ECONOMIC INDEPENDENCE
Given the accessibility of an MLG Platform, any Group of people who were relatively self-sufficient economically could create their own Currency. The Currency would have Value – it would be backed by their own Labor. Their self-sufficiency would be determined by the fact that their daily Commerce was relatively confined to Exchanges amongst themselves. Such self-sufficiency would initially be geographically determined, but any Group in constant Commerce might utilize this same procedure.
What any Group in need of a stable Currency could do is to have a referendum on the MLG Platform. First they would have to determine the relative value of the Goods and Services already in ubiquitous Exchange in their Society. Next they would have to review and assign relative value to the past production of each Individual who is exchanging in the Society.
1) What are the basic Goods and Services exchanged on a regular basis in the Society?
2) What are their relative Values?
3) For the last 3 months how much economic activity has there been in the Society, and what is its Value?
4) Who has been active in the Economy, what have they exchanged in Society, and what is its relative Value?
Once these questions have been answered to the satisfaction of the Group, each Individual who wants to participate in the new Currency, must agree to accept that Currency when tendered in payment for their own Goods and Services. Then each Member is assigned 3 months worth of his or her production in the new Currency.
Voila!Society could immediately begin to function again – without the interference of International Bankers or Politicians. Each unit of Currency – styled LaborBits – would be shown to be assigned to this citizen or that. Whenever an Exchange took place using LaborBits, the assignment of the LaborBits used in the transaction would shift from the purchaser to the seller. It would all be done digitally, on the Internet.
Let us take Greece for example. They are currently (April 2015) in a Currency crisis relative to the Euro. Last month in the French magazine Philosophie, Greek Finance Minister Yanis Varoufakis is quoted as saying, “We cannot bluff anymore. When I say that we'll end up leaving the euro, if we have to accept more unsustainable austerity, this is no bluff!”
The countries of Europe were sold the concept of the Euro by their Governments and their Bankers. But the European people are not a socially coherent Group. There are many differences in culture, and importantly in this case – industrial development and work ethic. In stark contrast to the Greeks are the Germans. Neither is right, and neither is wrong – they are just different. Trying to bind Europe together with a common Currency isn't working out. And Portugal, Ireland, and Spain are waiting in the wings to take their financial woes center stage.
The Greeks do not need anyone else to tell them how to run their households. They can do it themselves!