, have to obtain
Commons Sovereigns either by providing services paid in Commons
Sovereigns, or be donated with Commons Sovereigns, to pay their
meal. </span>
</div>
</li>
</ul>
</li>
<li><div align="left">
<span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB">General
as Open Money:</span></span></span>
</div>
<ul type="circle">
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">Using them as a voluntary internal <u>trade
exchange means</u> of goods and services amongst <b>members</b> of
these Equalitarian Peoples Associations and also a voluntarily
accepted currency to trade with other Peoples Organisations or
other people in general. This is not an essential aim of the
Commons Sovereigns, but it is an inherited property of any currency
that can be accepted voluntarily for payments. In that sense
it would play a role similar to some community currencies used for
barter transactions of goods and services, notably working time,
like in time banks. </span>
</div>
</li>
</ul>
</li>
</ul>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The ultimate aim is to reinforce a parallel
economy to the debt money economy, around the solidarity activities
of the Equalitarian Peoples Associations, by creating a net
differential to pump systematically transferring wealth from the debt
money economy. This would reinforce in general the parallel
solidarity Economy including other solidarity businesses and
enterprises.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Commons Sovereigns design is tightly linked to
the Equalitarian Peoples Associations structure, decision process,
and functioning. Commons Sovereigns concept is the currency to
denominate the transactions to the <b>contracts</b> regulating the
relations between the Equalitarian Peoples Association members,
governing bodies and public service bodies. In the real world it may
have thousands of variants. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The above mentioned contracts are supposed to
inspire their implementation as Smart Contracts in Ethereum. </span>
</div>
<h2 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>Member's
accounts</i></span></span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Each member has two accounts, the <b>current</b>
account and the <b>loans</b> account.</span></div>
<ul type="disc">
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">The <b>current account</b></span></div>
</li>
<li><div align="left">
<span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB">The
</span></span></span><span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB"><b>loans
account</b></span></span></span><span style="color: black;"> </span>
</div>
</li>
</ul>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">There are two types of transactions between
these types of accounts, <b>transfer of funds</b> and <b>loans</b>.
Transactions have to be always between accounts of different members.
A member cannot make any operation between his or her <b>current</b>
account and the <b>loans </b>account.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The unit of account is <b>Commons Sovereigns</b>
at both types of accounts. </span>
</div>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Transfer
of funds</span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">If the <b>current</b> account has sufficient
funds not to become negative after the transaction, a member can
transfer any quantity from his or her <b>current</b> account to
another member <b>current</b> account. The receiver can be also any
organisation account. It detracts the amount of the transfer
from the sender and adds the amount to the receiver. It only requires
the signature of the sender. The receiver can reject the transfer
afterwards.</span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpK754_MkTAFpKoi9phG3A0mYTZdfVEy_kZKytAGPZnr8U96NekY3d86Pg_B_tFlcB9PjivC2JlhQk13o4qfd7rPH1SCKgrgORb3ZQYy4Nl8dfyYliT4Aei_iAG59SkgnfKsDki0nibQB8/s1600/Slide3_thumb%5B1%5D.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpK754_MkTAFpKoi9phG3A0mYTZdfVEy_kZKytAGPZnr8U96NekY3d86Pg_B_tFlcB9PjivC2JlhQk13o4qfd7rPH1SCKgrgORb3ZQYy4Nl8dfyYliT4Aei_iAG59SkgnfKsDki0nibQB8/s1600/Slide3_thumb%5B1%5D.png" /></a></div>
<div align="left">
<br />
<br /></div>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Loans</span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Any member can transfer out of the nothing any
quantity from his or her <b>loans </b>account to another member
<b>current</b> account. </span>
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIbRESy4OVFBPyh9SdzFo9LtcxsrhgA0WQ8Ck_LXC_ggi8aPk2eu_UQ98rKdsfZJVJ9IzRBOt-Vsrx2TYEVvhuoXTH0lYRZhAkq-IJM99i7b7PQoGbNDoIBlSKTLkIcEGmiaZxeX6v9-Sf/s1600/Slide2_thumb%5B1%5D.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIbRESy4OVFBPyh9SdzFo9LtcxsrhgA0WQ8Ck_LXC_ggi8aPk2eu_UQ98rKdsfZJVJ9IzRBOt-Vsrx2TYEVvhuoXTH0lYRZhAkq-IJM99i7b7PQoGbNDoIBlSKTLkIcEGmiaZxeX6v9-Sf/s1600/Slide2_thumb%5B1%5D.png" /></a></div>
<div align="left" lang="en-GB">
<br />
<span style="font-family: Calibri;">It detracts the amount of the transaction from
the sender and adds the amount to the receiver. The receiver can be
also any organisation account. It requires two signatures, the
signature of the sender and the receiver of the loan accepting the
loan.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Lending abuse may result in inflationary
effects. Equalitarian Peoples Associations may want to regulate this
activity and set some rules. If the Equalitarian Peoples Associations
wants to have some control of these operations using these rules, the
contract may require a third signature, that of a control body. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The transaction itself is a <b>lending smart
contract</b> signed by all parties that includes the automatic
payback to the loans account of the lender, at the agreed timing and
the agreed conditions. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">A variant may include an interest, that is, the
payback of the principal to the loans account of the lender and an
interest to the current account. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">As this is how banks operate now in the
Fractional Reserve Banking system, all Equalitarian Peoples
Associations <b>people become banks</b> for Peer to Peer lending and
thus creating money. If the Equalitarian Peoples Association misses
the old banking system, it may authorise the creation of DAO
corporations that also have a loans accounts and can give loans out
of the nothing.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Public service enterprises have no loans
account, and therefore cannot lend money.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The monetary consequence, as it happens at all
P2P monetary systems like time-banks, is that there is <b>no fixed
monetary mass</b>. The monetary mass grows with the lending and
decreases with the payments back. In one word it grows with the
intensity of the trust based transactions between peers. Interest
payment does not change the total monetary mass, but sucks and
detracts money available for transactions of goods.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Other B2C oriented monetary systems, like
currencies that consist in a contractual promise of a good (commodity
based), need to have a fixed monetary mass. Bitcoin is a special
case. It has a fixed monetary mass like B2C systems, but floats in
value.</span></div>
<h2 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>Peoples
Bank and other public accounts</i></span></span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The periodic budget of the Equalitarian Peoples
Associations is executed in Commons Sovereigns. </span>
</div>
<h3 class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;"><u>Peoples
Bank</u></span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">It is an atounomous body controlled by the
Council in charge of the monetary policy of the <b>Equalitarian
Peoples Associations</b>. Its role is to control the overall monetary
mass used by the <b>Equalitarian Peoples Association</b><span style="font-weight: normal;">.
It does create all the sovereigns existing in the system.</span></span></div>
<div align="left">
<span style="font-family: Calibri;"><span style="font-size: small;"><span lang="en-GB">In
<a href="https://www.ethereum.org/" target="_blank">ethereum</a>, it
can be created like this: </span></span></span>
</div>
<div align="left" style="margin-bottom: 0cm;">
<br /></div>
<table cellpadding="2" cellspacing="2">
<tbody>
<tr>
<td style="border: 1px double #808080; padding: 0.05cm;"><span style="font-family: Calibri;">like in </span><span style="font-family: Calibri;"><b>Ethereum
ÐApps for Web Developers - Writing Your Own Currency</b></span>
<a href="http://hidskes.com/blog/2014/05/21/ethereum-dapp-development-for-web-developers/"><span style="font-family: Calibri;">http://hidskes.com/blog/2014/05/21/ethereum-dapp-development-for-web-developers/</span></a><br />
<span style="font-family: Courier New;">init
{<br />this.store[this.origin()] = </span><span style="font-family: Courier New;"><b>1000.000.000</b></span><span style="font-family: Courier New;">}
</span><br />
<span style="font-family: Calibri;">where 10000 is the number of
shares representing all your production. You may name it as you
like, for example "Johns Vegetables" </span>
</td>
</tr>
</tbody></table>
<div align="left" lang="en-GB" style="font-weight: normal; line-height: 0.46cm; margin-bottom: 0.35cm;">
<br />
<span style="font-family: Calibri;">The Peoples Bank is authorised to generate as
many sovereigns as it considers necessary. </span>
</div>
<div align="left">
<span style="font-family: Calibri;"><span lang="en-GB"><span style="font-weight: normal;">The
Peoples Bank is not allowed to transfer any sovereigns to anybody
except to the members loans accounts, not even the Council Account.
It is only allowed to transfer to the loans accounts of the members
of the Equalitarian Peoples Association a one off transfer equal to
the members <a href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html">reputation
as moneylender.</a> It is entitled to detract from the members loan
account a quantity of sovereigns equal to the decrease of reputation
of the member as moneylender, and to transfer to the loans accounts
any increase of the reputation of the member as moneylender. Thus
allowing to lend more money. </span></span></span>
</div>
<h3 class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;"><u>Council
account</u></span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The </span>Council account is the account of the
Council and manages all incomes and expenditures of the periodic
budget. All entries are visible by all Equalitarian Peoples
Association members. Payments need to be voted by council members
according rules set out in the statute. Payments can only go to
Public Service Enterprises.
</div>
<h3 align="left" class="western">
<span style="color: black;"><span style="font-family: Cambria;"><span style="font-size: small;"><span lang="en-GB"><u>Public
Service Enterprises accounts</u></span></span></span></span><span style="color: black;">
</span>
</h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Each public body is an autonomous organisation
that has its own account in Commons Sovereigns. All entries are
visible by all Equalitarian Peoples Association members. Payments
need to be voted by their Public Managers according rules set out in
the statute. </span>
</div>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Exchange
services</span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Anybody, except Equalitarian Peoples Association
governing bodies or public service bodies, may establish free market
<b>exchange services</b> of Commons Sovereigns with debt fiat money,
any other Open Money currency and any other crypto currency. Exchange
services are freely available to any business of person selling
services or goods to the public service enterprises of the
Equalitarian Peoples Associations or trading with the members or
anybody accepting Commons Sovereigns. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The governing bodies and the public service
enterprises of the Equalitarian Peoples Associations cannot establish
an exchange service or change themselves. Members may establish
exchange services.</span></div>
<ul type="disc">
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">As the public service enterprises get their
budget paid in Commons Sovereigns, goods or services that need to be
paid in debt money by the public service enterprises imply that
somebody, member or not, accepts to be paid in Commons Sovereigns on
a voluntary basis, and then if need be exchange it to debt money. </span>
</div>
</li>
<li><div align="left">
<span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB">Members
may exchange debt money for Commons Sovereigns to pay their
Membership fees or to obtain services or goods offered in Common
Sovereigns. Members may establish exchange services.</span></span></span>
</div>
</li>
</ul>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Exchange rates are free market rates resulting
from supply and demand. Governing and public services bodies are not
authorised to exchange and have no say, through ruling, in the
exchange rates of the Commons Sovereigns. </span>
</div>
<h1 align="left" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;">Economy</span></span></h1>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">By Equalitarian Economy we mean the part of the
economy moved by the Equalitarian Peoples Associations. It does not
pretend to become all the economy, which is largely assumed to be
free market economy. It is an economy meant to distribute wealth for
the healthier to the poor and generate value in the process. We speak
about an amplification of the altruist actions. </span>
</div>
<h2 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>Legal
Tender currency</i></span></span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The <b>Commons Sovereigns</b> currency is the
legal tender currency of the Equalitarian Peoples Association:</span></div>
<ul type="disc">
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">All <b>issuing of Commons Sovereigns</b>
currency lies on the member's sovereignty to give their governing
body a monetary instrument. The members of the Equalitarian Peoples
Associations set each year the <b>equal amount of Commons Sovereigns</b>
to be issued by all members. </span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">All contracts signed by the Equalitarian
Peoples Associations governing bodies can only be signed as
contracts with Equalitarian Peoples Association public service
enterprises, and payments can only be done in their Commons
Sovereigns currency. </span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">Public service enterprises may contract with
anybody, but can only pay in Commons Sovereigns. This includes
<b>public servants salaries</b>. </span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">Amongst the obligations of the members of the
Equalitarian Peoples Associations is the obligation to pay every
period a personally fixed amount of <b>membership donations or fees</b>
in Commons Sovereigns. Membership fees have to be paid in Commons
Sovereigns. </span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">Other money donations have to be converted into
Commons Sovereigns. There may be donations to the Public Bank or to
a specific Public Service. This fosters the competition of public
services to get free donations. </span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">All members of the Equalitarian Peoples
Associations are paid a basic income. The basic income is paid in
Commons Sovereigns. </span>
</div>
</li>
</ul>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTcm1p6Hzix9nKgVZ-cLQcmyQ0DLZqjxmJbzJcO1fWaZtvAto451EUBtc3Au7SOsn1kNdOGKtCvl0bj9iwf41TYuESinK8Ak3hQtTZQkazzDDvcJxp_8AM_PckXBbfvH7nLaqCTA19syCV/s1600/Slide1_thumb%5B1%5D.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTcm1p6Hzix9nKgVZ-cLQcmyQ0DLZqjxmJbzJcO1fWaZtvAto451EUBtc3Au7SOsn1kNdOGKtCvl0bj9iwf41TYuESinK8Ak3hQtTZQkazzDDvcJxp_8AM_PckXBbfvH7nLaqCTA19syCV/s1600/Slide1_thumb%5B1%5D.png" /></a></div>
<div align="left">
<br /></div>
<div align="left">
<span style="font-family: Calibri;"><span lang="en-US">This
graphic shows how Commons Sovereigns, used at the public services as
Legal Tender Currency, circulates as a complementary monetary tool of
the free market as well, exactly as Legal Tender Currencies are doing
now. The difference is that there is not anymore monopoly.</span></span> </div>
<div align="left" lang="en-US">
<span style="font-family: Calibri;">In this circuit, the issuing of new money by the
people each period and its return and destruction is used to fine
tune the total amount of monetary mass. It avoids the new creation
each period of the volume of donations that will be returned anyhow
in form of Basic Income, and reuses this volume form one cycle to the
other. </span>
</div>
<div align="left">
<span style="font-family: Calibri;">An equivalent circuit, more simple and easier to
understand, is a circuit in which all members issue at the beginning
of the period all the money they will must pay as donations or taxes.
In the end everybody pays the taxes with their positive balance of
their account, fruit of their trade or labour, and cancels the credit
given to the Public Bank of the Governing Body.</span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPZumrk9AdAXb_fNY1_vJ_ARF9Hj4ROcfGMBtpzsLJXKvYWcJmZLEzkTUOxMTMpxnbxPq_IdCCHudg8otS2wYRAT6hraRSkjy6WZS8vOsz3K12m9Os5FZPwifFMQpWgC-fLuq_2EmBxPFp/s1600/Slide4_thumb%5B1%5D.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPZumrk9AdAXb_fNY1_vJ_ARF9Hj4ROcfGMBtpzsLJXKvYWcJmZLEzkTUOxMTMpxnbxPq_IdCCHudg8otS2wYRAT6hraRSkjy6WZS8vOsz3K12m9Os5FZPwifFMQpWgC-fLuq_2EmBxPFp/s1600/Slide4_thumb%5B1%5D.png" /></a></div>
<div align="left">
</div>
<h2 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>Membership
Fees and Basic Income</i></span></span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Membership Fees or taxes and Basic Income
balance represents the pump to inject value from the debt money
banking system to the solidarity economy and distributing this wealth
to the poorest. </span>
</div>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Membership
fees</span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Membership fees are paid according a time
schedule specified in the statutes and periodic action plan. Each
member pays the voluntarily agreed capacity. Membership fees are
collected in Commons Sovereigns. Experience shows that capacity
follows an exponential curve. </span>
</div>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Basic
Income</span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The basic income may be defined as an
unconditional equal basic income, or a variable according the
depending persons of the member, like children or elderly, or to the
contribution to the family works, like man and woman. The choice is
optional to each Equalitarian Peoples Association. For modelling
purposes, we assume it is an unconditional equal basic income. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Basic income is paid in Commons Sovereigns. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">At the poorest, may be precarious or unemployed
in the debt money world, the net balance of taxes to be paid and
basic income is positive in Commons Sovereigns. They may be employed
as public servants in the Equalitarian Peoples Association, in which
case they have an additional income in form of a salary in Commons
Sovereigns, or maybe not. They may spend their Commons Sovereigns by
paying services provided by the public service enterprises (i.e.
charity kitchen). But they may also obtain good value for the
money by exchanging their money with high capacity members needing to
pay tax in Commons Sovereigns for debt money paying debt money
economy goods and services. High capacity members that have not
collected enough Commons Sovereigns through the internal trade may
pay good EUROS or USD to the poorest to obtain the Commons Sovereigns
needed to pay their fees. They may also exchange their Commons
Sovereigns in other Open Money currencies that can be used for
products or services in the solidarity economy. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">In summary, the Basic income is a net transfer
and redistribution of wealth in form of public Equalitarian Peoples
Association services or other goods that can be bought with debt
money or other Open Money currencies. </span>
</div>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Statistical
adjustment</span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">At every periodic action plan there will be a
statistical adjustment of Basic Income to expected membership fees.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">A typical statistic scenario will transfer
wealth form the 25% healthiest members with higher capacity to the
75% poorest.</span></div>
<div class="separator" style="clear: both; text-align: center;">
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<div align="left" lang="en-GB">
<br /></div>
<h2 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>Volunteers
payment</i></span></span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Volunteers working part time at NGO, sharing
their activities with a job in the debt money economy to get their
subsistence, are not paid nowadays. They work in a fully altruistic
way, not expecting to get any benefit other than moral satisfaction. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Only full time NGO volunteers are paid a salary
in debt money to allow them to survive. Typical is the case of
volunteers on mission on third world countries. A different case is
the NGO bureaucrats working in the offices, normally a small
percentage of all volunteers.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The vast majority of volunteers in the NGOs are
paid nothing. We need to monetize this donation of work to move the
wheel of the solidarity economy. </span>
</div>
<div align="left">
<span style="font-family: Calibri;"><span lang="en-GB">We
assume that we start from this altruist spirit. We will assume that
volunteers, the public servants of the Equalitarian Peoples
Association, are paid just for symbolic purpose. For convenience of
exposition we assume that public servants on a basic post are paid 1
Common Sovereign for 1 hour of work. It does fit very well with the
currency used in Time Banks, the HOUR. </span></span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">If we measure the prices of all goods and
services in terms of their equivalent value of labour, a public
servant being paid in Common Sovereigns will only expect to be able
to buy, for his HOUR of work in the Equalitarian Peoples Association
public service, no time of commercial services in the debt money
world. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">However as other members of the Equalitarian
Peoples Association start to offer their services in the free market
for the Common Sovereigns they need to pay their fees, one HOUR paid
to volunteers in Common Sovereigns starts to have a value in the
internal market. A volunteer mother may use Common Sovereigns to pay
somebody to baby sit her kids while she cooks in the charity
kitchen. It means that a small egoist advantage is already
introduced with respect the current situation in which they get paid
nothing. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">We call the ratio of the marketable value of the
Common Sovereigns salaries the <b>egoist ratio</b>. This egoist ratio
will determine the exchange rate of the Common Sovereigns in the
exchange market.</span></div>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Volunteer
pay and exchange rate</span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The exchange rate of one Common Sovereign will
fluctuate initially around the price of one hour of work in the debt
money economy times the egoist ratio.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Nevertheless, internal trade made with other
people using Common Sovereigns will soon use the same time of work
equivalence. In the internal market, if the public service enterprise
pays 1 CS per working hour, time banks will soon tend to pay 1 CS for
one hour. </span>
</div>
<div class="separator" style="clear: both; text-align: center;">
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<br />
<div lang="en-GB" style="line-height: 0.46cm; margin-bottom: 0.35cm; text-align: center;">
<span style="font-family: Calibri;"><span style="font-size: x-small;"><i><b>Egoist
ratio 10%</b></i></span></span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">This provides a tremendous incentive to buy
internal, speeding up the growth of an internal market of goods and
services in Common Sovereigns.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The small egoism of the former volunteers, now
public servants, is the most powerful engine for the growth of the
solidarity economy. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">This growth is not in contradiction with the
aims of a sustainable, not GDP growing economy. It's a growth based
on conquering new economic areas. Once conquered, they should be
designed in a way more resource efficient, resilient, recycling and
sustainable. The GDP of each of the conquered areas should decrease. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">In the long run, if the new economy is to take
over the Fractional Reserve Banking money economy, this low egoist
ratio cannot be given for granted for the public servants. In the
long run, full time public servants should be able to earn for a
living. The egoist ratio should grow to 100%.</span></div>
<div class="separator" style="clear: both; text-align: center;">
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<div align="left" lang="en-GB">
<br /></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;"><span style="font-size: x-small;"><i><b>Egoist
ratio 100%</b></i></span></span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The tendency over the years is that the exchange
rate of 1 CS equals the price of a working hour in all external
currencies. It only means that all currencies exchanges turn out to
pay the same amount of working hours in all currencies. </span>
</div>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Export
and imports</span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">A low egoistic ratio at the start will be also a
strong incentive to external players to import goods and services
from people or enterprises working in CS. For the price of a working
hour in the debt money economy you can buy the reverse of the egoist
ratio number of working hours in the Equalitarian Peoples Association
economy. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">His is an additional thrust for the growth of
the Equalitarian Peoples Associations economies over the debt money
economy until they reach an equalitarian equilibrium between them. </span>
</div>
<h2 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>Life
cycle of the Commons Sovereigns</i></span></span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Commons Sovereigns are issued at the beginning
of each functioning period (normally a year) and extinguish after a
given time after the end of the each functioning period. The
<b>extinction time</b>, the time after the end of the functioning
period until extinction is decided at setting the appropriate Commons
Sovereigns monetary mass.</span></div>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Issuing
Commons Sovereigns</span></span></h3>
<h4 align="left" class="western" lang="en-GB">
<span style="font-family: Calibri;"><span style="font-size: medium;">Issuing
for the annual plan public budget</span></span></h4>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Once the members of the People's Organisation
have decided the budget required for the operation of the People's
Organisation on the next functioning period, every member of the
People's Organisation issues his/her aliquot part of this global
amount. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;"><b>The issue consists in an equal loan of every
member, independent of their wealth, to the Governing Body, and
deposited at the Peoples bank current account. The loan is a loan to
finance the annual action plan. The elected Governing Body signs the
loan contract with each member or citizen. </b></span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The amount to be issued each period equals in
principle the amount of funding required by the Public Social
Enterprises. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Additional quantities may be required to adjust
the overall monetary mass to a larger quantity. If the monetary mass
is to be reduced, the amount to be issued is less than the funding
required by the Public Social Enterprises. They have to obtain their
money elsewhere. </span>
</div>
<h4 align="left" class="western" lang="en-GB">
<span style="font-family: Calibri;"><span style="font-size: medium;">P2P
issuing</span></span></h4>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">As we have seen, P2P loans increase the total
monetary mass of Common Sovereigns. The monetary policy may decide to
go for inflation and make the lending regulations more flexible or go
for deflation and make the lending regulations stricter. </span>
</div>
<h3 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: small;">Returning
public Commons Sovereigns</span></span></h3>
<div align="left">
<span style="font-family: Calibri;"><span lang="en-GB"><b>All
loans must be paid. </b></span></span><span lang="en-GB">They will be
automatically executed by the Smart Contract. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">It means that the loans made to the Peoples Bank
will be absorbed in chain from any available amount at the Peoples
Bank and any of its possessions, like the Public Service accounts.
Usually the Donations Public Service pays during the cycle the basic
income and collects, may be monthly, the donations. Donations
or fees are supposed to have an excess over the total Basic Income
quantity, which is returned to the Peoples Bank to pay back the loan.
</span>
</div>
<h2 align="left" class="western" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;"><i>The
social amplifiers</i></span></span></h2>
<div class="separator" style="clear: both; text-align: center;">
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<div align="left">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://lh3.ggpht.com/-zb5MPCibUGg/U54-Kf2Lt0I/AAAAAAAAFc8/OMA_PbmXjXY/s1600-h/Slide2%25255B3%25255D.png" style="margin-left: 1em; margin-right: 1em;"></a><a href="http://lh4.ggpht.com/-1iHGLJWfmzI/U54-L8ZywdI/AAAAAAAAFdM/5CMk7-3NLuk/s1600-h/Slide3%25255B3%25255D.png" style="margin-left: 1em; margin-right: 1em;"></a><a href="http://lh5.ggpht.com/-nSZDDnOf8CU/U54-NNtyo3I/AAAAAAAAFdc/9nzx-USYsZE/s1600-h/Slide1%25255B3%25255D.png" style="margin-left: 1em; margin-right: 1em;"></a><a href="http://lh3.ggpht.com/-3lgRGZoP7T4/U8LPRkXuF1I/AAAAAAAAGA0/PE2WNdZJY1Y/s1600-h/Slide2%25255B4%25255D.png" style="margin-left: 1em; margin-right: 1em;"></a><a href="http://lh3.ggpht.com/-M9pE68MC5SU/U547KVE3LxI/AAAAAAAAFb4/zNIl4A_MESM/s1600-h/clip_image008%25255B3%25255D.png" style="margin-left: 1em; margin-right: 1em;"></a><a href="http://lh4.ggpht.com/-ebFTnBaQmA4/U54-Oq-Pn4I/AAAAAAAAFds/lLBjiwPSIrs/s1600-h/Slide1%25255B7%25255D.png" style="margin-left: 1em; margin-right: 1em;"></a><a href="http://lh5.ggpht.com/-tvBcjqbnADE/U54-QWqB8RI/AAAAAAAAFd8/v1aYiPcaUnk/s1600-h/Slide2%25255B7%25255D.png" style="margin-left: 1em; margin-right: 1em;"></a><a href="http://lh3.ggpht.com/-0Rb1VjzLK5k/U54-R_xtKtI/AAAAAAAAFeM/DSuIlOtqs6E/s1600-h/Slide4%25255B3%25255D.png" style="margin-left: 1em; margin-right: 1em;"></a><a href="http://lh3.ggpht.com/-zb5MPCibUGg/U54-Kf2Lt0I/AAAAAAAAFc8/OMA_PbmXjXY/s1600-h/Slide2%25255B3%25255D.png" style="margin-left: 1em; margin-right: 1em;"></a><a href="http://lh4.ggpht.com/-1iHGLJWfmzI/U54-L8ZywdI/AAAAAAAAFdM/5CMk7-3NLuk/s1600-h/Slide3%25255B3%25255D.png" style="margin-left: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6734326932977571104" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6734326932977571104" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6734326932977571104" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6734326932977571104" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The net effect to be obtained is to give access
to the less wealthy, the net beneficiaries of the Equalitarian
Peoples Association, to goods and services worth much more than the
value of the donations. The mechanism is to create an internal market
in Common Sovereigns currency that is bigger than the public
services.</span></div>
<ul type="disc">
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">Net beneficiaries of the Basic Income, with no
stable working contract in the external world, have access to goods
and services for the amount of their net basic income after taxes.
