The End of Money and the Future of Civilization [Paperback]

Thomas H. Greco Jr. (Author)

Book Description

ISBN-10: 1603580786 | ISBN-13: 978-1603580786 | Publication Date: June 4, 2009

Like the proverbial fish who doesn't know what water is, we swim in an economy built on money that few of us comprehend, and, most definitely, what we don't know is hurting us.

Very few people realize that the nature of money has changed profoundly over the past three centuries, or--as has been clear with the latest global financial crisis--the extent to which it has become a political instrument used to centralize power, concentrate wealth, and subvert popular government. On top of that, the economic growth imperative inherent in the present global monetary system is a main driver of global warming and other environmental crises.

The End of Money and the Future of Civilization demystifies the subjects of money, banking, and finance by tracing historical landmarks and important evolutionary shifts that have changed the essential nature of money. Greco's masterful work lays out the problems and then looks to the future for a next stage in money's evolution that can liberate us as individuals and communities from the current grip of centralized and politicized money power.

Greco provides specific design proposals and exchange-system architectures for local, regional, national, and global financial systems. He offers strategies for their implementation and outlines actions grassroots organizations, businesses, and governments will need to take to achieve success.

Ultimately, The End of Money and the Future of Civilization provides the necessary understanding-- for entrepreneurs, activists, and civic leaders--to implement approaches toward monetary liberation. These approaches would empower communities, preserve democratic institutions, and begin to build economies that are sustainable, democratic, and insulated from the financial crises that plague the dominant monetary system.

Editorial Reviews

Review

"Thomas Greco dedicates his new book to the causes of social justice, economic equity, personal liberty, world peace, and ecological restoration. He begins by showing that none of these can be achieved until we give birth to a just and sustainable paradigm for exchanging energies. Clearly written, the roots of our current financial predicament are revealed, and the need for something better is lucidly explained. The serious reader will appreciate the author's long experience with alternative currencies: this book is a concise and efficient way to get up to speed on the history of alternatives to conventional 'money' as well as enter the new world of technologically liberated exchange that has the potential to bring about the end of money as we have known it."--Paul Grignon, creator of the movie Money as Debt

"Greco ... outlines the increasingly familiar story of how things got so bad, and he tells it as well as anyone has ever done.... More than that, Greco writes about how to change what has gone wrong. His credentials as an engineer, college professor, author, and consultant are impeccable. His book is among the most important written in this decade. It is truly a book that can alter the world and, if taken seriously, give large numbers of people a practical way to survive the gathering catastrophe."--Richard C. Cook, author of Challenger Revealed and We Hold These Truths: The Hope of Monetary Reform



"Greco precisely identifies the conflation of interests and confusion of thinking that have given rise to today's monetary muddles and proceeds to elucidate a viable strategy by which we all, as individuals and in association with one another, can unravel the tangle and build the basis for mutually profitable exchange."--Arthur Edwards, Director, Centre for Associative Economics

"Tom's book is a chilling and gripping narrative that examines the history and current condition of our 300-year-old unbalanced and unsustainable monetary system. He goes on to propose specific changes that, when adopted, will transform our money system into a more user-friendly platform of exchange that will benefit all of the world's people. Simply a must read for everyone."--David Wallach, President, IRTA Global Board of Directors

"If anything could save this civilization from the calamity to which its economic madness has led it--the unrelenting pursuit of materialism, the starkly inequitable division of wealth, the despoliation of the earth for profit--it would be the widespread adoption of the wisdom embodied in Tom Greco's clear and forthright new book. The fact that I doubt such a thing will happen, I am constrained to say, does not diminish the value of reading it."--Kirkpatrick Sale, author of Human Scale and After Eden: The Evolution of Human Domination

"We should be grateful to Tom Greco for his constructive and innovative thinking at a time when new ideas are badly needed."--Rodney Shakespeare, Visiting Professor of Binary Economics, Trisakti University (Jakarta, Indonesia)





"Tom Greco's The End of Money and the Future of Civilization is essential reading for everyone who yearns to restore sanity to our financial dealings and re-humanize our global economy. Greco details the abuses inherent in the widely misconstrued concept of 'legal tender,' and helps us understand the real roots of the current meltdown. He then offers unique tools for creating workable, enduring solutions. His story is compelling, and his lucid, accessible style makes it a rewarding read. The book's a true game-changer, and its appearance couldn't be more timely."--Philip Beard Professor emeritus, Sonoma State University, and co-founder of Sustaining Capital Cooperative, Sustaining Technologies LLC, and Sonoma County GoLocal Cooperative

