General thread

Transferring a conversation here: Rotary Clubs:
Dave: I had a conversation last night with someone who's father was president of Bristol Rotary Club. Apparently, Rotary clubs operate informal mutual credit schemes amongst their members. That might be an interesting conversation. We could help them formalise it, nationalise it, and bring wider benefits to their towns - something they're really into. Plus she thinks that although they're not going to be receptive to ideas around system change, they're not that keen on banks (nobody is).
She seems to think they'd really like the idea, and that they're always having guest speakers, and they'd like a speaker on mutual credit. I'll look into it some more and get back.

Oli I see your point - they could potentially be very useful
looking forward to the next report.

Jubilee. Received an email from Positive Money advertising an event around Debt Jubilee (screening of films by Steve Keen).
The interesting thing about such a Jubilee in an MC network is that - in contrast to debt-based money systems - Jubilee need create no 'losers'.
If all accounts are reset to zero - let's say each year on Jan 1st - and at the same time those with accounts in credit receive a one-off increase of their credit limit to the the amount of their just-vanished positive balance, what's the problem?
Well, you might say, accounts which had accumulated credit would feel aggrieved because although their spending power has not gone down, they will need to go further into debit to use it.
But as long as they don't leave the scheme (or if the scheme does not enforce outstanding debits as a hard currency debt - a policy which to me seems guaranteed to raise the regulatory stakes and undermine the insistence that network units have no cash equivalence or that cash credit is not being offered), this makes only a psychological difference.
Further, given that such Jubilee would of course be known about, it would generally encourage the 'correct' behaviour in an MC network, which is to aim always to spend when positive, providing a boost to trade.
A key long-term benefit of Mutual Credit, it seems to me, is just this subversion of learned (unhelpful) attitudes to money that derive from its history as commodity - a necessary subversion that moves us towards increased rationality about what money is and also towards a future where we widen our capacity for gift economics.
Thoughts?

Jubilee in the mainstream economy is way overdue. For various reasons, the rich get richer and the poor get poorer. If there is not a periodic reset, you end up with a permanent caste system and social chaos. The practice of Jubilee is prominent in the Bible. It is a large part Mosaic law and the Old Testament, but goes way back before Biblical times. Prof. Michael Hudson is an expert in monetary and economic history, as well as a Bible scholar. His new book, ...And Forgive Them Their Debts, is all about this.

With regard to MC, there is no need for Jubilee. Jubilee is intended to correct imbalances in “wealth” and power. MC balances, on the other hand are simply ephemeral exchange credits.

MC is an "exchange" network in which each account balance is expected to remain within prescribed bounds. A member is expected to buy as much as s/he sells. Any balance is temporary. The credit allocation algorithm should make adjustments so as to prevent permanent imbalances, either debit or credit.

It occurred to me that before long UKMCN will be criticised for being all white men. Might be good to start thinking sooner rather than later about getting some diversity into the heart of the organisation. Diversity is also good for thinking :) Already it feels like we get stuck up blind alleys sometimes :)

We are powerfully aware of this lack, and it has already been noticed and pointed at. Efforts have been made in several directions, without success to date, but we keep trying. I think we will need to try new avenues rather soon, though. Suggestions?

Could try looking around Finance lab

Might be worth making an incursion into transition town.

Actually can I invite my friend Leesa Daymond from nr Oxford, who created http://actionpounds.co.uk/

FiL are pressing us hardest! - and we have asked them to help us.
Would be great to have Leesa engaged in any way that works for her - if she's interested, I can send her an invite to this group in the first instance.
Transition network is a good idea. Will have a chat with my mate Duncan from TTBrixton. we have already been chasing Lucy who used to run Brixton£ but I think she has gone away / found something else to do.

ok I've written to Leesa - haven't spoken to her for about 3 years.

We're talking with another very capable woman about the possibility of joining the team. I know her, Dil and Oli don't, so we're all going to meet her soon.