They may offer also their services in the internal market and get
extra incomes in Commons Sovereigns. </span>
</div>
</li>
<li><div align="left" lang="en-GB">
<span style="font-family: Calibri;">The public servants low egoist ratio ensures a
devaluation of the Common Sovereigns with respect external money. It
translates that the donations made by the richest with a low effort
in external money like USD or EUROS, translates in a multiplied
purchasing power at the internal economy. </span>
</div>
</li>
<li><div align="left">
<span style="color: black;"><span style="font-family: Calibri;"><span lang="en-GB">Additionally,
the goods or services delivered by the Public Service Enterprises
have subsidised prices cheaper than the market prices at the
internal economy. It means that goods of public priority are even
cheaper.</span></span></span>
</div>
</li>
</ul>
<h1 align="left" lang="en-GB">
<span style="font-family: Cambria;"><span style="font-size: medium;">Inspirations
</span></span>
</h1>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Inspirations behind the ideas above</span></div>
<div align="left">
<span style="color: black;"><span style="font-family: Calibri;">THE
DESPERADOS ALTERNATIVE ECONOMY
</span></span><span style="color: blue;"><span style="font-family: Calibri;"><span lang="es-ES"><u>https://sites.google.com/site/desperadostheory/home</u></span></span></span></div>
<div align="left">
<span style="color: black;"><span style="font-family: Calibri;">Una
Moneda para cada Bien: SISTEMA MONETARIO PARA LA ECONOM? SOLIDARIA
</span></span><span style="color: blue;"><span style="font-family: Calibri;"><span lang="es-ES"><u>http://books.google.be/books?id=NUDaAQAAQBAJ</u></span></span></span></div>
<div align="left">
<span style="color: black;"><span style="font-family: Calibri;"><span lang="en-US">More
People's Republic of DOUG stuff... Andreas Olofsson
</span></span></span><span style="color: blue;"><span style="font-family: Calibri;"><span lang="en-US"><u>http://youtu.be/oZVsIiQ1ME0</u></span></span></span></div>
</div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com0tag:blogger.com,1999:blog-6734326932977571104.post-27558356554078822162014-07-22T08:50:00.001-07:002014-08-16T10:28:24.184-07:00B2B trading instruments<div dir="ltr" style="text-align: left;" trbidi="on">
<h1>
Restructuring world production, distribution and services</h1>
<div lang="en-GB">
<span style="font-family: Calibri;">B2B means of trade has to be
placed in a future scenario in which economy has suffered deep
changes.</span></div>
<ol>
<li><div lang="en-GB">
<span style="font-family: Calibri;">Scarcity of petrol has been
the driving force towards a localization of economy. Transport is
too expensive. </span>
</div>
</li>
<li><span style="font-family: Calibri;"><span lang="en-GB">Most energy is
electric energy produced by renewables. The production is scattered
amongst millions of small producers.</span> </span>
<br />
</li>
<li><span style="font-family: Calibri;"><span lang="en-GB">Recycling waste has
to be local. Waste cannot be thrown into the third world, transport
is too expensive. Recycling becomes expensive. </span><span style="color: black;"><span lang="en-GB">Furnishings,
Do it Yourself Robotics, and Repair gain relevance. </span></span></span>
<br />
</li>
</ol>
<div lang="en-GB" style="margin-bottom: 0cm;">
<span style="font-family: Calibri;">The
World market for global goods is reduced to the few goods for which
the economies of scale can only be reached as world production. Many
things now produced global will have the optimal scale at Region
level or even City level. The table below may help at visualising the
optimal size for each industry.</span></div>
<div style="margin-bottom: 0cm;">
<br /></div>
<div style="margin-bottom: 0cm;">
<br /></div>
<table cellpadding="4" cellspacing="0" style="width: 643px;">
<colgroup><col width="83"></col>
<col width="73"></col>
<col width="82"></col>
<col width="119"></col>
<col width="119"></col>
<col width="119"></col>
</colgroup><tbody>
<tr valign="top">
<td bgcolor="#ccff66" height="14" style="border: none; padding: 0cm;" width="83"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;"><b>Unit
</b></span></span>
</div>
</td>
<td bgcolor="#ccff66" style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;"><b>City
</b></span></span>
</div>
</td>
<td bgcolor="#ccff66" style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;"><b>Region
</b></span></span>
</div>
</td>
<td bgcolor="#ccff66" style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;"><b>Country
</b></span></span>
</div>
</td>
<td bgcolor="#ccff66" style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;"><b>Continent
</b></span></span>
</div>
</td>
<td bgcolor="#ccff66" style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;"><b>World</b></span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#ff99ff" height="13" style="border: none; padding: 0cm;" width="83"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;"><b>Distance
km </b></span></span>
</div>
</td>
<td bgcolor="#ff99ff" sdnum="3082;" sdval="50" style="border: none; padding: 0cm;" width="73"><div align="right">
<span style="font-family: Calibri;"><span style="font-size: x-small;">50</span></span></div>
</td>
<td bgcolor="#ff99ff" sdnum="3082;" sdval="300" style="border: none; padding: 0cm;" width="82"><div align="right">
<span style="font-family: Calibri;"><span style="font-size: x-small;">300</span></span></div>
</td>
<td bgcolor="#ff99ff" style="border: none; padding: 0cm;" width="119"><div align="right">
<span style="font-family: Calibri;"><span style="font-size: x-small;">1.000</span></span></div>
</td>
<td bgcolor="#ff99ff" style="border: none; padding: 0cm;" width="119"><div align="right">
<span style="font-family: Calibri;"><span style="font-size: x-small;">4.000</span></span></div>
</td>
<td bgcolor="#ff99ff" style="border: none; padding: 0cm;" width="119"><div align="right">
<span style="font-family: Calibri;"><span style="font-size: x-small;">40.000</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#ffff99" height="13" style="border: none; padding: 0cm;" width="83"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;"><b>Population
</b></span></span>
</div>
</td>
<td bgcolor="#ffff99" style="border: none; padding: 0cm;" width="73"><div align="right">
<span style="font-family: Calibri;"><span style="font-size: x-small;">100.000</span></span></div>
</td>
<td bgcolor="#ffff99" style="border: none; padding: 0cm;" width="82"><div align="right">
<span style="font-family: Calibri;"><span style="font-size: x-small;">2.000.000</span></span></div>
</td>
<td bgcolor="#ffff99" style="border: none; padding: 0cm;" width="119"><div align="right">
<span style="font-family: Calibri;"><span style="font-size: x-small;">50.000.000</span></span></div>
</td>
<td bgcolor="#ffff99" style="border: none; padding: 0cm;" width="119"><div align="right">
<span style="font-family: Calibri;"><span style="font-size: x-small;">500.000.000</span></span></div>
</td>
<td bgcolor="#ffff99" style="border: none; padding: 0cm;" width="119"><div align="right">
<span style="font-family: Calibri;"><span style="font-size: x-small;">7.000.000.000</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#cccccc" height="13" style="border: none; padding: 0cm;" width="83"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;"><b>Production
</b></span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Urban
farm </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Vertical
farms </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Textile
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Large
Electric Vehicles </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Micro-chips</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#cccccc" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Building
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Construction
materials </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Small
Machinery </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Electric
Vehicle components </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Pharmaceuticals</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#cccccc" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Micro
Manufacturing </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Advanced
Manufacturing </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Electronic
goods </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Electronic
circuits, embedded systems </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Big
Airplanes</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#cccccc" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Micro
Renewables </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Solar
and Wind Farms </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Steel
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Small
Airplanes </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Creativity
industry, software </span></span>
</div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#cccccc" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Clothing
and sewing </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Food
processing </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Petrol,
gas </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Ships,
Kyte Vessels </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Knowledge
Industry</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#cccccc" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Infrastructures
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Food
recycling </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Hydraulic
Power </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Knowledge
Industry </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#cccccc" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><br /></td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Infrastructures
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Civil
Engineering </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Basic
Research </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#cccccc" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><br /></td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Media,
movies, TV </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Infrastructures
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#cccccc" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><br /></td>
<td style="border: none; padding: 0cm;" width="82"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Bikes,
simple EV </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#cccccc" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><br /></td>
<td style="border: none; padding: 0cm;" width="82"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Media,
movies, TV </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#cfe7f5" height="13" style="border: none; padding: 0cm;" width="83"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;"><b>Distribution
</b></span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Fresh
food </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Packaged
Groceries </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Bulk
products </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Petrol,
gas </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Online
shopping</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#cfe7f5" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Daily
commodities </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Clothing
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Industrial
machinery </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Online
shopping </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#cfe7f5" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><br /></td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Books
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Books
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#cfe7f5" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><br /></td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Car
mounting </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Online
shopping </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#cfe7f5" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><br /></td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">White
goods </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#cfe7f5" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><br /></td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Seeds
and agricultural products </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#cfe7f5" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><br /></td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Cereals
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#ccff99" height="13" style="border: none; padding: 0cm;" width="83"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;"><b>Services
</b></span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">School
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Universidad,
Online education </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Railways
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Air
transport </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Online
services</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#ccff99" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">General
Medical Care </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Hospitals
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Bridges
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Nautical
Transport </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Online
education</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#ccff99" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Repair
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Public
Health, eHealth </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Media
Distribution </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Road
Transport </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Telecommunications,
Internet</span></span></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#ccff99" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">FurnishingsDo
it Yourself Robotics </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Security
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Telecommunications,
Broadband, 5G, Internet of Things </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Telecommunications,
Internet </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#ccff99" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Restaurants
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">InvestmentsCrowd
Funding </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Transport
Electricity Networks </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Online
services </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#ccff99" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Hotels
</span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Legal
Services </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Road
Transport, Assisted Driving </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Transport
Electricity Networks </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#ccff99" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Waste
recycling </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Industrial
Recycling </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#ccff99" height="13" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Virtual
Plants </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Distribution
Electricity Networks </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
<tr valign="top">
<td bgcolor="#ccff99" height="14" style="border: none; padding: 0cm;" width="83"><br /></td>
<td style="border: none; padding: 0cm;" width="73"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Public
Transport </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="82"><div align="left">
<span style="font-family: Calibri;"><span style="font-size: x-small;">Transport
Infrastructures </span></span>
</div>
</td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
<td style="border: none; padding: 0cm;" width="119"><br /></td>
</tr>
</tbody></table>
<div style="margin-bottom: 0cm;">
<br /></div>
<div style="margin-bottom: 0cm;">
<span style="font-family: Calibri;"><br /><span lang="en-GB">B2B
means of trade have to be adapted for these markets.</span> </span>
</div>
<h1 lang="en-GB">
Social services have City or Region scale</h1>
<div style="margin-bottom: 0cm;">
<span style="font-family: Calibri;"><span lang="en-GB">It
means that money used as <a href="http://desperado-theory.blogspot.be/2014/07/p2b-sovereign-currency.html" target="_blank">P2B
sovereign currency </a>will have a local circulation. The <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html" target="_blank">P2P
Credit contract </a>used to generate the <a href="http://desperado-theory.blogspot.be/2014/06/commons-sovereigns.html" target="_blank">Commons
Sovereigns </a>monetary mass could, in principle, be global. However,
transport is too expensive and world tourism will become therefore
expensive and slow. With most probability we will assist at the
proliferation of different sovereigns at City, Region and Country
levels, reflecting each of the taxation levels. </span></span>
</div>
<h1 lang="en-GB">
Barter</h1>
<div style="margin-bottom: 0cm;">
<span style="font-family: Calibri;"><span lang="en-GB">Barter
is a system of exchange by which goods or services are directly
exchanged for other goods or services without using generally a
chamber of compensation database. It is very suited for companies. On
the blockchain such a platform is the same as an exchange platform of
<a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P
type of currencies as a promise of goods.</a> </span></span>
</div>
<div lang="en-GB" style="margin-bottom: 0cm;">
<span style="font-family: Calibri;">The
natural evolution of such currencies is towards industrial sector
common B2P currencies, instead of company by company B2P currencies,
in special for SMEs. For example, all restaurants of a City or a
Region could issue such a currency for the total sales of one year
adding all sales forecasts of all restaurants, and then each
restaurant marks its dishes with his own prices. Such associations
are more difficult at larger scale, because the production conditions
change too much. In fact, most Chambers of Commerce have a Region or
Country scale. We can foresee that most B2P currencies will have this
distribution.</span></div>
<h1 lang="en-GB">
World trade currencies</h1>
<div lang="en-GB" style="margin-bottom: 0cm;">
<span style="font-family: Calibri;">World
trade will probably have the need of some general purpose,
universally valid, not extinguishable type of currency. History has
used gold. In order to float on the other currencies with nobody’s
control, it has to have a guaranteed stable and fixed monetary mass.
On the blockhain, this is Bitcoin or any of the other altercoins. </span>
</div>
</div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com0tag:blogger.com,1999:blog-6734326932977571104.post-29035878783920613072014-07-22T06:03:00.003-07:002014-08-11T06:30:58.254-07:00P2P credit. The role of reputation and solvency<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: left;">
<span style="font-family: "Trebuchet MS",sans-serif;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-GB">The historical role of the Fractional Reserve Banking System</span></b></span></div>
</div>
<div class="MsoNormal" dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">The Fractional Reserve Banking System has been a very useful financial instrument for the last centuries. It has provided trust. It has provided money abundance where it was most needed. And it has forced growth. </span></span></div>
<div dir="ltr" style="text-align: left;" trbidi="on">
<ol style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="mso-list: l1 level1 lfo1;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">Banks provided a <b style="mso-bidi-font-weight: normal;">trusted registry service</b> of all assets and money transfers. In the 18 hundreds banks were doing this bookkeeping in paper books of accounts and everybody trusted them. Modern banks were born having as competitive advantage the trust. Now this is done in worldwide interconnected and secured databases. Banks main asset is that we continue to trust them at doing the bookkeeping, and there seems not to be any reason not to do. I don’t know a single case worldwide of news about a breach of this trust. </span></span> </li>
<li class="MsoNormal" style="mso-list: l1 level1 lfo1;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">Banks provided a service of <b style="mso-bidi-font-weight: normal;">giving loans,</b> by creating money out of the nothing. The Fractional Reserve Banking System loan mechanism means that they are authorised to increase the total monetary mass (<a href="http://www.bankofengland.co.uk/publications/Pages/quarterlybulletin/2014/qb14q1.aspx">Money creation in the modern economy</a>, by Michael McLeay, Amar Radia and Ryland Thomas of the Bank’s Monetary Analysis Directorate, Quarterly Bulletin 2014 Q1, BANK OF ENGLAND), and thus to generate a small inflation with each credit. The banks social added value is to analyse the <b style="mso-bidi-font-weight: normal;">solvency</b> of the borrower. Banks give credit but also guarantee that the overall monetary mass goes back one day to the original level, so that money does not inflate forever.</span></span> </li>
<li class="MsoNormal" style="mso-list: l1 level1 lfo1;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">Banks <b style="mso-bidi-font-weight: normal;">forced the economy to grow</b>, and expand worldwide, because the obligation to pay back the capital plus an <b style="mso-bidi-font-weight: normal;">interest</b> forced each business using loans to increase constantly the business, by selling more products in the market, or fail.</span></span></li>
</ol>
</div>
<div class="MsoNormal">
<div style="text-align: left;">
<span style="font-family: "Trebuchet MS",sans-serif;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-GB">The end of the life cycle of the Fractional Reserve Banking System</span></b></span></div>
</div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">The Fractional Reserve Banking System life cycle is at its end. The negative effects on the economy are now bigger than any beneficial effect. In fact, continuing with the Fractional Reserve Banking System may mean the death of the planet and with it the mankind.</span></span></div>
<ol style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="mso-list: l0 level1 lfo2;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">As trusted registry, banks will become history. They have done this function with high quality. Unfortunately for banks, the blockchain can do the same, much better, more user friendly, faster, more effective and cheaper.</span></span> </li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">At giving credits, banks have been a fiasco when analysing the creditworthiness, the solvency, of the creditors. Instead, the bank speculators have been demonstrated as compulsive gamblers playing bingo and baccarat with real world. The profit of the financial market of derivatives of high risk credits given with no solvency was too tempting. We experienced the last world financial crisis in 2008. The next can be worst. The question is in the air is who will replace banks in this function. The essence of the discussion of monetary reform is the discussion about who analyses the creditworthiness of the creditor in any credit system, clearinghouse, or currency invention. </span></span> </li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">With regards growth, we do not want any more growth in products. Instead, we need to stop urgently any growth that consumes more natural resources. We need sustainable economies that grow only in wellbeing and equality. Credit with interest, if it was sometime justified, is now suicidal. Profit of risky investment is justified; interest on money created out of the nothing is not justified.</span><span lang="EN-GB"> </span></span></li>
</ol>
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">The service of analysing the solvency is tricky. You may create automated reputation systems, but this will never replace a human analysis of all factors that may influence the solvency of a borrower. Analysis linked to solvency will stay human. We can provide indicators and some limits preventing major disasters, but that is all.</span></span><div class="MsoNormal">
<div style="text-align: left;">
<span style="font-family: "Trebuchet MS",sans-serif;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-GB">Radical democratisation of the solvency analysis</span></b></span></div>
</div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">We propose to radically democratise the analysis of the solvency, and that is the main reason to propose an exclusive sovereignty of giving credit to the citizens, the <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html">P2P credit</a>, as the only means to generate money out of the nothing when needed. <span style="mso-spacerun: yes;"> </span></span></span></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">Additionally, enterprises can generate self-credit in form of <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html">B2P type of currencies</a> as a promise of goods. The solvency is analysed by their customers and the collateral is the enterprise goods.</span></span></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">The individual form of credit, the <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html">P2P credit</a>, can be escalated to forms of crowd funding. It can be further escalated very carefully when individuals associate into DAOs to give credits. We can try out different degrees by which individuals delegate the analysis of a given credit to these DAOs, but the individuals will always keep the power of signing or not. By that, we hope to avoid the worst of the financial gambling we have experienced in the past.</span></span></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">Nevertheless, the question remains: How is the solvency analysed and how we prevent fraud and, worst, collective fraud?</span></span></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">We propose two mechanisms:</span></span></div>
<ol style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="mso-list: l2 level1 lfo3;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">There is an index, <b style="mso-bidi-font-weight: normal;">reputation</b>, which limits the amount of money a citizen is entitled to create as <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html">P2P credit</a>. It’s the reputation of that citizen as honest moneylender. We have put already a penalising mechanism into the <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html">P2P credit</a> smart contract. If the borrower does not pay back, you take all the available money from the moneylender. The limitation provided by the reputation limit is a previous safeguard. <span style="mso-spacerun: yes;"> </span></span></span> </li>
<li class="MsoNormal" style="mso-list: l2 level1 lfo3;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">There is another index, the <b style="mso-bidi-font-weight: normal;">solvency</b>, a public index of the borrower automatically generated by the system, which helps the moneylender to estimate the risk of the credit. In this case, it does not limit anything. Analysis linked to solvency has to stay human. </span></span></li>
</ol>
<div class="MsoNormal" style="text-align: left;">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB"><b>Elementary Reputations</b></span></span></div>
<div class="MsoNormal">
<div style="text-align: left;">
<span style="font-family: "Trebuchet MS",sans-serif;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-GB">Reputation as moneylender</span></b></span></div>
</div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">There is no big deal at discussing the exact formula calculating the reputation, that is, the limit of credit each citizen is authorised to give at a certain moment in time. In the end, it will be a mathematical formula inside the <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html">P2P credit</a> smart contract that each democratic association of citizens can change. It will take into account the historical success or failure of this citizen of giving credits that have been paid back. The formula below is proposed as a draft for the purposes of demonstration in the first implementations of <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html">P2P credit</a> smart contracts. </span></span></div>
<ol style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="mso-list: l4 level1 lfo4;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">The baseline reputation today measures the intensity of successful credits you have given in the past. It is calculated by the area of (amounts x time of the credits)/(time as citizen). In one word, if you gave a small credit long time ago, your reputation is low. If you accumulate a long experience of successful credits, your reputation is high. </span></span> </li>
<li class="MsoNormal" style="mso-list: l4 level1 lfo4;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">At each period of time, the baseline reputation decreases with time. </span></span> </li>
<li class="MsoNormal" style="mso-list: l4 level1 lfo4;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">At giving a credit, the amount of the loan is deducted from the baseline reputation. This deducted amount does not decrease, while the baseline reputation continues decreasing.</span></span> </li>
<li class="MsoNormal" style="mso-list: l4 level1 lfo4;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">At payback, the deducted amount is deleted; the baseline reputation is increased by the amount of the successful loan.</span></span> </li>
<li class="MsoNormal" style="mso-list: l4 level1 lfo4;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">Whatever quantity the moneylender had to put from his pocket is deducted from the baseline reputation. </span></span></li>
</ol>
<div class="MsoNormal">
<div style="text-align: left;">
<span style="font-family: "Trebuchet MS",sans-serif;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-GB">Solvency as money borrower</span></b></span></div>
</div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">There is more than sufficient literature about how banks should analyse solvency. Again, the formula below is proposed as a draft for the purposes of demonstration in the first implementations of <a href="http://desperado-theory.blogspot.be/2014/06/p2p-to-b-credit-contract.html">P2P credit</a> smart contracts.</span></span></div>
<ol style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="mso-list: l3 level1 lfo5;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">The starting calculated factor is about the capacity of the borrower to pay back. We may calculate the proportion of regular savings to regular income the borrower has to put aside during the loan duration to pay the loan. To calculate the regular income we can look back at his history a period equal to the loan duration. This measures the effort the borrower has to do.</span></span> </li>
<li class="MsoNormal" style="mso-list: l3 level1 lfo5;"><span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">The second factor is to estimate the priority the borrower is going to assign to the payment of the loan, amongst other payment needs. To do so, we can use a similar formula as the baseline reputation, this time applied, not to the loans given, but the loans received.</span></span></li>
</ol>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">A primitive solvency estimator, to be published at his profile, could well be the two factors multiplied. </span></span><br />
<span style="font-family: "Trebuchet MS",sans-serif;"><br /></span>
<span style="font-family: "Trebuchet MS",sans-serif;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9NM7O49ab52jcXhUlh5y5ukbIXAWMpiIYjMvIY8GyOkO97bzgqH1d_3iXQGUKmwWVH-dKCd6UtCUp6ebqhe8MxfanmDGwGSWQyUSaHZ_mommpiqTO3Ty-hopQ_Mt0U1kUVtoF_UBi5jW4/s1600/Slide2.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9NM7O49ab52jcXhUlh5y5ukbIXAWMpiIYjMvIY8GyOkO97bzgqH1d_3iXQGUKmwWVH-dKCd6UtCUp6ebqhe8MxfanmDGwGSWQyUSaHZ_mommpiqTO3Ty-hopQ_Mt0U1kUVtoF_UBi5jW4/s1600/Slide2.PNG" height="218" width="640" /></a></span></div>
<div class="MsoNormal">
<br />
<div class="separator" style="clear: both; text-align: center;">
<span style="font-family: "Trebuchet MS",sans-serif;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLYFGm_YkPu6nkvTgfv5SBOh8r0Q6xliwTjPR4zHNmuzqUPZNQ9Q8dTI2k_KCGT52HYueneZMzjBZ7-hp59A8oKPRFH-_rLcWsWvRVhVdPYizTRWLtOb83r0tudTYoYmWVHpM2fBRIsGp6/s1600/Slide4.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLYFGm_YkPu6nkvTgfv5SBOh8r0Q6xliwTjPR4zHNmuzqUPZNQ9Q8dTI2k_KCGT52HYueneZMzjBZ7-hp59A8oKPRFH-_rLcWsWvRVhVdPYizTRWLtOb83r0tudTYoYmWVHpM2fBRIsGp6/s1600/Slide4.PNG" height="218" width="640" /></a></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: left;">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB"><b>Complex reputations</b></span> </span></div>
</div>
<div class="MsoNormal">
<div style="text-align: left;">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB"><b>Social Reputations</b></span></span></div>
</div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">There are many posibilities to enrich these indicators with subjective social validations.</span> </span></div>
<div class="MsoNormal">
<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB"><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilhNVOfTv9Vjs_hsQZT_zIVfQlOmGhcjZPiuQJCuq-BOR3u4Ii4V7p3VYUR_bopSL9XyHmGfytGjx2A9TrKkcghsfSrwwSoiH6PgCExrlAzZ0XToMWSb10_hla_xtEjlw2HY7HPAEvGpS9/s1600/image193.jpg" height="231" width="240" /></span></span></div>
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<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB"><b>Taking into account the challenge</b></span></span></div>
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<span style="font-family: "Trebuchet MS",sans-serif;"><span lang="EN-GB">But the factors above can be improved by a more sophisticated calculation. For example, successfully lending money to a borrower that has a poor solvency record should be rewarded with a reputation reward higher than average. Failing to get the money back from a borrower with high solvency should be penalised more than average.</span></span></div>
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<table border="0" cellpadding="2" cellspacing="0" style="width: 400px;"> <tbody>
<tr> <td valign="top" width="133"></td> <td valign="top" width="133"><span style="font-family: "Trebuchet MS",sans-serif;">high solvency borrower</span></td> <td valign="top" width="133"><span style="font-family: "Trebuchet MS",sans-serif;">low solvency borrower</span></td></tr>
<tr> <td valign="top" width="133"><span style="font-family: "Trebuchet MS",sans-serif;">sucessful loan</span></td> <td valign="top" width="133"><span style="font-family: "Trebuchet MS",sans-serif;"><b><span style="color: #9bbb59;">average reputation reward</span></b></span></td> <td valign="top" width="133"><span style="font-family: "Trebuchet MS",sans-serif;"><b><span style="color: lime;">high reputation reward</span></b></span></td></tr>
<tr> <td valign="top" width="133"><span style="font-family: "Trebuchet MS",sans-serif;">unsuccesfull loan</span></td> <td valign="top" width="133"><span style="font-family: "Trebuchet MS",sans-serif;"><b><span style="color: red;">high reputation penalty</span></b></span></td> <td valign="top" width="133"><span style="font-family: "Trebuchet MS",sans-serif;"><b><span style="color: #c0504d;">average reputation penaly</span></b></span></td></tr>
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<span style="font-family: "Trebuchet MS",sans-serif;"></span> </div>
<table border="1" cellpadding="2" cellspacing="0" style="width: 704px;"><tbody>
<tr><td valign="top" width="702"><span style="font-family: "Trebuchet MS",sans-serif;">ethereum <b>ĐEV plan </b><a href="https://www.ethereum.org/pdfs/Ethereum-Dev-Plan-preview.pdf" title="https://www.ethereum.org/pdfs/Ethereum-Dev-Plan-preview.pdf">https://www.ethereum.org/pdfs/Ethereum-Dev-Plan-preview.pdf</a></span><br />
<span style="font-family: "Trebuchet MS",sans-serif;"><i><b>Reputation system</b> - In order for e-commerce to be successful, in many situations one must be able to know whom to trust. In some cases, you want to tell honest people apart from scammers. In other cases, you want to tell skilled people apart from the unskilled. Still other times, it matters not just what someone's current reputation is but also how highly they're leveraging it, so you can be sure that they cannot profit from scamming everyone all at once. Even in the modern world today, both online and offline, these problems are hard, but in the context of decentralized autonomous organizations they become even harder. Figuring out what can be done, and what should be done, in terms of effective reputation infrastructure will be a crucial concern even with regard to enabling different forms of trust between Đapps themselves.</i></span><br />
<span style="font-family: "Trebuchet MS",sans-serif;"><i><b>Trust through an escrow service</b></i></span><br />
<span style="font-family: "Trebuchet MS",sans-serif;"><i><a href="http://lh3.ggpht.com/-hg8stNwQxh8/U9n6mlUvMwI/AAAAAAAAGB4/dVOausekzDE/s1600-h/reputation%25255B3%25255D.png"><img alt="reputation" border="0" src="http://lh3.ggpht.com/-I1ZYtyy2DJk/U9n6nW74LcI/AAAAAAAAGB8/PQF5IqjhUtY/reputation_thumb%25255B1%25255D.png?imgmax=800" height="300" style="background-image: none; border-bottom: 0px; border-left: 0px; border-right: 0px; border-top: 0px; display: inline; padding-left: 0px; padding-right: 0px; padding-top: 0px;" title="reputation" width="644" /></a></i></span></td></tr>
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<hr />
<span style="font-family: "Trebuchet MS",sans-serif;">TrustDavis on Youtube: Reputation on Ethereum </span><br />
<span style="font-family: "Trebuchet MS",sans-serif;"><a href="http://youtu.be/UXjIl0LZNOY">http://youtu.be/UXjIl0LZNOY</a></span><br />
<span style="font-family: "Trebuchet MS",sans-serif;">TrustDavis on Ethereum slides</span><br />
<span style="font-family: "Trebuchet MS",sans-serif;"><a class="yt-uix-redirect-link" data-redirect-href-updated="true" dir="ltr" href="https://www.youtube.com/redirect?q=http%3A%2F%2Fwww.slideshare.net%2Faatkin1971%2Ftrustdavis-on-ethereum&redir_token=Vwo3u8zj9xHWvgs3xzYEqBIYE_d8MTQwNjU4MzQ3N0AxNDA2NDk3MDc3" rel="nofollow" target="_blank" title="http://www.slideshare.net/aatkin1971/trustdavis-on-ethereum">http://www.slideshare.net/aatkin1971/...</a></span><br />
<span style="font-family: "Trebuchet MS",sans-serif;">TrustDavis: A Non-Exploitable Online Reputation System</span><br />
<span style="font-family: "Trebuchet MS",sans-serif;"><a class="yt-uix-redirect-link" dir="ltr" href="http://www.cs.ucdavis.edu/%7Edefigued/index_files/trustdavis.pdf" rel="nofollow" target="_blank" title="http://www.cs.ucdavis.edu/~defigued/index_files/trustdavis.pdf">http://www.cs.ucdavis.edu/~defigued/i...</a></span> </div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com2tag:blogger.com,1999:blog-6734326932977571104.post-38324309282056433562014-07-17T08:32:00.000-07:002014-07-22T06:06:45.299-07:00B2P currency contract versus B2P property mortgage contract<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Calibri; font-size: 12pt;">
Investors in capital goods acquire their property by a monthly payment of a <a href="http://desperado-theory.blogspot.be/2014/07/b2p-currency-mortgages.html" target="_blank">B2P property mortgage</a>. </span><br />
<br />
<span style="font-family: Calibri; font-size: 12pt;">To do so, they get in the market the necessary <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currency</a> of the manufacturer of the capital good.<br />The buyer gives the constructor an amount in <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currency</a> and in return the buyer gets an amount of share of the <a href="http://desperado-theory.blogspot.be/2014/07/b2p-currency-mortgages.html" target="_blank">B2P property mortgage</a>.</span><br />
<span style="font-family: Calibri; font-size: 12pt;"><br />The <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currency</a> smart contract should include an XML text, human readable through an XSL transform, containing the data of the promise of goods. Equally, a <a href="http://desperado-theory.blogspot.be/2014/07/b2p-currency-mortgages.html" target="_blank">B2P property mortgage</a> smart contract should include an XML text containing the data of the given property.</span><br />
<span style="font-family: Calibri; font-size: 12pt;"><br />The two smart contracts are almost the same. The main difference is :</span><br />
<ul style="text-align: left;">
<li><span style="font-family: Calibri; font-size: 12pt;">the <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currency</a> circulates in the open multi-currency market and refers to any construction works of the builders company within a period, say a year</span></li>
<li><span style="font-family: Calibri; font-size: 12pt;">the <a href="http://desperado-theory.blogspot.be/2014/07/b2p-currency-mortgages.html" target="_blank">B2P property mortgage</a> circulates only between the builder and the buyer that has acquired the property, and the interchange happens trough all the payment period, say 15 years</span></li>
</ul>
<h2 style="text-align: left;">
<span style="font-family: Calibri; font-size: 12pt;">The B2P currency contract</span></h2>
<ul style="text-align: left;">
<li><span style="font-family: Calibri; font-size: 12pt;">Is issued for the total value of the production of a manufacturer for a period</span></li>
<li><span style="font-family: Calibri; font-size: 12pt;">Is valid as means of payment around that period</span></li>
<li><span style="font-family: Calibri; font-size: 12pt;">The holder can be anybody</span></li>
<li><span style="font-family: Calibri; font-size: 12pt;">Can buy any product of the manufacturer produced anytime</span></li>
</ul>
<span style="font-family: Calibri; font-size: 12pt;">The XML<br />
</span>
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<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><?</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">xml</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">
</span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">version</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">1.0</span>"<span style="color: blue;"> </span><span style="color: red;">encoding</span><span style="color: blue;">=</span>"<span style="color: blue;">UTF-8</span>"<span style="color: blue;">?></span></span></div>
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<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">contract</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">
</span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">xmlns:xsi</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">http://www.w3.org/2001/XMLSchema-instance</span>"<span style="color: blue;"> </span><span style="color: red;">xsi:noNamespaceSchemaLocation</span><span style="color: blue;">=</span>"<span style="color: blue;">https://sites.google.com/site/desperadostheory/files/contract.xsd</span>"<span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Title</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">BUILDERS CO Property 2314<span style="color: blue;"></</span><span style="color: #a31515;">Title</span><span style="color: blue;">></span></span></div>
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<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">contractURL</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">https://www.buildersCo.com/construcionsPlanned2013<span style="color: blue;"></</span><span style="color: #a31515;">contractURL</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Total</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">98000000<span style="color: blue;"></</span><span style="color: #a31515;">Total</span><span style="color: blue;">></span></span></div>
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<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Currency</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
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<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">currencyName</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">BUILD<span style="color: blue;"></</span><span style="color: #a31515;">currencyName</span><span style="color: blue;">></span></span></div>
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<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">currencyLongName</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">BUILDERS CO Currency<span style="color: blue;"></</span><span style="color: #a31515;">currencyLongName</span><span style="color: blue;">></span></span></div>
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<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">currencyLogo</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">https://www.buildersCo.com/files/BUILDLogo.jpg<span style="color: blue;"></</span><span style="color: #a31515;">currencyLogo</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Currency</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ValidPeriod</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">start</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">2012-02-21T00:00:00<span style="color: blue;"></</span><span style="color: #a31515;">start</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">end</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">2013-07-21T00:00:00<span style="color: blue;"></</span><span style="color: #a31515;">end</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">issueDate</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">2012-01-01<span style="color: blue;"></</span><span style="color: #a31515;">issueDate</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ValidPeriod</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Definitions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">producer</span>"<span style="color: blue;">></span>...
