Vollgeld

The Kung Story

(English dubbed in German… would be nice to find the original English)

https://en.wikipedia.org/wiki/%C7%83Kung_people

for a just world economy: Elisabeth Gründler portrays the Visionary Bernard Lietaer

home & school

Bernard Lietaer was born in a time of great cold.

February 1942 was not only one of the coldest of the 20th century, his birthplace Lauwe, in the Flemish part of Belgium not far from the French border, was occupied by the Nazis at that time, as was almost all of continental Europe.

His parents’ house was confiscated, the lower floor was used by Wehrmacht officers as a casino.

But he has few memories of this very early childhood.

How his name would be pronounced correctly, I want to know, because I stutter again and again.

“As you wish!”, he replies laughing: “‘Litar ‚in Flemish,‘ Litär ‚in German, and in French‘ Litaire’, the Spaniards say …“.

The polyglot Flame does not take it so serious (how his name is pronounced).

We also talk partly in English, partly in German, sometimes we also switch to French.

Multilingualism has a tradition in the Flemish border region near Kortrijk, which is home to the textile industry and the fabric trade and which has changed state affiliation several times over the centuries.

“When my parents didn’t want us children to understand them, they talked in French”, Lietaer recalls.

At the age of twelve, as is customary in his family, he is sent to Godinne to a boarding school run by Jesuits.

In this elite school near Namur, in the French-speaking part of Belgium, the Flanders bourgeoisie has always given their sons humanistic education.

Did this shape him, Jesuit rigor and discipline?

“I learned to think with the ancient languages of Greek and Latin and was trained in all logical disciplines”, he says in retrospect.

“I did not suffer. Learning was easy for me, and when I went to boarding school, it was just introduced that we were allowed to go home every two weeks.“”

Early love of travel

The youth meets the expectations of his parents’ home and school and still goes his own way during the long summer holidays.

At the age of 14, he hitchhiked alone to explore the world: first Belgium and France, then Germany, the Alps, finally Italy, Greece and the Middle East.

“At first, my family was nervous”, „Lietaer recalls, “but when I came back safe and sound, they left me.”

“I learned the most from the people I met along the way.”

“I have also worked in Austria e.g. as a harvester, and always asked myself a topic that I have studied intensively during my travels.”

“In Italy I studied the Renaissance.”

“I fell in love with the city of Florence and stayed there all the holidays, although I originally wanted to travel all over Italy.”

When he explores the French metropolis at the age of fifteen during the summer holidays, he meets a Spaniard of his own age who does not speak a word of French or English.

“We first communicated with hands and feet and visited the city together, I became his guide and interpreter.”

“To thank him, he read me poems by Garcia Lorca every evening.”

“That was why I learned Spanish.”

“This is the only language I have learned because of its beauty.“”

He is always looking for the key to help him understand the country and its people.

He also writes about his chosen topic for the local newspaper of his hometown.

“When I visited the Middle East, I studied the political context beforehand.”

“Only then can one understand the Arab countries and Israel.”

“Besides, I had to choose, because I didn’t want to read everything!”

“I have always prepared myself intensively for my travels, because only if you know something, you can also understand.“”

Spiritual search in India

The key to Indian culture, the young Bernard Lietaer believes, is religion.

In the summer of 1960, the 19-year-old high school graduate hitchhiked to the subcontinent.

In Benares, he gets introduced to Indian Raga music by Raymondo Panikkar, then retreats to an ashram to learn meditation and get initiated into Sidhi yoga.

““It’s not for me”, he explains to his teacher after a few weeks.

“You are absolutely right”, „he affirms.

“Sidhi yoga is not for you.”

“You are destined for karma yoga!”

“Karma means ‘to act’, and karma yoga means to interfere with and shape the world.”

The young man decides to start immediately.

He leaves the monastery and turns to a typical Western sport, mountaineering.

This is pure actionism, “he says today”, a typical Western activity.

But this part of his journey should not be so completely without meaning.

This part of the journey should also have a practical purpose.

Lietaer seeks the advice of the legendary Sir Edmund Hillary, who was the first to conquer Mount Everest, which summit he could risk as a relatively untrained beginner.

