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Greco, Jr.O =^)The Evolution and Transformation of Money*Z*0Thomas H. Greco, Jr.OBuilding a Healthy Economy Requires an Understanding of the Principles of MoneyMoney is a human contrivance. That has evolved over centuries. Much of the present misery in the world derives from a general failure to understand the nature of money, banking, and credit. b       ,$Basic Kinds of Economic Interaction Gifts -- Transfer of value without any particular expectation of anything in return. Involuntary Transfers  e.g., theft, robbery, extortion, taxes. Reciprocal Exchange  equal exchange of value between two parties by voluntary agreement. jP%HV7<Money Plays Its Role Within the Realm of Reciprocal Exchange =) #The Ladder of Economic Civilization$$Stages in the development of the process of reciprocal exchange: Barter trade Commodity money Symbolic money Credit money Credit ClearingDAI,   IJ/HSpecialization of Labor Makes Economic Exchange a Fundamental Necessity  When the division of labor has been once thoroughly established, it is but a very small part of a man s wants which the produce of his own labor can supply..  Adam Smith, Wealth Of Nations, p. 29H*K0=What Is Required for Efficient, Effective, and Fair Exchange?nFree Markets An Honest Medium of Exchange or Means of Payment An Objective and Stable Unit of Measure of ValueDoZ $ $$ $$  Barter TradeBarter is the most primitive form of reciprocal exchange. Barter involves only two people; each has something the other wants. The Barter Limitation If Jones wants something from Smith, but has nothing that Smith wants, there can be no barter trade.8e DThe First Evolutionary Step From barter trade to commodity money.EZ % f3BTranscending the Barter Limitation Barter depends upon the coincidence of wants and needs. Money bridges the gap in both space and time by widening the exchange circle. Money acts as a  place holder enabling needs to be met wherever and whenever the needed good or service may be found. (##  Commodity MoneyThe most primitive type of money is commodity money. Some useful commodity that is in general demand is used as an exchange medium and may serve both as a means of payment and a measure of value. Examples of Commodity MoneyVarious commodities have historically served as money  Cattle, tobacco, sugar, grains, nails, shells, hides, metals, etc. But the transaction is still essentially a barter trade of one good or service for another good.J9Ca9C f3*H.Metallic MoneyMetals became the commodities of choice because they are durable, fungible (divisible), and easily portable.  In all countries, however, men seem at last to have been determined by irresistible reasons to give the preference, for this employment, to metals above every other commodity.  Adam Smith, Wealth of Nations, p. 30mZZ)Zm  Symbolic Money The simplest form of symbolic money is the warehouse receipt, or  claim check for goods on deposit somewhere. Examples: Grain bank receipts. Vouchers for redemption of various goods that have been deposited. Currencies redeemable for gold or silver.:y+f3=3EThe Second Evolutionary Step From commodity money to credit money6F $ f3f3 Some ingenious goldsmith conceived the epoch-making notion of giving notes not only to those who had deposited metal, but to those who came to borrow it, and so founded modern banking. Hartley Withers, The Meaning of Money, p. 18 p-`9&The Embodiment of Credit in Bank NoteslAt first, bank notes were redeemable on demand for commodity money (gold or silver), so they were symbolic money; later bank notes were credit money. The paper money so largely in use in all civilized countries as a common medium of exchange is in reality a coinage of credit or trust.  Henry George, 1894Lb: Problems With Early Credit MoneyRBank notes were often problematic because now there were two different kinds of paper money being issued into circulation, the one a  claim check for gold on deposit, and the other a credit instrument issued on the basis of a promise to pay and backed by some collateral assets, yet both were redeemable for gold. This became known as  fractional reserve banking because there was never enough gold to redeem all the notes.^!f3@#o4 Redeemability Abandoned Eventually, the redeemability feature was abandoned and symbolic money disappeared. Now, virtually all of the money in circulation is credit money. Most of the money in circulation exists as deposits in bank accounts. Very little money exists as paper notes or coins. Z C*(Money and Banking Have Been Politicized :There is a general, but erroneous, belief that the money power should be centralized and is naturally the province of government. Governments have generally given the money power over to bankers by establishing central banks, granting legal tender status to their currencies, and forcing people to accept them. u !'f3f3f3U6AThe Power to Issue Money Rightly Belongs to Sovereign IndividualsIf money is issued on a sound basis there is no need to force people to accept it. Forced circulation (legal tender) serves only to concentrate power and expropriate wealth. Democratic government requires the separation of money and state.JZf3f3!#f3!>The Third Evolutionary Step From Credit Money to Clearing6?  f3f3Money is no longer substantial. Money is merely an accounting system. Money is a way of  keeping score in the economic  game of put and take.*Clearing -- The Ultimate Evolutionary StepThe process called clearing is the simplest and most efficient mechanism for mediating reciprocal exchange. Clearing is simply the process of accounting that offsets debits against credits, purchases against sales. LQ2 $f3 I-7The Possibilities of Clearing Have Long Been Recognized^ If there were no money, any system of crediting sellers and debiting buyers would be fully competent to accomplish the work now performed by money.  Bilgram & Levy, 1914Z'f3f3J'+Particle or Wave? Thing or Account Balance?,Light can be described as either a particle or a wave. Money can likewise be described as either: a thing or a fluctuating account balance based on a relationship agreement.bN7& How Does Clearing Work? When you sell something, your account balance is credited (increased); When you buy something, your account balance is debited (decreased).6HE &1=2>d;Clearing Compared to Currency,3Remember, a currency is typically a third party debt, an i.o.u., that a seller accepts as payment from a buyer. That may be a Federal Reserve note or a bank deposit, or a private debt. The supply of such third party instruments is usually artificially limited. Interest must generally be paid for their use.44e<Clearing Compared to Currency,Clearing eliminates the need to use any third party debt as payment. Goods and services pay directly for other goods and services. The supply of internal credits is limited only by the available goods and services being traded. Credit allocation among members is always sufficient; determined by the participants themselves according to their own contract, rules, and evaluations. There is no need to pay interest to anyone.Q3(A Successful Credit Clearing Association"What Do Banks Do?JClearing is what banks already do, but it is not widely recognized as such. Banks still prefer to act as if money is a thing which they can  lend out at interest. $x)#What Else Do Banks Do?Banks also authorize some of their customers to spend money into circulation. They do this by making  loans based on the  creditworthiness of the customer and the value of their collateral assets. This process is often called  monetization, which converts the value of illiquid assets into liquid or spendable form. (@ON1The Debt Money SystemBanks call this process  making a loan, even though nothing is loaned. Banks charge interest on these  loans. That turns  credit money into  interest-bearing debt money, Which results in a growth imperative that destabilizes the entire economy.