legalIssuer ... is the producer of ... Merchandise ...<span style="color: blue;"></</span><span style="color: #a31515;">Definitions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Definitions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">authorization</span>"<span style="color: blue;">></span>...
legalIssuer ... is the authorised institution by the EQUALITARIAN PEOPLES
ASSOCIATION to issue money in the denominations indicated in ... Currency ...<span style="color: blue;"></</span><span style="color: #a31515;">Definitions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Definitions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">affiliation</span>"<span style="color: blue;">></span>...
Collector ... are affiliated companies to the ... legalIssuer ...
commercialising and selling its ... Merchandise ...<span style="color: blue;"></</span><span style="color: #a31515;">Definitions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Definitions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">holder</span>"<span style="color: blue;">></span>...
holder ... of this voucher is any Citizen in possession of ... Currency ...
money<span style="color: blue;"></</span><span style="color: #a31515;">Definitions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Conditions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">amounts</span>"<span style="color: blue;">></span>...
legalIssuer ... will issue money in ... Currency ... for a total amount
equivalent of all the ... Merchandise ... to be available for trade with ...
Currency ... during the ValidPeriod<span style="color: blue;"></</span><span style="color: #a31515;">Conditions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Conditions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">prices</span>"<span style="color: blue;">></span>...
Collector ... will indicate the prices of the ... Merchandise ...included in
this contract in ... Currency ... on top of legal tender prices<span style="color: blue;"></</span><span style="color: #a31515;">Conditions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Conditions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">price guarantee</span>"<span style="color: blue;">></span>...
Collector ... will not change the prices of the ... Merchandise ... in ...
Currency ... from the date of the issue, until the end of the ... ValidPeriod
...<span style="color: blue;"></</span><span style="color: #a31515;">Conditions</span><span style="color: blue;">></span></span></div>
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<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Conditions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">redemption</span>"<span style="color: blue;">></span>...
Collector ... commit to redeem the money in ... Currency ... of any ... holder
... for ... Merchandise ...worth the price in ... Currency ...<span style="color: blue;"></</span><span style="color: #a31515;">Conditions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Conditions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">optional redemption</span>"<span style="color: blue;">></span>Optionally,
... Collector ... may redeem ... Currency ... of non EQUALITARIAN PEOPLES
ASSOCIATION ... holder ... the same way<span style="color: blue;"></</span><span style="color: #a31515;">Conditions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">legalIssuer</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">holder</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">kind</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">construction works</span>"<span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">BUILDERS CO<span style="color: blue;"></</span><span style="color: #a31515;">name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">long_name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">BUILDERS BUILDINGS FOR EVERYONE
COMPANY<span style="color: blue;"></</span><span style="color: #a31515;">long_name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">address</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">C/Patronato Obrero, 67, 07006 Palma<span style="color: blue;"></</span><span style="color: #a31515;">address</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">country</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ES53<span style="color: blue;"></</span><span style="color: #a31515;">country</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">email</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">builders@builders.com<span style="color: blue;"></</span><span style="color: #a31515;">email</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">url</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">https://www.buildersCo.com/<span style="color: blue;"></</span><span style="color: #a31515;">url</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">logo</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">https://www.buildersCo.com/files/buildersCoLogo.jpg<span style="color: blue;"></</span><span style="color: #a31515;">logo</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">citizensID</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ES530005631<span style="color: blue;"></</span><span style="color: #a31515;">citizensID</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">holder</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">share</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">percent</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">100<span style="color: blue;"></</span><span style="color: #a31515;">percent</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">resultingFixed</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">98000000<span style="color: blue;"></</span><span style="color: #a31515;">resultingFixed</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">share</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">participation</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">holder</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">kind</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">customer</span>"<span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">any<span style="color: blue;"></</span><span style="color: #a31515;">name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">country</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">any<span style="color: blue;"></</span><span style="color: #a31515;">country</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">citizensID</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">any<span style="color: blue;"></</span><span style="color: #a31515;">citizensID</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">holder</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">share</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">percent</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">100<span style="color: blue;"></</span><span style="color: #a31515;">percent</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">resultingFixed</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">98000000<span style="color: blue;"></</span><span style="color: #a31515;">resultingFixed</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">share</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">participation</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">holder</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">kind</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">builder</span>"<span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">BUILDERS CO<span style="color: blue;"></</span><span style="color: #a31515;">name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">long_name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">BUILDERS BUILDINGS FOR EVERYONE
COMPANY<span style="color: blue;"></</span><span style="color: #a31515;">long_name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">address</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">C/Patronato Obrero, 67, 07006 Palma<span style="color: blue;"></</span><span style="color: #a31515;">address</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">country</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ES53<span style="color: blue;"></</span><span style="color: #a31515;">country</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">email</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">builders@builders.com<span style="color: blue;"></</span><span style="color: #a31515;">email</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">url</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">https://www.buildersCo.com/<span style="color: blue;"></</span><span style="color: #a31515;">url</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">logo</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">https://www.buildersCo.com/files/buildersCoLogo.jpg<span style="color: blue;"></</span><span style="color: #a31515;">logo</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">citizensID</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">0<span style="color: blue;"></</span><span style="color: #a31515;">citizensID</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">holder</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">share</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">percent</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">0<span style="color: blue;"></</span><span style="color: #a31515;">percent</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">resultingFixed</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">0<span style="color: blue;"></</span><span style="color: #a31515;">resultingFixed</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">share</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">participation</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">legalIssuer</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Collector</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Immosales<span style="color: blue;"></</span><span style="color: #a31515;">name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">long_name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">MallorcaWeb, SL<span style="color: blue;"></</span><span style="color: #a31515;">long_name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">address</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">S'Estanyera 15 - 07150 ANDRATX
(Illes Balears)<span style="color: blue;"></</span><span style="color: #a31515;">address</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">country</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ES53<span style="color: blue;"></</span><span style="color: #a31515;">country</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">email</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name@email.com<span style="color: blue;"></</span><span style="color: #a31515;">email</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">url</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">http://www.immosales.com/<span style="color: blue;"></</span><span style="color: #a31515;">url</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">logo</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">http://www.immosales/files/logo.gif<span style="color: blue;"></</span><span style="color: #a31515;">logo</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Collector</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Merchandise</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">pictureURL</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">https://www.buildersCo.com/construcionsPlanned2013/files/pictures</span>"<span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span>Any
construction produced by BUILDERS CO anytime</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Merchandise</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-ansi-language: ES; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES; mso-no-proof: yes;"></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-ansi-language: ES; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES; mso-no-proof: yes;">contract</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-ansi-language: ES; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES; mso-no-proof: yes;">></span><br />
<span style="font-family: Courier; font-size: 10pt;"><br /></span>
<br />
<h2 style="text-align: left;">
<span style="font-family: Courier; font-size: 10pt;">
</span>
<span style="font-family: Calibri; font-size: 12pt;">
The B2P property mortgage contract</span></h2>
<ul style="text-align: left;">
<li><span style="font-family: Calibri; font-size: 12pt;">Is issued for the total value of the price of a concrete property</span></li>
<li><span style="font-family: Calibri; font-size: 12pt;">Is valid as means of payment for the mortgage time</span></li>
<li><span style="font-family: Calibri; font-size: 12pt;">The holder can be the builder and the buyer, nobody else</span></li>
<li><span style="font-family: Calibri; font-size: 12pt;">Can buy only one particulal capital good</span></li>
</ul>
<span style="font-family: Calibri; font-size: 12pt;">The XML<br />
</span>
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<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">currencyLogo</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">https://www.buildersCo.com/files/BUILDLogo.jpg<span style="color: blue;"></</span><span style="color: #a31515;">currencyLogo</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Currency</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ValidPeriod</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">start</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">2012-02-21T00:00:00<span style="color: blue;"></</span><span style="color: #a31515;">start</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">end</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">2027-02-21T00:00:00<span style="color: blue;"></</span><span style="color: #a31515;">end</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">issueDate</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">2012-01-01<span style="color: blue;"></</span><span style="color: #a31515;">issueDate</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ValidPeriod</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Definitions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">producer</span>"<span style="color: blue;">></span>...
legalIssuer ... is the producer of ... Merchandise ...<span style="color: blue;"></</span><span style="color: #a31515;">Definitions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Definitions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">authorization</span>"<span style="color: blue;">></span>...
legalIssuer ... is the authorised institution by the EQUALITARIAN PEOPLES
ASSOCIATION to issue money in the denominations indicated in ... Currency ...<span style="color: blue;"></</span><span style="color: #a31515;">Definitions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Definitions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">affiliation</span>"<span style="color: blue;">></span>...
Collector ... are affiliated companies to the ... legalIssuer ...
commercialising and selling its ... Merchandise ...<span style="color: blue;"></</span><span style="color: #a31515;">Definitions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Definitions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">holder</span>"<span style="color: blue;">></span>...
holder ... of this voucher is any Citizen in possession of ... Currency ...
money<span style="color: blue;"></</span><span style="color: #a31515;">Definitions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Conditions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">amounts</span>"<span style="color: blue;">></span>...
legalIssuer ... will issue money in ... Currency ... for a total amount
equivalent of all the ... Merchandise ... to be available for trade with ...
Currency ... during the ValidPeriod<span style="color: blue;"></</span><span style="color: #a31515;">Conditions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Conditions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">prices</span>"<span style="color: blue;">></span>...
Collector ... will indicate the prices of the ... Merchandise ...included in
this contract in ... Currency ... on top of legal tender prices<span style="color: blue;"></</span><span style="color: #a31515;">Conditions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Conditions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">price guarantee</span>"<span style="color: blue;">></span>...
Collector ... will not change the prices of the ... Merchandise ... in ...
Currency ... from the date of the issue, until the end of the ... ValidPeriod
...<span style="color: blue;"></</span><span style="color: #a31515;">Conditions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Conditions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">redemption</span>"<span style="color: blue;">></span>...
Collector ... commit to redeem the money in ... Currency ... of any ... holder
... for ... Merchandise ...worth the price in ... Currency ...<span style="color: blue;"></</span><span style="color: #a31515;">Conditions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Conditions</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">optional redemption</span>"<span style="color: blue;">></span>Optionally,
... Collector ... may redeem ... Currency ... of non EQUALITARIAN PEOPLES
ASSOCIATION ... holder ... the same way<span style="color: blue;"></</span><span style="color: #a31515;">Conditions</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">legalIssuer</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">holder</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">kind</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">storage of value</span>"<span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">BUILDERS CO<span style="color: blue;"></</span><span style="color: #a31515;">name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">long_name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">BUILDERS BUILDINGS FOR EVERYONE
COMPANY<span style="color: blue;"></</span><span style="color: #a31515;">long_name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">address</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">C/Patronato Obrero, 67, 07006 Palma<span style="color: blue;"></</span><span style="color: #a31515;">address</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">country</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ES53<span style="color: blue;"></</span><span style="color: #a31515;">country</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">email</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">builders@builders.com<span style="color: blue;"></</span><span style="color: #a31515;">email</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">url</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">https://www.buildersCo.com/<span style="color: blue;"></</span><span style="color: #a31515;">url</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">logo</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">https://www.buildersCo.com/files/buildersCoLogo.jpg<span style="color: blue;"></</span><span style="color: #a31515;">logo</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">citizensID</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ES530005631<span style="color: blue;"></</span><span style="color: #a31515;">citizensID</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">holder</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">share</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">percent</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">100<span style="color: blue;"></</span><span style="color: #a31515;">percent</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">resultingFixed</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">280000<span style="color: blue;"></</span><span style="color: #a31515;">resultingFixed</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">share</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">participation</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">holder</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">kind</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">buyer</span>"<span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Jesus ANTOLIN<span style="color: blue;"></</span><span style="color: #a31515;">name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">country</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ES53<span style="color: blue;"></</span><span style="color: #a31515;">country</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">citizensID</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ES530005427<span style="color: blue;"></</span><span style="color: #a31515;">citizensID</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">holder</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">share</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">percent</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">100<span style="color: blue;"></</span><span style="color: #a31515;">percent</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">resultingFixed</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">280000<span style="color: blue;"></</span><span style="color: #a31515;">resultingFixed</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">share</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">participation</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">holder</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">kind</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">builder</span>"<span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">BUILDERS CO<span style="color: blue;"></</span><span style="color: #a31515;">name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">long_name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">BUILDERS BUILDINGS FOR EVERYONE
COMPANY<span style="color: blue;"></</span><span style="color: #a31515;">long_name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">address</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">C/Patronato Obrero, 67, 07006 Palma<span style="color: blue;"></</span><span style="color: #a31515;">address</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">country</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ES53<span style="color: blue;"></</span><span style="color: #a31515;">country</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">email</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">builders@builders.com<span style="color: blue;"></</span><span style="color: #a31515;">email</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">url</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">https://www.buildersCo.com/<span style="color: blue;"></</span><span style="color: #a31515;">url</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">logo</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">https://www.buildersCo.com/files/buildersCoLogo.jpg<span style="color: blue;"></</span><span style="color: #a31515;">logo</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">citizensID</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">0<span style="color: blue;"></</span><span style="color: #a31515;">citizensID</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">holder</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">share</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">percent</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">0<span style="color: blue;"></</span><span style="color: #a31515;">percent</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 4;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">resultingFixed</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">0<span style="color: blue;"></</span><span style="color: #a31515;">resultingFixed</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 3;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">share</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">participation</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">legalIssuer</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Collector</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Mallorca Mi Web<span style="color: blue;"></</span><span style="color: #a31515;">name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">long_name</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">MallorcaWeb, SL<span style="color: blue;"></</span><span style="color: #a31515;">long_name</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">address</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">S'Estanyera 15 - 07150 ANDRATX
(Illes Balears)<span style="color: blue;"></</span><span style="color: #a31515;">address</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">country</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">ES53<span style="color: blue;"></</span><span style="color: #a31515;">country</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">email</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">name@email.com<span style="color: blue;"></</span><span style="color: #a31515;">email</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">url</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">http://www.mallorcamiweb.com/<span style="color: blue;"></</span><span style="color: #a31515;">url</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 2;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">logo</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">https://sites.google.com/site/desperadostheory/files/mallorcaweb.gif<span style="color: blue;"></</span><span style="color: #a31515;">logo</span><span style="color: blue;">></span></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Collector</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span><</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Merchandise</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"> </span><span style="color: red; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">pictureURL</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">=</span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">"<span style="color: blue;">https://www.buildersCo.com/property2314/pitcures</span>"<span style="color: blue;">></span></span><span style="font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Duplex
apartment located on the 2nd floor of a 2 storey building. Area of 05m2 with 2 bedrooms + office (or
bedroom for children).Lounge,
dining room, bathroom with toilet, semi-fitted kitchen, double glazing,
individual gas boiler. Without basement and attic. 32-33
Mortimer Street, 1st Floor,<span style="mso-tab-count: 2;">London W1W
7RE, UNITED
KINGDOM</span>
</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"><span style="mso-tab-count: 1;"> </span></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">Merchandise</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
<div class="MsoNormal">
<span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;"></</span><span style="color: #a31515; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">contract</span><span style="color: blue; font-family: "Courier New"; font-size: 10.0pt; mso-no-proof: yes;">></span></div>
</div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com0tag:blogger.com,1999:blog-6734326932977571104.post-78087219685372333922014-07-16T06:53:00.004-07:002014-07-17T03:14:38.837-07:00B2P investments and profits<div dir="ltr" style="text-align: left;" trbidi="on">
<div>
<span style="font-family: Calibri; font-size: 12pt;">
At
<a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html">
B2P currencies
</a>
<span style="font-family: Calibri; font-size: 12pt;">, the basic idea is that every company planning to put a good in the market, can finance his operations by paying to his providers with a currency issued by the company as a share in the future goods. </span>
</span>
<br />
<h1>
<span style="font-family: Calibri; font-size: 16pt;">Breach of contract</span>
</h1>
<div>
<span style="font-family: Calibri; font-size: 12pt;">If they issue more money than goods they actually produce and this money represents, the enterprise will be pursued by law. Customers can claim that they came with the money and there was no goods in the stores. </span>
</div>
<h1>
<span style="font-family: Calibri; font-size: 16pt;">Investments and profits</span>
</h1>
<div>
<span style="font-family: Calibri; font-size: 12pt;">
The consequence is that investments and profits have to be paid with the company
<a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html">
B2P currency
</a>
as well. Investments and profits have to be paid at the beginning of the cycle, and not after the annual sales cycle. On perishable goods, after a certain date, the
<a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html">
B2P currency
</a>
is worth nothing. The goods are rotten.
</span>
</div>
<div>
<br />
<span style="font-family: Calibri; font-size: 12pt;">
How it works:
</span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgb2dus3APITMGjHVsJX0vyVSOE7XkKOWzBcfIroqKjCRrFFbtZTVEfuRwmF7rHRJq7lPTzLobhkyVixBRSiT19cHOgTYCUs3xKCy-PZZDz6ErHT22RPGFQp-LIfgN_glRWgJF8ZTck0kVN/s1600/ahorro.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;">
<img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgb2dus3APITMGjHVsJX0vyVSOE7XkKOWzBcfIroqKjCRrFFbtZTVEfuRwmF7rHRJq7lPTzLobhkyVixBRSiT19cHOgTYCUs3xKCy-PZZDz6ErHT22RPGFQp-LIfgN_glRWgJF8ZTck0kVN/s1600/ahorro.png" width="750" />
</a>
</div>
</div>
<div style="text-align: left;">
<span style="font-family: Calibri; font-size: 14pt;">
<b>
Buy goods
</b>
</span>
</div>
<div style="text-align: left;">
<span style="font-family: Calibri; font-size: 12pt;">
To buy variable goods and services, like maintenance, raw materials or labor, that is, to pay the <b>exploitation costs</b>, they use their own
<a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html">
B2P currency
</a>
to pay their providers. The providers will use this money to buy themselves the goods this enterprise is producing or will put it into the exchange market for those who want the goods this enterprise is producing.
</span>
</div>
<div style="text-align: left;">
<br />
<span style="font-family: Calibri; font-size: 14pt;">
<b>Buy other currencies </b>
</span>
</div>
<ol style="text-align: left;">
<li>
<span style="font-family: Calibri; font-size: 12pt;">
To <b>invest
</b> in capital goods, they buy the capital goods manufacturers money, in order to pay the
<a href="http://desperado-theory.blogspot.be/2014/07/b2p-currency-mortgages.html">
mortgages
</a>
or leasing's. The capital goods manufacturers owners and employees will need the perishable goods money for their daily consumption of perishable goods.
</span>
</li>
<li>
<span style="font-family: Calibri; font-size: 12pt;">
Finally, to pay their shareholders <b>profit</b> or the managers the bonus, they buy in the exchange market any global luxury money that can be spend at a nice holiday in the Caribean.
</span>
</li>
</ol>
<h1>
<span style="font-family: Calibri; font-size: 16pt;">If sales go wrong</span>
</h1>
<div>
<span style="font-family: Calibri; font-size: 12pt;">Sales can go wrong from the beginning to the end:</span>
</div>
<ul style="text-align: left;">
<li>
<span style="font-family: Calibri; font-size: 12pt;">
It can go wrong at the beginning, if there is no interest at accepting this enterprise
<a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html">
B2P currency
</a>
, because there is no interest in the product. It means that part of the currency is not circulated. But there is another part in circulation, and those that have accepted the currency expect a percentage share of a given stated total production. At least the goods represented in the circulating money have to be produced. To adjust accounts, the most rigid cost is mortgages, the exploitation costs are partly flexible, and profits and bonus can always be deleted. Its up to the management to decide how to proceed. But its fair to assume that the company managers do not deserve a very high bonus.
</span>
</li>
<li>
<span style="font-family: Calibri; font-size: 12pt;">
It can go wrong at the end. Customers that were eager to acquire the enterprise
<a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html">
B2P currency
</a>
at the beginning, enthusiastic about your promised products, at showing up at the shop, or likely before, were disappointed by the product, were not able to get rid of the currency
in the exchange market, and they preferred not to claim the product. There is no immediate damage for the enterprise. All has been paid, just part of the product will go to the bin. But it is a terrible warning. These customers in all probability will not accept the enterprise
<a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html">
B2P currency
</a>
next year. The enterprise should take immediate reaction at reducing production next year and make some investments to improve quality, all meaning that shareholders and managers will be punished with low chances to get any profit or bonus next year.