Hillary proposes him the Muktinath Himal in the Nepalese Himalayan massif, between Tibet and Annapurna.

This mountain with its approximately 7500 meters was not attractive enough for professional climbers until then and as a result has not yet been mapped.

Bernard Lietaer follows the advice of the famous Explorer.

On the way to Nepal he meets a young British man from Rhodesia, with whom he dares to climb.

Two weeks later he returns, ten kilos lighter, with the map of the mountain in his luggage.

“India has changed me“” he says in retrospect.

Acting in the world

Bernard Lietaer now knows what he wants: to become an engineer and to shape the world.

But a humanistic baccalaureate alone does not entitle him to study technology.

He returns again to a Jesuit school in Brussels to prepare for an additional mathematics exam.

“That was one of the two years I worked really hard”, „he laughs.

“The second year was at the Massachusetts Institute of Technology (MIT) when I wrote my second thesis there”, a master’s thesis.

In 1961 he enrolled at the Belgian University of Leuven, where he has been taught bilingually for centuries.

Here, the language-loving student becomes president of Belgium’s only bilingual student association, the Conférence Olivaint de Belgique COB, for two years.

Here students of all political directions could train the tools of public life.

“Each of us could present his theses in both national languages.”

“You could answer a French argument in Flemish and vice versa”,“ Lietaer recalls.

“There I learned to speak, write and defend my theses with arguments.“”

Twice he organizes exploratory trips to Ivory Coast and Venezuela for himself and his fellow students during the semester break.

„We were always a group of 35 to 40 students.

“Each of us had to prepare a topic, such as private investment, healthcare system, etc.”

“We gave lectures to experts from the country.”

“Then we jointly produced a report that was published.”

“Shortly after our arrival there was a severe earthquake with many dead”

“which completely upset the program, but the learning possibilities in such a situation were infinite.”

In 1965, the University of Leuven was split into two.

The old university remains Flemish, and a new French-speaking university is being built in front of the city.

For someone who can now easily express himself in several languages, this was a throwback to the dark past.

“The University Library was divided by leaving volumes 1, 3, 5, 7 of encyclopedias in the Flemish University,”

“and placing volumes 2, 4, 6 in French. This is not just stupidity, this is a crime!”

The lab that he needed for his experiments in plasma physics, had been outsourced to the Flemish University.

It would have been no problem for him to write his thesis in Flemish.

But because he was enrolled at the French part of the university, he was only allowed to use the facilities of the French university.

He had to find another topic.

And the laboratory was empty all the time, nobody needed it.

“That’s why I left Belgium.”

“I did not want to endure such narrow-mindedness.”

And he is taking another insight with him to America,

where he will study and work for the next decade: scientists and researchers are not the ones who decide how the world is shaped.

They are, he has painfully experienced, play ball from other forces.

As a pure technician, he can never realize the karma yoga he is looking for.

comment: well let’s look at Elon Musk.

He surely changed/has an impact on the way mankind travels (more (hopefully renewal) electric, less fossil).

He chose the entrepreneurial way.

Basically creating products and companies, selling those products and companies, building better and bigger companies that would “change the world” (the everyday way humans survive).

He did this by…

1) growing up in harsh South Africa environment

2) at the age of 12 creating his first “product” he made, was a computer game called “blaster” (source code was published in a magazine and he received $500, It was “a trivial game…but better than Flappy Bird”, Musk was quoted saying.)

3) immigrating to USA studying economics and physics

4) a bit of luck (basically profiting from the .dot bubble, where bigger companies would buy “anything-internet”)

“In February 1999, Compaq Computer paid US$305 million to acquire Zip2.[3]:109 Elon and Kimbal Musk, the original founders, netted US$22 million and $15 million respectively.[3]:109[16] The company was purchased to enhance Compaq’s AltaVista web search engine.[4][17]”

… back to the topic.

The path from Engineer to economic politician

In 1967, the young engineer left Belgium, joined MIT in the USA and simultaneously enrolled at Harvard.

He changes the faculty and initially acquires an MBA.

In his thesis, his second Master’s Thesis, he deals with the international financial business.

It is entitled „Financial Management and Foreign exchange trading.

An application technique for reducing risks”.