"Many of the world's ills are symptoms of centralized control of our media, governments and resources by a small, invisible group of people. How can so few control and impoverish so many? Currency systems are an important source of this centralized power. Tom Greco's latest book helps us unpack the financial mysteries and consider our alternatives. There can be no question about it--Tom Greco is the pit bull of the alternative currency movement."--Catherine Austin Fitts, Solari Investment Advisory Services, LLC

"Our world is moving to increasing and dominant usage of distributed networks, and the associated peer-to-peer dynamics of people aggregating around the construction of common value. We have the communication infrastructure, but we still need to build robust peer-to-peer energy grids, AND, just as important, we need to be able to create peer-to-peer currencies that strengthen resilient communities in the context of turbulent globalization. To undertake the latter task, one voice has been consistently investigating what determines success and failure regarding the social production of money. That voice is Thomas Greco, who not only offers the definitive book on the subject, but offers also the condensation of a whole life of research and engagement with the topic. The time of crying in the wilderness is over for Thomas Greco: this is the age where these ideas will be practically implemented. It is rare to find the combination of quality theory and robust implementation in one book, so please do acquire this gem."--Michel Bauwens, founder of the P2P Foundation

"I have found Tom Greco to be a trusted and authoritative source of wisdom on the topics of the flaws in mainstream money and of the possibilities for alternatives. Even after years of garnering wisdom from Tom for my work with Toronto Dollars, his advice in this new book reaches a higher level of clarity and practicality."--Joy Kogawa, cofounder, Toronto Dollar

"Greco continues to educate us about why and how we, the people, have the power, the knowledge, and the tools available to us to civilize monetary systems around the world, thereby restoring an essential human element to our existence."--Krista Vardabash, former Executive Director of the International Reciprocal Trade Association

"Maybe you've noticed a slight bit of turmoil in our national and global financial system? This book cuts to the very core of the trouble--and points toward several pathways toward that might allow us to slowly climb out of the pit into which we've stumbled."--Bill McKibben, author of Deep Economy

"For the growing ranks of monetary reformers worldwide, long-time expert Tom Greco's deeply researched new book is essential reading. This gripping blend of theory and practicality lays out all the options for creating saner money and credit systems--and the real possibilities in today's information age of electronic trading and exchange, at last, without the need to use money at all."--Hazel Henderson, author of Ethical Markets and President of Ethical Markets Media (USA/Brazil)

"If there is one thing people everywhere should drop everything to learn right now it is how the money system works, why it is failing and what to do to survive and even thrive. The reason they don't is because it has been so difficult to get and to understand this information. Against all odds, Tom Greco has filled this important need with an easy read including the most practical advice for getting you through the crisis into a more secure, healthier and happier future."--Elisabet Sahtouris, Ph.D., evolution biologist; futurist; author of EarthDance: Living Systems in Evolution

"For those who would survive the sustainable cynicism of monopoly capital, now that the usurpers are caught red-handed and the mask of democracy has slipped, Greco provides the tools for regeneration of societies. Can we conceive of a new culture? Yes we can. Here are the tools for its monetary system, and it will thrive."--Anton Pinschof, organic farmer in Brittany (member of FNAB, French national federation of organic farmers), and co-founder of CESC, the Cliffs Edge Signalling Company (cesc.net)

"A stimulating and well-balanced work. Here, the serious student of monetary reform will find the mature reflections of a leading advocate of credit clearing. Thomas Greco's analysis of the modern monetary problem is excellent, his solution is practical and founded upon basic principles of justice. Policy makers and communities across diverse cultures and religions can learn much from this detailed and eloquent book. I strongly recommend it."--Tarek El Diwany, author of The Problem With Interest and Partner at Zest Advisory LLP

About the Author

Thomas H. Greco, Jr. is the director of the Community Information Resource Center, which he founded in 1992. CIRC is a nonprofit consulting organization and networking hub dedicated to economic equity, social justice, and community improvement, specializing in community currency and mutual credit design, development, and implementation. He is a former engineer and professor of business administration. Tom's previous books include New Money for Healthy Communities and Money and Debt: A Solution to the Global Crisis.