</span>
</li>
</ul>
</div>
</div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com1tag:blogger.com,1999:blog-6734326932977571104.post-8636686858713614032014-07-15T04:32:00.003-07:002014-07-15T11:26:27.396-07:00B2P currency mortgages<div style="text-align: left" dir="ltr" trbidi="on"> <p><font size="3" face="Calibri">¿How could we buy capital goods (real estate, big machines, infrastructures) using <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currencies</a> without a banking credit system?</font> <p><font size="3" face="Calibri">The two keys to the answer are the following:</font> <ol> <li><font size="3" face="Calibri"><a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currency</a> cannot be kept as “savings”. The <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2C currency</a> could eventually be stored under the bed to reappear in the future, but the goods it does represent cannot be put in a time machine to reappear in the future the same way. This time machine trick can be played with an undifferentiated currency such as fiat money, but not any more with money representing goods. At fiat money, when money disappears from the monetary mass under the bed cover in form of savings, the goods this money was supposed to trade, in order to be sold, have to rely on savings money reappearing from the past. Because at fiat money any money can buy any good. This is not any more the case with <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currency</a>. Money issued to promise the vegetables production of a given year cannot be saved to buy production of vegetables ten years later. If the money created for this production cycle is stored under the bed, some vegetables will rot on the shelves without being sold.</font> <li><font size="3" face="Calibri">The manufacturers of capital goods, like a big truck, issue their own long cycle <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currency</a>, but need to eat every day. That is, they need to buy every day vegetables and meat, drinks, dressing, use telephone and electricity. In one word, manufacturers of capital goods with long duration and strong manufacturing effort, requiring large factories, need to buy in the perishable, short cycle, products market to do their job today and every day. </font></li></ol><font size="3" face="Calibri">Overall, <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currencies</a> result in detaching the attribute of money as <b>storage of value </b>from the other two classic attributes: the attribute as a <b>means of trade</b>, and the attribute as a <b>measure of value</b>. In the new economy savings can be done by exchanging <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currencies</a> representing short period perishable goods, by <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currencies</a> representing long lasting goods. As it has always been done with gold. </font> <p><font size="3" face="Calibri">As an example, real estate builders could issue their own <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currency</a> to pay their expenses in construction. Such builders would not be carrying any debt, except their obligation to provide the products they promised, on time. And they could capitalize new construction any time by issuing new B2C currency.</font> <p><font size="3" face="Calibri">The real estate builder has both the ability and the responsibility to create enough purchasing power to absorb all of his production. This could be done by issuing each month enough (and only enough) <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currency</a> to eat this month and to buy the construction materials. The amount can be adjusted to ups and downs in production following future sales forecasts. The builder’s creditors are customers who have acquired the builder’s <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currency</a> in order to buy the buildings, or, more generally, to trade with the currency in the exchange market.</font> <p><font size="3" face="Calibri">Under the B2P system, payment would be made directly by the buyer to the builder and the time-line of payment could be adjusted and negotiated at each selling contract according to the builder’s discretion and the customers needs. When a customer acquires a house, a contract would be signed between the parts scheduling that each month a share of the house property contract goes from the builder to the buyer, against a payment in the B2C currency of the builder. If the buyer is producing perishable goods, it will go to the exchange market to sell his <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currency</a> against the <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">B2P currency</a> of the builder. Capital goods producers will be very eager to put their currencies in the exchange market because, as we said, they need to eat every day.</font> <p><font size="3" face="Calibri">The most remarkable benefit of this system is that it does not need or justify any <b>interest</b>, because there is no storage of value in the money, but only at the goods. The whole process follows a real time exchange of property on goods.</font></p></div> Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com5tag:blogger.com,1999:blog-6734326932977571104.post-78966034128944149022014-07-14T07:17:00.001-07:002014-08-13T05:23:05.167-07:00B2P type of currencies as a promise of goods<div dir="ltr" style="text-align: left;" trbidi="on">
<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Calibri; font-size: 12pt;">
B2C type of currencies are assumed to cope with most of the trade. B2C currency is essentially a bond currency issued by a for-profit or non-profit enterprise against its future production of goods.
</span>
<br />
<br />
<span style="font-family: Calibri; font-size: 12pt;">
The production and distribution of goods and services will have an optimal size at local, regional, national, continental or global scale. The geographical coverage of each of the B2C type of currencies will therefore be local, regional, national, continental or global.</span><br />
<span style="font-family: Calibri; font-size: 12pt;"><br />It is not restricted to the members of one particular Equalitarian Peoples Association. Equalitarian Peoples Associations may overlap in geographical coverage, as for example different Unions do. B2C type of currencies can be used by members of all Equalitarian Peoples Associations.</span></div>
<br />
<span style="font-family: Calibri; font-size: 12pt;">
These currencies are formally global (e.g. can be exchanged globally), although their value of use can be quite local. An example can be a B2C currency expressed as bonds for certain amounts of taxi services of the taxi association of a town. It has no value outside this town, but if somebody is planning to go there, anybody may buy it from any place in the world. There is no need to be member of any association.
</span>
<br />
<br />
<span style="font-family: Calibri; font-size: 12pt;">
The original proposer was
<a href="http://en.wikipedia.org/wiki/E.C._Riegel" target="_blank">
E.C. Riegel
</a>
, who proposed this type of money as early as in 1944. He explains his theory in
<a href="https://www.community-exchange.org/docs/Riegel/private_enterprise_money.pdf" target="_blank">
Private Enterprise Money
</a>
, or in
<a href="http://www.newapproachtofreedom.info/ffi/index.html" target="_blank">
Flight from Inflation</a>. Today, the main defenders of these type of currencies are:</span><br />
<ul>
<li>
<span style="font-family: Calibri; font-size: 12pt;">
Bernard Lietaer <a href="http://www.lietaer.com/">http://www.lietaer.com/</a>
</span>
</li>
<li>
<span style="font-family: Calibri; font-size: 12pt;">
Thomas H. Greco <a href="http://www.reinventingmoney.com/">http://www.reinventingmoney.com/</a>
</span>
</li>
<li>
<span style="font-family: Calibri; font-size: 12pt;">
Paul Grignon <a href="http://paulgrignon.netfirms.com/MoneyasDebt/">http://paulgrignon.netfirms.com/MoneyasDebt/</a>
</span>
</li>
</ul>
<span style="font-family: Calibri; font-size: 12pt;">
The basic idea is that every company planning to put a good in the market, can finance his operations by paying to his providers with a currency issued by the company as a share in the future goods. Of course, it has to have the reputation for their providers to accept this currency.
</span>
<br />
<div>
<div>
</div>
<div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEJFF2b_-KiCHiAakq5DRu64MCsRHtCVcodpbEPK0UB836JCAmMBLJ5-br2zewT9Li_V55h6BP4bexP53wzpEYUZQSUt7BRzuCmR3ly7pPyQic9AdynP74fBQWr4WjP-wqdx8s1HlM9KV_/s1600/B2C.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;">
<img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEJFF2b_-KiCHiAakq5DRu64MCsRHtCVcodpbEPK0UB836JCAmMBLJ5-br2zewT9Li_V55h6BP4bexP53wzpEYUZQSUt7BRzuCmR3ly7pPyQic9AdynP74fBQWr4WjP-wqdx8s1HlM9KV_/s1600/B2C.png" style="background-image: none; border-color: -moz-use-text-color; border-style: none; border-width: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;" width="750" />
</a>
</div>
<div>
<span style="font-family: Calibri; font-size: 12pt;">
In <a href="https://www.ethereum.org/" target="_blank">ethereum</a>, it can be created like this:
</span>
</div>
</div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<table border="1">
<tbody>
<tr>
<td><span style="font-family: Calibri;">
like in <b>Ethereum ÐApps for Web Developers - Writing Your Own Currency</b>
<a href="http://hidskes.com/blog/2014/05/21/ethereum-dapp-development-for-web-developers/">
http://hidskes.com/blog/2014/05/21/ethereum-dapp-development-for-web-developers/
</a>
</span>
<br />
<span style="font-family: Courier New;">
init {<br />this.store[this.origin()] = <b>10000</b>}
</span>
<br />
<span style="font-family: Calibri;">
where 10000 is the number of
shares representing all your production. You may name it as you like,
for example "Johns Vegetables"
</span>
</td>
</tr>
</tbody>
</table>
<br />
<div style="text-align: left;">
<span style="font-family: Calibri; font-size: 12pt;">
However, no ethereum smart contract will ever be so smart, - at least until the IoT provides each object with a label -, to know what goods the owner of one share of the currency can claim to the issuer, unless the goods are described in the contract in a way humans can read. When the holder of the B2C currency pays, only him, a human, can know and judge if he received the goods he was supposed to receive.
</span>
</div>
<br />
<span style="font-family: calibri; font-size: 12pt;">
As it is a legal commitment, it would be preferable that all human-target clauses follow the same standard structure. It means that the smart contract should include an XML text, human readable through an XSL transform, containing the data of the promise of goods using the same XSD schema, so that all wallets display properly all B2P currencies, following for example the <a href="http://www.systemics.com/docs/ricardo/issuer/contract.html" target="_blank">Ricardian contract</a> schema or the INTERNET-DRAFT Ko Fujimura XML Voucher schema described at the <a href="http://tools.ietf.org/html/draft-ietf-trade-voucher-lang-07" rel="nofollow">Generic Voucher Language</a>, so that a browser in the wallet can display an understandable message to the holder.
</span>
<br />
<div style="text-align: left;">
<span style="font-family: Calibri; font-size: 12pt;">At this link a
<a href="https://sites.google.com/site/desperadostheory/files/voucher.xsd" target="_blank">
<b>
voucher.xsd
</b>
</a>
schema can be obtained.<br /><br />Of course, this information could be provided as linked data and hang from some URL, instead of inside the Smart Contract. In that case:
</span>
</div>
<ul style="text-align: left;">
<li>
<span style="font-family: Calibri; font-size: 12pt;">
The data should be secured by a signature
</span>
</li>
<li>
<span style="font-family: Calibri; font-size: 12pt;">The URL would need to be protected in something like namecoin, the content secured in something like a Bittorent</span> </li>
</ul>
</div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com7tag:blogger.com,1999:blog-6734326932977571104.post-65105029150633721502014-07-13T03:45:00.001-07:002014-08-19T06:33:52.754-07:00P2B sovereign currency<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="font-family: calibri;">
<span style="font-size: small;">The sovereign is the<b> legal tender</b> currency of a community organised as an </span><a href="http://desperado-theory.blogspot.be/2014/06/commons-sovereigns.html"><span style="font-size: small;">Equalitarian Peoples Association</span></a><span style="font-size: small;">, which could operate as an ethereum </span><a href="https://blog.ethereum.org/2014/05/06/daos-dacs-das-and-more-an-incomplete-terminology-guide/"><span style="font-size: small;">DAO, or several DAOs or DACs</span></a><span style="font-size: small;">, one for each Governing Body or Public Service Body.</span></div>
<div>
<span style="font-family: Calibri;"><br /><span style="font-size: small;"></span></span></div>
<div style="font-family: calibri;">
<span style="font-size: small;">Sovereign is money issued out of the nothing by the members of the Equalitarian Peoples Association, in their monetary sovereignty, for a taxation period and lend to the Equalitarian Peoples Association using a P2P credit as financial instrument. It goes to the Governing Body of the Equalitarian Peoples Association as a credit. The Equalitarian Peoples Association returns the credit with the money collected at taxation, donation or membership fees. Once returned, this money disappears form the monetary mass.</span></div>
<div>
<span style="font-family: Calibri;"><br /><span style="font-size: small;"></span></span></div>
<div style="font-family: calibri;">
<span style="font-size: small;">In essence, the P2P credit instrument created for Peer to Peer credit purposes is used as well as a <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html" target="_blank">P2B credit instrument</a>. The B(Business) is in this case the DAO of the Governing Body of the Equalitarian Peoples Association. It means that all monetary credit in the system comes in the end from the Peers or People, and nobody else. In a way, it is the money the Peers “impose” to their Governing Bodies.</span></div>
<div>
<span style="font-family: Calibri;"><br /><span style="font-size: small;"></span></span></div>
<div style="font-family: calibri;">
<span style="font-size: small;">As legal tender currency, it is the only currency accepted for the creation of new money in form of only-monetary P2P or P2B credits. It is the only currency accepted to pay the taxes. It is also the only currency used to pay the Basic Income. Additionally there is another kind of credit, self-credit, but it has to take the form of a B2C bond currency against future production of goods of DAOs operating as Equalitarian Peoples Associations for-profit private companies. That is, all other credit is in other currencies, and is not “monetary only”. It is credit against a promise of goods. Technically, it is created as any other ethereum currency, but at start it has zero (0) units in circulation. The People's Bank creates the currency like this: </span></div>
<div style="font-family: calibri;">
</div>
<table border="1"> <tbody>
<tr> <td><div style="font-family: calibri;">
<span style="font-size: small;">like in <b>Ethereum ÐApps for Web Developers - Writing Your Own Currency</b></span><a href="http://hidskes.com/blog/2014/05/21/ethereum-dapp-development-for-web-developers/"><span style="font-size: small;">http://hidskes.com/blog/2014/05/21/ethereum-dapp-development-for-web-developers/ </span></a></div>
<div style="font-family: courier;">
<span style="font-size: small;">init {<br />this.store[this.origin()] = <b>1.000.000.000</b>}</span></div>
<div style="font-family: calibri;">
<span style="font-size: small;">instead of the name GenericCoin used in the above example we would name it <b>"sovereign"</b></span></div>
</td></tr>
</tbody></table>
<br />
<div style="font-family: calibri;">
<span style="font-size: small;"><span style="font-family: Calibri;">The Peoples Bank is authorised to generate as
many sovereigns as it considers necessary, but only entitled to transfer money to the members loans accounts. Most probably, the Bnak will generate an excess of sovereigns to cover future needs. </span></span><br />
<br />
<span style="font-size: small;"><span style="font-family: Calibri;">The Bank </span></span><span style="font-size: small;"><span style="font-family: Calibri;"><span style="font-family: Calibri;"><span lang="en-GB" style="font-family: Calibri;"><span style="font-weight: normal;">transfers to the
loans accounts of the members of the Equalitarian Peoples Association a transfer equal to the members
<a href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html">
reputation as moneylender. </a></span></span></span></span></span><br />
<br />
<span style="font-size: small;">In turn, the people can give P2P credits to the Governing Body DAO by an equal amount by each member as required in the Governing Body budget.</span><br />
<br />
<span style="font-size: small;">Whta is forbidden is a transfer from the People's Bank to any </span><span style="font-size: small;"><span style="font-size: small;">Governing Body or any other entity. </span> </span></div>
<div>
<span style="font-family: Calibri;"><br /><span style="font-size: small;"></span></span></div>
<div style="font-family: calibri;">
<span style="font-size: small;">As explained in </span><a href="http://desperado-theory.blogspot.be/2014/06/commons-sovereigns.html"><span style="font-size: small;">Commons Sovereigns</span></a><span style="font-size: small;"> for Equalitarian Peoples Associations, the poorest will pay their tax fee with the help of their Basic Income.</span></div>
<div style="font-family: calibri;">
</div>
<span style="font-family: Calibri; font-size: small;"><img src="http://lh5.ggpht.com/-gDclcSuMznc/U547LLr-QwI/AAAAAAAAFcA/FEG6i4EdJZU/clip_image008_thumb.png?imgmax=800" /></span> <br />
<div style="font-family: calibri;">
</div>
<div style="font-family: calibri;">
<span style="font-size: small;">The total monetary mass of sovereigns in circulation is composed by the total mass of credit given to the Governing Body as credit by the people plus the sum of all P2P credit between Peers. In most real situations it will result in a gradual decrease of legal tender monetary mass along the year as people pay their taxes. The scarcity of money will probably result in a higher demand of P2P credit at the end of the year. </span></div>
<div style="font-family: calibri;">
</div>
<span style="font-family: Calibri; font-size: small;"><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilA-3iWZtSbsgXfC7wYMbzAgmoxuFwTQ5Hx7Hhsg3tjdrrLhDwMKii-cj0BkpF-BEaz_iBo8LhUNtWGdtasrCusXYIhlO5ahjNwPaCDrwsnhtJmjc_RLhToPrhZfQg5PqtG7iSDmG2eCvd/?imgmax=800" /></span> <br />
<div style="font-family: calibri;">
</div>
<div style="font-family: calibri;">
<span style="font-size: small;">Whatever the real curve is, the effect we want to generate is that the mass of sovereign money in circulation is auto-regulated</span></div>
<ol style="font-family: calibri;">
<li><span style="font-size: small;">first by the amount of money issued by the people as P2B credit to the governing bodies at each period, the expenditure of the governing body using this money, - under others to pay the basic income –,</span> </li>
<li><span style="font-size: small;">and a supplementary amount of money issued by the people if there is starting to be shortage of sovereigns at taxes collection period, - when the P2B credit is paid back and money is destroyed -, in the form of P2P credits according the needs of the economy and the volume of the trade.</span></li>
</ol>
<div style="font-family: calibri;">
<span style="font-size: small;">More information at </span><a href="https://drive.google.com/file/d/0B0pex9Mj0wCWVHZGNXlGTFRnNm8"><span style="font-size: small;">El Soberano del Bien Comun</span></a><span style="font-size: small;"> (PDF, spanish)</span></div>
</div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com1tag:blogger.com,1999:blog-6734326932977571104.post-27443486338012828382014-06-28T12:05:00.001-07:002014-08-11T06:22:06.272-07:00P2P A to B Credit contract<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Calibri; font-size: 12pt;">We propose a P2P credit system inspired in the Fractional Reserve Banking Model. Other P2P credit systems amongst peers have been proposed. The most common is the LETS system. Ripple is also popular.</span>
<br />
<br />
<span style="font-family: Calibri; font-size: 12pt;">
First, we need to clarify that this kind of credit is <u>not</u> intended to finance large loans to acquire <b>capital goods</b>. For that purpose, we propose to use <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html">
<b>B2P type of currencies as a promise of goods</b>
</a> in the form of <a href="http://desperado-theory.blogspot.be/2014/07/b2p-currency-mortgages.html">B2P currency mortgages</a>. Instead the kind of P2P credit we discuss here is intended to finance Peer to Peer individual transactions or collective actions in the format of crowdfunding. Ultimately, it will be used to "crowdfund" the public services of the Government.
</span>
<br />
<br />
<span style="font-family: Calibri; font-size: 12pt;">In the LETS system, every member is allowed to have at his account a negative balance. This negative balance is no other than a credit by the community. The amount of negative balance has a limit fixed by each community. In some cases there is also a maximum amount, so that the member has to circulate the money. There is no monitoring by the system of the time the account remains negative. In our view it is not scalable to large communities, in which people do not know each other, and need to use larger amounts of credit may be over large periods. We think that the model of credits in Fractional </span>
<br />
<br />
<span style="font-family: Calibri; font-size: 12pt;">Reserve Banking system, without interest, and without the monopoly of the banks, is much more flexible and accountable financial instrument.</span>
<br />
<br />
<span style="font-family: Calibri; font-size: 12pt;">The Ripple concept is closer to the P2P credit system that we explain here. The negative balance limit fixed by the LETS community is replaced in the Ripple system by a more tailored negative balance limit which is fixed by the limit of credit your friends trust to give to you. This is influenced by the amount they receive in turn from their friends. Again, this is an atemporal credit. The amounts remain low.</span>
<br />
<hr />
<h3 style="line-height: 15pt; margin: 12pt 0cm 3pt;">
<a href="https://www.blogger.com/null" style="name: _toc390646376;"><span lang="EN-GB" style="mso-ansi-language: en-gb;"><span style="font-family: Cambria;"><span style="color: black; font-size: 13pt;">P2P Loans</span></span></span></a><span lang="EN-GB" style="mso-ansi-language: en-gb;"></span></h3>
<div class="MsoNormal" style="line-height: 13pt; margin: 0cm 0cm 10pt;">
<span lang="EN-GB" style="mso-ansi-language: en-gb;"><span style="font-family: Calibri;"><span style="color: black; font-size: 11pt;">Any member can transfer out of the nothing any quantity from his or her <b style="mso-bidi-font-weight: normal;">loans </b>account to another member <b style="mso-bidi-font-weight: normal;">current</b> account. </span></span></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0cm 0cm 10pt;">
<span lang="EN-GB" style="mso-ansi-language: en-gb;"><a href="http://lh4.ggpht.com/-1iHGLJWfmzI/U54-L8ZywdI/AAAAAAAAFdM/5CMk7-3NLuk/s1600-h/Slide3%25255B3%25255D.png"><img alt="Slide3" border="0" src="http://lh3.ggpht.com/-YB_pMy5GWiM/U54-Mknm7WI/AAAAAAAAFdU/XbAY0svvdpQ/Slide3_thumb%25255B1%25255D.png?imgmax=800" height="190" style="background-image: none; border-bottom-width: 0px; border-left-width: 0px; border-right-width: 0px; border-top-width: 0px; display: inline; padding-left: 0px; padding-right: 0px; padding-top: 0px;" title="Slide3" width="644" /></a></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0cm 0cm 10pt;">
<span lang="EN-GB" style="mso-ansi-language: en-gb;"><span style="font-family: Calibri;"><span style="color: black; font-size: 11pt;">It
detracts the amount of the transaction from the sender and adds the
amount to the receiver. The receiver can be also any organisation
account. It requires two signatures, the signature of the sender and the
receiver of the loan accepting the loan.</span></span></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0cm 0cm 10pt;">
<span lang="EN-GB" style="mso-ansi-language: en-gb;"><span style="font-family: Calibri;"><span style="color: black; font-size: 11pt;">Lending abuse may result in inflationary effects. <span style="mso-spacerun: yes;"> </span>Equalitarian
Peoples Associations may want to regulate this activity and set some
rules. If the Equalitarian Peoples Associations wants to have some
control of these operations using these rules, the contract may require a
third signature, that of a control body. </span></span></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0cm 0cm 10pt;">
<span lang="EN-GB" style="mso-ansi-language: en-gb;"><span style="font-family: Calibri;"><span style="color: black; font-size: 11pt;">The transaction itself is a <b style="mso-bidi-font-weight: normal;">lending smart contract</b>
signed by all parties that includes the automatic payback to the loans
account of the lender, at the agreed timing and the agreed conditions. </span></span></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0cm 0cm 10pt;">
<span lang="EN-GB" style="mso-ansi-language: en-gb;"><span style="font-family: Calibri;"><span style="color: black; font-size: 11pt;">A
variant may include an interest, that is, the payback of the principal
to the loans account of the lender and an interest to the current
account. </span></span></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0cm 0cm 10pt;">
<span lang="EN-GB" style="mso-ansi-language: en-gb;"><span style="font-family: Calibri;"><span style="color: black; font-size: 11pt;">As this is how banks operate now in the Fractional Reserve Banking system, all Equalitarian Peoples Associations <b style="mso-bidi-font-weight: normal;">people become banks</b>
for Peer to Peer lending and thus creating money. If the Equalitarian
Peoples Association misses the old banking system, it may authorise the
creation of DAO corporations that also have a loans accounts and can
give loans out of the nothing.</span></span></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0cm 0cm 10pt;">
<span lang="EN-GB" style="mso-ansi-language: en-gb;"><span style="font-family: Calibri;"><span style="color: black; font-size: 11pt;">Public service enterprises have no loans account, and therefore cannot lend money.</span></span></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0cm 0cm 10pt;">
<span lang="EN-GB" style="mso-ansi-language: en-gb;"><span style="font-family: Calibri;"><span style="color: black; font-size: 11pt;">The monetary consequence, as it happens at all P2P monetary systems like time-banks, is that there is <b style="mso-bidi-font-weight: normal;">no fixed monetary mass</b>.
The monetary mass grows with the lending and decreases with the
payments back. In one word it grows with the intensity of the trust
based transactions between peers. Interest payment does not change the
total monetary mass, but sucks and detracts money available for
transactions of goods.</span></span></span></div>
<div class="MsoNormal" style="line-height: 13pt; margin: 0cm 0cm 10pt;">
<span lang="EN-GB" style="mso-ansi-language: en-gb;"><span style="font-family: Calibri;"><span style="color: black;"><span style="font-size: 11pt;">Other
B2C oriented monetary systems, like currencies that consist in a
contractual promise of a good (commodity based), need to have a fixed
monetary mass. Bitcoin is a special case. It has a fixed monetary mass
like B2C systems, but floats in value.</span><span style="mso-spacerun: yes;"><span style="font-size: 11pt;"> </span></span></span></span></span></div>
<hr />
<br />
<span style="font-family: Calibri; font-size: 12pt;">The credits
we need to have should be able to be as large as necessary, have a clear
payback timing and deadlines, short or long, and the outcome of a
default at payback has to have a clear remedy. </span>
<br />
<br />
<span style="font-family: Calibri; font-size: 12pt;">The
remedy in the Fractional Reserve Banking system is the guarantee of the
collateral. In case of default, the collateral goes to the moneylender.
This is not fair, if the moneylender has created the money out of the
nothing with no reserve. It is also a bad monetary solution. The credit
that is not returned stays in the system as money that will not
extinguish, creating inflation or excess of money. </span><br />
<span style="font-family: Calibri; font-size: 12pt;"> </span>
<br />
<span style="font-family: Calibri; font-size: 12pt;">
The moneylender social role is to guarantee that he gives credit in name of the community and has well analysed the<b> <a href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html" target="_blank">solvency of the borrower</a></b>. He advances money that did not exist before, but the condition is that this extra money will disappear in the future. He will be entitled to do so in function of his <a href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html" target="_blank"><b>reputation as moneylender</b></a>. </span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYCzAw5SSNme-YVVlBpA8Fon8jfsN_8Lj8k_tVh1rPQz55H_EKCmxMDvmw2D3TCqNPC1fDW8-9gnVBUjJc7aLSI1EM8Hz3MmdraBU1yNChyphenhyphenuk9zncdLqS8OiRKUld_HZ-BXSBuPM0DhaP0/s1600/P2PLoans.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYCzAw5SSNme-YVVlBpA8Fon8jfsN_8Lj8k_tVh1rPQz55H_EKCmxMDvmw2D3TCqNPC1fDW8-9gnVBUjJc7aLSI1EM8Hz3MmdraBU1yNChyphenhyphenuk9zncdLqS8OiRKUld_HZ-BXSBuPM0DhaP0/s1600/P2PLoans.png" height="480" width="640" /></a></div>
<span style="font-family: Calibri; font-size: 12pt;">What we propose is, instead of a guarantee of collateral's, the smart contract P2P credit financial instrument includes a shared responsibility of returning the credit. If the borrower does not pay, it is the moneylender who pays. </span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhICs_1adRDEddsW0ZzydMCeoSbkBd-8MhS_bjDMX7p3WuRAcYASUjQdvQyvIoGpPJKkJbcMTX-S5B9yCR2zT9e6SEfiHJVdyvm_EiImGd3pPQLe2D29YGyXWspjF15Q-Q7ARPILeFnMjkJ/s1600/Slide3.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhICs_1adRDEddsW0ZzydMCeoSbkBd-8MhS_bjDMX7p3WuRAcYASUjQdvQyvIoGpPJKkJbcMTX-S5B9yCR2zT9e6SEfiHJVdyvm_EiImGd3pPQLe2D29YGyXWspjF15Q-Q7ARPILeFnMjkJ/s1600/Slide3.PNG" height="454" width="640" /></a></div>
<span style="font-family: Calibri; font-size: 12pt;">This does not prevent that other, not monetary, conditions exist at the smart contract. For example, a non monetary clause could say that in case of default the ownership of the collateral goes to the moneylender. If the ownership of the collateral is expressed in a smart contract, you may change the owner. But this is not a monetary transaction and does not solve the destruction of the money created by the loan. To close the loop, the moneylender cannot keep the property (unless he buys it); he has to put the collateral in the market again, sell it, and restore the credit to zero. Maybe this causes another credit to be created.</span>
<br />
<br />
<span style="font-family: Calibri; font-size: 12pt;">Technically, a credit would be a unique smart contract between two parties that result in a positive transaction towards the account of the borrower at a currency shared by a community, the legal tender currency of that community, their <a href="http://desperado-theory.blogspot.be/2014_07_01_archive.html" target="_blank"><b>P2B sovereign currency</b></a>. A loan creates a positive increase at</span><span style="font-family: Calibri; font-size: 12pt;"><span style="font-family: Calibri; font-size: 12pt;"> the borrower's </span>account </span><span style="font-family: Calibri; font-size: 12pt;"><span style="font-family: Calibri; font-size: 12pt;">of <a href="http://desperado-theory.blogspot.be/2014_07_01_archive.html" target="_blank">P2B sovereign currency</a> </span>out of the thin air.</span>
<br />
<br />
<div dir="ltr" style="text-align: left;" trbidi="on">
</div>
<table border="1" cellpadding="2" cellspacing="0" style="width: 600px;">
<tbody>
<tr>
<td valign="top" width="600"><span style="font-family: Times,"Times New Roman",serif;">
Example 1: <b>a LET system or a TimeBank</b>
</span>
<br />
<span style="font-family: Times,"Times New Roman",serif;">
<br />
</span>
<span style="font-family: Times,"Times New Roman",serif;">
When a new user joins a TimeBank, and his account is at zero, he can already ask for the services of another member, cause TimeBanks and LET systems allow to have negative accounts up to a limit. The newcomer pays the services from his account, that becomes negative, actually as a credit from the community. He is supposed to return this credit by offering at a later time his own services to other members an thus return his account to zero or positive. The same way, using a P2P, somebody of the community could provide his services to a newcomer with zero balance at his account by giving the newcomer a credit for the amount he needs to pay. The service provider has been paid.To return the credit, the newcomer will offer at a later time his services to get the money he needs to payback the credit or more.