The international monetary system of Bretton Woods, with its stable exchange rates against the dollar, is in its final stages at this time, and Lietaer is using all his mathematical and technical skills to develop a computer-controlled system that makes fluctuating exchange rates economically manageable.

A know how that is urgently needed in practice a few years later – in 1971 fixed exchange rates are abolished.

In 1969, Bernard Lietaer opened an academic career at Harvard.

But he wants to shape, not just describe, and finds that counseling is the most effective way to continue learning.

Because, according to Belgian law, he can also do development work as an engineer instead of a military one, he hires an American consulting firm on the condition that he is sent to a developing country.

This is followed by several years of consulting work in Mexico, Australia and Peru.

In Peru, he advises the nationalized mining group on how it can increase its foreign exchange earnings in times of fluctuating exchange rates.

Lietaer develops special computer models and is therefore very successful.

“About 70 percent of Peruvian exports were checked by my computer models.

Within a short period of time, Peru achieved an increase in its foreign exchange income of around 20 percent.”

At that time, Lietaer already saw the impoverishment of the countries of the South as a serious problem and believed that he could contribute to Peru’s development through his work as a consultant.

But the reality of the corrupt power elites catches up with him.

The Peruvian government bought Mirage fighter jets with the foreign exchange earnings.

“Absolutely pointless“ „he says,” there was no enemy, and even if there had been, the military could not use the Mirage at all.

I had to admit to myself that I had been working on the wrong problems in the wrong place,“ he sums up this part of his life.

A money expert develops

Lietaer gets into an existential crisis and decides in 1975 to take a break from consulting work.

The family reasons make his return to Belgium desirable, and he accepts a call from his alma mater in Leuven for a professorship in international finance and international trade.

He taught there until 1978.

At the same time, he was entrusted by a research centre in Brussels with a research project on Latin America.

The result is a study on the development of Latin America, in which he forecasts the debt crisis of the 1980s and develops proposals for solutions on how to respond creatively.

For the first time, Lietaer recognizes and formulates that the causes of economic misery are rooted in the monetary system.

The reality is developing exactly as predicted: more than 80 currency crises will follow worldwide in the next two decades.

The change between practice and research and teaching is to become a pattern of his life: whenever he reaches limits in his practical work, he withdraws to a university for the processing of his experiences and the development of new models and visions.

A “reverse Sabbatical,” he calls it.

“I always teach what I have to learn for my own research. This is a very effective way for me to learn.“”

At the Belgian Central Bank

When Lietaer is about to complete his research after three years, he receives a call from a headhunter who wants to win him over to the Belgian Central Bank.

He decides to return to practice –perhaps, he hopes, there he has the opportunity to contribute to solutions to the instability of the international monetary system.

In 1978 he became head of a 200-employee department for organization and computer application at the Belgian Central Bank.

It is the time when (German Chancellor) Helmut Schmidt and Valéry Giscard d’Estaing invented the ECU (predecessor of the €uro) to protect the European economy from the exchange rate fluctuations of the US dollar.

At that time, this original form of the common European currency was still pure book money, which was used exclusively for foreign trade and for which programs had to be developed.

It is the first project that flutters onto the desk of the new head of department, Lietaer, and for some time he believes that he has found the right design options here at the Central Bank.

But his hope of making a meaningful contribution to the positive development of the monetary system at the center of power is not fulfilled.

In a conversation with the head of the Bank for International Settlements (BIS) in Basel, de facto the Central Bank of Central Banks, he realizes that central banks are part of this vulnerable system that they keep going, and that they are not responsible for improvements.

auto translated from source:

https://web.archive.org/web/20140714172851/http://www.kurskontakte.de/article/show/article_40d2a6430ebeb.html

thanks to Elisabeth Gründler & archive.org

comment:

actually it is “easy” to create “a better world”

all that would be needed is

banks giving easy access loans to “good projects”

not “bad projects”

the GLS Bank is claiming to do this, but i do not think they are really doing a good job

“Greenpeace activists have landed on the roof of a European Central Bank building to protest the financial institution’s loans policy, which they say favors heavily polluting industries”

https://abcnews.go.com/International/wireStory/greenpeace-protests-ecbs-loans-carbon-heavy-industries-76358324

