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IPFS News Link • European Union

Greece Finds Real Money

• http://www.thedailybell.com

The [Greek] crisis could present new opportunities. From Bitcoin to barter, the impending loss of the euro has Greeks looking for unorthodox solutions that operate largely outside the banking system.

Leander Bindewald, a senior researcher at the New Economics Foundation, draws inspiration from the industrial Greek city of Volos, which in 2011 established a barter-like system of local alternative units – known as TEMs in Greek. With euros in short supply, residents traded their skills – electrical work, plumbing, teaching – for TEMs, which could be traded for, say, food from a local grocer. Similar systems have sprung up throughout Greece in recent years.

"These are a lifeboat for people in their daily lives," says Bindewald, who manages the international group Community Currencies in Action, which consults communities on setting up local monetary networks.

To Bindewald, the economic inefficiencies that might arise from a patchwork of local currencies and barter systems are worth it, considering the cataclysmic dangers that monetary systems like the eurozone present. "If you have only one currency and it fails, people are hungry and starving on the street because there is no backup." – International Business Times, July 7, 2015

Greece is ahead of the economic curve. While the rest of the world is stuck with various state-sponsored paper currencies, Greece has a chance to start fresh. Unpayable debt will drive it from the Eurozone at some point.

No paper currency can last forever, not even the euro and the U.S. dollar. They will all collapse at some point; the only question is when. Greece is a chance to see what will happen to all of us eventually.


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