<Zf3f3'8#]8#Banks Provide Some Useful Services $$,Banks provide: Clearing services. Assessment of asset values. Risk assessment services. Intermediation between savers and investors. y7!Alternatives to Debt Money Mutual credit clearing associations and private complementary currencies can Reduce the need for conventional, bank-created, debt-money, Make the exchange process less costly and more equitable, and Free civilization from the devastation of the growth imperative. \N33 339"#Who Is Qualified to Issue Currency?CAny entity that produces goods or services and offers them for sale in the market, i.e., productive businesses and individuals. Any entity that has the power to collect revenues, e.g., local or regional governments and their authorities. Non-profit organizations that receive pledges of financial or in-kind contributions.DS&4*=Basis of Issue or FoundationGoods foundation or  shop foundation Service foundation Tax foundation Donor pledge foundation+Examples of Shop FoundationCanadian Tire money Larkin  Merchandise Bonds All redeemable coupons FG*Examples of Service FoundationRailway notes or other notes redeemable for services Airline frequent flyer miles, if transferable Utility vouchers  electric, gas, water.  Examples of Tax Foundation Tally sticks Argentine provincial  bonds , e.g., Patacones, LECOP, Petrom Municipal  tax certificates or  tax anticipation warrants 6+< What All This MeansPSound and credible exchange media can emerge from a variety of sources. There is no need for the exchange process to be limited by centralized power, i.e., governments or banks. Competition among currencies and exchange options results in a stronger, less costly business environment, healthier communities, and sustainable economies. .Q0Opportunities for BusinessCompanies of all kinds, either individually or in association, can economize on their needs for conventional working capital by using their own currencies to pay suppliers and employees. ! Opportunities for Governments%Municipalities and provincial governments can fund a large proportion of their current operations by using their own currencies to pay part of what they owe to local suppliers and employees. Infrastructure development can, to some degree, be financed by making payment in municipal currency. ;$+Opportunities for Non-profit Organizations"Donations received in the form of pledges of goods and services or discounts can be monetized into the form of community currency and used to pay employees and suppliers. No need to market or handle in-kind donations. Currency may also be issued on the basis of services sold to the public.<%<Private Complementary Currencies Have Many Direct Benefits =;,Private, interest-free currencies can be spent into circulation as a substitute for bank financing, promoting the health of the local economy because they recirculate locally. O2Summary of AdvantagesAdequate supply Low cost Democratically allocated Give local suppliers preference Reduced risk of default because  A promise to deliver goods or services is less speculative than a promise to pay official money. Help to stabilize the global economy HuZcZ%ZZZD+)Guidelines to Assure Fairness and SuccessA clear agreement (contract) between the issuers and the users of the currency. Currency issued on a sound foundation or basis. Amount issued must be in proper proportion to the foundation upon which it is issued. Administration must be fully accountable to the users. Full and timely disclosure of all information needed to assess the credibility and value of the currency in circulation. No forced circulation (no legal tender status). $ZZA(Future Prospects>Non-bank clearing will proliferate in the form of private clearing services, and mutual credit associations comprised of businesses and municipal governments. Private currencies issued by businesses and lower levels of government will become common. Internet payment systems using non-bank credits will proliferate. R2n2nuB)Shake-out and StandardizationIn the early stages, things will seem chaotic, many errors will be made, and there will be some failures. But as learning progresses, there will be a shake-out process in which standards are developed and the best protocols come to be recognized and generally adopted. Surviving systems will form federations to extend members trading opportunities and strengthen their market position.ZS4"To Learn More and Keep Up-to-dateRead, Money: Understanding and Creating Alternatives to Legal Tender, by Thomas H. Greco, Jr. Read the books of E. C. Riegel. Consult the works of the  German school of free money  Ulrich von Beckerath, Heinrich Rittershausen, Walter Zander. Explore the website: www.ReinventingMoney.com Join one of the many complementary currency e-mail lists. X\>9= = 0 !/ $%-./5 6 : = @ EGLMPRZ[\^_achijkl m!n"o#p$q%r&s't(u)v*w+x,y-z.{/|0}1~2345678P   0` www3ff` 3fff` ___>?" dd@0?n<d@uA @ " d`  n?" dd@   @@``PR   @ ` `PBp>> L0n-3/26/2007 @Prepared by Thomas H. Greco, Jr.  ( = 2  Npxb ?"! (   N4zb gֳgֳ ?"P b  T Click to edit Master title style! !<  H|b gֳgֳ ?" b  RClick to edit Master text styles Second Level Third Level Fourth Level Fifth Level!     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33f\ T ___PPT104 .+}D ' b = @B D ' = @BA?%,( < +O%,( < +D' =%(%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*8%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*8D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*8D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*8%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*8D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*8+8+0+80 +_  0 L0  <P(  <r < S O'P  '  < S  Q' <$  0 ' H < 0޽h ? 33f/'___PPT10.+.ɷND' b = @B Db' = @BA?%,( < +O%,( < +D' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*< %(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*< D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*< D' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*< >%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*< >D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*< >D' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*<>o%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*<>oD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*<>o+8+0+<0 +   0 L0 0HP(  Hr H S h'`  '  H S tj'0``<$D 0 ' H H 0޽h ? 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(  X  0P  XR  0 P  0̻  ` <Bank( 2 l @ P  =@ ,$@ 0`2  0 @  @`2   0  ` p`2  0  0 `2  0  @P `2  0 p @ `2   0   p`2   0 `  `2   0 0 @ B ) 6D> `  ` ,$@ 0 * 6(U    ,$ 0 8Gold 28 - 0  p,$  0 lThe first bank notes were symbolic money. They were warehouse receipts for gold or silver placed on deposit.m 2mf3 . S   `   1The First Kind of Paper Money  6 ,$ 0 DSymbolic Money( 2l  >,$D 0  <T" f  ,  & <% fP ,  6 <) f   ,  7 <- f , B @ 6D> ,$@  0H  0޽h ? 33f$___PPT10+kD8' 4 = @B D' = @BA?