ECB injects over €7 billion into fossil fuels since start of COVID-19 crisis

Key findings

  • Between mid-March and mid-May 2020, as part of its response to the coronavirus pandemic, the European Central Bank (ECB) purchased corporate bonds to the tune of almost €30 billion.
  • €2.4 billion went into bonds of integrated, upstream and downstream oil and gas companies. The estimated carbon footprint of bond purchases of Shell – one of the most polluting companies on earth – Total, Eni, Repsol and OMV is almost 8 million tons of CO2.
  • A total of €4.4 billion went to utilities, with the bond purchases of prominent polluters Engie and EON alone contributing an estimated 3.2 million tons of CO2.
  • A further €5.6 billion went into industries such as aerospace, automobiles, cement, and other environmentally damaging companies, such as Airbus, Daimler or Peugeot.

Read the full analysis by Greenpeace Central and Eastern Europe.

Links:

The negotiations which led to the creation of the European Monetary System thirty years ago can shed light on the Eurozone’s current crisis

 

 

Larry Summers – “Key Figure in America’s Downfall”

don't kill em but lock him down for 30 years
don’t kill em but extend the “lockdown” for Larry to 30 years

https://en.wikipedia.org/wiki/Lawrence_Summers

Goldman Sachs: U.S. ECONOMY TO SHRINK 24% FROM APRIL to JUNE 2020

https://finance.yahoo.com/news/u-economy-shrink-24-april-155126416.html

The Declaration of Independence – for it’s age of over 250 years – was and still is (!) GREAT AMAZING MASTER PIECE OF CULTURE AND CIVILIZATION.

A beacon of light in the middle ages.

Now it seems the corrupting forces of capitalistic have worked steady on going back in time to the middle ages (PLEASE NOT AGAIN!) (corruption -> collapse -> say hello to the middle ages, rebuild from ash and rubble)

Maybe it is time for a new and better constitution for the US – that has CONCRETE DIRECT TRUTH SCIENCE AND EVIDENCE BASED LAWS for SUSTAINABLE SURVIVAL OF ALL MANKIND.

Since then… nobody is to blame but:

  • the reckless
  • the ignorant
  • the greedy
  • the corrupt
    • everything in the universe depends on a balance
    • when Trump prints $2Trillion new Dollars and hand them out IN SECRECY WITHOUT ANY conditions (to bail out wallstreet (“the cancer”) not mainstreet (the society/worker)) he makes a terrible mistake and just increased INBALANCE and DECREASED STABILITY
      • i expect Trump to step down in the next weeks for mishandling a massive crisis
      • Trump and other’s do not understand – they are not as important and mighty as they think – that without a rise in paychecks – without people working for it – money is worth NOTHING – it becomes paper without a function and purpose.
      • also:
        • Central Banks and
        • law makers
        • NEED TO REALIZE THAT ALTERNATIVES (biodiversity of monetary / cooperation systems = is good = more stable economy & society) ARE GOOD AND SHOULD BE ALLOWED

          • this also means: gov (of course should not over tax anybody) BUT NEEDS TO ALLOW/ACCEPT PAYMENT OF TAXES in many other currencies such as BitCoins
        • ALLOW ALTERNATIVES TO FIAT CURRENCIES OR RISK SOCIETY COLLAPSE
  • have killed the American Dream. (some are still fighting… like Elon Musk)
https://finance.yahoo.com/
https://finance.yahoo.com/ live stream

for me: it is a crisis of ignorance = STUPIDITY (not bliss) and lack of education

If you want to kill a country – kill it’s education system.

Because in a society full of idiots – what do you think will happen?

Shit will happen. A LOT OF SHIT.

USA… sorry to say but… unless USA can do the turnaround and become a beacon of light again – refugees will be the least problem – Nobody will want to move there anymore.

My sincere sympathy with the US Jills and Joes of mainstreet.

Part1: the problem

Mother nature is stronger than the US-president and capitalism – or any human made system.

Mother nature can snip with her fingers.

And that was it for species mankind.

Mankind has been arrogant.

The question is: Can mankind learn fast enough from it’s past mistakes – to evolve – to something truly educated – truly developed in spirit mind awareness intelligence and so on – or will mankind never take the leap?

And just implode as capitalism does over and over again.