</span>
</td>
</tr>
<tr>
<td valign="top" width="600"><span style="font-family: Times,"Times New Roman",serif;">
Example 2: <b>a credit for a larger expenditure</b>
</span>
<br />
<span style="font-family: Times,"Times New Roman",serif;">
<br />
</span>
<span style="font-family: Times,"Times New Roman",serif;">
Occasional consumption needs, like going holidays, may require a credit to buy expensive services. In this case, a couple of Peers may crowdfund an exceptionally expensive trip of a friend.
</span>
</td>
</tr>
<tr>
<td valign="top" width="600"><span style="font-family: Times,"Times New Roman",serif;">
Example 3: <b>an SME DAO with cash difficulties</b>
</span>
<br />
<span style="font-family: Times,"Times New Roman",serif;">
<br />
</span>
<span style="font-family: Times,"Times New Roman",serif;">
An SME DAO may have obtained most of the credit it needs for the exploitation cycle by issuing a <a href="http://desperado-theory.blogspot.be/2014/07/b2p-type-of-currencies-as-promise-of.html">B2P type of currencies as a promise of its future production of goods</a>. The need for investments in capital goods is covered by <a href="http://desperado-theory.blogspot.be/2014/07/b2p-currency-mortgages.html">B2P currency mortgages</a>. Nevertheless, it may arrive at a certain moment to cash flow problems. The SME may launch a crowd funding campaign for a short period credit.
</span>
</td>
</tr>
</tbody>
</table>
<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<span style="font-family: Calibri; font-size: 12pt;">Obviously, the credit results in an increase of the total amount of existing currency in the system. It results in an increase of the monetary mass used by that community.</span>
<br />
<br />
<span style="font-family: Calibri; font-size: 12pt;">The overall logic is that this currency starts with a total monetary mass of zero. The monetary mass has to grow only as required by the volume and the speed of the trade of that community. Scarcity of currency will result in the need of credit by somebody. New money is created as credit. As the credit has to be returned, the total monetary mass has an embedded drive, a kind of gravitational force, to return to be zero when all credits are returned. When this goes too far, somebody will again need some credit in order to be able to trade, and the monetary mass adjusts again up.</span>
<br />
<br />
<span style="font-family: Calibri; font-size: 12pt;">That is why credits need to be necessarily paid back, and not replaced by other non monetary operations like a change of ownership of a good. </span>
</div>
<hr />
<h1>
<span style="font-family: Calibri; font-size: 12pt;">
<i>; part 1 of the contract (setting the loan parameters)</i>
</span>
</h1>
<span style="font-family: trebuchet ms; font-size: 11pt;">
<table border="1" cellpadding="2" cellspacing="0" style="width: 600px;">
<tbody>
<tr>
<td valign="top" width="600"><i>
; write the contract out of a template. First you type the agreed loan amount and the payback date (or series of dates).
</i>
<br />
<i>
; <b>A</b> is the moneylender and <b>B</b> is the borrower
</i>
<br />
<br />
<b>loan</b> = amount
<br />
<b>paybackDate</b> = date
<br />
<br />
<i>
; then, both parties need to sign
</i>
<br />
<br />
If sign A, sign B
</td>
</tr>
</tbody>
</table>
</span>
<br />
<h1>
<span style="font-family: Calibri; font-size: 12pt;">
<i>; part 2 of the contract (fixed code in the credit contract template)</i>
</span>
</h1>
<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: trebuchet ms; font-size: 11pt;">
<table border="1" cellpadding="2" cellspacing="0" style="width: 600px;">
<tbody>
<tr>
<td valign="top" width="600"><i>
; you create the contract with an address. This address is not an <b>A</b> account or a <b>B</b> account, it’s a specific account for the credit smart contract
</i>
<br />
<br />
Create account <b>ACreditB</b>
<br />
<br />
<i>
; as with banks, you may put the condition at the moneylender to have a percentage of the loan as reserve. <b>A</b> would send to the credit account some % of the loan fixed by law. If not, the loan does not happen
</i>
<br />
<br />
reserve = x% <b>loan</b>[amount]
<br />
If <b>AAccount</b>[balance] >= reserve
<br />
<b>AAccount</b>[balance] = <b>AAccount</b>[balance] - reserve
<br />
<b>ACreditB</b>[balance] = reserve
<br />
Else stop<br />
<br />
<i>
; if the reserve is there, the credit account sends the amount of the loan to the borrower. The credit contract is deducted by the loan amount
</i>
<br />
<br />
<b>BAccount</b>[balance] = <b>BAccount</b>[balance] + <b>loan</b>[amount]
<br />
<b>ACreditB</b>[balance] = <b>ACreditB</b>[balance] - <b>loan</b>[amount]
<br />
<br />
<i>
; now you wait until the payback date and in the while you do nothing
</i>
<br />
<br />
While today(0) < <b>paybackDate</b>(date) stop
<br />
<br />
<i>
; by the time the payback date arrives, it may be that the borrower has already sent some transfers to the credit account. Therefore, the due amount could be less than the original loan. In order to find how much money has to be paid back on the payback date you need to look at the current negative balance of the credit account
</i>
<br />
<i>
; try to extract from the current account of the borrower all the due money, send the remaining balance to the credit account and the reserve back to the moneylender
</i>
<br />
<br />
If <b>BAccount</b>[balance] >= │<b>ACreditB</b>[balance]│+ reserve
<br />
<b>BAccount</b>[balance] = <b>BAccount</b>[balance] – │<b>ACreditB</b>[balance] │- reserve
<br />
<b>AAccount</b>[balance] = <b>AAccount</b>[balance] + reserve
<br />
<b>ACreditB</b>[balance] = 0
<br />
<br />
<i>
; if there is no sufficient money in the borrowers account, then several things may happen
</i>
<br />
<i>
; first, you may penalise the moneylender and borrower in their reputation; the moneylender for not looking for a solvent borrower, the borrower for not honouring his commitments
</i>
<br />
<i>; alternatively you may branch here to change the ownership contract of the collateral</i>
<br />
<br />
<b>AAccount</b>[reputation] = <b>AAccount</b>[reputation] - penalisation
<br />
BAccount[reputation] = <b>BAccount</b>[reputation] - penalisation
<br />
<br />
<i>
; Second, you start a loop until all the due money is there
</i>
<br />
<br />
Else until <b>ACreditB</b>[balance] = reserve
<br />
<br />
<i>
<span style="font-family: trebuchet ms; font-size: 12pt;">; First you take all the available money from the borrower</span>
</i>
<br />
<br />
<b>ACreditB</b>[balance] = <b>ACreditB</b>[balance] + <b>BAccount</b>[balance]
<br />
<b>BAccount</b>[balance] = 0
<br />
<br />
<i>
; Second (optional) you take all the available money from the moneylender. This action may be optional. But it would be a strong punishment against cheating by giving P2P loans to insolvent friends
</i>
<br />
<br />
<b>ACreditB</b>[balance] = <b>ACreditB</b>[balance] + <b>AAccount</b>[balance]
<br />
<b>AAccount</b>[balance] = 0
<br />
<br />
<i>
; this loop works taking away all money that arrives at the accounts of the borrower and lender until the loan is paid.
</i>
<br />
<i>
; Finally, when all has been paid the reserve is given back to the moneylender
</i>
<br />
<br />
<b>ACreditB</b>[balance] = 0
<br />
<b>AAccount</b>[balance] = <b>AAccount</b>[balance] + reserve
<br />
stop
</td>
</tr>
</tbody>
</table>
</span>
</div>
</div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com3tag:blogger.com,1999:blog-6734326932977571104.post-64800153413230059772014-06-15T17:28:00.000-07:002014-08-19T06:25:28.846-07:00Commons Sovereigns<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Calibri;">
</span>
<div dir="ltr" style="text-align: left;" trbidi="on">
<h1 class="auto-style4" lang="en-GB">
<span style="font-family: Calibri;">
EQUALITARIAN PEOPLE'S ASSOCIATIONS</span></h1>
<div align="left">
<span style="font-family: Calibri;"><span class="auto-style3" lang="en-GB">Equalitarian Peoples Associations
</span><span class="auto-style1" lang="en-GB">are NGO's with charitable,
service, participatory or empowering orientation. Examples can be
parties, social movements associations, workers unions, etc. They may
provide services or goods in addition of political activities. </span>
</span></div>
<div align="left" class="auto-style1" lang="en-GB">
<span style="font-family: Calibri;">They are similar to other solidarity businesses and enterprises in which
the main aim is to put into the parallel economy a service or a good.
These enterprises need to have a positive or not negative result. For
them, the kind of currency that is better suited is a currency based on
a contract to deliver the product. An example could be a cooperative to
grow vegetables. </span></div>
<div align="left" class="auto-style1">
<span style="font-family: Calibri;"><span lang="en-GB">The</span> <span lang="en-GB">special feature of
Equalitarian Peoples Associations when they provide services or create
goods is that they rely on donations in money, donations in goods and or
voluntary work. These wares are the <b>commons</b>. The logic is that of
a public service. Nevertheless, the boundaries are not sharp. </span>
</span></div>
<span style="font-family: Calibri;"><span style="font-family: Calibri;">By Equalitarian we mean that
these associations are voluntary and all <b>members</b> have the <u>same
rights and obligations</u> at their <b>decision making process</b>, the
discussion and <b>voting</b> process. It is the democratic civil rights.
</span></span></div>
<span style="font-family: Calibri;">
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Equalitarian Peoples Associations
members may have <u>different rights and obligations</u> towards the <b>
organisation activities</b> and organisation benefits, like donations or
voluntary work, according to needs and capabilities. Obligations are
voluntarily accepted on a case by case basis as an individual voluntary
decision linked to a contract or at accepting a mandatory collective
decision involving the participation at an activity (i.e. payment of the
membership fee), the non acceptance implying loss of membership. It is
the public welfare rights. <br />
</span></div>
<table cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td style="border: 1.00pt solid #000000; padding: 0.05cm;" valign="top" width="611"><div class="auto-style5" lang="en-GB">
At small scale an example could be a charity association running
a charity kitchen functioning with regular or occasional
donations in money, donations in food and voluntary work.</div>
<span class="auto-style2" lang="en-GB">At large scale could be a
local or national state, delivering welfare state benefits,
functioning with taxes and public servants.</span><span class="auto-style1">
</span></td>
</tr>
</tbody></table>
<h2 class="auto-style2" lang="en-GB">
<span style="font-size: medium;">Statutes and mission</span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Equalitarian Peoples Associations
have democratic <b>statutes</b>, or constitution, which is a <u>statute
contract</u> signed and committed by all members. Equalitarian Peoples
Associations statutes include a <b>mission</b>. The statute defines the
democratic processes and the bodies running them, and the types of
actions to achieve the goals of the mission and the bodies in charge of
executing them. The statute, and the mission, can be changed following a
democratic process according rules included in the statute, and by a
majority indicated in the statute. </span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Equalitarian Peoples Associations
have a <b>periodic action plans</b> implying <b>periodic budgets</b>. By
default, the period is a year. The action plans are social actions for
the benefit of the Equalitarian Peoples Association members and other
social targets specified in the mission. The action plan and the budget
are decided trough a democratic process as indicated in the statute. The
action plan and the budget are <u>periodic contracts </u>that are
ancillary annexes of the statute contract, and need to be signed by a
majority of the members, a majority specified in the statutes. The
management of the action plan may include further democratic
consultations during the period for the details or adaptations of parts
of the action plan. </span></div>
<h2 align="left" class="auto-style2" lang="en-GB">
<span style="font-size: medium;">Periodic Budget</span></h2>
<h3 align="left" class="western">
<span style="color: black;">
<span class="auto-style1"><span class="auto-style6" lang="en-GB">
Incomes and Expenditures</span> </span></span></h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The budged of an Equalitarian
Peoples Associations periodic action plan is expressed in <b>incomes</b>
and <b>expenditures</b>.</span></div>
<div align="left">
<span class="auto-style3" lang="en-GB">Incomes</span>
<span class="auto-style1" lang="en-GB">have these main budget lines:</span></div>
<ol>
<li>
<div align="left" class="auto-style1" lang="en-GB">
Money issued out of the nothing by the members, in their monetary
sovereignty, for this period and lend to the Equalitarian Peoples
Association. Nowadays, this function of lending money t the state is
only reserved to the banks in the Fractional Reserve Banking
System. The function is democratised to let anybody do it. </div>
</li>
<li>
<div align="left">
<span style="color: black;"><span class="auto-style1" lang="en-GB">
Membership fees or taxes due by the members in this period and
collected by the Equalitarian Peoples Association.</span></span><span class="auto-style1">
</span></div>
</li>
<li>
<div align="left" class="auto-style1" lang="en-GB">
Other donations. </div>
</li>
<li>
<div align="left">
<span style="color: black;"><span class="auto-style1" lang="en-GB">
Savings from previous period.</span></span><span class="auto-style1">
</span></div>
</li>
</ol>
<div align="left">
<span class="auto-style3" lang="en-GB">Expenditures </span>
<span class="auto-style1" lang="en-GB">have these main budget lines:</span></div>
<ol>
<li>
<div align="left" class="auto-style1" lang="en-GB">
The cost of running the public bodies. It is the cost of the
democratic process. </div>
</li>
<li>
<div align="left" class="auto-style1" lang="en-GB">
Expenditures to deliver the social actions indicated in the action
plan and executed by the public service bodies. Some of the
expenditures may be investments. It is the cost of the social
benefits. </div>
</li>
<li>
<div align="left" class="auto-style1" lang="en-GB">
The cost of the basic income due and paid to all Equalitarian
Peoples Association members. We classify it as different to a social
benefit as it is only monetary machinery but not real goods. </div>
</li>
<li>
<div align="left" class="auto-style1" lang="en-GB">
Money in the Peoples Bank that is returned to pay the loans. </div>
</li>
</ol>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Mandatorily, at each periodic
budget, the <u>incomes equal the expenditures</u> within the period.
There are donations but no loans from the outside. Lending of any money
at any currency, including Commons Sovereigns, by the Equalitarian
Peoples Association governing body or any public service enterprise is
prohibited.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Exceptionally there may be <b>
savings</b> from one period passed to the next. No income can be
included as a debt for the next period. </span></div>
<h3 align="left" class="auto-style7" lang="en-GB">
Economy</h3>
<div align="left" class="auto-style1" lang="en-GB">
Once issued and spend by the Equalitarian Peoples Associations, the
Commons Sovereigns will circulate in the free market of Open Money,
having an economic impact beyond the actions foreseen in the periodic
action plans. </div>
<div align="left" class="auto-style1" lang="en-GB">
This may impact notably the monetary mass of Commons Sovereigns
available inside the Equalitarian Peoples Association community for the
Periodic Budget circuit. </div>
<div align="left" class="auto-style1" lang="en-GB">
Equalitarian Peoples Associations have no ambition to rule the free
market economy around them, but discussing a Periodic Economy Forecast
beyond the Periodic Budget, the State Budget, is necessary to the
Monetary Policy chapter at the discussion of the periodic action plan.
</div>
<h1 align="left" class="auto-style1" lang="en-GB">
<span style="font-size: medium;">Structure</span></h1>
<h2 align="left" class="auto-style2" lang="en-GB">
<span style="font-size: medium;">Members</span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">New members are admitted following
rules indicated in the statute and according a voting procedure amongst
old members as indicated in the statute contract. Once accepted as
member, the new member signs the current version of the <u>contract
statute</u> and all the rights and obligations for the members included
in them. He acquires the right to vote and obligation to sign approved
changes in the statute contract and the right to vote and obligation to
sign the periodic plan contracts. </span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The failure to participate in the
democratic decision process, that is, not exercising his/her rights to
participate in the decision process, including the voting, or not
accepting and not decisions taken by the majorities as specified in the
statute rules, may imply the member expulsion of the Equalitarian
Peoples Association. The precise conditions and procedures for expulsion
are specified in the statute. These rules are expressed as points added
or detracted to the member <b>reputation</b>. </span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The non fulfilment of his/her
mandatory or voluntarily acquired obligations towards the organisation
activities may also imply the member expulsion of the Equalitarian
Peoples Association. The precise rules are specified in the statute. The
rules are expressed as points added or detracted to the member <b>
reputation</b>. </span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">In case of dispute of a member, or
several members, with the Equalitarian Peoples Association governing
bodies with regards a decision process, or with the Public Service
bodies with respect his rights and obligations at the organisation
activities, an Ombudsman will organise a <b>public court</b> made out of
ordinary members of the Equalitarian Peoples Association, following
procedures included in the statute contract. The judgement is mandatory
to all parts. </span></div>
<div align="left" class="auto-style1" lang="en-GB">
Members may trade with each other or create businesses, freely using the
Equalitarian Peoples Association Commons Sovereigns or any other
currency. </div>
<h3 align="left" class="auto-style7" lang="en-GB">
Members Categories</h3>
<h4 align="left" class="auto-style8" lang="en-GB">
<span style="font-size: medium;">Citizen</span></h4>
<div align="left" class="auto-style8" lang="en-GB">
Is the default member</div>
<h4 align="left" class="auto-style8" lang="en-GB">
<span style="font-size: medium;">Member of Groups</span></h4>
<div align="left" class="auto-style8" lang="en-GB">
Members can voluntarily join political Groups that vote in the decision
process jointly, after a separate internal discussion and with their own
majority rules, renouncing to their individual votes. Groups cannot be
created to do jointly a mandatory action. Public Managers and
Councilmembers have to abandon any Group after being appointed. </div>
<h4 align="left" class="auto-style8" lang="en-GB">
<span style="font-size: medium;">Public servants</span></h4>
<div align="left" class="auto-style8" lang="en-GB">
A citizen may be voluntarily recruited part time or full time as
employee of a public body. It has several properties, the public service
body, the post, the category, the duration, the working time, and the
salary. Public servants are nowadays called volunteers and may not be
paid at all, or only provided with subsistence means or payments. </div>
<div align="left" class="auto-style8" lang="en-GB">
Salaries of the employment posts at the public service enterprises are
proposed by the management and fixed with their annual operational costs
plan. Acceptance of public servant employee contract with a given salary
is voluntary. </div>
<h4 align="left" class="auto-style8" lang="en-GB">
<span style="font-size: medium;">Court</span></h4>
<div align="left" class="auto-style8" lang="en-GB">
It is a property of Public Servants. A citizen may be appointed
temporarily as public servant to a court. It has a property, he/she is
nominated as a court for a judgment contained in a contract. </div>
<h4 align="left" class="auto-style8" lang="en-GB">
<span style="font-size: medium;">Public Managers</span></h4>
<div align="left" class="auto-style8" lang="en-GB">
It is a property of Public Servants. They have powers over the Public
body's accounts and to sign Public Servants employment contracts and
other service contracts with external providers.</div>
<h4 align="left" class="auto-style8" lang="en-GB">
<span style="font-size: medium;">Councilmember's</span></h4>
<div align="left" class="auto-style9" lang="en-GB">
<span style="font-family: Calibri;">It is a property of Public Servants.
They become employees to the Equalitarian Peoples Association governing
body <b>secretariat</b>, a particular case of public body, after being
elected. They have powers over the Public Bank accounts, and to sign
action plans with the Public bodies. Councilmember's have a property
called post which implies the monitoring of a part of the action plan.
</span></div>
<h4 align="left" class="auto-style8" lang="en-GB">
<span style="font-size: medium;">Ombudsman</span></h4>
<div align="left" class="auto-style8" lang="en-GB">
It's a special senator's post. </div>
<h3 align="left" class="auto-style7" lang="en-GB">
Members Reputation</h3>
<div align="left" class="auto-style1" lang="en-GB">
Members reputation is a scoring system (for example from 0 to 100) to
accumulate points at participating in the democratic life of the
Equalitarian Peoples Associations, that is, to fulfil its obligations.
The failure results in detraction of points. It's a measure of the trust
behind the Equalitarian Peoples Association contracts. </div>
<div align="left" class="auto-style1" lang="en-GB">
Decision procedures defined in the statute, or mandatory actions
included in the actions plans, indicate the number of points to be added
or detracted to the reputation. They are calculated to add to the top
value (i.e.100). Points are added or detracted automatically at
executing the corresponding contract clause. </div>
<div align="left" class="auto-style1" lang="en-GB">
There is an average admittance reputation acquired at the member
admission. </div>
<ol>
<li>
<div align="left" class="auto-style1" lang="en-GB">
Reputation is public and appears in the members profile. </div>
</li>
<li>
<div align="left" class="auto-style1" lang="en-GB">
The reputation score does not result in any increase or decrease in
the members rights or obligations. At reaching 0 or less it results
into automatic expulsion. </div>
</li>
<li>
<div align="left">
<span lang="en-GB" style="font-family: Calibri;">There are additional
reputations linked to particular services, like reputation as
<a href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html" target="_blank">
moneylender</a>. </span></div>
</li>
</ol>
<h3 align="left" class="auto-style7" lang="en-GB">
Members Capacity</h3>
<div align="left" class="auto-style1" lang="en-GB">
Member's capacity is expressed in Common Sovereigns paid as membership
fee or regular donation or Equalitarian Peoples Association taxes. </div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">It is <u>voluntarily chosen</u> and
declared by every member before the discussion of the periodic action
plan, so that the income in membership fees is known. Once declared, it
becomes mandatory. Members can declare different capacity for each
period. </span></div>
<div align="left" class="auto-style1" lang="en-GB">
The amount of capacity does not result in reputation points.
Equalitarian Peoples Association may choose social network platforms to
express this kind subjective social reputation. However, once the
capacity is committed, the payment results in reputation points. </div>
<h2 align="left" class="auto-style2" lang="en-GB">
<span style="font-size: medium;">Private corporations</span></h2>
<div align="left" class="auto-style1" lang="en-GB">
Members can create any kind of private corporations. They may use any
kind of currency they want. Strongly suggested is to use a currency
consisting of a contract with the bearer to deliver the goods produced
by the corporation, a currency that is a merchandise bond. If they want
to use ethereum they can work as Decentralised Autonomous Organisations,
and issue a currency with an amount representing the total of the goods
to be placed in the market. They may also use Common Sovereigns, if they
want to do so, as their trade currency. </div>
<h2 align="left" class="auto-style2" lang="en-GB">
<span style="font-size: medium;">Governing bodies</span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Equalitarian Peoples Associations
have <b>governing bodies</b> or <b>Councils </b>with part time or full
time <b>Councilmember's</b> elected democratically amongst the members
every period to manage the action plan. Each Councilmember is elected
for a particular post. The posts of the governing bodies are broadly
defined in the statutes and further specified for each action plan.
Councilmember's may different voting weights according to the post, as
broadly indicated in the statutes and further specified for each action
plan. At every period a majority of the members sign an <u>appointment
contract</u> with the elected Councilmember's giving them the necessary
powers to manage the action plan contract. Payments related to the
budget require the signature of Councilmember's with a majority broadly
defined in the statutes and further specified for each action plan, for
each budget line.</span></div>
<div align="left" class="auto-style1" lang="en-GB">
No member can be elected as Councilmember more than one consecutive
period. </div>
<div align="left" class="auto-style1" lang="en-GB">
At small size Equalitarian Peoples Associations there is usually no need
of a permanent assembly like a parliament. The periodic plan can be
discussed at a yearly assembly, real or virtual. Changes in the rules of
the statute can be equality discussed at assembly, real or virtual.</div>
<h2 align="left" class="auto-style2" lang="en-GB">
<span style="font-size: medium;">Public service enterprises</span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Equalitarian Peoples Associations
may decide to have <b>public service enterprises </b>to execute parts of
the action plan. They function as autonomous public, social,
enterprises. </span></div>
<div align="left" class="auto-style1" lang="en-GB">
They are public service bodies, which are publicly funded, and are at
the same time social enterprises, that have the capacity to trade. They
need to manage the resources efficiently, like companies. They follow
usual accounting rules. If they sell the services for a subsidized
price, anyhow they need to succeed in the market. </div>
<div align="left" class="auto-style1" lang="en-GB">
All assets belongings of a public service enterprise are belongings of
the Equalitarian Peoples Association statute contract. </div>
<div align="left" class="auto-style1" lang="en-GB">
The establishment of a public service enterprise is part of a periodic
plan, and by default inherited by the next periodic plan, so that public
service enterprises have some stability. Public service enterprises may
be dissolved at another periodic plan. </div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Every period, the public service
enterprise signs a <u>contract</u> with the governing bodies to do some
of the works of the action plan. Public service enterprises are paid out
of the budget line allocated to these works. The default payment mode is
advance payments and reckoning with real costs after acceptance. </span>
</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The expenses of the public service
enterprises are divided into <b>projects</b>, <b>operational costs </b>
and <b>investments</b>. </span></div>
<div align="left" class="auto-style1" lang="en-GB">
At the beginning of each period, all public service enterprises prepare
and submit a periodic plan made out of projects and operational costs.
These plans need to be approved by the governing bodies and are part of
the contract.</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">To do the works, at projects or
operational costs, public service enterprises may <u>contract</u>
services or goods to members or to any other party. These contracts
follow a good administrative practice public tender procedure. Every
project implies a contract with the provider. The contract payment is
expressed in Commons Sovereigns and can only be paid in <b>Commons
Sovereigns</b>.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">To do the works indicated as
operational costs, public service enterprises may have part time or full
time <b>public employees</b> to do the necessary jobs. Public employees,
including the management, are recruited and <u>contracted</u>
voluntarily amongst and only amongst the members. The governing bodies
of the Equalitarian Peoples Association are in charge of the selection
and appointment of the public employees. By delegation, the public
service body's managers may do recruitment of non management employees.
