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Message Subject Get rid of the money system, then get rid of goverrments
Poster Handle Anonymous Coward
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I would like to see about four currencies running in competition.

A currency based on a unit of energy - perhaps kilowatts but where oil, coal, natural gas and other forms of energy are the backing.

A currency backed by a unit of grain where the common cereal grains plus beans and rice are the backing.

A specie currency where the Austrian economic model prevails - a precious metals backed currency.

And a human time currency backed by hours of time and the intellectual and physical labor of people is the backing.

And what about credit? Is mutual credit a stand-alone model?

Not really, but credit can be an adjunct to each and all of these four models. However it would probably take different forms and administrative policy in each of the four proposals.

There is much already written about credit in Austrian Economics. However a loan must be actual specie coinage or at the minimum 100% backed warehouse receipts. See Rothbard: 100% money.

Mutual credit is already associated with human labor time. Each of you have already experimented with labor credit. "I'll help you paint your house this weekend and you help me repair my car next weekend." Other examples from experience are easy to find. However, a formalized system of human time credit would extend to people who you do not know.

So, beyond repairing the lacks (good commercial contracts, performance bonding, and professional administration) we also need a reputation record. Think NOT CREDIT but rather CREDIBILITY. Does the guy or gal have a good reputation? Show up on time? Finish the job while displaying expertise in his or her declared field of expertise?

So, it is my personal opinion that the concepts of mutual credit apply well to human time; that professional administration is needed and EVERYBODY pays for the administration.

Put some honor back in the money-changer occupation... and hang the changers without honor.
 
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