Everyone thought (again like 1929) the wall street tower of Babylon would grow beyond the sky.

https://www.deviantart.com/ttacp/favourites/40256678/Tower-of-lies
https://www.deviantart.com/ttacp/favourites/40256678/Tower-of-lies

But it does not.

All those highly studied and trained economics and analysts made us believe – this system – that produced massive amounts of traumatized people and raped landscapes – is somehow “just” and “working great” and bringing prosperity and freedom to everyone.

(well it did work for some people for a few years – and yes – China’s move from communist dictatorship to communist capitalist dictatorship has allowed many poor people to earn some money and buy a fridge or a motorbike or whatever they wanted)

In the end – those highly studied economists, analysts bankers and lawyers are just follower of a very very bad religion called capitalistic egoism.

The money religion with it’s devastating effects on the human spirit.

It turns caring people into assholes.

And guess how fucked up the world will look then?

Especially Mr Trump and many private bankers who thought they are god or godlike.

Now mother nature shows them their limits.

Capitalism proofs to be the poker card house that implodes like a over inflated balloon at the slightest crisis.

Crises are part of capitalism, they say.

But crises are just shit, as shitty as Windows 95 was.

If someone told you: “Windows 95” is the best opreating system in the world and there will be no other operating system.

Well… then mankind would be doomed. X-D

(productivity of mankind would be severely hindered… i could not type this long text without frequent reboots crashes and loss of all data X-D)

Capitalism crashes all the time – the question is not if – but when.

The state / Bundesbank may no longer print cash money, the ECB / La Garde has this right.

La Garde is a studied Lawyer that took an internship in the US, worked at the IMF (a largely US institution).

How much innovation can you expect from a lawyer?

Not a lot.

Also: Who’s orders is she following? Who does she report to? I do not trust her – neither did i trust her Italian predecessor.

Analysts gain, scream out to politics/the state to fix the problems of capitalism:

The state can “steer” capitalism and society via taxes.

Unfortunately the EU and the US states have failed to do so (because they are big company lobby controlled) as can be seen on the matter of Tax Justice (see Amazon Apple and co.)

Billions lost due to tax evasion (source: 2016 Statista / EU Commission)

France: € 10.08 Billion
United Kingdom/GB/UK: 8.52 billion €
Germany: 7.22 Billion €
Spain: 3.19 Billion €
Sweden: 2.71 billion € (IKEA!)
Netherlands: € 2.04 Billion
Belgium: € 2.01 Billion
Italy: 1.73 Billion €
Total: 37.50 billion € for these 8 countries per year!

Cash (ECB) printing money helped get private banks back on their feet in 2008 (many large companies like GM have also received government loans), but can it help this time?

The Bloomberg analysts say: no. This time the economy has to be stimulated by the tax(facilitation)side.

However, since the states are still working on the debt reduction of the last crisis, they can no longer hold forth as debtors of a FIAT (it will be light/it will be money) system.

It is as feared that modern Turbo capitalism is a (Poker)House of Cards.

Built more on Profit madness than on reason.

Some even predict in 1970 the end of the FIAT Euro and FIAT USD and that now a US-EU Bitcoin Blockchain currency “the Phoenix” could come.

(the amount of Bitcoins is not arbitrarily multipliable, but you can divide a Bitcoin trillions of times… X-D)

The DMark, by the way-was one of the first FIAT (covered by the central bank without Gold) issued currencies.

Nobody thought this would work for a long time.

But it did, because people worked hard for the paper money, even if it was just paper.

Not Gold but the value of labour – that was what gave value to paper FIAT money.

We all wish that good ideas can be implemented, but FIAT money rarely arrives in the real economy.

Seen in this way, the private banks have dug their own grave.

Unfortunately, the Elon Musk is also now in a sense under the economic crisis, because a high oil price is good for the e-mobility Alternative.

This means that there has to be a money System, where each state makes suitable (completely different) rules for itself and is “the lender of last resort” and no more dependence on private banks and Banking can arise.

But so far it has been like this: that “the system” (ECB and also Merkel: “whatever it takes”) has supported the private banks. (except for Lehmann Bank, which the US State “symbolically” let go bankrupt, in Germany all banks were bailed out).

