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The End of Money and the Future of Civilization Paperback – June 4, 2009
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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.
- Print length280 pages
- LanguageEnglish
- PublisherChelsea Green Publishing
- Publication dateJune 4, 2009
- Dimensions6 x 0.75 x 9 inches
- ISBN-101603580786
- ISBN-13978-1603580786
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Editorial Reviews
Review
"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
"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
"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
"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
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, International Reciprocal Trade Association Global Board of Directors
"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
"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
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 books include Money and Debt: A Solution to the Global Crisis, Money: Understanding and Creating Alternatives to Legal Tender, and The End of Money and the Future of Civilization. For more information on re-creating money systems, visit another webpage of Tom's, Reinventing Money (reinventingmoney.com).
Product details
- Publisher : Chelsea Green Publishing (June 4, 2009)
- Language : English
- Paperback : 280 pages
- ISBN-10 : 1603580786
- ISBN-13 : 978-1603580786
- Item Weight : 15 ounces
- Dimensions : 6 x 0.75 x 9 inches
- Best Sellers Rank: #986,297 in Books (See Top 100 in Books)
- #675 in Money & Monetary Policy (Books)
- #4,387 in Finance (Books)
- Customer Reviews:
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Customers find the book provides clear explanations of money theory and its complexities. They appreciate the author's deep knowledge and the concise, clear presentation. The book is described as comprehensive and a must-read, providing a cogent and lucid explanation of money issues. Readers also mention that it may save them a lifetime of savings.
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Customers find the book provides clear explanations of the history, nature, and significance of the dollar. They appreciate the author's deep knowledge and concise presentation. The book is a practical resource for both theoreticians and practical designers. It covers principles and applications.
"...and I was totally mesmerized by the author's deep knowledge and the ease, concise, plain explanations of a subject I have been immersed in for many..." Read more
"Enjoyed the principles and applications. It will be interesting to see how much it applies to the future..." Read more
"...The middle chapters of the book provide a detailed explanation of how credit clearing works and how it can, in his words, "empower people to..." Read more
"...a healthy mutual-benefit economy, which makes it an essential resource for both theoreticians and practical designers of sustainable communities...." Read more
Customers find the book provides a comprehensive account of money and its complexities. They say it has changed their understanding of money and human exchange. The book explains a different kind of economics and how normal people can set up these. It may save you a lifetime of savings, and provides a clear definition of inflation.
"...This is an accurate and comprehensive account of the money issue and its complexities and covers the complete contents of this Pandora's Box instead..." Read more
"...He also provides a clear definition of inflation (the improper issuance of money into the economy) and describes how central banks and commercial..." Read more
"This book describes a different kind of economics and says how normal people can set up these exchange systems to build a better life for us and..." Read more
"Very timely book. Money is an agreement, at the level of civilization...." Read more
Customers find the book easy to read and engaging. They say it provides a clear explanation and is an absolute must-read.
"...distills the decades of ideas and experience of the author clearly, compellingly, and most importantly, in a non-partisan way...." Read more
"An extraordinary book that provides a very cogent and lucid explanation of the history, nature, and significance of exchange and exchange instruments..." Read more
"I have really enjoyed reading it, it shows you what's behind the scenes and helps you understand whta's going on, in a way that is easy to..." Read more
"Greco's best yet. A lifetime acheivment. Great stuff. If you need to know everything about money you didn't know; here it is." Read more
Customers find the book timely and prescient. They say it's the most up-to-date book on these topics from a dedicated and wise man.
"Very timely book. Money is an agreement, at the level of civilization...." Read more
"...The best and most up-to-date book on these topics from a dedicated and wise man." Read more
"As prescient as ever..." Read more
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Top reviews from the United States
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- Reviewed in the United States on January 25, 2013This book was recommended by a friend and I was totally mesmerized by the author's deep knowledge and the ease, concise, plain explanations of a subject I have been immersed in for many years now. Greco's approach is not only accurately explaining the facts, but also offering responses to solving the problems caused by Debt-Based money, presenting well documented cases.
The whole narrative is permeated by a deep sense of love for humanity and the very positive outcomes possible once we become aware, as a society, of the mechanism being used to siphon-off people's and the Real Economy's wealth, by those controlling the creation of money.
To me his book is the culmination of all other films, books and hundreds of articles I had read on the subject, rendering it a "must-read" for all of those, like me, who recognize that the biggest theft in the history of humanity is taking place as we speak, using as a means the Fractional Reserve Banking System prevalent around the world.
Hopefully one day the Mainstream Media AND the "alternative" Media will come to disseminate the fact it is not the banksters themselves BUT THE BANKING AND MONETARY SYSTEM ITSELF what has to be changed altogether.
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After reading several of the negative comments on Greco's book while prizing Niall Ferguson's "more of the same old BS - The Ascent of Money", I decided to offer the following links to videos that will help readers with a base to understand easier what Thomas Greco is talking about.