%,( < +O%,( < +D' =%(D' =%(D@' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*-%(D' =-o6Bwipe(up)*<3<*-D ' =%(D ' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*=%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*=D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*=D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*)%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*)D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*)D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<**%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<**D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<**D# ' =%(D ' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D#' =+4 8?nCB!#ppt_x+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*D' =+4 8?RCBBCB#ppt_wB*Y3>B ppt_w<*D' =+4 8?\CB#ppt_hBCB#ppt_hB*Y3>B ppt_h<*D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D3' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*>%(D' =-o6Bdissolve*<3<*>++0+*0 ++0+-0 ++0+0 +  % 0 L0 \P(  \r \ S HC P @    \ S D 0``<$  0   H \ 0޽h ? 333f  ___PPT10 .+D\ ' , = @B D ' = @BA?%,( < +O%,( < +DN' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*\%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*\D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*\D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*\%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*\D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*\+8+0+\0 +  0 L0 x(    c $x "     c $q "@p`<$  0   B  s *޽h ? www3ffw___PPT10W.+̵D ' H, = @B D ' = @BA?%,( < +O%,( < +D' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*D^' =%(D' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*7%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*7D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*7+8+0+0 +I& 0 L0 "#u(  X  0P  XR  0 P  0  ` <Bank( 2 z @ P   @ ,$@ 0Z2  s *@  @Z2  s * ` pZ2  s * 0 Z2   s * @P Z2   s *p @ Z2   s *  pZ2   s *`  Z2   s *0 @ B  0D>`  ` ,$@ 0  0   ,$ 0 8Gold 2  0R P @{,$  0 >Banks issued two different kinds of money but they did not distinguish between them, and few people realized it. The same identical bank notes were issued to represent both symbolic money and credit money.T 2f3f3f3 f3f3  c $ `   5!Two Distinct Kinds of Paper Money  0 ,$ 0 DSymbolic Money( 2 z   ,$D 0  6 f  ,   6d fP ,   6 f   ,   6p f , B @ 0D> ,$D  0  6d  P ,$D  0 C Mortgage Note B @ 0D>` `` ,$D   0  0 pv ,$  0 A Mortgage note 2B  0D>0`0,$@   0  0 `,$  0 > Credit Money   z 0  0,$D  0Z   s *f0 Z ! s *f Z " s *fPP@Z # s *fH  0޽h ? 33fj5b5___PPT10B5+9D3' ) = @B D3' = @BA?%,( < +O%,( < +D' =%(D ' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*DH' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D#' =+4 8?nCB!#ppt_x+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*D' =+4 8?RCBBCB#ppt_wB*Y3>B ppt_w<*D' =+4 8?\CB#ppt_hBCB#ppt_hB*Y3>B ppt_h<*D' =%( D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D' =%(D3' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D>' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*DH' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D#' =+4 8?nCB!#ppt_x+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*D' =+4 8?RCBBCB#ppt_wB*Y3>B ppt_w<*D' =+4 8?\CB#ppt_hBCB#ppt_hB*Y3>B ppt_h<*D' =%(D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D ' =%( D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D#' =+4 8?nCB!#ppt_x-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*D' =+4 8?RCBBCB#ppt_wB*Y3>B ppt_w<*D' =+4 8?\CB#ppt_hBCB#ppt_hB*Y3>B ppt_h<*D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D3' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D' =%(D' =%(D@' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bwipe(up)*<3<*+P+0+0 ++0+0 ++0+0 ++0+0 ++0+0 ++0+0 +   0 L0 hP(  hr h S =      h S ? <$  0   H h 0޽h ? 333frj___PPT10J+;D' = @B D' = @BA?%,( < +O%,( < +D' =%(D' =%(D@' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*h;%(D' =-o6Bwipe(up)*<3<*h;D' =%(D' =%(D@' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*h;%(D' =-o6Bwipe(up)*<3<*h;+8+0+h0 +  0 L0 P(  r  S 8U `     S h p<$ 0   H  0޽h ? 33fn f ___PPT10F .+ND ' = @B D ' = @BA?%,( < +O%,( < +D' =%(D' =%(D@' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*T%(D' =-o6Bbox(out)*<3<*TD' =%(D' =%(D@' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*T%(D' =-o6Bbox(out)*<3<*TD' =%(D' =%(D@' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bbox(out)*<3<*D' =%(D' =%(D@' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-o6Bbox(out)*<3<* +8+0+0 +2  0 L0 P(  r  S   0P     S h `<$ 0   H  0޽h ? 33f___PPT10.+[W_Dz'  = @B D5' = @BA?%,( < +O%,( < +DT' =%(D' =%(D' =A@BB7BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?fCB#ppt_w*0.70BCB#ppt_wB*Y3>B ppt_w<*D' =+4 8?\CB#ppt_hBCB#ppt_hB*Y3>B ppt_h<*D' =-g6B fade*<3<*DX ' =%(D' =%(D' =A@BB7BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?fCB#ppt_w*0.70BCB#ppt_wB*Y3>B ppt_w<*D' =+4 8?\CB#ppt_hBCB#ppt_hB*Y3>B ppt_h<*D' =-g6B fade*<3<*D' =%(D' =A@BB7BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?fCB#ppt_w*0.70BCB#ppt_wB*Y3>B ppt_w<*D' =+4 8?\CB#ppt_hBCB#ppt_hB*Y3>B ppt_h<*D' =-g6B fade*<3<*DT' =%(D' =%(D' =A@BB7BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?fCB#ppt_w*0.70BCB#ppt_wB*Y3>B ppt_w<*D' =+4 8?\CB#ppt_hBCB#ppt_hB*Y3>B ppt_h<*D' =-g6B fade*<3<*DT' =%(D' =%(D' =A@BB7BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*;%(D' =+4 8?fCB#ppt_w*0.70BCB#ppt_wB*Y3>B ppt_w<*;D' =+4 8?\CB#ppt_hBCB#ppt_hB*Y3>B ppt_h<*;D' =-g6B fade*<3<*;+8+0+0 +k ' 0 L0 d\(  dx d c $ @    d c $ PP0<$  0   H d 0޽h ? 33f/'___PPT10.+.ɷND'  = @B Db' = @BA?%,( < +O%,( < +D' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*dT%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*dTD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*dTD' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*dT%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*dTD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*dTD' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*d%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*dD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*d+8+0+d0 +_ ( 0 L0 P(  r  S       S  0<$  0   H  0޽h ? 333f/'___PPT10.+tD' , = @B Db' = @BA?%,( < +O%,( < +D' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<* D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<* D' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<* F%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<* FD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<* FD' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*F%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*FD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*F+8+0+0 +   0 L0 pP(  pr p S  P    p S  @`<$  0   H p 0޽h ? 333f  ___PPT10| .+tD ' ! = @B D ' = @BA?%,( < +O%,( < +D' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*pl%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*plD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*plD' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*pl%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*plD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*pl+8+0+p0 +r  ) 0 L0  0P(  0r 0 S  1     0 S D3 0<$  0   H 0 0޽h ? 33fB:___PPT10+D' = @B D' = @BA?%,( < +O%,( < +D' =%(%(D@' =%(Dp' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*0%(D' =-o6Bwipe(up)*<3<*0Dp' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*0%(D' =-o6Bwipe(up)*<3<*0+8+0+00 + * 0 L0 P(  r  S $D @P     S \F pp<$ 0   H  0޽h ? 333f___PPT10b.+ D' = @B D ' = @BA?%,( < +O%,( < +D ' =%(D' =%(Dp' =A@BB BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*7%(D' =-o6Bdissolve*<3<*7D<' =%(D' =%(D' =A@BB BB0B@%()))D' =1:Bvisible*o3>+B#style.visibility<*7b%(D' =-o6Bdissolve*<3<*7bD@' =%(D' =%(D' =A@BBBB0B@%()))D' =1:Bvisible*o3>+B#style.visibility<*bo%(D' =-s6Bwipe(left)*<3<*boD@' =%(D' =%(D' =A@BBBB0B@%()))D' =1:Bvisible*o3>+B#style.visibility<*o%(D' =-s6Bwipe(left)*<3<*o+8+0+0 ++  0 L0 rj0t(  tr t S  W P    t S XY  <$  0   B t s *DԔP`,$D 0B t s *D),$D  0B t s *D)PP ,$D  0P t s *޽h ?"