The analyses of some private banks in this case JPMorgan are absolutely self-glorifying: “you can give the rich the freshly printed FED and ECB money, they don’t spend it, if you give the poor 0% credit, they would spend the money and there would be an Inflation”

AHA.

But if the rich don’t spend the money, then the economy can’t get started either.

Absolutely stupid and short-sighted statement, an analyst who certainly deserves well at JPMorgan.

But you notice: it is not thought holistically.

Everyone just sees his perspective.

Part1: what can be done?  possible solutions

New holistic systems must be conceived and implemented.

This can happen on countries and even county or city and village level.

But it should happen.

The governments of this planet – if they still have a spark of intelligence-should promote their citizens in it.

And yes: the system of government, democracy, also seems to be in a state not conducive to the population.

Here, too, new forms of government should be experimented with at the regional level.

What is not only clear since yesterday: the current form of democracy tends to make unwise to incompetent decisions and is driven by lobbyists, massively susceptible to corruption and not very innovative.

So: capitalism collapses on itself.

How often can it be repaired?

ECB FED BitCoin are NOT the solution but another step towards 1984 digital dictatorship.

 

Part2: auto translated article from:

Finanz-Szene.de:

by Christian Kirchner

13 March 2020

“Two things should be clear after yesterday.

First, markets, banks, Fintechs and, of course, the real economy are experiencing a new “Lehman Moment”.

Yesterday’s price reductions at Deutsche Bank (-18%), Commerzbank (-21%) or Wirecard (-18%), for example, cannot be explained by short-term exaggerations alone. Instead, they reflect the fact that public life and thus large parts of the economy could be paralyzed for weeks, if not months, because of the Corona Virus.

And secondly: In a world in which the American president is imposing an entry ban for people from all over continental Europe without prior consultations – in such a world, therefore, one should not count on an internationally coordinated anti-crisis policy. Neither in the fight against the Virus, nor in terms of helping the sick, nor in terms of any economic measures.

Which brings us to the banks.

Because: whether people like it or not, the Corona crisis is also a banking crisis. Which of course does not mean that a Deutsche Bank, a Commerzbank or a Sparkasse Hintertupfingen deserves the same solidarity as those directly affected by the Virus out there. And yet, what was already true in 2008: when the banks crash, then we all crash. Which is why we have to ask: what is to be done now so that this does not happen?

In any case, the struggle for existence has begun. After all, even if the capital and liquidity ratios may read well on paper, even if yesterday’S ECB easing measures are rather underestimated – whether the (German) banking industry would pass the real stress test that is now coming to it without external support, this can be doubted. Or to put it more clearly: anyone who earns hardly any money or even suffers severe losses at the peak of a business cycle and with record-low loan losses, simply has to reckon with the fact that he could get caught up in the crisis that is now unfolding.

Unless a miraculous”V” recovery begins, the banks and savings banks will soon have many loans flying around their ears. After all, complete industries such as aviation, tourism or the oil and gas industry are facing highly uncertain months. And the same applies to countless small and medium-sized companies in particularly affected areas such as gastronomy, Events, trade fair construction. Not to mention the losses on the stock market. Or the consequences for consumption.

Banks will have to write off securities holdings, customers will have completely different concerns than to give the banks commission business. Too dark a scenario? Perhaps. But the capital markets, with discounts of 20%, are pricing in just that within hours.

The history of the Corona Virus is the history of an underreaction in Europe. This is precisely what the German and European banking sectors cannot afford, namely an underreaction – because the potential consequences would be fatal. The banks are vital to the functioning of our economy. That is why we must be 100% sure that the banking system will work in the crisis we are currently being thrown into. Otherwise, a total economic standstill threatens.

Hoping for the best will not be enough. You have to expect the worst instead. In case of doubt, this can also mean the need to accept industry-wide liquidity support and capitalisation measures. Stigmatisation as in the Lehman era must not exist, nor must small states within the three pillars, i.e. private banks, savings banks and comrades. It is to be hoped that the politicians (even if they have completely different concerns at the moment) understand this. And that the banks themselves understand it.”
auto translated from: https://finanz-szene.de/banking/diese-krise-ist-auch-eine-banken-krise-drum-whatever-it-takes/