The employment contract payment, the salary, is expressed in Commons
Sovereigns and can only be paid in Commons Sovereigns. Employment at
public bodies, including management posts, may last more than one
period. The contract for a management post is never less than one
period. </span></div>
<div align="left" class="auto-style1" lang="en-GB">
Public service enterprises may invest into infrastructures, like office
equipment or cooking machines. </div>
<div align="left" class="auto-style1" lang="en-GB">
The management of the public service enterprises has the powers to sign
payments according rules set out at establishing the body. Every payment
has to correspond to a contract for the delivery of a good, a service,
be it a project or an operational cost, or an employment contract. </div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The <b>acceptance of the works</b>
of the public service enterprises is decided trough a democratic process
of all members as indicated in the statute, prior to the process of
deciding the next action plan. Some rules of this audit could be
something like:</span></div>
<ol>
<li>
<div align="left" class="auto-style1" lang="en-GB">
The people's rejection of the works implies the automatic
resignation of all the management of the public service enterprise
and the disqualification to occupy any such post for the next three
periods. No further liability is required. </div>
</li>
<li>
<div align="left" class="auto-style1" lang="en-GB">
The public acceptance of works may be prepared evaluations
contracted to independent experts, publicly appointed. </div>
</li>
<li>
<div align="left">
<span style="color: black;"><span class="auto-style1" lang="en-GB">
The acceptance of the works implies an </span>
<span class="auto-style3" lang="en-GB">audit</span>
<span class="auto-style1" lang="en-GB">of the accounts. If the audit
detects a misuse of the resources of the public service body,
according the principles of economy and efficiency, whether the
works are accepted or not, it results in sending off as members of
the Equalitarian Peoples Association of the management of the public
service body, and they cannot be readmitted for the next three
periods. No further liability is required unless the misuse has
implied personal enrichment. In that case the governing bodies may
claim damages to the general civil justice system.</span></span><span class="auto-style1">
</span></div>
</li>
</ol>
<div align="left" class="auto-style1" lang="en-GB">
The incomes of the public service enterprises are the funding received
from the Equalitarian Peoples Association governing body and the incomes
resulting from the selling of the services. </div>
<div align="left" class="auto-style1" lang="en-GB">
These enterprises need to have a positive or not negative result. No
lending is allowed by any other body of the Equalitarian Peoples
Association, ant member, any external institution or person. </div>
<div align="left" class="auto-style1" lang="en-GB">
A special Public Service Enterprise is the Donations service paying the
Basic Income and collecting the donations or taxes. </div>
<table cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td style="border: 1.00pt solid #000000; padding: 0.05cm;" valign="top" width="611"><div class="auto-style5" lang="en-GB">
At small scale an example of a public enterprise could be the
kitchen itself of a charity kitchen association; another public
enterprise the team collecting the food donations.</div>
<span class="auto-style2" lang="en-GB">At large scale it could be
the public schools of a district under one management.</span><span class="auto-style1">
</span></td>
</tr>
</tbody></table>
<h1 align="left" class="auto-style18" lang="en-GB">
MONETARY SYSTEM</h1>
<h2 align="left" class="auto-style2" lang="en-GB">
<span style="font-size: medium;">Commons Sovereigns</span></h2>
<div align="left" class="auto-style1">
<span lang="en-GB"><b>Commons Sovereigns</b></span> <span lang="en-GB">
is a type of currencies designed for <b>Equalitarian Peoples
Associations</b>. </span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The name of <b>Commons Sovereigns
</b>is to express that it is a currency to manage the people's commons
with full sovereignty. </span></div>
<div align="left" class="auto-style1" lang="en-GB">
The purpose of Commons Sovereigns is:</div>
<ul type="disc">
<li>
<div align="left">
<span style="color: black;"><span class="auto-style1" lang="en-GB">
Specific to Commons Sovereigns:</span></span><span class="auto-style1">
</span></div>
<ul type="circle">
<li>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Using them to measure manage
the peoples commons investments and <u>assets</u>. </span></div>
</li>
<li>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Using them in as a
collective means to <u>measure and reward the work</u> of the
Equalitarian Peoples Associations <b>public servants</b>. In
that sense it would put in circulation a value equivalent to the
usually the non-paid voluntary work of the members of the NGOs.
</span></div>
</li>
<li>
<div align="left">
<span style="color: black;">
<span class="auto-style1" lang="en-GB">Using them as a tool of
<u>transfer of wealth</u></span>
<span class="auto-style1" lang="en-GB">between the members of
the Equalitarian Peoples Associations that are healthier in
terms of debt money to the less healthy members. In that sense
it would carry and put in circulation the value of the external
donations and membership fees to the NGO.</span></span><span class="auto-style1">
</span></div>
</li>
<li>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Using them as tickets to <u>
pay the social benefits</u> provided by the Equalitarian Peoples
Association, if any. For example, beneficiaries of a charity
kitchen run by the Equalitarian Peoples Association, members or
not, have to obtain Commons Sovereigns either by providing
services paid in Commons Sovereigns, or be donated with Commons
Sovereigns, to pay their meal. </span></div>
</li>
</ul>
</li>
<li>
<div align="left">
<span style="color: black;"><span class="auto-style1" lang="en-GB">
General as Open Money:</span></span><span class="auto-style1">
</span></div>
<ul type="circle">
<li>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Using them as a voluntary
internal <u>trade exchange means</u> of goods and services
amongst <b>members</b> of these Equalitarian Peoples
Associations and also a voluntarily accepted currency to trade
with other Peoples Organisations or other people in general.
This is not an essential aim of the Commons Sovereigns, but it
is an inherited property of any currency that can be accepted
voluntarily for payments. In that sense it would play a role
similar to some community currencies used for barter
transactions of goods and services, notably working time, like
in time banks. </span></div>
</li>
</ul>
</li>
</ul>
<div align="left" class="auto-style1" lang="en-GB">
The ultimate aim is to reinforce a parallel economy to the debt money
economy, around the solidarity activities of the Equalitarian Peoples
Associations, by creating a net differential to pump systematically
transferring wealth from the debt money economy. This would reinforce in
general the parallel solidarity Economy including other solidarity
businesses and enterprises.</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Commons Sovereigns design is tightly
linked to the Equalitarian Peoples Associations structure, decision
process, and functioning. Commons Sovereigns concept is the currency to
denominate the transactions to the <b>contracts</b> regulating the
relations between the Equalitarian Peoples Association members,
governing bodies and public service bodies. In the real world it may
have thousands of variants. </span></div>
<div align="left" class="auto-style1" lang="en-GB">
The above mentioned contracts are supposed to inspire their
implementation as Smart Contracts in Ethereum. </div>
<h2 align="left" class="auto-style2" lang="en-GB">
<span style="font-size: medium;">Member's accounts</span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Each member has two accounts, the <b>
current</b> account and the <b>loans</b> account.</span></div>
<ul type="disc">
<li>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The <b>current account</b></span></div>
</li>
<li>
<div align="left">
<span style="color: black;"><span class="auto-style1" lang="en-GB">
The </span><span class="auto-style3" lang="en-GB">loans account</span><span class="auto-style1">
</span></span></div>
</li>
</ul>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">There are two types of transactions
between these types of accounts, <b>transfer of funds</b> and <b>loans</b>.
Transactions have to be always between accounts of different members. A
member cannot make any operation between his or her <b>current</b>
account and the <b>loans </b>account.</span></div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The unit of account is <b>Commons
Sovereigns</b> at both types of accounts. </span></div>
<h3 align="left" class="auto-style7" lang="en-GB">
Transfer of funds</h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">If the <b>current</b> account has
sufficient funds not to become negative after the transaction, a member
can transfer any quantity from his or her <b>current</b> account to
another member <b>current</b> account. The receiver can be also any
organisation account. It detracts the amount of the transfer from the
sender and adds the amount to the receiver. It only requires the
signature of the sender. The receiver can reject the transfer
afterwards.</span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpK754_MkTAFpKoi9phG3A0mYTZdfVEy_kZKytAGPZnr8U96NekY3d86Pg_B_tFlcB9PjivC2JlhQk13o4qfd7rPH1SCKgrgORb3ZQYy4Nl8dfyYliT4Aei_iAG59SkgnfKsDki0nibQB8/s1600/Slide3_thumb%5B1%5D.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;">
<img border="0" class="auto-style1" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpK754_MkTAFpKoi9phG3A0mYTZdfVEy_kZKytAGPZnr8U96NekY3d86Pg_B_tFlcB9PjivC2JlhQk13o4qfd7rPH1SCKgrgORb3ZQYy4Nl8dfyYliT4Aei_iAG59SkgnfKsDki0nibQB8/s1600/Slide3_thumb[1].png" /></a></div>
<h3 align="left" class="auto-style7" lang="en-GB">
Loans</h3>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Any member can transfer out of the
nothing any quantity from his or her <b>loans </b>account to another
member <b>current</b> account. </span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIbRESy4OVFBPyh9SdzFo9LtcxsrhgA0WQ8Ck_LXC_ggi8aPk2eu_UQ98rKdsfZJVJ9IzRBOt-Vsrx2TYEVvhuoXTH0lYRZhAkq-IJM99i7b7PQoGbNDoIBlSKTLkIcEGmiaZxeX6v9-Sf/s1600/Slide2_thumb%5B1%5D.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;">
<img border="0" class="auto-style1" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIbRESy4OVFBPyh9SdzFo9LtcxsrhgA0WQ8Ck_LXC_ggi8aPk2eu_UQ98rKdsfZJVJ9IzRBOt-Vsrx2TYEVvhuoXTH0lYRZhAkq-IJM99i7b7PQoGbNDoIBlSKTLkIcEGmiaZxeX6v9-Sf/s1600/Slide2_thumb[1].png" /></a></div>
<div align="left" lang="en-GB">
<br class="auto-style1" />
<span class="auto-style1">It detracts the amount of the transaction from
the sender and adds the amount to the receiver. The receiver can be also
any organisation account. It requires two signatures, the signature of
the sender and the receiver of the loan accepting the loan.</span></div>
<div align="left" class="auto-style1" lang="en-GB">
Lending abuse may result in inflationary effects. Equalitarian Peoples
Associations may want to regulate this activity and set some rules. If
the Equalitarian Peoples Associations wants to have some control of
these operations using these rules, the contract may require a third
signature, that of a control body. </div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The transaction itself is a <b>
lending smart contract</b> signed by all parties that includes the
automatic payback to the loans account of the lender, at the agreed
timing and the agreed conditions. </span></div>
<div align="left" class="auto-style1" lang="en-GB">
A variant may include an interest, that is, the payback of the principal
to the loans account of the lender and an interest to the current
account. </div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">As this is how banks operate now in
the Fractional Reserve Banking system, all Equalitarian Peoples
Associations <b>people become banks</b> for Peer to Peer lending and
thus creating money. If the Equalitarian Peoples Association misses the
old banking system, it may authorise the creation of DAO corporations
that also have a loans accounts and can give loans out of the nothing.</span></div>
<div align="left" class="auto-style1" lang="en-GB">
Public service enterprises have no loans account, and therefore cannot
lend money.</div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The monetary consequence, as it
happens at all P2P monetary systems like time-banks, is that there is <b>
no fixed monetary mass</b>. The monetary mass grows with the lending and
decreases with the payments back. In one word it grows with the
intensity of the trust based transactions between peers. Interest
payment does not change the total monetary mass, but sucks and detracts
money available for transactions of goods.</span></div>
<div align="left" class="auto-style1" lang="en-GB">
Other B2C oriented monetary systems, like currencies that consist in a
contractual promise of a good (commodity based), need to have a fixed
monetary mass. Bitcoin is a special case. It has a fixed monetary mass
like B2C systems, but floats in value.</div>
<h2 align="left" class="auto-style2" lang="en-GB">
<span style="font-size: medium;">Peoples Bank and other public accounts</span></h2>
<div align="left" class="auto-style1" lang="en-GB">
The periodic budget of the Equalitarian Peoples Associations is executed
in Commons Sovereigns. </div>
<h3 class="auto-style10" lang="en-GB">
Peoples Bank</h3>
<div align="left" class="auto-style9" lang="en-GB">
<span style="font-family: Calibri;">It is an atounomous body controlled
by the Council in charge of the monetary policy of the <b>Equalitarian
Peoples Associations</b>. Its role is to control the overall monetary
mass used by the <b>Equalitarian Peoples Association</b><span style="font-weight: normal;">.
It does create all the sovereigns existing in the system.</span></span></div>
<div align="left" class="auto-style9">
<span style="font-family: Calibri;">
<span class="auto-style6" lang="en-GB">In
<a href="https://www.ethereum.org/" target="_blank">ethereum</a>, it can
be created like this: </span></span></div>
<div align="left" class="auto-style11">
<br class="auto-style1" /></div>
<table cellpadding="2" cellspacing="2" class="auto-style9">
<tbody>
<tr>
<td style="border: 1px double #808080; padding: 0.05cm;"><span style="font-family: Calibri;">like in <b>Ethereum ÐApps for
Web Developers - Writing Your Own Currency</b></span>
<a href="http://hidskes.com/blog/2014/05/21/ethereum-dapp-development-for-web-developers/">
<span class="auto-style1">
http://hidskes.com/blog/2014/05/21/ethereum-dapp-development-for-web-developers/</span></a><br />
<span class="auto-style1">init {<br />
this.store[this.origin()] = <b>1000.000.000</b>} </span>
<br />
<span class="auto-style1">where 10000 is the number of shares
representing all your production. You may name it as you like, for
example "Johns Vegetables" </span></td>
</tr>
</tbody></table>
<div align="left" class="auto-style12" lang="en-GB" style="font-weight: normal; line-height: 0.46cm;">
<br class="auto-style1" />
<span class="auto-style1">The Peoples Bank is authorised to generate as
many sovereigns as it considers necessary. </span></div>
<div align="left" class="auto-style9">
<span lang="en-GB" style="font-family: Calibri;">
<span style="font-weight: normal;">The Peoples Bank is not allowed to
transfer any sovereigns to anybody except to the members loans accounts,
not even the Council Account. It is only allowed to transfer to the
loans accounts of the members of the Equalitarian Peoples Association a
one off transfer equal to the members
<a href="http://desperado-theory.blogspot.be/2014/07/p2p-credit-role-of-reputation-and.html">
reputation as moneylender.</a> It is entitled to detract from the
members loan account a quantity of sovereigns equal to the decrease of
reputation of the member as moneylender, and to transfer to the loans
accounts any increase of the reputation of the member as moneylender.
Thus allowing to lend more money. </span></span></div>
<h4 class="auto-style8" lang="en-GB">
Council account</h4>
<div align="left" class="auto-style8" lang="en-GB">
The Council account is the account of the Council and manages all
incomes and expenditures of the periodic budget. All entries are visible
by all Equalitarian Peoples Association members. Payments need to be
voted by council members according rules set out in the statute.
Payments can only go to Public Service Enterprises. </div>
<h4 align="left" class="auto-style9">
<span style="color: black;">
<span class="auto-style1"><span class="auto-style6" lang="en-GB">Public Service Enterprises accounts</span> </span></span>
</h4>
<div align="left" class="auto-style8" lang="en-GB">
Each public body is an autonomous organisation that has its own account
in Commons Sovereigns. All entries are visible by all Equalitarian
Peoples Association members. Payments need to be voted by their Public
Managers according rules set out in the statute. </div>
<h4 align="left" class="auto-style8" lang="en-GB">
Exchange services</h4>
<div align="left" class="auto-style9" lang="en-GB">
<span style="font-family: Calibri;">Anybody, except Equalitarian Peoples
Association governing bodies or public service bodies, may establish
free market <b>exchange services</b> of Commons Sovereigns with debt
fiat money, any other Open Money currency and any other crypto currency.
Exchange services are freely available to any business of person selling
services or goods to the public service enterprises of the Equalitarian
Peoples Associations or trading with the members or anybody accepting
Commons Sovereigns. </span></div>
<div align="left" class="auto-style8" lang="en-GB">
The governing bodies and the public service enterprises of the
Equalitarian Peoples Associations cannot establish an exchange service
or change themselves. Members may establish exchange services.</div>
<ul class="auto-style13" type="disc">
<li>
<div align="left" class="auto-style1" lang="en-GB">
As the public service enterprises get their budget paid in Commons
Sovereigns, goods or services that need to be paid in debt money by
the public service enterprises imply that somebody, member or not,
accepts to be paid in Commons Sovereigns on a voluntary basis, and
then if need be exchange it to debt money. </div>
</li>
<li>
<div align="left">
<span style="color: black;"><span class="auto-style1" lang="en-GB">
Members may exchange debt money for Commons Sovereigns to pay their
Membership fees or to obtain services or goods offered in Common
Sovereigns. Members may establish exchange services.</span></span><span class="auto-style1">
</span></div>
</li>
</ul>
<div align="left" class="auto-style8" lang="en-GB">
Exchange rates are free market rates resulting from supply and demand.
Governing and public services bodies are not authorised to exchange and
have no say, through ruling, in the exchange rates of the Commons
Sovereigns. </div>
<h1 align="left" class="auto-style17" lang="en-GB">
<b>ECONOMY</b></h1>
<div align="left" class="auto-style1" lang="en-GB">
By Equalitarian Economy we mean the part of the economy moved by the
Equalitarian Peoples Associations. It does not pretend to become all the
economy, which is largely assumed to be free market economy. It is an
economy meant to distribute wealth for the healthier to the poor and
generate value in the process. We speak about an amplification of the
altruist actions. </div>
<h2 align="left" class="auto-style2" lang="en-GB">
<span style="font-size: medium;">Legal Tender currency</span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">The <b>Commons Sovereigns</b>
currency is the legal tender currency of the Equalitarian Peoples
Association:</span></div>
<ul type="disc">
<li>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">All <b>issuing of Commons
Sovereigns</b> currency lies on the member's sovereignty to give
their governing body a monetary instrument. The members of the
Equalitarian Peoples Associations set each year the <b>equal amount
of Commons Sovereigns</b> to be issued by all members. </span></div>
</li>
<li>
<div align="left" class="auto-style1" lang="en-GB">
All contracts signed by the Equalitarian Peoples Associations
governing bodies can only be signed as contracts with Equalitarian
Peoples Association public service enterprises, and payments can
only be done in their Commons Sovereigns currency. </div>
</li>
<li>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Public service enterprises may
contract with anybody, but can only pay in Commons Sovereigns. This
includes <b>public servants salaries</b>. </span></div>
</li>
<li>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Amongst the obligations of the
members of the Equalitarian Peoples Associations is the obligation
to pay every period a personally fixed amount of <b>membership
donations or fees</b> in Commons Sovereigns. Membership fees have to
be paid in Commons Sovereigns. </span></div>
</li>
<li>
<div align="left" class="auto-style1" lang="en-GB">
Other money donations have to be converted into Commons Sovereigns.
There may be donations to the Public Bank or to a specific Public
Service. This fosters the competition of public services to get free
donations. </div>
</li>
<li>
<div align="left" class="auto-style1" lang="en-GB">
All members of the Equalitarian Peoples Associations are paid a
basic income. The basic income is paid in Commons Sovereigns. </div>
</li>
</ul>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTcm1p6Hzix9nKgVZ-cLQcmyQ0DLZqjxmJbzJcO1fWaZtvAto451EUBtc3Au7SOsn1kNdOGKtCvl0bj9iwf41TYuESinK8Ak3hQtTZQkazzDDvcJxp_8AM_PckXBbfvH7nLaqCTA19syCV/s1600/Slide1_thumb%5B1%5D.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;">
<img border="0" class="auto-style1" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTcm1p6Hzix9nKgVZ-cLQcmyQ0DLZqjxmJbzJcO1fWaZtvAto451EUBtc3Au7SOsn1kNdOGKtCvl0bj9iwf41TYuESinK8Ak3hQtTZQkazzDDvcJxp_8AM_PckXBbfvH7nLaqCTA19syCV/s1600/Slide1_thumb[1].png" /></a></div>
<div align="left">
<br class="auto-style1" /></div>
<div align="left">
<span class="auto-style1" lang="en-US">This graphic shows how Commons
Sovereigns, used at the public services as Legal Tender Currency,
circulates as a complementary monetary tool of the free market as well,
exactly as Legal Tender Currencies are doing now. The difference is that
there is not anymore monopoly.</span><span class="auto-style1"> </span></div>
<div align="left" class="auto-style1" lang="en-US">
In this circuit, the issuing of new money by the people each period and
its return and destruction is used to fine tune the total amount of
monetary mass. It avoids the new creation each period of the volume of
donations that will be returned anyhow in form of Basic Income, and
reuses this volume form one cycle to the other. </div>
<div align="left" class="auto-style1">
An equivalent circuit, more simple and easier to understand, is a
circuit in which all members issue at the beginning of the period all
the money they will must pay as donations or taxes. In the end everybody
pays the taxes with their positive balance of their account, fruit of
their trade or labour, and cancels the credit given to the Public Bank
of the Governing Body.</div>
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<div align="left">
</div>
<h2 align="left" class="auto-style2" lang="en-GB">
<span style="font-size: medium;">Membership Fees and Basic Income</span></h2>
<div align="left" class="auto-style1" lang="en-GB">
Membership Fees or taxes and Basic Income balance represents the pump to
inject value from the debt money banking system to the solidarity
economy and distributing this wealth to the poorest. </div>
<h3 align="left" class="auto-style7" lang="en-GB">
Membership fees</h3>
<div align="left" class="auto-style1" lang="en-GB">
Membership fees are paid according a time schedule specified in the
statutes and periodic action plan. Each member pays the voluntarily
agreed capacity. Membership fees are collected in Commons Sovereigns.
Experience shows that capacity follows an exponential curve. </div>
<h3 align="left" class="auto-style7" lang="en-GB">
Basic Income</h3>
<div align="left" class="auto-style1" lang="en-GB">
The basic income may be defined as an unconditional equal basic income,
or a variable according the depending persons of the member, like
children or elderly, or to the contribution to the family works, like
man and woman. The choice is optional to each Equalitarian Peoples
Association. For modelling purposes, we assume it is an unconditional
equal basic income. </div>
<div align="left" class="auto-style1" lang="en-GB">
Basic income is paid in Commons Sovereigns. </div>
<div align="left" class="auto-style1" lang="en-GB">
At the poorest, may be precarious or unemployed in the debt money world,
the net balance of taxes to be paid and basic income is positive in
Commons Sovereigns. They may be employed as public servants in the
Equalitarian Peoples Association, in which case they have an additional
income in form of a salary in Commons Sovereigns, or maybe not. They may
spend their Commons Sovereigns by paying services provided by the public
service enterprises (i.e. charity kitchen). But they may also obtain
good value for the money by exchanging their money with high capacity
members needing to pay tax in Commons Sovereigns for debt money paying
debt money economy goods and services. High capacity members that have
not collected enough Commons Sovereigns through the internal trade may
pay good EUROS or USD to the poorest to obtain the Commons Sovereigns
needed to pay their fees. They may also exchange their Commons
Sovereigns in other Open Money currencies that can be used for products
or services in the solidarity economy. </div>
<div align="left" class="auto-style1" lang="en-GB">
In summary, the Basic income is a net transfer and redistribution of
wealth in form of public Equalitarian Peoples Association services or
other goods that can be bought with debt money or other Open Money
currencies. </div>
<h3 align="left" class="auto-style7" lang="en-GB">
Statistical adjustment</h3>
<div align="left" class="auto-style1" lang="en-GB">
At every periodic action plan there will be a statistical adjustment of
Basic Income to expected membership fees.</div>
<div align="left" class="auto-style1" lang="en-GB">
A typical statistic scenario will transfer wealth form the 25%
healthiest members with higher capacity to the 75% poorest.</div>
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<div align="left" lang="en-GB">
<br class="auto-style1" /></div>
<h2 align="left" class="auto-style2" lang="en-GB">
<span style="font-size: medium;">Volunteers payment</span></h2>
<div align="left" class="auto-style1" lang="en-GB">
Volunteers working part time at NGO, sharing their activities with a job
in the debt money economy to get their subsistence, are not paid
nowadays. They work in a fully altruistic way, not expecting to get any
benefit other than moral satisfaction. </div>
<div align="left" class="auto-style1" lang="en-GB">
Only full time NGO volunteers are paid a salary in debt money to allow
them to survive. Typical is the case of volunteers on mission on third
world countries. A different case is the NGO bureaucrats working in the
offices, normally a small percentage of all volunteers.</div>
<div align="left" class="auto-style1" lang="en-GB">
The vast majority of volunteers in the NGOs are paid nothing. We need to
monetize this donation of work to move the wheel of the solidarity
economy. </div>
<div align="left">
<span class="auto-style1" lang="en-GB">We assume that we start from
this altruist spirit. We will assume that volunteers, the public
servants of the Equalitarian Peoples Association, are paid just for
symbolic purpose. For convenience of exposition we assume that public
servants on a basic post are paid 1 Common Sovereign for 1 hour of work.
It does fit very well with the currency used in Time Banks, the HOUR.
</span></div>
<div align="left" class="auto-style1" lang="en-GB">
If we measure the prices of all goods and services in terms of their
equivalent value of labour, a public servant being paid in Common
Sovereigns will only expect to be able to buy, for his HOUR of work in
the Equalitarian Peoples Association public service, no time of
commercial services in the debt money world. </div>
<div align="left" class="auto-style1" lang="en-GB">
However as other members of the Equalitarian Peoples Association start
to offer their services in the free market for the Common Sovereigns
they need to pay their fees, one HOUR paid to volunteers in Common
Sovereigns starts to have a value in the internal market. A volunteer
mother may use Common Sovereigns to pay somebody to baby sit her kids
while she cooks in the charity kitchen. It means that a small egoist
advantage is already introduced with respect the current situation in
which they get paid nothing. </div>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">We call the ratio of the marketable
value of the Common Sovereigns salaries the <b>egoist ratio</b>. This
egoist ratio will determine the exchange rate of the Common Sovereigns
in the exchange market.</span></div>
<h3 align="left" class="auto-style7" lang="en-GB">
Volunteer pay and exchange rate</h3>
<div align="left" class="auto-style1" lang="en-GB">
The exchange rate of one Common Sovereign will fluctuate initially
around the price of one hour of work in the debt money economy times the
egoist ratio.</div>
<div align="left" class="auto-style1" lang="en-GB">
Nevertheless, internal trade made with other people using Common
Sovereigns will soon use the same time of work equivalence. In the
internal market, if the public service enterprise pays 1 CS per working
hour, time banks will soon tend to pay 1 CS for one hour. </div>
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<br class="auto-style1" />
<div lang="en-GB" style="line-height: 0.46cm; margin-bottom: 0.35cm; text-align: center;">
<span style="font-family: Calibri;"><span class="auto-style15">
Egoist ratio 10%</span></span></div>
<div align="left" class="auto-style1" lang="en-GB">
This provides a tremendous incentive to buy internal, speeding up the
growth of an internal market of goods and services in Common Sovereigns.</div>
<div align="left" class="auto-style1" lang="en-GB">
The small egoism of the former volunteers, now public servants, is the
most powerful engine for the growth of the solidarity economy. </div>
<div align="left" class="auto-style1" lang="en-GB">
This growth is not in contradiction with the aims of a sustainable, not
GDP growing economy. It's a growth based on conquering new economic
areas. Once conquered, they should be designed in a way more resource
efficient, resilient, recycling and sustainable. The GDP of each of the
conquered areas should decrease. </div>
<div align="left" class="auto-style1" lang="en-GB">
In the long run, if the new economy is to take over the Fractional
Reserve Banking money economy, this low egoist ratio cannot be given for
granted for the public servants. In the long run, full time public
servants should be able to earn for a living. The egoist ratio should
grow to 100%.</div>
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<div align="left" lang="en-GB">
<br class="auto-style1" /></div>
<div class="auto-style14" lang="en-GB">
<span style="font-family: Calibri;"><span class="auto-style15">
Egoist ratio 100%</span></span></div>
<div align="left" class="auto-style1" lang="en-GB">
The tendency over the years is that the exchange rate of 1 CS equals the
price of a working hour in all external currencies. It only means that
all currencies exchanges turn out to pay the same amount of working
hours in all currencies. </div>
<h3 align="left" class="auto-style7" lang="en-GB">
Export and imports</h3>
<div align="left" class="auto-style1" lang="en-GB">
A low egoistic ratio at the start will be also a strong incentive to
external players to import goods and services from people or enterprises
working in CS. For the price of a working hour in the debt money economy
you can buy the reverse of the egoist ratio number of working hours in
the Equalitarian Peoples Association economy. </div>
<div align="left" class="auto-style1" lang="en-GB">
His is an additional thrust for the growth of the Equalitarian Peoples
Associations economies over the debt money economy until they reach an
equalitarian equilibrium between them. </div>
<h2 align="left" class="auto-style2" lang="en-GB">
<span style="font-size: medium;">Life cycle of the Commons Sovereigns</span></h2>
<div align="left" lang="en-GB">
<span style="font-family: Calibri;">Commons Sovereigns are issued at the
beginning of each functioning period (normally a year) and extinguish
after a given time after the end of the each functioning period. The <b>
extinction time</b>, the time after the end of the functioning period
until extinction is decided at setting the appropriate Commons
Sovereigns monetary mass.</span></div>
<h3 align="left" class="auto-style7" lang="en-GB">
Issuing Commons Sovereigns</h3>
<h4 align="left" class="auto-style1" lang="en-GB">
<span style="font-size: medium;">Issuing for the annual plan public budget</span></h4>
<div align="left" class="auto-style1" lang="en-GB">
Once the members of the People's Organisation have decided the budget
required for the operation of the People's Organisation on the next
functioning period, every member of the People's Organisation issues
his/her aliquot part of this global amount. </div>
<div align="left" class="auto-style3" lang="en-GB">
The issue consists in an equal loan of every member, independent of
their wealth, to the Governing Body, and deposited at the Peoples bank
current account. The loan is a loan to finance the annual action plan.