` 333fIA___PPT10!.+lD' \ = @B D|' = @BA?%,( < +O%,( < +D ' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*tI%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*tID' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*tID' =%(D+' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*t%(D' =-g6B fade*<3<*tD' =%( D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*t%(D' =-s6Bwipe(down)*<3<*tD' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*tJ%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*tJD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*tJD' =%(D3' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*t%(D' =-o6Bwipe(up)*<3<*t+8+0+t0 +?! 0 L0 ~vp((  8l   ' ,$D  0ZB B s *DԔ ZB  s *DԔppl    (  ,$D  0  0r  `  >Time( 2`B  0DԔ    0Xw   `A/R  A/P 0* 2 l @@  &@@ ,$D  0ZB  s *DԔPppZB   s *DԔpP`@ ZB  s *DԔ` @ ZB   s *DԔ P ZB  s *DԔP@ ZB  s *DԔ@ ZB  s *DԔ  ZB  s *DԔ @ ZB  s *DԔ@  ` ZB  s *DԔ ` ZB  s *DԔ p ZB  s *DԔPpZB  s *DԔPZB  s *DԔZB  s *DԔ 0ZB  s *DԔ0 P ZB  s *DԔP@ ,  0|  NOngoing difference between accounts receivable, A/R, and accounts payable, A/PbO8 U20 ! 0 P , 2 " 0 n VPositive (sales)* 2  # 0D ` P.  \ Negative (purchases)* 2   $ S X `p   VMoney Viewed as a  Wave or Account Balance,Z,(H  0޽h ? 333fQI___PPT10)+ނ{D ' w= @B D' = @BA?%,( < +O%,( < +D ' =%(%(DH' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*'%(D#' =+4 8?nCB!#ppt_x-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*'D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*'D' =+4 8?RCBBCB#ppt_wB*Y3>B ppt_w<*'D' =+4 8?\CB#ppt_hBCB#ppt_hB*Y3>B ppt_h<*'DH' =%(D' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*(%(D#' =+4 8?nCB!#ppt_x-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*(D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*(D' =+4 8?RCBBCB#ppt_wB*Y3>B ppt_w<*(D' =+4 8?\CB#ppt_hBCB#ppt_hB*Y3>B ppt_h<*(D' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*&%(D' =-s6Bwipe(left)*<3<*&+6  0 L0 !I(  X  0X  00P X  0 0P X  0 ` B @ 0DԔ@P @,$@ 0B  0DԔ P  ,$@  0B  0DԔ@@ ,$@  0B  0DԔ ,$@   0  0t P`  E Alpha Company( 2  <L  *   0  : E Bravo Company( 2  0ܹ P   GCharlie Company( 2  0D P `  E Delta Company( 2X  0XR  0B  0DԔPP,$@  0  0  :Bank 2B  0DԔ@@,$D   0  S  P   d4Conventional Payment Process Using Bank Credit Money55$  0   fBank credit used to clear debts among companies. Interest must be paid on credit borrowed from a bank.g0 F2gf3  0P `,$ 0 7$ 2  0L p 0 ,$  0 7$ 2  0d 0 ,$ 0 7$ 2  0|  ,$ 0 7$ 2  0 Pp0,$  0 7$ 2  0` ,$  0 B $ Interest 2 !B ! 0D!Ԕ@,$D 0H  0޽h ? 33f$$___PPT10$+PD3#' = @B D"' = @BA?%,( < +O%,( < +D+' =%(D' =%(D3' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bwipe(up)*<3<*D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D1' =%(D' =%(D9' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-u6Bwipe(right)*<3<*D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D+' =%(D' =%(D3' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-o6Bwipe(up)*<3<* D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D/' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-s6Bwipe(left)*<3<* D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D/' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-s6Bwipe(down)*<3<* D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(down)*<3<*D' =%(D8' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-g6B fade*<3<* D' =%( D9' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*!%(D' =-u6Bwipe(right)*<3<*!+P+0+0 ++0+0 ++0+0 ++0+0 ++0+0 ++0+ 0 +)7 0 L0 ( ,(  , , 0  Alpha owes Bravo $100, Bravo owes Charlie $100, Charlie owes Delta $100, and Delta owes Alpha $100. Typically, one or more of these debtors will borrow from the bank in order to pay what they owe to each other. In the simplest scenario, Alpha borrows $100 from the bank to pay Bravo, who then uses it to pay Charlie, who then uses it to pay Delta, who then uses it to pay Alpha. Alpha can now repay the bank, but, in addition to the $100 principal, it must also pay the bank interest. Where does the interest amount come from? In sum, each company used the bank s liability (bank notes) to pay the others what was owed. ,l  2lH , 0޽h ? 33f___PPT10i.oP0+D=' = @B +$  0 L0 2 *  (  X  0X  00P X  0 0P X  0 ` B @ 0DԔ@P @,$@ 0B  0DԔ P  ,$@  0B  0DԔ@@ ,$@  0B  0DԔ ,$@  0  0XP`  E Alpha Company( 2  <0 *   0|v : E Bravo Company( 2  0yP   GCharlie Company( 2  0tP `  E Delta Company( 2  S  ́```0   T$Clearing Process Without Bank Credit%%(  0P @? DMutual credit used to clear debts among companies. No interest paid.,E0 F2Cf3  00 6,$ 0 RAlpha s i.o.u.( 2  0< PPV ,$ 0 RAlpha s i.o.u.( 2  0 @ F ,$ 0 RAlpha s i.o.u.( 2  0P@V ,$  0 RAlpha s i.o.u.( 2H  0޽h ? 33f___PPT10+ cD' = @B D' = @BA?%,( < +O%,( < +D1' =%(D' =%(D9' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-u6Bwipe(right)*<3<*D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D+' =%(D' =%(D3' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bwipe(up)*<3<*D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D/' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(left)*<3<*D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D/' =%(D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-s6Bwipe(down)*<3<* D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*++0+0 ++0+0 ++0+0 ++0+0 +8 0 L0 0(  0t 0 08P3 It is not necessary to  rent a bank s liability to clear debts owed to one another. In a clearing circle, each company s debt (account payable) is offset by the amount owed to it (account receivable). There is no need to use  money as a payment medium.  Under the politico-financial scheme of things the business man must go to the banker and pay a lending fee for what is merely a clearance service. The government even subjects itself to this tribute-taking device by "borrowing" from banks whereas it could create deposits just as well by non-interest bearing currency or other notes.  E. C. Riegel<_ NH 0 0޽h ? 33f___PPT10i.o3;+D=' = @B + + 0 L0 P(  r  S N PP     S N0<$  0  H  0޽h ? 33fr j ___PPT10J . W`:+;D ' = @B D ' = @BA?%,( < +O%,( < +D' =%(D' =%(D@' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*p%(D' =-o6Bwipe(up)*<3<*pD' =%(D' =%(D@' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*p%(D' =-o6Bwipe(up)*<3<*pD' =%(D' =%(D@' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bwipe(up)*<3<*D' =%(D' =%(D@' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*4%(D' =-o6Bwipe(up)*<3<*4+8+0+0 + , 0 L0 \(  x  c $lh PP     c $li 0<$  0  H  0޽h ? 33fjb___PPT10B. W`:+;D' = @B D' = @BA?%,( < +O%,( < +D' =%(D' =%(D@' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*E%(D' =-o6Bwipe(up)*<3<*ED' =%(D' =%(D@' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*E%(D' =-o6Bwipe(up)*<3<*ED' =%(D' =%(D@' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bwipe(up)*<3<*D' =%(D' =%(D@' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*~%(D' =-o6Bwipe(up)*<3<*~D' =%(D' =%(D@' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*~%(D' =-o6Bwipe(up)*<3<*~+8+0+0 +  0 L0 PTv(  T T C 6AWIRBank-logo_1 =U,$D 0r T S t` 00   * T 0A^ 6,$  0 <The WIR business circle cooperative (Wirtschaftsring) was founded in Switzerland in 1934 as an answer to the money scarcity of the Great Depression, and still thrives after 70 years. Membership, at first completely open, was later restricted in order to build solidarity among the  entrepreneurial middle-class. A balance between ideology, adaptability, and good business sense has enabled its long-term success.0 2 eH T 0޽h ? 