Posts Tagged ‘Ithaca Hours’

The Power HourHere is my summary of my December 16, 2013 interview on the Power Hour with Joyce Riley:

9m – Iceland was able to have the reform they did because of a severe shock — 80% drop in their currency in just 4 months, and because of their relatively small population
10m – Challenge with banking reform in U.S. at national level is second-worst representation in the popular legislature of any nation in the world, and the Federal Reserve has been acting as the world’s bank
11m – Three big private banks in Iceland, with liabilities around 5 times their Gross Domestic Product
12m – Not even economically possible for the icelanders to shore up their banking system by backing up debts
12m – U.S. has world’s reserve currency, but if iceland issued so much currency, it would result in massive hyperinflation
13m – Iceland’s choice was between massive hyperinflation or more austerity than Greece
13m – Despite no prosecutions for financial crimes of 2008 besides insider trading, the Justice Department didn’t say there was no fraud — they said the banks were too big to prosecute
15m – Similarities between U.S. and Greece
15m – The Canadian dollar, for the first time in over 20 years, became worth more than the USD, in 2007
16m – The USD would be so much less than the Canadian dollar, if it wasn’t the world’s reserve currency
16m – Over 50% of all the world’s currency reserves are held in USDs
16m – Over 30% of the economy is government in the U.S.
17m – A challenge to the USD’s world reserve currency status could blow up its value
18m – Bitcoin the most significant privately-issued currency since the global financial crisis of 2008
18m – Came out in January 2009 by a group of anonymous Japanese programmers
18m – Went from $20 USD earlier in the year to $1000 in late 2013, starting to rival gold, which was almost $1300 an ounce
25m – All currencies backed up by productivity
26m – Bitcoin transaction costs are nearly infinitesimally small, compared to Paypal’s cut of around 2%
26m – Unlike gold, Bitcoin can be feasibly divided down to one millionth of a unit, so you can still use it to buy a loaf of bread
27m – Given the choice between gold, Apple stock and Bitcoin, I would take Bitcoin for now
28m – Speculation that there could be some intelligence involvement with Bitcoin, because all transactions are public, and the people transacting are private only to the extent that they keep their IDs private
29m – Silk Road operation got shut down because they were using Bitcoins to transact in illegal drugs
37m – Looking ahead for more problems in the Eurozone – because of past history, with Iceland, Ireland and Cyprus
38m – Bail-in provisions to force bank depositors to buy bank stock if banks run into problems
39m – Real reform involves privately issued currencies free from government control, except for those regulations that government imposes, appropriately, or otherwise
40m – Growing interest in local, interest-free currencies
41m – Usury-free currencies essential, because people cannot exponentially increase their production to pay off compounding debt
41m – German scholar Margrit Kennedy calculated that around 40% of all money is used to service usury
42m – Plan to pay sheriffs in local currency, because if they are paid in Federal currency, they are beholden to the Feds
43m – I don’t see a solution to our financial and economic problems at the federal or international level — only at the local and state levels
43m – The Bank of North Dakota run by bankers, in the public interest
44m – Question: Is Bitcoin considered a commodity yet? – I say yes, because 1) The units are 100% similar to each other, 2) One million of one millionths of a Bitcoin is equal to a single Bitcoin 3) They are traded on international markets
45m – Ron Paul Liberty Dollar – over-the-top claim by the federal prosecutor that the founders’ efforts represented a unique form of domestic terrorism, but there was a grain of truth, because they are afraid of a cascading effect that would undermine the USD
46m – They were specifically concerned about it being tied to Ron Paul’s campaign for limited government
47m – Caller talking about website saying bankers plan to move to an international currency backed by gold
48m – Tom “UsuryFree” Kennedy called in, about Community Currencies, saying mtnHours appeal to average people because they are used for bread, beer and marijuana
49m – Ithaca Hours continually operating successfully since early 90s
50m – Founder of mtnHours got started after hearing a former GCN radio host, George Whitehurst-Berry talk about how bankers push a gold standard as a confidence measure, while having no intention for a stable currency to serve the people
54m – Exposing Faux Capitalism radio, every Sunday from 8 to 10 PM Eastern, can be found at fauxcapitalist.com
56m – CoinMarketCap.com showing a variety of crypto currencies
56m – Competition in privately-issued currencies like Bitcoin a great thing, in case some see deficiencies in a particular currency
56m – Crypto-currencies like Bitcoin could be a new dot-com boom, and even if there’s a bust in most of them, it’s a great investment and educational opportunity in the meantime, leading to a transformed economy
57m – Caller suggests having Byron Dale on the show, about monetary history

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Rattrap and mousetrap

The Money Power has sprung many traps for the unwitting, and the majority of the alternative media has stepped right into most of them.

Some of their main traps are:

Another Money Power trap is saying that private money creation is the problem. Private “money” creation isn’t the problem when individuals and non-corporate associations of individuals issue interest-free currency into circulation, such as Ithaca Hours and Mountain Hours. This is a right recognized by the Ninth Amendment to the U.S. Constitution.

Like their other traps, the issue they always want to confuse is debt-money with ultimately unpayable interest charges, with sovereign, interest-free money.

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Wayne Walton, founder of the interest-free local currency, Mountain Hours, made his weekly Wednesday debut appearance on Crash! Are You Ready?, on March 7, 2012.

He based his currency on Ithaca Hours, which is an interest-free local currency circulating in Ithaca, New York since 1991.

He mentioned that he was inspired by George Whitehurst-Berry’s show, Crash! Are You Ready?, after being a former goldbug.

Not only are these interest-free local currencies sound currencies, but they are also constitutional currencies. For more on why, see my article, Congress’ exclusive power to coin money doesn’t prevent private individuals from coining currency.

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