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Posts Tagged ‘Greeks’

English: A Greek flag waving.

Despite the likes of Gary North and the Daily Bell continually propping up an artificial demand for gold in the minds of their readers, Gary North himself has written a July 17, 2012 article at LewRockwell.com pointing out how Greeks have turned not to gold, but to new digital currencies in a time of crisis.

They use a digital currency called TEM.

“In the network, people can trade their goods and services,” says Christos Papaioannou, one of the network’s founders. “If I do a service for you, then you owe me a favour. And I can use that favour to get some service from someone else. So, we don’t have to exchange directly, I can get it from some third person.”

To be clear, there is no actual currency or scrip exchanged. Credits are tracked via an open-source community banking software system called Cyclos. Katarina, for example, banks her credits from selling jam to buy staple foods such as eggs and fresh vegetables that are offered through the network.

This is not the only such system in Greece. They are everywhere.

If gold coins are such a superior means of exchange, where is the Daily Bell and their contributors with ties to gold dealers in promoting their so-called superior free market standard and cashing in on such an opportunity?

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