33f  ___PPT10 +`D1 ' = @B D ' = @BA?%,( < +O%,( < +D' =%(%(D' =%(D3' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*T%(D' =-o6Bdissolve*<3<*TD' =%(Dp' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*T%(D' =-o6Bwipe(up)*<3<*TD ' =%(D' =%(Dp' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*T:%(D' =-o6Bwipe(up)*<3<*T:D ' =%(D' =%(Dp' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*T:%(D' =-o6Bwipe(up)*<3<*T:+8+0+T0 +   0 L0 `P(  r  S L_^ pp  ^   S _^<$  0 ^ H  0޽h ? 333f  ___PPT10| .+.ɷND ' a^= @B D ' = @BA?%,( < +O%,( < +D' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*M%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*MD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*MD' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*M%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*MD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*M+8+0+0 +f   0 L0 pP(  r  S q^0``  ^   S Ts^<$ 0 ^ H  0޽h ? 333f6 . ___PPT10 .+bD ' = @B Di ' = @BA?%,( < +O%,( < +D0' =%(D' =%(D' =A@BB BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*O%(D' =-6B#slide(fromRight)*<3<*OD0' =%(D' =%(D' =A@BB BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*O%(D' =-6B#slide(fromRight)*<3<*OD0' =%(D' =%(D' =A@BB BB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*@%(D' =-6B#slide(fromRight)*<3<*@+8+0+0 +%  0 L0  HP(  Hr H S L^pP  ^  H S ^ 0<$  0 ^     H#  ,$@ 0ZB H s *DԔ   ZB H s *DԔ   ZB H s *DԔ ZB H s *DԔ (2 H  BjXENG8HIQԔ /Y/jXpD/Y/jXpD`T/jXpD`T ,$D   0 H <^PP ,$ 0 :Debt( 2 H 0L^ ,$ 0 :Time( 2P H s *޽h ?"`H 33f___PPT10.+j(oD' ^= @B Do' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*HH%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*HHD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*HHD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*HHp%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*HHpD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*HHpD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*Hp%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*HpD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*HpD' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*H%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*HD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*HD' =%(D+' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*H%(D' =-g6B fade*<3<*HD8' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*H%(D' =-g6B fade*<3<*HD8' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*H%(D' =-g6B fade*<3<*HD' =%( D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*H%(D' =-s6Bwipe(left)*<3<*H++0+H0 ++0+H0 ++0+H0 +` 0 L0    !(  X  0`P XR  0P`  0p^  <Bank( 2 B  0DԔ ,$D  0  0 ՏPV ,$ 0 < Debt Money    0؏  ,$ 0 A Mortgage note 2B @ 0DԔ  ,$D 0  6@ۏ` ` ,$D 0 KMortgage Note (asset)   0ߏ ,$ 0 Banks now issue only debt money, not as notes, but in the form of bank  deposits when a  loan is granted.l 2lf3  <` ,$D 0 QAccount Deposit (liability)  ! S p`   ?+The Creation of Bank Debt Money as DepositsH  0޽h ? 33f___PPT10+e9Dv' = @B D1' = @BA?%,( < +O%,( < +D' =%(%(D' =%(D8' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-g6B fade*<3<*D)' =%(D' =%(D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D' =%(D9' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-u6Bwipe(right)*<3<*D' =%(D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D'' =%(D' =%(D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-o6Bdissolve*<3<* D' =%(D7' =4@BBBB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-s6Bwipe(left)*<3<*D' =%(D@' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*++0+0 ++0+0 ++0+0 ++0+0 ++0+ 0 + - 0 L0 PP(  r  S ئ@  ^   S \@@` <$D 0  H  0޽h ? 33fQI___PPT10).F+8D' = @B D' = @BA?%,( < +O%,( < +D' =%(%(D' =%(D3' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D' =%(D' =%(DC' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*"%(D' =-6B#slide(fromRight)*<3<*"D' =%(D' =%(DC' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*"@%(D' =-6B#slide(fromRight)*<3<*"@D' =%(D' =%(DC' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*@Z%(D' =-6B#slide(fromRight)*<3<*@ZD' =%(D' =%(DC' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*Z%(D' =-6B#slide(fromRight)*<3<*Z+J . 0 L0 P(  r  S P P     S <$  0  H  0޽h ? 33f___PPT10.+ɥD' = @B DM' = @BA?%,( < +O%,( < +D' =%(D' =%(D-' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*N%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*ND#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*ND' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*ND' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*ND' =%(D-' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*N%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*ND#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*ND' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*ND' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*ND' =%( D-' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*D#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*D' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*D' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*D' =%(D-' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<* %(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<* D#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<* D' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<* D' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<* +8+0+0 +m  0 L0 P(  r  S Ï`     S ŏp<$  0  H  0޽h ? 33f=5___PPT10.+ɥD' Ə= @B Dp' = @BA?%,( < +O%,( < +D' =%(D' =%(D-' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*D#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*D' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*D' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*D' =%(D' =%(D-' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*D#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*D' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*D' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*D' =%(D' =%(D-' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*D%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*DD#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*DD' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*DD' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*D+8+0+0 +  0 L0  7( $Qg   S ,"`P     S H"<$  0     0 P c)What makes a currency sound and credible?* 2* B  s *޽h ? www3ff___PPT10.+N~D2' Q= @B D' = @BA?%,( < +O%,( < +D' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*&%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*&D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*&D' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*&:%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*&:D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*&:D' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*:I%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*:ID' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*:ID' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*Ia%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*IaD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*Ia+8+0+0 +    0 L0 f(  r  S c`0     S hdp<$  0  tl @ @,$D 0  C PA8CanadianTire-1958Orig$1-Adj@  p  C @A(CanadianTire-$2-AdjPY   C 6ALarobv-reduced  ,$D 0H  0޽h ? 333f___PPT10+9DK' = @B D' = @BA?