The elected Governing Body signs the loan contract with each member or
citizen. </div>
<div align="left" class="auto-style1" lang="en-GB">
The amount to be issued each period equals in principle the amount of
funding required by the Public Social Enterprises. </div>
<div align="left" class="auto-style1" lang="en-GB">
Additional quantities may be required to adjust the overall monetary
mass to a larger quantity. If the monetary mass is to be reduced, the
amount to be issued is less than the funding required by the Public
Social Enterprises. They have to obtain their money elsewhere. </div>
<h4 align="left" class="auto-style1" lang="en-GB">
<span style="font-size: medium;">P2P issuing</span></h4>
<div align="left" class="auto-style1" lang="en-GB">
As we have seen, P2P loans increase the total monetary mass of Common
Sovereigns. The monetary policy may decide to go for inflation and make
the lending regulations more flexible or go for deflation and make the
lending regulations stricter. </div>
<h3 align="left" class="auto-style7" lang="en-GB">
Returning public Commons Sovereigns</h3>
<div align="left">
<span class="auto-style3" lang="en-GB">All loans must be paid. </span>
<span class="auto-style1" lang="en-GB">They will be automatically
executed by the Smart Contract. </span></div>
<div align="left" class="auto-style1" lang="en-GB">
It means that the loans made to the Peoples Bank will be absorbed in
chain from any available amount at the Peoples Bank and any of its
possessions, like the Public Service accounts. Usually the Donations
Public Service pays during the cycle the basic income and collects, may
be monthly, the donations. Donations or fees are supposed to have an
excess over the total Basic Income quantity, which is returned to the
Peoples Bank to pay back the loan. </div>
<h1 align="left" class="auto-style16" lang="en-GB">
THE SOCIAL AMPLIFIERS</h1>
<div class="separator" style="clear: both; text-align: center;">
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<div align="left" class="auto-style1" lang="en-GB">
The net effect to be obtained is to give access to the less wealthy, the
net beneficiaries of the Equalitarian Peoples Association, to goods and
services worth much more than the value of the donations. The mechanism
is to create an internal market in Common Sovereigns currency that is
bigger than the public services.</div>
<ul type="disc">
<li>
<div align="left" class="auto-style1" lang="en-GB">
Net beneficiaries of the Basic Income, with no stable working
contract in the external world, have access to goods and services
for the amount of their net basic income after taxes. They may offer
also their services in the internal market and get extra incomes in
Commons Sovereigns. </div>
</li>
<li>
<div align="left" class="auto-style1" lang="en-GB">
The public servants low egoist ratio ensures a devaluation of the
Common Sovereigns with respect external money. It translates that
the donations made by the richest with a low effort in external
money like USD or EUROS, translates in a multiplied purchasing power
at the internal economy. </div>
</li>
<li>
<div align="left">
<span style="color: black;"><span class="auto-style1" lang="en-GB">
Additionally, the goods or services delivered by the Public Service
Enterprises have subsidised prices cheaper than the market prices at
the internal economy. It means that goods of public priority are
even cheaper.</span></span><span class="auto-style1"> </span></div>
</li>
</ul>
<hr />
<h1 align="left" class="auto-style1" lang="en-GB">
<span style="font-size: medium;">Inspirations </span></h1>
<div align="left" class="auto-style1" lang="en-GB">
Inspirations behind the ideas above</div>
<ul>
<li>
<div align="left">
<span style="color: black;"><span class="auto-style1">THE DESPERADOS
ALTERNATIVE ECONOMY </span></span><span style="color: blue;">
<span class="auto-style1" lang="es-ES"><u>
https://sites.google.com/site/desperadostheory/home</u></span></span></div>
</li>
<li>
<div align="left">
<span style="color: black;"><span class="auto-style1">Una Moneda
para cada Bien: SISTEMA MONETARIO PARA LA ECONOM? SOLIDARIA </span>
</span><span style="color: blue;">
<span class="auto-style1" lang="es-ES"><u>
http://books.google.be/books?id=NUDaAQAAQBAJ</u></span></span></div>
</li>
<li>
<div align="left">
<span style="color: black;"><span class="auto-style1" lang="en-US">
More People's Republic of DOUG stuff... Andreas Olofsson </span>
</span><span style="color: blue;">
<span lang="en-US" style="font-family: Calibri;"><u>
http://youtu.be/oZVsIiQ1ME0</u></span></span></div>
</li>
</ul>
</span>
</div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com1Brussels, Belgium50.8503396 4.351710300000036150.6899556 4.0289868000000357 51.0107236 4.6744338000000365tag:blogger.com,1999:blog-6734326932977571104.post-90231245220367644322014-03-28T22:42:00.001-07:002014-03-28T22:50:18.845-07:00Comedores sociales<div dir="ltr" style="text-align: left;" trbidi="on">
A principios de 2012, las noticias reportaban de que alrededor de Atenas y en todo el país se distribuyen a diario 250 mil comidas gratuitas <a href="http://www.keeptalkinggreece.com/2011/04/22/number-of-greeks-seeking-charity-free-meals-increased-dramatically/">[Number of Greeks seeking charity free meals increased dramatically</a>]. La demanda a los comedores sociales está a punto de explotar también en España. Cada noche ya se pueden ver grupos de personas buscando comida en la basura, fantasmas que tratan de llenar las neveras con productos rescatados de contenedores de supermercado. En nuestro país cada vez es mayor el número de ciudadanos que utiliza los comedores sociales para, ahorrando de esta manera algún dinero, poder pagar alquileres e hipotecas.<br />
<br />
<table border="1" cellpadding="0" cellspacing="0"> <tbody>
<tr> <td valign="top" width="616"><i></i> <br />
<a href="http://www.tafel.de/"><span style="font-size: medium;"><b>http://www.tafel.de/</b></span></a> <br />
<a href="http://lh3.ggpht.com/-ODpSLmEPWdg/UzZdLraKZ3I/AAAAAAAAFZY/zQWn1NwgAvs/s1600-h/image%25255B4%25255D.png"><img alt="image" border="0" src="http://lh6.ggpht.com/-ZGMFcKALL7Q/UzZdM1Fg9sI/AAAAAAAAFZg/Fmwdyx6lkwY/image_thumb%25255B2%25255D.png?imgmax=800" height="98" style="background-image: none; border-bottom: 0px; border-left: 0px; border-right: 0px; border-top: 0px; display: inline; padding-left: 0px; padding-right: 0px; padding-top: 0px;" title="image" width="607" /></a> <br />
<i>1,5 millones de personas acuden a comedores sociales en Alemania (</i><a href="http://www.librered.net/?p=21519"><i>http://www.librered.net/?p=21519</i></a><i>).</i> <br />
<i>Alemania, una de las principales potencias económicas de Europa, se enfrenta a una de sus peores crisis de los últimos tiempos afectando de manera espeluznante la calidad de vida de sus ciudadanos.</i> <br />
<i>Según la Organización para la Cooperación y el Desarrollo Económico (OCDE), en los últimos años se ha extendido la brecha entre ricos y pobres en Alemania.</i> <br />
<i>El número de indigentes en el territorio germano, en paro o con trabajo precario, que acuden a los centros de reparto benéfico de comida o comedores gratuitos para indigentes, han aumentado últimamente.</i> <br />
<i>De acuerdo con estadísticas oficiales, en Alemania viven unos 13 millones de pobres, y la organización asistencial ‘<b>Deutsche Tafel’</b> contabiliza que en 2012 el número de personas carenciadas que acuden a estos centros benéficos en busca de comida, ha tenido un aumento de 200.000.</i> <br />
<i>La nombrada organización también asegura que actualmente hay 1,5 millones de personas en el territorio alemán que acuden a los comedores sociales y cada vez hay más gente que necesita este recurso caritativo.</i> <br />
<i>El presidente de la organización, Gerd Häuser, asegura que “tener trabajo ya no significa estar protegido ante la pobreza” y que “la política antipobreza ha fracasado en Alemania”.</i> <br />
<i>Asimismo, el Fondo Monetario Internacional (FMI) informó sobre una bajada de crecimiento de la economía mundial para 2012 y 2013, tal como es el caso de Alemania, cuya previsión se ha reducido en una y cinco décimas.</i> <br />
<i>‘<b>Deutsche Tafel’</b>, fundada en Berlín, es un distribuidor de comida gratuita procedente de restos en buen estado de supermercados y panaderías, con más de 20 años de actividad.</i><br />
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Sin embargo, aunque la recogida de alimentos y el suministro de los comedores sociales estén estrechamente vinculados, tienen "modelos de negocio" diferentes. Convendría desvincular los negocios con circuitos monetarios independientes. <br />
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<tr> <td valign="top" width="616"><i>Los comedores sociales abren sus puertas a todos. Hasta hace unos años, los usuarios habituales eran personas en riesgo de exclusión social, pero ahora son frecuentes también quienes se han quedado sin empleo e, incluso, familias enteras con graves problemas económicos. El último informe de Eroski Consumer sobre Ciudades y exclusión social contiene una </i><a href="http://revista.consumer.es/web/es/20100101/actualidad/tema_de_portada/75386_4.php"><i>tabla comparativa</i></a><i> con información aportada por los ayuntamientos sobre número de comedores y comidas, plazas, servicios disponibles y precio. Gestionados por instituciones públicas u ONG, su fin es conseguir que todos los ciudadanos coman, al menos, un plato caliente cada día. En algunos centros, incluso, se entrega ropa a las personas más necesitadas y se prestan </i><a href="http://www.consumer.es/web/es/solidaridad/derechos_humanos/2007/11/25/172229.php"><i>servicios sanitarios</i></a><i> y asesoramiento para ayudar a salir de esta situación.</i><i> </i><i></i> <br />
<a href="http://www.consumer.es/web/es/solidaridad/economia_solidaria/2011/01/20/198389.php"><i>http://www.consumer.es/web/es/solidaridad/economia_solidaria/2011/01/20/198389.php</i></a></td></tr>
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Las estadísticas que se disponen son las siguientes: <br />
COMEDORES SOCIALES <br />
<table border="1" cellpadding="0" cellspacing="0"> <tbody>
<tr> <td valign="top"><b>Ciudad</b></td> <td valign="top"><b>Número de comedores</b></td> <td valign="top"><b>Plazas</b></td> <td valign="top"><b>Servicios disponibles</b></td> <td valign="top"><b>Precio (euros)</b></td></tr>
<tr> <td valign="top">A Coruña</td> <td valign="top">1 Municipal, 1 Concertado</td> <td valign="top">66 menús diarios</td> <td valign="top">Comida</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top">Alicante</td> <td valign="top">1 Centro de Acogida Integración</td> <td valign="top">90</td> <td valign="top">Desayuno, comida, merienda y cena</td> <td valign="top">Gratuito</td></tr>
<tr> <td valign="top">Barcelona</td> <td valign="top">3 Municipales, 2 Concertados</td> <td valign="top">942</td> <td valign="top">Comida y cena (sólo uno de los centros)</td> <td valign="top">Gratuito</td></tr>
<tr> <td valign="top">Bilbao</td> <td valign="top">3</td> <td valign="top">646 menús diarios</td> <td valign="top">Comida y cena</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top">Burgos</td> <td valign="top">3 Concertados</td> <td valign="top">Variable</td> <td valign="top">Desayuno, comida y cena</td> <td valign="top">Gratuito</td></tr>
<tr> <td valign="top">Córdoba</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top">Granada</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top">Madrid</td> <td valign="top">12 Concertados</td> <td valign="top">No facilitado</td> <td valign="top">Comida, merienda y cena</td> <td valign="top">Gratuito</td></tr>
<tr> <td valign="top">Málaga</td> <td valign="top">No facilitado</td> <td valign="top">200</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top">Murcia</td> <td valign="top">1 Concertado</td> <td valign="top">300</td> <td valign="top">Comida y cena</td> <td valign="top">Gratuito</td></tr>
<tr> <td valign="top">Oviedo</td> <td valign="top">1 Concertado</td> <td valign="top">No facilitado</td> <td valign="top">Comida y cena</td> <td valign="top">Gratuito</td></tr>
<tr> <td valign="top">Pamplona</td> <td valign="top">No existe comedor municipal (sí lo habrá en el Centro Integral), pero se realizan varias iniciativas: en el albergue municipal se ofrece desayuno y cena a los usuarios, y del 1 diciembre al 31 de marzo se reparte la merienda en una iniciativa llamada "café compartido". Además, en casos extremos se reparten vales de comida</td></tr>
<tr> <td valign="top">San Sebastián</td> <td valign="top">1 Centro municipal de acogida social, 1 Concertado</td> <td valign="top">No facilitado</td> <td valign="top">Desayuno, comida y cena</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top">Sevilla</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top">Valencia</td> <td valign="top">3 Autonómicos, 3 Privados</td> <td valign="top">700</td> <td valign="top">Desayuno, comida y cena</td> <td valign="top">Gratuito</td></tr>
<tr> <td valign="top">Valladolid</td> <td valign="top">1 Municipal</td> <td valign="top">150</td> <td valign="top">Comida y cena</td> <td valign="top">Gratuito</td></tr>
<tr> <td valign="top">Vitoria</td> <td valign="top">1 Concertado</td> <td valign="top">400</td> <td valign="top">Comida y cena</td> <td valign="top">Gratuito</td></tr>
<tr> <td valign="top">Zaragoza</td> <td valign="top">1 Albergue Municipal, 2 Privados</td> <td valign="top">85-170 (solo en el albergue)</td> <td valign="top">Desayuno, comida y cena</td> <td valign="top">Gratuito</td></tr>
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<table border="1" cellpadding="0" cellspacing="0"> <tbody>
<tr> <td valign="top" width="11%"><b>Ciudad</b></td> <td valign="top" width="38%"><b>Número de desayunos/meriendas</b></td> <td valign="top"><b>Número de comidas</b></td> <td valign="top"><b>Número de cenas</b></td></tr>
<tr> <td valign="top" width="11%">A Coruña</td> <td valign="top" width="38%">0</td> <td valign="top">24.090</td> <td valign="top">0</td></tr>
<tr> <td valign="top" width="11%">Alicante</td> <td valign="top" width="88%">318.280 servicios ofrecidos en total (desayuno, comida, merienda y cena)</td></tr>
<tr> <td valign="top" width="11%">Barcelona</td> <td valign="top" width="38%">0</td> <td valign="top">339573 en total</td></tr>
<tr> <td valign="top" width="11%">Bilbao</td> <td valign="top" width="38%">0</td> <td valign="top">191.990</td> <td valign="top">43.800</td></tr>
<tr> <td valign="top" width="11%">Burgos</td> <td valign="top" width="38%">12.113 desayunos</td> <td valign="top">18.208</td> <td valign="top">18.286</td></tr>
<tr> <td valign="top" width="11%">Córdoba</td> <td valign="top" width="38%">No facilitado</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top" width="11%">Granada</td> <td valign="top" width="38%">No facilitado</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top" width="11%">Madrid</td> <td valign="top" width="38%">830 bocadillos</td> <td valign="top">1.470</td> <td valign="top">390</td></tr>
<tr> <td valign="top" width="11%">Málaga</td> <td valign="top" width="38%">No facilitado</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top" width="11%">Murcia</td> <td valign="top" width="38%">No facilitado</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top" width="11%">Oviedo</td> <td valign="top" width="38%">0</td> <td valign="top">74502 en total</td></tr>
<tr> <td valign="top" width="11%">Pamplona</td> <td valign="top" width="88%">No existe comedor municipal (sí lo habrá en el Centro Integral), pero se realizan varias iniciativas: en el albergue municipal se ofrece desayuno y cena a los usuarios, y del 1 diciembre al 31 de marzo se reparte la merienda en una iniciativa llamada "café compartido". Además, en casos extremos se reparten vales de comida</td></tr>
<tr> <td valign="top" width="11%">San Sebastián</td> <td valign="top" width="38%">10084 desayunos</td> <td valign="top">9.246</td> <td valign="top">10.876</td></tr>
<tr> <td valign="top" width="11%">Sevilla</td> <td valign="top" width="38%">No facilitado</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top" width="11%">Valencia</td> <td valign="top" width="38%">38325 desayunos</td> <td valign="top">184.808</td> <td valign="top">38.325</td></tr>
<tr> <td valign="top" width="11%">Valladolid</td> <td valign="top" width="38%">0</td> <td valign="top">36.519</td> <td valign="top">36.519 cenas frías para llevar</td></tr>
<tr> <td valign="top" width="11%">Vitoria</td> <td valign="top" width="38%">0</td> <td valign="top">31.815</td> <td valign="top">31.255</td></tr>
<tr> <td valign="top" width="11%">Zaragoza</td> <td valign="top" width="88%">103.640 servicios ofrecidos en total (desayuno, comida y cena en el albergue municipal)</td></tr>
</tbody></table>
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Presupuesto de Asuntos Sociales <br />
<table border="1" cellpadding="0" cellspacing="0"> <tbody>
<tr> <td><b>Ciudad</b></td> <td><b>Presupuesto 2004 (en euros)</b></td> <td><b>Evolución 2008-2009 (%)</b></td> <td><b>Evolución 2004-2009 (%)</b></td></tr>
<tr> <td>A Coruña</td> <td>9.996.000</td> <td>-2%</td> <td>21%</td></tr>
<tr> <td>Alicante</td> <td>-</td> <td>2%</td> <td>-</td></tr>
<tr> <td>Barcelona</td> <td>21.105.240</td> <td>No facilitado</td> <td>No facilitado</td></tr>
<tr> <td>Bilbao</td> <td>29.579.192</td> <td>8%</td> <td>52%</td></tr>
<tr> <td>Burgos</td> <td>18.665.683</td> <td>10%</td> <td>32%</td></tr>
<tr> <td>Córdoba</td> <td>8.777.355</td> <td>-8%</td> <td>69%</td></tr>
<tr> <td>Granada</td> <td>8.043.235</td> <td>5%</td> <td>79%</td></tr>
<tr> <td>Madrid</td> <td>24.807.876</td> <td>3%</td> <td>118%</td></tr>
<tr> <td>Málaga</td> <td>9.365.364</td> <td>62%</td> <td>195%</td></tr>
<tr> <td>Murcia</td> <td>13.445.346</td> <td>No facilitado</td> <td>No facilitado</td></tr>
<tr> <td>Oviedo</td> <td>14.038.298</td> <td>-1%</td> <td>-42%</td></tr>
<tr> <td>Pamplona</td> <td>Entre 19 y 20 millones</td> <td>11%</td> <td>115%</td></tr>
<tr> <td>San Sebastián</td> <td>18.021.116</td> <td>9%</td> <td>79%</td></tr>
<tr> <td>Sevilla</td> <td>18.021.116</td> <td>30%</td> <td>170%</td></tr>
<tr> <td>Valencia</td> <td>17.787.850</td> <td>31%</td> <td>74%</td></tr>
<tr> <td>Valladolid</td> <td>14.774.100</td> <td>23%</td> <td>57%</td></tr>
<tr> <td>Vitoria</td> <td>34.230.467</td> <td>10%</td> <td>55%</td></tr>
<tr> <td>Zaragoza</td> <td>20.835.013</td> <td>49%</td> <td>132%</td></tr>
</tbody></table>
<table border="1" cellpadding="0" cellspacing="0"> <tbody>
<tr> <td valign="top" width="14%"><b>Ciudad</b></td> <td valign="top" width="40%"><b>Nombre del departamento</b></td> <td valign="top"><b>Presupuesto 2009 (en euros)</b></td> <td valign="top"><b>Presupuesto 2008 (en euros)</b></td></tr>
<tr> <td valign="top" width="14%">A Coruña</td> <td valign="top" width="40%">Área de Servicios Sociales</td> <td valign="top">12.115.267</td> <td valign="top">12.373.038</td></tr>
<tr> <td valign="top" width="14%">Alicante</td> <td valign="top" width="40%">Concejalía de Acción Social</td> <td valign="top">10.753.000</td> <td valign="top">10.523.364<a href="http://revista.consumer.es/web/es/20100101/actualidad/tema_de_portada/75386_4.php#e"><sup>(1)</sup></a></td></tr>
<tr> <td valign="top" width="14%">Barcelona</td> <td valign="top" width="40%">Área de Acción Social y Ciudadanía</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top" width="14%">Bilbao</td> <td valign="top" width="40%">Área de Acción Social</td> <td valign="top">45.060.699</td> <td valign="top">41.629.223</td></tr>
<tr> <td valign="top" width="14%">Burgos</td> <td valign="top" width="40%">Gerencia de Servicios Sociales, Juventud e Igualdad</td> <td valign="top">24.698.597</td> <td valign="top">22.479.400</td></tr>
<tr> <td valign="top" width="14%">Córdoba</td> <td valign="top" width="40%">Delegación de Bienestar Social</td> <td valign="top">14.839.696</td> <td valign="top">16.084.664</td></tr>
<tr> <td valign="top" width="14%">Granada</td> <td valign="top" width="40%">Concejalía de Familia, Bienestar Social e Igualdad de Oportunidades</td> <td valign="top">14.399.607</td> <td valign="top">13.697.482</td></tr>
<tr> <td valign="top" width="14%">Madrid</td> <td valign="top" width="40%">Área de Familia y Servicios Sociales</td> <td valign="top">54.041.415</td> <td valign="top">52.686.669</td></tr>
<tr> <td valign="top" width="14%">Málaga</td> <td valign="top" width="40%">Área de Bienestar Social</td> <td valign="top">27.645.735</td> <td valign="top">17.023.702</td></tr>
<tr> <td valign="top" width="14%">Murcia</td> <td valign="top" width="40%">Área de Servicios Sociales</td> <td valign="top">No facilitado</td> <td valign="top">No facilitado</td></tr>
<tr> <td valign="top" width="14%">Oviedo</td> <td valign="top" width="40%">Concejalía de Servicios Sociales</td> <td valign="top">8.200.000</td> <td valign="top">8.300.000</td></tr>
<tr> <td valign="top" width="14%">Pamplona</td> <td valign="top" width="40%">Área de Bienestar Social</td> <td valign="top">43.000.000</td> <td valign="top">38.605.908</td></tr>
<tr> <td valign="top" width="14%">San Sebastián</td> <td valign="top" width="40%">Dirección de Bienestar Social</td> <td valign="top">32.228.274</td> <td valign="top">29.667.199</td></tr>
<tr> <td valign="top" width="14%">Sevilla</td> <td valign="top" width="40%">Área de Bienestar Social</td> <td valign="top">48.641.216</td> <td valign="top">37.387.786</td></tr>
<tr> <td valign="top" width="14%">Valencia</td> <td valign="top" width="40%">Área de Bienestar Social e Integración</td> <td valign="top">30.981.634</td> <td valign="top">23.564.985</td></tr>
<tr> <td valign="top" width="14%">Valladolid</td> <td valign="top" width="40%">Servicio de Acción Social</td> <td valign="top">23.226.528</td> <td valign="top">18.807.302</td></tr>
<tr> <td valign="top" width="14%">Vitoria</td> <td valign="top" width="40%">Departamento de Intervención Social</td> <td valign="top">53.203.975</td> <td valign="top">48.161.315</td></tr>
<tr> <td valign="top" width="14%">Zaragoza</td> <td valign="top" width="40%">Área de Acción Social</td> <td valign="top">48.375.253</td> <td valign="top">32.375.854</td></tr>
</tbody></table>
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No estamos todavía al nivel de Grecia. Pero el pasado año la demanda de estos comedores creció de tal manera en lugares como Barcelona, <a href="http://www.teinteresa.es/espana/Comedores-crisis-comer_0_687532569.html">un crecimiento estimado en más de un 220%</a>, que se formaron listas de espera de hasta 23 días. Solo en Madrid, los comedores sociales sirvieron durante el primer trimestre del año un 65% más de comidas que en el mismo periodo del año anterior. <br />
Como se puede ver, toda la fanfarria alrededor de los comedores sociales se reduce a unos pocos miles de comidas diarias. <br />
<a href="http://www.eapn.es/">EAPN España</a> (Red Europea de Lucha contra la Pobreza y la Exclusión Social en el Estado Español) la media española se sitúa con un 23,4% de la población en situación o riesgo de pobreza y exclusión. <br />
<img alt="[clip_image012[4].jpg]" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNrRbGbaXW3dmdSkfE56pXfsZAMCK08zoPVMN-zVnnqRRAlQQa6s_DddBvs3HGEY21ro5l5fAB_CDlbKbBjGpQhjOqLtKfUuvPrstZNNwHnradvF4_ijtq637u5Bf5UBh9O50ngYTk0HpD/s1600/clip_image012%5B4%5D.jpg" height="480" width="532" /> <br />
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A finales de 2012, una<b> de cada diez familias</b> en España ya tenía a<b> todos sus miembros en el paro.</b> En número absolutos, un total de<b> 1.737.600 de hogares con todos sus integrantes sin trabajo.</b> <br />
Además, en España existen 4.423.200 hogares sin ningún miembro activo, es decir, que no tienen personas en edad de trabajar o en disposición para ello. Viven de subsidios o de pensiones. Si se compara con el primer trimestre, se suman 14.500 familias más. <br />
Cualquier objetivo por debajo de al menos medio millón de comidas sociales en España, con destino prioritario a los niños, es en este momento inaceptable. <br />
Y mientras tanto, los mismos causantes de la crisis hacen de esto negocio. La mano de Midas putrefacta todo lo que toca. <br />
<img alt="[clip_image013[4].jpg]" src="http://lh3.ggpht.com/-kSK3Z_NCrIk/UZZf5VPvAXI/AAAAAAAAC9c/BfHyPZoeyk4/s1600/clip_image013%5B4%5D.jpg" /> <br />
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Por cuatro perras se asuran un espacio en los medios que pagado como publicidad les costaría 10 veces más.<br />
<img alt="[clip_image015[4].jpg]" src="http://lh5.ggpht.com/-jjpTE9B8TuU/UZZf7rNwdrI/AAAAAAAAC9w/i4cYXU-qdmo/s1600/clip_image015%5B4%5D.jpg" /> <br />
El rédito propagandístico de la derecha nacional-católica, a través de todo el simbolismo asociado, es tremendamente desproporcionado con el volumen de la ayuda real que se ofrece a los precarios. <br />
<table border="0" cellpadding="0" cellspacing="0"> <tbody>
<tr> <td valign="top" width="205"><img alt="[clip_image016[3].jpg]" src="http://lh6.ggpht.com/-kEsSINec4VY/UZZf-bjSCqI/AAAAAAAAC94/cVLSm-CrZ78/s1600/clip_image016%5B3%5D.jpg" /></td> <td valign="top" width="205"><img alt="[clip_image017[3].jpg]" src="http://lh5.ggpht.com/-prY4GbFZ0fg/UZZf_i3YpJI/AAAAAAAAC-M/5trDa6wqifM/s1600/clip_image017%5B3%5D.jpg" /></td> <td valign="top" width="205"><img alt="[clip_image019[3].jpg]" src="http://lh3.ggpht.com/-4vGaGtgpIJE/UZZgAhGGY7I/AAAAAAAAC-c/miL8ogx2LDg/s1600/clip_image019%5B3%5D.jpg" /></td></tr>
