The Sparkassen play a special role in the German banking system. Private banks may reject customers they don't like (even terminate accounts), but the Sparkassen are not free to do that (https://de.wikipedia.org/wiki/Jedermann-Konto). Let's hope that they stick to the law.
That is a very important point. Many of them are also (technically) 'cooperatives' (in the sense of customers being co-owners, e.g., with the Raiffeisen institutions).
I also hope that the rule of law will prevail, but I'm not certain.
There has been a lot of research into complementary currencies, with and without demurrage (the "rust" of which you spoke). Thomas H. Greco is an author whose books might interest you. Bernard Lietaer also.
I'd wonder how the Austrian system would work today with most products being imported from other places. So legal tender would still be needed to purchase raw materials.
Most international trade is settled either in US$ or, by now mostly among EU/EEC countries, in euros.
Guess how Hitler's Germany tried to stay clear of 'international finance'--by barter, e.g., Romanian oil for German machine tools (and now look at what Russia trades for Chinese products).
Oh, I understand this barter system on a government level but I'm talking local. We no longer have local flour mills or blacksmiths, shoemakers, etc. I read up a little on one or two schemes where bartering was done, skills like teaching, sewing, dog walking, tradesmen etc. I think it's a good idea but would be hard to set up plus most people would still prefer cash so they can easily buy what they need. Setting up one's own currency, like a Gold Dinar, didn't end well for Gadaffi, did it?
Fascinating thank you for sharing the history of Wörgl. We had a (slightly) similar attempt here locally in the last few years, nothing as sophisticated but more as a “fun project” and sadly it was not started by anyone appreciating the current political situation around banks/cbdc etc. Food for thought moving forward though!
I also would strongly recommend the book and video to Webb's "The Great Taking", which has broken a new scandal against property rights.
As to repressed political speech, I must chide Die Fackel for implying that this Bank incident is a new class of repression in the modern era -- this isn't even debanking. It's also not a 'request'. but a veiled *threat*.
To call AfD 'right wing' is laughable. They just assumed the political positions of the old CDU, more or less.
Thank you, for calling me out on the 'novelty' of repression here; it's not (hence my frequent references to the Canadian Truckers or Nigel Farage).
What this letter represents is insidious on (at least) two counts: first, it's not 'debanking' but a 'request' (threat) that proscribes 'correct' behaviour; in German, I'd use the term 'vorauseilender Gehorsam', which translates into something akin to 'anticipatory obedience', i.e., the German version of Mao's dictum 'punish one, educate [sic] a hundred'. Once this notion--and it's utterly irrelevant if issued by the bank or their 'external provider'--spreads, it is anticipated that people will cease and desist from things such as donating to the 'wrong' causes. As such, it's as old as mass politics.
Second, the AfD is certainly a lot of things, but they are, as you correctly point out, mildly akin to what once (30-40 years ago) used to be mildly mainstream conservative positions. It does show, though, how far to the perceived 'left' end of the 'spectrum' literally everything and everyone has shifted in-between.
Thank you for your response. And thanks again for your continued reporting on important things. If I can find my way to positive cashflow again, I'll send some your way.
The Sparkassen play a special role in the German banking system. Private banks may reject customers they don't like (even terminate accounts), but the Sparkassen are not free to do that (https://de.wikipedia.org/wiki/Jedermann-Konto). Let's hope that they stick to the law.
That is a very important point. Many of them are also (technically) 'cooperatives' (in the sense of customers being co-owners, e.g., with the Raiffeisen institutions).
I also hope that the rule of law will prevail, but I'm not certain.
There has been a lot of research into complementary currencies, with and without demurrage (the "rust" of which you spoke). Thomas H. Greco is an author whose books might interest you. Bernard Lietaer also.
I've read a bit by Lietaer, but I haven't looked into Greco's work yet--thanks for bringing him up!
I think you could preface any news out of Germany these days with the following:
"Germany has learned nothing from history"
Yes, the insult is intended.
I see why, clearly.
Also, whatever they may have learned, German leaders are neither representing German interests nor the German people, hence, doubly so.
Very good article. Barter has always been a recognition of value, and local money would be an extension of that premise
Gotta start somewhere--and I'm also positive about these and many other things--appearing organically once need sets in.
I'd wonder how the Austrian system would work today with most products being imported from other places. So legal tender would still be needed to purchase raw materials.
Most international trade is settled either in US$ or, by now mostly among EU/EEC countries, in euros.
Guess how Hitler's Germany tried to stay clear of 'international finance'--by barter, e.g., Romanian oil for German machine tools (and now look at what Russia trades for Chinese products).
Oh, I understand this barter system on a government level but I'm talking local. We no longer have local flour mills or blacksmiths, shoemakers, etc. I read up a little on one or two schemes where bartering was done, skills like teaching, sewing, dog walking, tradesmen etc. I think it's a good idea but would be hard to set up plus most people would still prefer cash so they can easily buy what they need. Setting up one's own currency, like a Gold Dinar, didn't end well for Gadaffi, did it?
Same here, you know, it’s not as if that is different. It took 1-2 generations to destroy all of these skills, experiences.
Re the people still like cash, well, the Wörgl case shows a workable path there, too!
Fascinating thank you for sharing the history of Wörgl. We had a (slightly) similar attempt here locally in the last few years, nothing as sophisticated but more as a “fun project” and sadly it was not started by anyone appreciating the current political situation around banks/cbdc etc. Food for thought moving forward though!
Thanks for your straightforward explanation of the 'no free lunch' of printed money.
Those who have an interest in the subject are invited to study at https://mises.org and https://misesde.org .
I also would strongly recommend the book and video to Webb's "The Great Taking", which has broken a new scandal against property rights.
As to repressed political speech, I must chide Die Fackel for implying that this Bank incident is a new class of repression in the modern era -- this isn't even debanking. It's also not a 'request'. but a veiled *threat*.
To call AfD 'right wing' is laughable. They just assumed the political positions of the old CDU, more or less.
Thank for these links!
Thank you, for calling me out on the 'novelty' of repression here; it's not (hence my frequent references to the Canadian Truckers or Nigel Farage).
What this letter represents is insidious on (at least) two counts: first, it's not 'debanking' but a 'request' (threat) that proscribes 'correct' behaviour; in German, I'd use the term 'vorauseilender Gehorsam', which translates into something akin to 'anticipatory obedience', i.e., the German version of Mao's dictum 'punish one, educate [sic] a hundred'. Once this notion--and it's utterly irrelevant if issued by the bank or their 'external provider'--spreads, it is anticipated that people will cease and desist from things such as donating to the 'wrong' causes. As such, it's as old as mass politics.
Second, the AfD is certainly a lot of things, but they are, as you correctly point out, mildly akin to what once (30-40 years ago) used to be mildly mainstream conservative positions. It does show, though, how far to the perceived 'left' end of the 'spectrum' literally everything and everyone has shifted in-between.
Thank you for your response. And thanks again for your continued reporting on important things. If I can find my way to positive cashflow again, I'll send some your way.
You're welcome.
As regards cashflow, no worries about me here--look out after your finances first.