%,( < +O%,( < +D=' =%(%(D' =%(D-' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*D#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*D' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*D' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*D' =%(D-' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*/%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*/D#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*/D' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*/D' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*/D' =%(D-' =A@BBBB0B%()))D' =1:Bvisible*o3>+B#style.visibility<*/F%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*/FD#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*/FD' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*/FD' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*/FD' =%(D3' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*D' =%( D3' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =-o6Bdissolve*<3<*+8+0+0 + / 0 L0 P(  r  S  P     S   <$  0   H  0޽h ? 333f___PPT10y+ɥD%'  = @B D' = @BA?%,( < +O%,( < +D' =%(DU' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*5%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*5D#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*5D' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*5D' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*5D' =%(DU' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*5d%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*5dD#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*5dD' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*5dD' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*5dD' =%(DU' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*d%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*dD#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*dD' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*dD' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*d+8+0+0 + 0 0 L0 <4 (( * ( ( S ܩ "P    ( S ܪ "ppP <$  0    ( C PA810Australes-1991-TucumanAdj >,$D 0  ( C NA6Tally stick photo_769-Vert`P,$D 0B ( s *޽h ? www3ff7/___PPT10+9?D'  = @B Dv' = @BA?%,( < +O%,( < +D' =%(%(DU' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*( %(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*( D#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*( D' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*( D' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*( DU' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*( J%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*( JD#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*( JD' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*( JD' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*( JDU' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*(J%(D' =+4 8?\CB#ppt_xBCB#ppt_xB*Y3>B ppt_x<*(JD#' =+4 8?nCB!#ppt_y-#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*(JD' =+4 8?\CB#ppt_wBCB#ppt_wB*Y3>B ppt_w<*(JD' =+4 8?RCBBCB#ppt_hB*Y3>B ppt_h<*(JD' =%( D3' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<* (%(D' =-o6Bdissolve*<3<* (D' =%(D3' =4@BB BB%(D' =1:Bvisible*o3>+B#style.visibility<*(%(D' =-o6Bdissolve*<3<*(+8+0+(0 +u 1 0 L0 ,l( lg , , S | "    , S $ " <$  0   B , s *޽h ? www3ff/'___PPT10.+N~D'  = @B Db' = @BA?%,( < +O%,( < +D' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*,H%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*,HD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*,HD' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*,H%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*,HD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*,HD' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*,Q%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*,QD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*,Q+8+0+,0 +A 2 0 L0 P(  r  S h      S L  `@<$  0   H  0޽h ? 33f ___PPT10.+D'  = @B DD' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*+8+0+0 +  3 0 L0 0l( g 0 0 S  "    0 S  "`<$  0   B 0 s *޽h ? www3ff  ___PPT10l .+1\D '  = @B D ' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*0%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*0D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*0D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*0&%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*0&D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*0&+8+0+00 +_ 4 0 L0  P(  r  S \      S  `<$  0   H  0޽h ? 33f/'___PPT10.+tD'  = @B Db' = @BA?%,( < +O%,( < +D' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*D' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*D' =%(D+' =%(D' =A@BBB B0B%(D' =1:Bvisible*o3>+B#style.visibility<*#%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*#D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*#+8+0+0 +   0 L0 0@(  r  S   @     S ` ``p   (YH  0޽h ? 33fy___PPT10Y+D=' = @B +_#  0 L0 @L\(  Lx L c $P @P    L c $ P<$  0   H L 0޽h ? 33f#!!___PPT10 .+_qD '  = @B DV ' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*L%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*LD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*LD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*L%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*LD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*LD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*L2%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*L2D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*L2D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*L2S%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*L2SD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*L2SD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*LSu%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*LSuD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*LSuD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*Lu%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*LuD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*LuD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*L%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*LD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*L+8+0+L0 + 5 0 L0 P P(   r   S d`      S   @<$  0  H   0޽h ? 33f___PPT10.+-DH'  = @B D' = @BA?%,( < +O%,( < +D' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* P%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<* PD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<* PD' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* P%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<* PD' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<* PD' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<* D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<* D' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*  %(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*  D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*  D' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*  %(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*  D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<*  D' =%(D+' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<* D' =+4 8?dCB1+#ppt_h/2BCB#ppt_yB*Y3>B ppt_y<* +8+0+ 0 +  0 L0 `P(  r  S      S x`` <$  0  H  0޽h ? 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' =%(D ' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*2%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*2D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*2D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*2R%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*2RD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*2RD' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*R%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*RD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*RD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+B#style.visibility<*?