Google the following:
A SIMPLE SOLUTION TO THE DEBT CRISIS - POSITIVE MONEY 3 minutes
MONEY AS DEBT - 47 minutes
Debunking Money - 1 Myth and Machiavelli 11 min
THE ESSENCE OF THE BANKING SECTOR 3 minutes
12 yr old Victoria Grant explains how banks commit fraud 6 min
FREEDOM TO FASCISM (16th Amendment, Taxes, Tyranny) 118 min
THE MONEY MASTERS 219 minutes
- Reviewed in the United States on July 29, 2009The End of Money and the Future of Civilization by Thomas H. Greco Jr. is the first coherent and intelligible narrative on why the money problem matters and how to do something about it. A masterly synthesis followed by innovative proposals on what must be done. Greco's chapter on the evolution of money is one of few accurate accounts since Hartley Withers...Walter Bagehot's son-in-law and a former editor of The Economist...wrote The Meaning of Money a century ago. Greco is one of a select few to have understood the deceit inherent in the Venetian trick of double entry book-keeping that makes credit money appear the same as 'claim check' money...despite its vastly different default risk. For Greco, the way forward is not to return to metallic money, but to separate 'Money and State' and harness the power of credit money, not for the benefit of a tiny elite who deploy it to destroy the planet and starve the southern half to death, but for the common good. A lucid introduction to the money problem comes from the Canadian economist Paul Grignon as the third part of Money as Debt at [...]. This is an accurate and comprehensive account of the money issue and its complexities and covers the complete contents of this Pandora's Box instead of peeling off a tiny layer from the Loan-Interest-Debt (LID) issue and claiming it as everything...as Truthers and Environmentalists tend to do. The narrative of the film follows closely the Greco line and begins and ends with a quote from E.C. Riegel...the writer on monetary matters that Greco has long exhorted non-specialists to read. As few will have struggled through to the end of this book to understand the butterfly emerging after the attempts over millennia to make the caterpillar fly, watch the Grignon film first before grappling with Greco's book.
- Reviewed in the United States on December 3, 2009Enjoyed the principles and applications. It will be interesting to see how much it applies to the future...
- Reviewed in the United States on January 28, 2013The End of Money tells the story of how a new exchange medium (money) based on mutual credit clearing has the potential to resolve many of the problems with our current money system.
Greco begins by providing a clear description of our current debt-backed credit money system and the process by which money is created (including how commercial banks and the Federal Reserve can increase the money supply by 'creating it out of thin air'). He also provides a clear definition of inflation (the improper issuance of money into the economy) and describes how central banks and commercial banks routinely issue money on an improper basis.
After setting the stage, Greco discusses the core function of money as a medium of exchange and narrates how money has evolved from commodity and symbolic money to the credit money we know today. He then introduces the next potential evolution for our money system: credit clearing.
The middle chapters of the book provide a detailed explanation of how credit clearing works and how it can, in his words, "empower people to monetize the value that they themselves create, to exchange their goods and services according to their own values, ideals, and objectives, and to reduce their dependence upon exploitative system of money and finance."
The final third of the book is a practical guide for implementing credit clearing systems both at the local and regional levels. It provides a brief history of the credit exchange movement, highlighting the lessons that can be learned from earlier efforts and the challenges faced by modern exchanges.
Ultimately, Greco provides the outlines for a new money system in which anyone who offers goods and services for sale becomes a qualified currency issuer, in which credit is given interest free on the basis of an issuer's sales and ties to the local community, and in which the credit commons have been reclaimed and freed for all.
While some critics of the current money system seem to advocate a return to commodity money, Greco very clearly identifies this as a move in the wrong direction. Instead, he calls for a move to the next stage in the evolution of money to mutual credit clearing. "To be clear," he says, "credit money has been badly abused. The banking monopoly has perverted it into usury-debt-money. The answer is not to discard credit money, but to perfect it through the establishment of mutual credit clearing networks and independent private and community currencies." This book shows us how.
Top reviews from other countries
SharcdnReviewed in Canada on April 5, 20145.0 out of 5 stars Very Interesting Concept
Thomas Greco is a renowned professor and has written previous books on the topic of a new currency. According to Greco and several other people digital money is the future. Banks will no longer be needed. The new digital economy will be fuelled by an innovative online marketplace and an integrated accounting system where members can engage in a wide variety of trade-related scenarios.
Using cloud-based credit and debit management systems for trading goods and services, raising cash to fund new projects, facilitating group purchases, rewarding consumers, and many other applications that require tracking virtual resources among various trading partners, etc. will take the place of banks.
Social Media combined with many other web-based revolutions are about to sweep the planet and will change our world in many profound ways, including fundamentally transforming the way business is conducted around the globe.
The global financial system and world’s economies are about to undergo a radical and unprecedented series of changes. What peer to peer (p2p) file sharing has recently done to the recording industry, new (p2p) digital currencies will soon do to the banking industry; Crowdsourcing will do to the traditional world of business; and Crowdfunding will do to the current world of investing.
There will be a new value-based economic system using a powerful new digital currency management system combined with a sophisticated online trading infrastructure,
All of the above are very interesting comments and put forth in a very understandable way by Greco. Let's see if they come to fruition!
MuseReviewed in the United Kingdom on April 13, 20185.0 out of 5 stars Writing a review again ...
I wrote an excellent review of this book (which I bought on Amazon) in 2014, confirming what other reviewers have assessed, but Amazon deleted it a year or so later, as they have done with many of my other reviews of the hundreds of books I bought through Amazon.
Is Amazon deleting reviews on "sell-by dates", without regard to pertinence?
Mike3Reviewed in the United Kingdom on July 30, 20145.0 out of 5 stars Read it !
Prof Greco is the source of valuable information