Product Details

• Paperback: 280 pages
• Publisher: Chelsea Green Publishing (June 4, 2009)
• Language: English
• ISBN-10: 1603580786
• ISBN-13: 978-1603580786
• Product Dimensions: 8.9 x 6 x 0.9 inches
• Shipping Weight: 15.2 ounces (View shipping rates and policies)
• Average Customer Review: 4.2 out of 5 stars  See all reviews (38 customer reviews)
• Amazon Best Sellers Rank: #60,025 in Books (See Top 100 in Books)

More About the Author

Thomas H. Greco, Jr. is a community and monetary economist, writer, networker, and consultant, who, for more than three decades, has been working at the leading edge of transformational restructuring. A former college professor, he is currently Director of the non-profit Community Information Resource Center, a networking hub that provides information access and administrative support for efforts in community improvement, social justice, and sustainability.

He is regarded as one of the leading experts in monetary theory and history, credit clearing systems, complementary currencies, and community economic development. He has written for a wide range of journals including, The Whole Earth Review, World Business Academy Perspectives, At Work, Earth Island Journal, The Catholic Worker, The Permaculture Activist, Permaculture Drylands Journal, Green Revolution, Fourth World Review, and other publications.

He has authored four books:
His latest book, The End of Money and the Future of Civilization (Chelsea Green, 2009), is both descriptive of the essence of money and its historical evolution, and prescriptive of actions that can be taken by communities, business, and government to enhance economic stability through liberation of the exchange process. His previous books on complementary currencies and exchange systems are, Money: Understanding and Creating Alternatives to Legal Tender (Chelsea Green, 2001) and New Money for Healthy Communities (1994), which describe voluntary alternatives to conventional money that empower communities and reward people fairly. His first book, Money and Debt: A Solution to the Global Crisis (1990) explains how conventional money malfunctions and how an ideal money would be structured, and proposes a plan for solving the global debt crisis and making the transition to an interest-free, harmonious economic and financial world order.

He has traveled widely in Europe, Asia, and the Americas, lecturing, networking, and teaching. He has been a keynote speaker at numerous conferences including the 2009 and 2006 annual conventions of the International Reciprocal Trade Association (IRTA, the trade association for the commercial "barter" industry), the Economics of Peace Conference in California in 2009, the Gold Dinar Conference in Malaysia in 2007, and the conference on Knowledge, Business and Consciousness held at the international community of Auroville, India in 2006.

He and maintains an active correspondence and major web presence through his websites and blogs.
Mr. Greco holds an MBA (Business Administration) from the University of Rochester and a Bachelor's degree in Chemical Engineering from Villanova University. He spent a year in residence doing doctoral study in Management, and Instructional Technology at Syracuse University. His work experience includes 5 years as an aerospace engineer and 14 years in academia where he held a tenured faculty position. His expertise includes monetary theory, complementary currency and exchange systems, computer applications, statistics and survey research.

Customer Reviews

Most Helpful Customer Reviews

16 of 16 people found the following review helpful:

4.0 out of 5 stars Separation of money and state, July 5, 2009

By 

Steve Burns (Nashville, TN) - See all my reviews
(VINE VOICE)    (TOP 500 REVIEWER)   

This review is from: The End of Money and the Future of Civilization (Paperback)

(What's this?)

This will be an interesting book for those curious about the history of money, how it evolved into modern day currencies, and how to break the banking monopoly on credit. The author who is in the alternative exchange movement advocates the creation of credit clearing houses for individuals. This is modeled after the clearing houses established by banks that enable banks to clear their books by calculating how much each bank owes the other as opposed to running money for each individual transaction. For example if a check from bank A is cashed for $100 at bank B, and other transactions have two $50 checks from bank B cashed at bank A then they clear each other out with no one owing anything to each other. Of course it is much more complicated when you get several banks involved over lapping each other, but I hope you see the principle. The author advocates that if credit clearing houses are set up for individuals and business and credit is completely based on goods and services that are created instead of currency continual printed to cover debt interest, then it would stabilize the business cycle of booms and busts. It would also take banks monopoly on loans and shift them to individuals.
The author also expresses strong views on the separation of money and state. He believes that the ability to endlessly print currency, run up national debt, and for the government to print money only backed by the credit of the federal government is antiquated. With the advances in Visa, debit cards, wire transfers, and the like, currency will no longer be needed in the near future. He instead advocates the use of credits linked to the valuation of a basket of commodities. This book is very fascinating and I believe we will see the advances he talks about come to fruition over the next few years. Very insightful read for curious minds.