%(D' =+4 8?dCB1+#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*?D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*?+8+0+0 +  6 0 L0  P(  r  S  ^   ^   S <^<$ 0 ^ H  0޽h ? 33f  ___PPT10~ .+D ' = @B D ' = @BA?%,( < +O%,( < +D' =%(D' =%(DP' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*j%(D' =-6B#slide(fromRight)*<3<*jD' =%(D' =%(DP' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<*j %(D' =-6B#slide(fromRight)*<3<*j D' =%(D' =%(DP' =A@BB BB0B%(D' =1:Bvisible*o3>+B#style.visibility<* %(D' =-6B#slide(fromRight)*<3<* +8+0+0 +  0 L0 \<(  \~ \ s *l^0   ^ ~ \ s *D^P` ^ H \ 0޽h ? V9̙f3fYy___PPT10Y+D=' = @B +t  0 4 , l (  lX l C <   ,  l S tR < @   This became known as the  fractional reserve system of banking. The problems inherent in making both kinds of money redeemable on demand were dealt with quite ingeniously by the Bank of Scotland, during the mid-eighteenth century. Given a scarcity of specie which then prevailed, the bank inserted an  option clause on their notes. This clause allowed the bank the option of delaying redemption for some period of time, but promised the payment of interest during that period. This worked quite well for the bank in that its notes continued to pass at par. It should now be clear, that credit money is a major advance over commodity money, and that no commodity backing is necessary for a fully functional credit money system. Indeed rapid expansion of industry known as the industrial revolution could not have happened without the availability of credit money. Still, credit money has not yet been perfected. Because of political interference and favoritism, along with a general misunderstanding about the nature of money, credit money remains monopolized and the amount of credit available is sub-optimal.H l 0޽h ? ̙33' 0  xw(  xX x C <    x S k < @   yeBanks still prefer to act as if money is a thing which they can lend out so they can charge interest.H x 0޽h ? ̙33K  0  |(  |X | C <   ' | S Ԏ'< @  ' Thus, you may satisfy my need even though I may have nothing you want. Then, you can get what you need from someone else at a later time.H | 0޽h ? ̙33e 0 %(  X  C <     S <\< @   "shop foundation", "service foundation", "tax foundation", "service foundation", "readiness to accept foundation", "debt foundation" H  0޽h ? ̙33 0 h(  X  C <   ^  S ؁^< @  ^ jVBanks call this practice,  making a loan. H  0޽h ? ̙33  0 C;(  X  C <   ;  S ȸ < @   The shift from direct exchange of commodities to the exchange of notes or tokens representing claims to commodities was a sort of half-step that prepared the way for the next evolutionary step.H  0޽h ? ̙33 0 2(  X  C <     S  < @   4 Anyone who has studied or used a mutual credit system, like LETS, knows how this works. But this is not such a new idea. It s potential has not been widely recognized. Business customarily sell to one another on  open account. That means that goods are delivered without immediate payment. The buyer is  billed by the seller, and the buyer has a certain length of time within which to  settle his account, i.e., to pay up. In accounting terms, then, sales result in accounts receivable; purchases result in accounts payable. H  0޽h ? ̙33I 0  p(  X  C <   ^  S m^< @  ^ Increasingly, receiving funds and disbursing funds (making payments) is accomplished by direct transfers into and out of bank accounts.H  0޽h ? ̙33D 0 @(  X  C <     S ؟< @   Alpha owes Bravo $100, Bravo owes Charlie $100, Charlie owes Delta $100, and Delta owes Alpha $100. Typically, one or more of these debtors will borrow from the bank in order to pay what they owe to each other. In the simplest scenario, Alpha borrows $100 from the bank to pay Bravo, who then uses it to pay Charlie, who then uses it to pay Delta, who then uses it to pay Alpha. Alpha can now repay the bank, but, in addition to the $100 principal, it must also pay the bank interest. In sum, each company used the bank s liability (bank notes) to pay the others what was owed.H  0޽h ? ̙33 0 XPP(  X  C <   P  S )< @   Why is it necessary to  rent a bank s liability to clear debts owed to one another. In a clearing circle, each company s debt (account payable) is offset by the amount owed to it (account receivable). There is no need to use  money as a payment medium.  Under the politico-financial scheme of things the business man must go to the banker and pay a lending fee for what is merely a clearance service. The government even subjects itself to this tribute-taking device by "borrowing" from banks whereas it could create deposits just as well by non-interest bearing currency or other notes.  Riegel, Valun Monograph 2.H  0޽h ? ̙33 0 `X(  X  C <   X  S  < @   Canadian Tire money is issued as a discount. Customers receive coupons based on the amount of merchandise they buy. These coupons may be redeemed when a subsequent purchase is made. They are accepted just the same as cash.H  0޽h ? ̙33_% 0 (  X  C <     S ( < @   Reduced need to borrow working capital can save significant interest costs. Risk of default on a promise to deliver goods or services under your control is less than the risk of default on a promise to deliver money, which you do not control. Official money can be spent outside the community so it quickly flees; local currency stays close to home so it is available to enable many trades within the community. H  0޽h ? ̙33 0 ;(  X  C <   '  S 7'< @  ' =)Each of these will be considered in turn.H  0޽h ? ̙33|( 0 <4$(  $X $ C <   ^4 $ S ^< @  ^ The commercial  barter industry, as it matures, will discover that its fundamental role is to provide clearing services for its members. Trade exchanges will continue to also provide brokering services but will abandon the delusional practice of granting trade credits to members based on artificial prices. Only the market can properly set prices.H $ 0޽h ? ̙33b# 0 ",(  ,X , C <    , S  < @   Any cash (Federal Reserve notes) drawn out from banks is charged against your account balance, so cash is merely a physical representation of bank credit money.H , 0޽h ? ̙33  0 @4(  @X @ C <   ' @ S ,x'< @  ' 6"Whole barter, according to Riegel.H @ 0޽h ? ̙33  0 Db(  DX D C <   ' D S h'< @  ' dP Split barter, in Riegel's terminology.H D 0޽h ? ̙33k2 0 +#P(  P^ P S <    P c $< @   Reduced need to borrow working capital can save significant interest costs. Risk of default on a promise to deliver goods or services under your control is less than the risk of default on a promise to deliver money, which you do not control. Official money can be spent outside the community so it quickly flees; local currency stays close to home so it is available to enable many trades within the community. H P 0޽h ? ̙333 0 `XX(  XX X C <   ^ X S Z^< @  ^ ZFThe standards applied in granting credits were often far too lenient. H X 0޽h ? ̙33* 0 wo (  X  C <   o  S  < @   Money is such a fundamental necessity in the exchange process that those who control the issuance of money (credit) control virtually everything. The notion of the money power vested in the government is as outmoded as monarchy or imperial rule.H  0޽h ? ̙3380___PPT10. p " 0 E=0(  X  C <   =  S < @   Remember, every currency is an i.o.u., not necessarily repayable in official money, but in goods and services. Reciprocity demands that there be a solid value basis upon which currency is issued.H  0޽h ? ̙3380___PPT10. 