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El movimiento debería fijar un objetivo numérico de recogida de alimentos y entrega de comidas, al menos <b>500.000 comidas diarias para niños, </b>y convertirlo en uno de sus ejes centrales de actuación. <br />
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El valor añadido de los voluntarios es clave para el proceso. <br />
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<i>El </i><a href="http://bamadrid.org/index.asp"><i>Banco de Alimentos de Madrid</i></a><i> es una organización benéfica sin ánimo de lucro cuyo fin es la consecución gratuita de alimentos de todas clases, y cuya donación y distribución posterior hace también gratuitamente entre entidades benéficas legalmente reconocidas, dedicadas a la asistencia y cuidado directo de personas necesitadas ( disminuidos psíquicos y físicos, ancianos y niños desvalidos, familias marginadas, drogadictos en recuperación, enfermos de SIDA, etc.) dentro de la Comunidad de Madrid. </i> <br />
<i>En él trabajan de forma habitual voluntarios, en </i><b><i>número superior a cien</i></b><i>, la mayoría profesionales jubilados, que prestan sus conocimientos de gestión, capacidades técnicas y manuales, de forma altruista, al igual que varios centenares de colaboradores en acciones puntuales.</i> <br />
<b><i>CARTA DE LOS VOLUNTARIOS DE LOS BANCOS DE ALIMENTOS</i></b> <br />
<i>Ser voluntario en los Bancos de Alimentos supone aceptar en su integridad el espíritu que inspira la labor que esta organización lleva a cabo en beneficio de los más necesitados. Cada voluntario debe comprometerse a promover y difundir los siguientes principios:</i> <br />
<i>1. </i><i>Las personas más importantes de nuestra organización son las que nos necesitan, ellas son nuestra razón de ser.</i><i> </i> <br />
<i>2. </i><i>Los voluntarios somos nuestra mayor riqueza. Promovemos la comprensión, el respeto y la ayuda mutua entre nosotros.</i><i> </i> <br />
<i>3. </i><i>Todos los voluntarios de la organización formamos un equipo. Que los personalismos no dificulten nuestra labor.</i><i> </i> <br />
<i>4. </i><i>La formación es un derecho del voluntario para ejercer bien su trabajo.</i><i> </i> <br />
<i>5. </i><i>El trabajo bien hecho en todos los ámbitos de la organización ha de ser nuestra exigencia.</i><i> </i> <br />
<i>6. </i><i>Los alimentos que recibimos no nos pertenecen, somos simplemente administradores.</i><i> </i> <br />
<i>7. </i><i>Los alimentos que se nos confían hemos de tratarlos bien, con pulcritud y profesionalidad.</i><i> </i> <br />
<i>8. </i><i>La transparencia en nuestra gestión no ha de tener límites.</i><i> </i> <br />
<i>9. </i><i>Nuestra presencia en la sociedad ha de ser ejemplarizante. Seamos testigos de justicia y solidaridad.</i><i> </i> <br />
10. <i>El éxito de nuestra labor reside en nuestro compromiso. Da lo que puedas pero comprométete a darlo.</i><br />
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Como podemos ver, en los tres modelos de negocio, la recogida de alimentos en los hogares, en las donaciones en dinero o especie empresariales y en los comedores sociales, la fuerza laboral la pone el voluntariado. <br />
Y sin embargo, todos salen en la foto, menos los voluntarios. Se airea cuantos euros ha donado cada empresa, pero no cuánto vale el trabajo de los voluntarios. Se contabiliza cuanto se gastan los ayuntamientos en los presupuestos de asuntos sociales, pero no lo que ponen los donantes particulares. <br />
Todo lo que no vaya en el dinero de la economía de la deuda, todo lo que no se mida en dinero fiduciario, no existe, ni puede servir para capitalizar la economía solidaria. <br />
La <a href="http://hazloposible.org/wp/portada/">Fundacion Hazloposible</a> tiene la campaña <a href="http://hoyinvitoyo.org/"><b>Hoyinvitoyo</b></a>. <br />
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El Consejo Asesor está formado por ESADE, Instituto Empresa, PriceWaterhouseCoopers, Fundación LaCaixa, Uría Menéndez, Alana Partners, Accenture, Independent Venture Capital, Burson Marsteller, Fundación Profesor Uría y Ashoka Internacional. <br />
El reto de la campaña Hoyinvitoyo son 100 toneladas de alimentos. Supongamos que estamos hablando que son 100 toneladas de jamón a 10€ el kilo. O sea que toda la campaña tiene un resultado neto valorado en 1 millón de EUROS. Si es jamón. Si son garbanzos, estaríamos hablando como mucho de 200.000 EUROS. <br />
Una autentica <b>ridiculez</b> para LaCaixa o PriceWaterhouseCoopers. Una autentica ridiculez, casi un insulto, para las necesidades de los 2 millones de familia sin ningún ingreso. <br />
Y, además todo ello con la contribución gratuita, anónima y no contabilizada, de cientos de voluntarios bien pensantes. En ninguna parte se muestra al valor de ese trabajo. <br />
Y sobre todo, los voluntarios no tienen ninguna influencia sobre cómo se reparten esos bienes, quien se va a beneficiar, como se van a seleccionar las personas en precariedad destinatarias ni a que ideología y mensaje mediático se va a asociar la campaña.<br />
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<span style="font-size: x-large;"><b>#15MP</b>EDIA</span><br />
<h1 class="firstHeading" id="firstHeading" lang="es" style="-webkit-text-stroke-width: 0px; background-image: none; background-position: initial initial; background-repeat: initial initial; border-bottom-color: rgb(170, 170, 170); border-bottom-style: solid; border-bottom-width: 1px; color: black; font-family: Verdana; font-size: 1.6em; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 1.2em; margin: 0px 0px 0.1em; orphans: auto; overflow: hidden; padding-bottom: 0px; padding-top: 0px; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">
<span dir="auto">Lista de comedores sociales</span></h1>
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<a href="http://wiki.15m.cc/wiki/Lista_de_comedores_sociales" target="_blank">http://wiki.15m.cc/wiki/Lista_de_comedores_sociales </a></div>
Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com0tag:blogger.com,1999:blog-6734326932977571104.post-27724007416025157112014-03-28T22:28:00.001-07:002014-03-28T22:28:04.820-07:00“Compra local”, la alianza con el empresariado local<p>Como una parte de la estrategia hacia la <b>Gran Localización</b>, a los agentes de la economía local, y en especial a las PYMEs, debe proveérseles de una entrada suave, natural y sin problemas en la nueva economía. El trabajo de los indigentes puede proporcionar el puente. Con ello se construye la alianza de la economía alternativa a las pymes locales. <p>Las empresas locales invierten más del 65% en la economía local, mientras que las grandes cadenas apenas alcanzan un 35%. El resto va al mercado especulativo mundial. Apoyar la empresa y el comercio local es muy importante a corto, medio y largo plazo. <p>La mayoría de las empresas locales, especialmente las PYME no serían capaces de ofrecer nuevos puestos de trabajo. La PYME no puede ofrecer puestos en plantilla, incluso si se ofrecieran de forma gratuita, ya que significaría un aumento de la producción, con el consiguiente incremento de gastos en materia prima, y porque tienen ya un exceso de capacidad de producción y en muchos casos un exceso de stock. Incluso no se vende parte de las existencias consideradas como mínimas. En la distribución de alimentos, mantener una cartera mínima de productos para no perder la clientela les obliga a contar sistemáticamente con un porcentaje sin vender y que caduca, que se envía a la basura. <p>Incluso si quisieran pagar en especie el salario de esos puestos, la legislación en los países avanzados no se lo permite. Según la legislación, la gran parte del salario de los empleados se debe pagar en dinero fiduciario. El problema de las PYME no son los costes salariales, son las ventas. <table cellspacing="0" cellpadding="0" border="0"> <tbody> <tr> <td valign="top" width="308"><a href="http://lh6.ggpht.com/-p211GAqlQEs/UzZZtK7PKwI/AAAAAAAAFXE/LuwBvJ8w6QQ/s1600-h/image%25255B2%25255D.png"><img title="image" style="border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; margin: 0px; border-left: 0px; display: inline; padding-right: 0px" border="0" alt="image" src="http://lh3.ggpht.com/-Q_vdqodBDfY/UzZZtspGkOI/AAAAAAAAFXM/XiUOnBRL01g/image_thumb.png?imgmax=800" width="244" height="175"></a></td> <td valign="top" width="308"><a href="http://lh5.ggpht.com/-zQivv4RvA_s/UzZZuGNe4mI/AAAAAAAAFXU/nvO5H6ZQec8/s1600-h/image%25255B5%25255D.png"><img title="image" style="border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; margin: 0px; border-left: 0px; display: inline; padding-right: 0px" border="0" alt="image" src="http://lh6.ggpht.com/-wnzEPvirAAo/UzZZu6lYZXI/AAAAAAAAFXc/xfC286Yqvok/image_thumb%25255B1%25255D.png?imgmax=800" width="244" height="175"></a></td></tr></tbody></table> <p>La faena de los desesperados, de los indigentes, los parados autorganizados, ofrece una alternativa. <p>El trabajo de los indigentes se puede organizar como una ocupación voluntaria de un desempleado en una Empresa Social en actividades encaminadas a lograr la misión de la empresa, es decir, en la obtención de alimentos, ropa, energía, vivienda, etc., para los desesperados. La Empresa Social pagará este trabajo con una moneda local, por ejemplo, con una moneda que representa un bono sobre los productos de las tiendas asociadas a la Empresa Social. <p>¿En qué consiste su trabajo? En dar apoyo al comercio local, <b>"compre local"</b>. <p>En Beyond Money - The End of Money and the Future of Civilization, Thomas H. Greco <a href="http://beyondmoney.net/">http://beyondmoney.net/</a>, Thomas H. Greco habla de las ventajas competitivas que las monedas alternativas pueden ofrecer a las empresas locales, y en especial las PYME. En el capítulo dieciséis, habla de un <b>"Plan Regional de Desarrollo Económico Basado en compensación de créditos".</b> <p><i>El primer paso, el despegue movimiento, es dotar a las empresas locales que se asocian con un programa con servicios para la fase comercial en esta línea de "compre local". </i> <p>The FAIRTRADE FOUNDATION (<a href="http://www.fairtrade.org.uk/products/default.aspx">http://www.fairtrade.org.uk/products/default.aspx</a>) abandera campañas en torno esta idea de <i>"compre local" </i>alrededor de todo el mundo. El volumen de negocio de mercancías "fairtrade" alcanzo la cifra de 1,56 billones de EUROS en 2011. <table cellspacing="0" cellpadding="0" border="1"> <tbody> <tr> <td valign="top" width="306"> <p><strong>Telemanolito</strong> <p><a href="http://lh5.ggpht.com/-2ZnOgsOAjCQ/UzZZvlf8eQI/AAAAAAAAFXk/_s_Pd8rd7sA/s1600-h/image%25255B8%25255D.png"><img title="image" style="border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; margin: 0px; border-left: 0px; display: inline; padding-right: 0px" border="0" alt="image" src="http://lh3.ggpht.com/-x0XM_5NGtys/UzZZwGyQQ_I/AAAAAAAAFXs/GtZIeUCqq-Y/image_thumb%25255B2%25255D.png?imgmax=800" width="244" height="244"></a></p></td> <td valign="top" width="306"> <p><strong>Bicicleta promociones</strong> <p><a href="http://lh5.ggpht.com/-ATyruj4NrGU/UzZZw9fTSbI/AAAAAAAAFX0/UtR3tMGOweo/s1600-h/image%25255B11%25255D.png"><img title="image" style="border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; margin: 0px; border-left: 0px; display: inline; padding-right: 0px" border="0" alt="image" src="http://lh4.ggpht.com/-GTNYWpge7L0/UzZZxdvc8nI/AAAAAAAAFX8/fbSjAfgk_Pc/image_thumb%25255B3%25255D.png?imgmax=800" width="244" height="186"></a></p></td></tr> <tr> <td valign="top" width="306"> <p><strong>Guarderia</strong> <p><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhr5xGgRbm7zCa0UKp8wf2W8ZdwwUBUSWjf03-Gg9yrW2g9gTZ8inu4lTX34-27-Z8cALJ53aGae30oz_R-0cnFgcmcRbWX70vVUb1I-YNnuizSBSkwCE8uASv9zXM7pHlYTisAOJDGuqWU/s1600-h/image%25255B14%25255D.png"><img title="image" style="border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; margin: 0px; border-left: 0px; display: inline; padding-right: 0px" border="0" alt="image" src="http://lh3.ggpht.com/-qlQp7yRZT08/UzZZypWGp7I/AAAAAAAAFYM/QTKJ8Q3rfO8/image_thumb%25255B4%25255D.png?imgmax=800" width="244" height="156"></a></p></td> <td valign="top" width="306"> <p><strong>Arte</strong> <p><a href="http://lh5.ggpht.com/-AbJ7b6eOGPU/UzZZzdeVioI/AAAAAAAAFYU/miTqPOn40Is/s1600-h/image%25255B17%25255D.png"><img title="image" style="border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; margin: 0px; border-left: 0px; display: inline; padding-right: 0px" border="0" alt="image" src="http://lh4.ggpht.com/-h2k6cP3q2Gw/UzZZ0A11YUI/AAAAAAAAFYc/NQpd4VWY2qE/image_thumb%25255B5%25255D.png?imgmax=800" width="244" height="141"></a></p></td></tr></tbody></table> <p>Entretenimiento, servicios a clientes (guarderías en sus centros comerciales, la carga de los vehículos, organización de webs de tele shopping, distribución de las compras al hogar), espectáculos de arte, publicidad, vídeos, presencia local de radio, presencia en la web, son tareas sencillas que se pueden realizar por desempleados poco cualificados, si está bien organizado, y puede significar una diferencia en las ventas. <p>Estos servicios pueden ser pagados como servicios externos sin que medie un contrato laboral. Es un contrato comercial con la Empresa Social. <p>Las ideas pueden ser muy creativas, desde las <b>advertising bike</b> (<a href="http://youtu.be/OlXteB3Jw7k">http://youtu.be/OlXteB3Jw7k</a>) hasta campañas como la de <b>Buy Local</b> en Pueblo, Colorado (<a href="http://youtu.be/nwqHQCXEBZw">http://youtu.be/nwqHQCXEBZw</a>). <p>La publicidad es un recurso muy caro que sólo está disponible para las grandes corporaciones. Los mejores cerebros en marketing de la Empresa Social podrían trabajar en el diseño de una cartera de acciones de promoción profesional para las industrias locales con enfoques creativos que no se basen en el pago de medios de comunicación, sino de la disponibilidad de tiempo desocupado de los desempleados. Otros podrían organizar, adiestrar, vestir, a los desempleados para hacer el trabajo de una manera especializada. Podrían inventar una etiqueta que tiendas y empresas puedan pegar en un lugar visible para mostrar que colaboran con las Empresas Solidarias. <p>Miembros cualificados podrían hacer trabajos de voluntario para ayudar en la comercialización de los servicios a los comercios y asociaciones industriales de la zona, y la organización de los sistemas de moneda local que puedan permitir una segunda etapa a mayor escala, con el objetivo de favorecer el comercio electrónico de trueque entre empresas. <p><a href="http://lh4.ggpht.com/-vG8F_GFwVLc/UzZZ0_k-8tI/AAAAAAAAFYk/VDYfhizg364/s1600-h/image%25255B21%25255D.png"><img title="image" style="border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; border-left: 0px; display: inline; padding-right: 0px" border="0" alt="image" src="http://lh5.ggpht.com/-PeDOid0qQF0/UzZZ1ji0H7I/AAAAAAAAFYs/ikGnvd3hQOM/image_thumb%25255B7%25255D.png?imgmax=800" width="644" height="375"></a> <p> <p>Probablemente la mejor cobertura legal es una Empresa Social registrada como ONG. <p>Las PYMES se pueden puntuar de acuerdo a los 20 puntos de la Economía del Bien Común (<a href="http://www.gemeinwohl-oekonomie.org/es">http://www.gemeinwohl-oekonomie.org/es</a>) y recibir como premio mas o mejores servicios, o servicios especiales de acuerdo con su puntuación EBC. <p>La idea es que estos servicios se pagan con monedas diseñados como <b>bonos de productos</b> de las empresas asociadas. Los indigentes organizados por la Empresa Social para hacer los trabajos de publicidad cobran con estos bonos. Pueden usarlos ellos mismos para adquirir productos, o hacerlos circular como moneda. <p>Donde se ha explorado esta alianza, las empresas asociadas ponen por ejemplo un límite al porcentaje del precio de los productos que se puede abonar mediante la moneda alternativa y cuanto mediante dinero fiduciario. Asimismo ponen un coto al tipo de mercancías que se puede pagar con esos bonos, evitando los productos de mayores impuestos. <p>Esto se puede expresar muy bien si el contrato de la moneda se expresa como un contrato ricardiano. <p><a href="http://lh4.ggpht.com/-NJ3gEhGQQaM/UzZZ2Y20ddI/AAAAAAAAFY0/PFfyNhjEqZA/s1600-h/image%25255B25%25255D.png"><img title="image" style="border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; border-left: 0px; display: inline; padding-right: 0px" border="0" alt="image" src="http://lh6.ggpht.com/-FUk9OUwQn6E/UzZZ3CcrffI/AAAAAAAAFY8/h_6llyDYkBc/image_thumb%25255B9%25255D.png?imgmax=800" width="610" height="470"></a> <p> <table cellspacing="0" cellpadding="0" border="1"> <tbody> <tr> <td valign="top" width="302"> <p><b>Mercancías incluidas</b></p></td> <td valign="top" width="302"> <p>Frutas; Verduras; Legumbres; Pescado; Carne; Panadería y Bollería</p></td></tr> <tr> <td valign="top" width="302"> <p><b>Mercancías excluidas</b></p></td> <td valign="top" width="302"> <p>Tabaco; Alcohol; Electrónica</p></td></tr> <tr> <td valign="top" width="302"> <p><b>Condiciones</b></p></td> <td valign="top" width="302"> <p>Solo se puede pagar con Manolitos el limite indicado para cada producto</p></td></tr></tbody></table> <p>Para su éxito, sería fundamental que la red P2P de Open Money donde circulan los "<strong>Manolitos</strong>" permitiera pagos mediante el móvil. <p>El Brixton Pound (<a href="http://brixtonpound.org/">http://brixtonpound.org/</a>) diseñado por QOIN (<a href="http://qoin.org/">http://qoin.org/</a>) debe parte de su éxito a que permite pagos en esa moneda mediante el móvil (<a href="http://vimeo.com/29565876">http://vimeo.com/29565876</a>). <p><a href="http://lh3.ggpht.com/-ry0GLDqoOLs/UzZZ36JBqOI/AAAAAAAAFZE/VbIdq5JKS14/s1600-h/image%25255B30%25255D.png"><img title="image" style="border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; border-left: 0px; display: inline; padding-right: 0px" border="0" alt="image" src="http://lh5.ggpht.com/-NYYk2Dt5UIc/UzZZ4VV5gBI/AAAAAAAAFZM/l028Y1sQ730/image_thumb%25255B12%25255D.png?imgmax=800" width="505" height="333"></a> <p> <p>Aunque el monto destinado por las empresas para estos bonos no sea mayor que el precio de los productos que le caducan, puede construir un valor sustancial de bienes. Este tipo de nivel cero de acuerdo entre la Empresa Social y las asociaciones empresariales de la zona, en el que las empresas locales no tienen nada que perder, pues solo comprometen su cuota de productos sin venta, se puede incrementar en cuanto al monto total si hay un aumento de las ventas. <p>Una vez que esta primera etapa de posicionamiento de las Empresas Sociales en el apoyo a la comercialización de los productos de las empresas locales se ha cubierto, y las industrias locales se hayan acostumbrado a que una parte de sus ventas es mediante monedas comunitarias, el segundo paso de la creación de un meta-sistema de intermediación o comercio de trueque entre los productores locales se puede plantear con mucha naturalidad. <p>Para hacer una estimación del volumen de este tipo de circuito, hemos extrapolado los datos de World Bank Economic Reports en <a href="http://data.worldbank.org/">http://data.worldbank.org/</a>. <p>Suponemos que Empresas Locales representando un 10% del PIB están afiliadas a este programa de "compra local". El supuesto es que en una región hemos sido capaces de asociar una proporción de las empresas locales, sobre todo en el sector de la distribución minorista de alimentos, que es la que sufre en mayor medida la perdida de productos por caducidad. <p>Por tomar un ejemplo, en la Comunidad de Madrid, el comercio está constituido por 37.600 establecimientos mayoristas y cerca de 70.000 minoristas, es uno de los sectores empresariales productivos más relevantes, aportando el 13,2% del PIB Regional, del que el 7,4% corresponde al comercio minorista. <p>Suponemos que incrementan sus ventas en un 5% gracias a la campaña de compra local; en realidad consiguen vender, colocar, un 5% del stock que iba a caducar por falta de ventas. Suponemos también que la mayor parte de estas ventas se ha realizado con la moneda local, "el Manolito". <p>Una inversión estándar en publicidad es del orden del 2% al 3% de las ventas. Las PYMES raramente alcanzan con ese 3% el umbral mínimo para pagarse una campaña en los medios, ni siquiera en la radio local. Las asociaciones de comerciantes hacen en la mayoría de los casos unas campañas muy genéricas. Las campañas de publicidad y de apoyo a ventas ofrecidas por una Empresa Social puede hacerse muy personalizada y por tanto muy atractiva para ellas. Una inversión de un 3% de las ventas en la campaña de "compra local" no parece un objetivo descabellado. <p>Por otro lado, un bono que permita pagar en moneda local un 5% de cada producto, no esta tan lejos de los bonos descuento habituales en los programas de fidelización de clientes. <p>En conjunto, el objetivo de un 5% de las ventas de las empresas asociadas mediante la moneda alternativa destinados a pagar los servicios de la Empresa Social de "Compre Local" parece un objetivo alcanzable. <p>El PIB de una región del sur de Europa de unos 2 millones de habitantes (o un gran barrio de una gran ciudad) se puede estimar en unos 48.000 millones de EUROS, unos 4.000 millones de EUROS al mes. El 7,4% que corresponde al comercio minorista son unos 300 millones de EUROS al mes. Si se consiguiera que un 10% de ese comercio (unas 3.000 tiendas de barrio) se asociara a la iniciativa de "compra local" estamos hablando de una facturación de 30 millones de EUROS al mes de las tiendas asociadas. El 5% de las ventas empleadas en financiar la campaña "compra local" equivalente de 1,5 Millones de EUROS circulando en "Manolitos" al mes. <table cellspacing="0" cellpadding="0" border="1"> <tbody> <tr> <td valign="top" width="386"> <p><strong>Volumen del circuito "COMPRA LOCAL"</strong></p></td> <td valign="top" width="54"> </td> <td valign="top" width="72"> </td> <td valign="top" width="58"> </td> <td valign="top" width="34"> </td></tr> <tr> <td valign="top" width="386"> <p>PIB CA Madrid</p></td> <td valign="top" width="54"> </td> <td valign="top" width="72"> <p>190.000,00</p></td> <td valign="top" width="58"> <p>mill€</p></td> <td valign="top" width="34"> <p>año</p></td></tr> <tr> <td valign="top" width="386"> <p>PIB zona promendio de 2 millones de habitantes</p></td> <td valign="top" width="54"> </td> <td valign="top" width="72"> <p>48.000,00</p></td> <td valign="top" width="58"> <p>mill€</p></td> <td valign="top" width="34"> <p>año</p></td></tr> <tr> <td valign="top" width="386"> <p>PIB pequeños minoristas</p></td> <td valign="top" width="54"> <p>7,40%</p></td> <td valign="top" width="72"> <p>3.552,00</p></td> <td valign="top" width="58"> <p>mill€</p></td> <td valign="top" width="34"> <p>año</p></td></tr> <tr> <td valign="top" width="386"> <p>PIB pequeños minoristas al mes</p></td> <td valign="top" width="54"> </td> <td valign="top" width="72"> <p>296,00</p></td> <td valign="top" width="58"> <p>mill€</p></td> <td valign="top" width="34"> <p>mes</p></td></tr> <tr> <td valign="top" width="386"> <p>PIB de un 10% afiliados a "COMPRA LOCAL"</p></td> <td valign="top" width="54"> <p>10%</p></td> <td valign="top" width="72"> <p>29,60</p></td> <td valign="top" width="58"> <p>mill€</p></td> <td valign="top" width="34"> <p>mes</p></td></tr> <tr> <td valign="top" width="386"> <p>5% inversión en la campaña</p></td> <td valign="top" width="54"> <p>5%</p></td> <td valign="top" width="72"> <p>1,48</p></td> <td valign="top" width="58"> <p><strong>MLT</strong></p></td> <td valign="top" width="34"> <p>mes</p></td></tr> <tr> <td valign="top" width="386"> <p>Impuestos de la Isla en SOBERANO DEL BIEN COMUN</p></td> <td valign="top" width="54"> <p>10%</p></td> <td valign="top" width="72"> <p>0,15</p></td> <td valign="top" width="58"> <p><strong>SBC</strong></p></td> <td valign="top" width="34"> <p>mes</p></td></tr></tbody></table> <p><em><i>Se ha supuesto, para facilitar la estimación, que 1 EUR = 1 MLT = 1 SBC</i></em><i> </i> <p>Como subproducto de este circuito, la isla recoge en impuestos en SOBERANO DEL BIEN COMÚN, una cantidad que hemos puesto arbitrariamente para los propósitos del ejemplo, en un 10%. La democracia de la isla decidirá la cantidad más apropiada. <p>Eso es equivalente al sueldo de unos 2.000 voluntarios trabajando para la Empresa Social en la campaña de "compre local", 25 horas a la semana a un equivalente de 7 Euros la hora, 700 euros al mes, pagados en "Manolitos", o 4.000 voluntarios si repartimos el trabajo. <p>Una región como Madrid, de 5 Millones de habitantes, tiene unos 300.000 parados, unos 120.000 para una región o gran barrio de 2 millones como la que hablamos. Es una solución que aunque no llegue más que a un 2% de los parados, si suponemos un índice de afiliación al movimiento de la economía solidaria de un 10%, si es una solución para uno de cada cinco afiliados. <p>Esto puede tener un poder de atracción enorme para alcanzar afiliaciones mayores con empresas también mayores. Anonymoushttp://www.blogger.com/profile/06211948999490808764noreply@blogger.com0