12 of 12 people found the following review helpful:

5.0 out of 5 stars Incredible story on money and changes for needed for our future, October 8, 2009

By 

M. Stewart (Texas, USA) - See all my reviews
(VINE VOICE)    (REAL NAME)   

This review is from: The End of Money and the Future of Civilization (Paperback)

(What's this?)

This is not a book you can glide through; it took me almost three months to read it, but it was time well spent. I have a degree in finance, and I was astounded at how little I knew about the history of money and the implications of how it has evolved into a situation where control of money and the economy is held by a small group of people; very powerful people. As I started to read it, my first impressions were that this book was in the vein of some conspiracy books. And yes, there is an index entry for the Trilateral Commission! But as I continued, the more everything started to fit together. This is not some doomsday book, but a carefully researched thought-provoking work.

The author proposes that to help make money more accessible to everyone, and to be more equitable to all, is the formation of alternate currencies. He details how that has taken place in the past, such as in post World War One Germany, when hyperinflation gripped the country, and in 1923 a loaf of bread cost 428 billion marks. An alternate currency was introduced, with some key features that are crucial for any alternate currency, such as no legal tender compulsion, and reasonable limits on currency creation. Other examples come from various South American countries. In the United States, an example from Pennsylvania after the tragic Johnstown flood shows how this concept can work. A current example not mentioned in this book, but is covered in the book Africa Rising, is how cell phone minutes have become a medium of exchange in several African countries, combating hyperinflation there. You can get your car repaired in exchange for cell phone minutes!

The book highlights the major problem with current currencies as there has been a blurring of the distinction of the two basic purposes of money, and the role of central banks such as the Federal Reserve Bank in the USA. The first basic role of money is as a medium of exchange, or a store of value. The other is as a credit instrument, to help fund future production. What has caused our current predicament is the conflicts of interest between the banking industry and the central banks, in regards to creation of currency.

He then details how a gradual transition to a more equitable solution is possible. The main idea is the creation of "barter clubs" to get to the point where cost of credit becomes reasonable and controlled. He details past attempts at such barter clubs, and gives a balanced coverage of both the successes and the failures, and details what can be done to avoid the past failures. The beauty of the barter club is that members can obtain reasonable amounts of credit for current inventory without any interest charges He mentions the key to the success of these barter clubs is to recruit the entire supply chain; manufacturers, wholesalers, service businesses, and retail. I know from experience with a barter club in the 1970s a major drawback was almost all members were service businesses such as beauty salons, realty agents, and car repair. Taxation implications are addressed; barter clubs are not an attempt to bypass income taxes. Barter club is perhaps a too narrow term, but sufficient for this review.

The book has a very thorough index, 198 footnotes, and four pages of references from a variety of sources. Two appendixes contain a sample member agreement for barter clubs and a proposed standard measure of value.

This book could have a profound positive impact on local and eventually global economies. It is definitely worth the effort to read through it, if nothing more to better understand our financial system and its weaknesses in order to garner support for a more equitable and secure financial system.

14 of 15 people found the following review helpful:

4.0 out of 5 stars Boring Boring Boring....But Important, August 27, 2009

By 

Kristi G., mom of Sage (Rome, GA) - See all my reviews

This review is from: The End of Money and the Future of Civilization (Paperback)

(What's this?)

Why are some of the most important topics so very boring? Is that why people don't know these things? They can't STAND to get through books like this in order to learn them?
I totally agree with everything this book is saying - not only does it do a thorough job defining the history and the problems with money, as we know it today, but it offers very real, practical solutions. Solutions that I believe are going to be vital if the US is going to retain it's world power status and avoid revolution.
That said, there are cartoons on youtube that are much more accessible to the average joe that needs to be aroused from 'this is the way it works' slumber. NO IT DOES NOT. Therefore, giving this to your friends to try to help them understand is probably NOT a good idea - and that would be the best value of the book, because chances are, most people that are going to buy it ALREADY KNOW how the fractional reserve system works, and already understands that the FED is NOT part of our govt. and that central banking was NOT something the founding fathers ever wanted in AMERICA!
That said, this book can give those already familiar with how money works an excellent arsenal to be used in discussing the future of currency and how loans COULD work to build America instead of forcing us all into positions of wage slaves for a few elite.
Even though I am pretty well versed in Austrian economics, and the current problems, I found I had to read this book about 1/2 a chapter at a time. It is 'hard' reading.