04 0  @(  X  C <   ^  S <^< @  ^ |Read E. C. Riegel, Ulrich von Beckerath, heinrich Rittershausen, Walter Zander, and others on the Reinventing Money website.)LH  0޽h ? ̙3380___PPT10. pq0 0 `(  X  C <   '  S d'< @  ' oMuch of our current difficulty stems from a failure to separate the means of payment from the measure of value.H  0޽h ? ̙3380___PPT10. SD   0 p(  X  C <     S | < @    H  0޽h ? ̙3380___PPT10. `FhEC9 0 (  ^  S <     c $T < @   WWe see then that the problem of the scarcity of conventional money which, at that time, consisted of gold, was alleviated by the introduction of a new kind of payment medium, credit, which took the form of paper, which was in fact the banker's promise or i.o.u. It was necessary, however, for the community to develop sufficient confidence in this form of money to accept it as a form of payment. Making the new (credit) money redeemable for the old (gold) money was seen as necessary to building that sort of confidence, but once established, the redeemability feature could be, and was, abandoned.XXH  0޽h ? ̙331 0 (  X  C <   ^  S \^< @  ^ Interest causes debt to grow with the mere passage of time, making it impossible for debtors, in the aggregate, to pay what they owe.H  0޽h ? ̙3380___PPT10.{T@  0 (  X  C <     S `/ < @    H  0޽h ? ̙3380___PPT10.0pu  0 (  X  C <     S '< @    H  0޽h ? ̙3380___PPT10.oP  0 (  X  C <   '  S '< @  '  H  0޽h ? ̙3380___PPT10.o@  0  (  X  C <   '  S D'< @  '  H  0޽h ? ̙3380___PPT10.o] 7 0 0(  X  C <   '  S $'< @  '  H  0޽h ? ̙3380___PPT10.o k! / 0 @(  X  C <   '  S M'< @  '  H  0޽h ? ̙3380___PPT10.o@ )   0 P(  X  C <   '  S h'< @  '  H  0޽h ? ̙3380___PPT10.o - . 0 `(  X  C <     S , < @    H  0޽h ? ̙3380___PPT10.o6  0 p(  X  C <     S A < @    H  0޽h ? ̙3380___PPT10.o 9  0 (  X  C <     S ̪ < @    H  0޽h ? ̙3380___PPT10.o[; : 0 (  X  C <     S < < @    H  0޽h ? ̙3380___PPT10.o`< 6 0 (  X  C <     S [ < @    H  0޽h ? ̙3380___PPT10.o#C  0 (  X  C <     S  < @    H  0޽h ? ̙3380___PPT10.oD - 0 (  X  C <     S xB < @    H  0޽h ? ̙3380___PPT10.o01F  0 (  X  C <     S S < @    H  0޽h ? ̙3380___PPT10.oзG ; 0 (  X  C <     S e< @    H  0޽h ? ̙3380___PPT10.oKL < 0 (  X  C <     S X5< @    H  0޽h ? ̙3380___PPT10.oPM 8 0 (  X  C <     S < @    H  0޽h ? ̙3380___PPT10.oS ! 0 (  X  C <     S < @    H  0޽h ? ̙3380___PPT10.o]  0   (   X   C <      S  < @    H   0޽h ? ̙3380___PPT10.od  0 0(  X  C <     S м < @    H  0޽h ? ̙3380___PPT10.oP 0 8(  8X 8 C <    8 S TK< @    H 8 0޽h ? ̙3380___PPT10.qi r@.ׯ  0Hf{ RШ` g-4VT T{BR_RQ\j*@03j"T(2xghL*0BQ7]Ğ9:@`=?GDJF`4FmHAmmJ>M U ,1}Z P SU~XZ ]ۯVa>,hce h!j5lIn]pqrtvxz|~%9Mauŕٗo)wOh+'0F px  ( 4 @ LX`PowerPoint Presentation@c:\Program Files\Microsoft Office\Templates\1033\Generic.potTom171Microsoft PowerPoint 7.0@/d@@@puq GxEg  ".  y--$xx--'--%--'&&---$44----$44----$44----$44----$44----$44----$44----$44----$44----$44----$ 4 4----$ !4!4 ----$!"4"4!!----$"#4#4""----$#$4$4##----$$&4&4$$----$&'4'4&&----$'(4(4''----$()4)4((----$)*4*4))----$*+4+4**----$+,4,4++----$,-4-4,,----$-.4.4------$./4/4..----$/0404//----$0141400----$1242411----$2343422----$3444433----$4545444----$5646455----$6747466----$7848477----$8949488----$9:4:499----$:;4;4::----$;<4<4;;----$<=4=4<<----$=>4>4==----$>?4?4>>----$?@4@4??----$@A4A4@@----$AB4B4AA----$BC4C4BB----$CD4D4CC----$DE4E4DD----$EF4F4EE----$FG4G4FF----$GH4H4GG----$HI4I4HH----$IJ4J4II----$JK4K4JJ----$KL4L4KK--ߟ--$LM4M4LL--ߛ--$MN4N4MM--ޘ--$NO4O4NN--ݕ--$OP4P4OO--ݒ--$PQ4Q4PP--܏--$QR4R4QQ--ی--$RS4S4RR--ڈ--$ST4T4SS--م--$TU4U4TT--ق--$UV4V4UU----$VW4W4VV--|--$WX4X4WW--x--$XY4Y4XX--u--$YZ4Z4YY--r--$Z[4[4ZZ--n--$[\4\4[[--k--$\]4]4\\--h--$]^4^4]]--e--$^_4_4^^--b--$_`4`4__--^--$`a4a4``--[--$ab4b4aa--X--$bc4c4bb--U--$cd4d4cc--R--$de4e4dd--O--$ef4f4ee--K--$fg4g4ff--H--$gh4h4gg--E--$hi4i4hh--B--$ij4j4ii--?--$jk4k4jj--;--$kl4l4kk--8--$lm4m4ll--4--$mn4n4mm--1--$no4o4nn--.--$op4p4oo--+--$pq4q4pp--(--$qr4r4qq--#--$rs4s4rr----$st4t4ss----$tu4u4tt----$uv4v4uu-- --$vw4w4vv----$wx4x4ww-- --$xy4y4xx---x&&&--&&- && &.$  &$-'4*=,E.O0X1c2m2xx& &&-.$  &$-'4*=,E.O0X1c2m2xx-&&&&&-&&&TNPP---$44----$44----$44----$44----$44----$44----$44----$44----$44----$44----$ 4 4----$ !4!4 ----$!"4"4!!----$"#4#4""----$#$4$4##----$$&4&4$$----$&'4'4&&----$'(4(4''----$()4)4((----$)*4*4))----$*+4+4**----$+,4,4++----$,-4-4,,----$-.4.4------$./4/4..----$/0404//----$0141400----$1242411----$2343422----$3444433----$4545444----$5646455----$6747466----$7848477----$8949488----$9:4:499----$:;4;4::----$;<4<4;;----$<=4=4<<----$=>4>4==----$>?4?4>>----$?@4@4??----$@A4A4@@----$AB4B4AA----$BC4C4BB----$CD4D4CC----$DE4E4DD----$EF4F4EE----$FG4G4FF----$GH4H4GG----$HI4I4HH----$IJ4J4II----$JK4K4JJ----$KL4L4KK--ߟ--$LM4M4LL--ߛ--$MN4N4MM--ޘ--$NO4O4NN--ݕ--$OP4P4OO--ݒ--$PQ4Q4PP--܏--$QR4R4QQ--ی--$RS4S4RR--ڈ--$ST4T4SS--م--$TU4U4TT--ق--$UV4V4UU----$VW4W4VV--|--$WX4X4WW--x--$XY4Y4XX--u--$YZ4Z4YY--r--$Z[4[4ZZ--n--$[\4\4[[--k--$\]4]4\\--h--$]^4^4]]--e--$^_4_4^^--b--$_`4`4__--^--$`a4a4``--[--$ab4b4aa--X--$bc4c4bb--U--$cd4d4cc--R--$de4e4dd--O--$ef4f4ee--K--$fg4g4ff--H--$gh4h4gg--E--$hi4i4hh--B--$ij4j4ii--?--$jk4k4jj--;--$kl4l4kk--8--$lm4m4ll--4--$mn4n4mm--1--$no4o4nn--.--$op4p4oo--+--$pq4q4pp--(--$qr4r4qq--#--$rs4s4rr----$st4t4ss----$tu4u4tt----$uv4v4uu-- --$vw4w4vv----$wx4x4ww-- --$xy4y4xx--- '&&TNPP''@Times New Roman-. 3"2 The Evolution and ."System3-@Times New Roman-. 3*2 (Transformation of Money  .-@Times New Roman-. %2 CJThomas H. Greco, Jr..-՜.+,D՜.+,     3 On-screen Show- -77 =Times New Roman WingdingsArial Arial BlackArial Rounded MT BoldGeneric*The Evolution and Transformation of MoneyPBuilding a Healthy Economy Requires an Understanding of the Principles of Money%Basic Kinds of Economic Interaction =Money Plays Its Role Within the Realm of Reciprocal Exchange$The Ladder of Economic CivilizationISpecialization of Labor Makes Economic Exchange a Fundamental Necessity >What Is Required for Efficient, Effective, and Fair Exchange? Barter TradeEThe First Evolutionary Step From barter trade to commodity moneyCommodity MoneyExamples of Commodity MoneyMetallic MoneySymbolic Money The First Kind of Paper MoneyFThe Second Evolutionary Step From commodity money to credit money'The Embodiment of Credit in Bank Notes"Two Distinct Kinds of Paper Money!Problems With Early Credit MoneyRedeemability Abandoned)Money and Banking Have Been Politicized BThe Power to Issue Money Rightly Belongs to Sovereign Individuals?The Third Evolutionary Step From Credit Money to Clearing+Clearing -- The Ultimate Evolutionary Step8The Possibilities of Clearing Have Long Been Recognized,Particle or Wave? Thing or Account Balance?How Does Clearing Work?,Money Viewed as a Wave or Account Balance5Conventional Payment Process Using Bank Credit Money Slide 29%Clearing Process Without Bank Credit Slide 31Clearing Compared to CurrencyClearing Compared to Currency)A Successful Credit Clearing AssociationWhat Do Banks Do?What Else Do Banks Do?The Debt Money System,The Creation of Bank Debt Money as Deposits$Banks Provide Some Useful Services Alternatives to Debt Money$Who Is Qualified to Issue Currency?Basis of Issue or FoundationExamples of Shop FoundationExamples of Service FoundationExamples of Tax FoundationWhat All This MeansOpportunities for BusinessOpportunities for Governments,Opportunities for Non-profit Organizations=Private Complementary Currencies Have Many Direct Benefits Summary of Advantages*Guidelines to Assure Fairness and SuccessFuture ProspectsShake-out and Standardization#To Learn More and Keep Up-to-date  Fonts UsedDesign Template Slide Titles7 8@ _PID_HLINKSA|!http://www.reinventingmoney.com/_10TomTom  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./012356789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()+,-./013456789DRoot EntrydO)PicturesfCurrent User2SummaryInformation(GPowerPoint Document(4UDocumentSummaryInformation8*