Customer Reviews:
Showing reviews 11-15 of 29
 A fresh take on money June 29, 2009
Kevin Collins (San Francisco, CA USA)
0 out of 1 found this review helpful
Thomas Greco brings a creative and refreshing perspective to the ubiquitous use of money. He's clearly an independent thinker (this is no rehash of Das Kapital nor a call for gold-backed currency) who has spent a lot of time on the subject.
He criticizes the reckless issuance of money for political rather than economic reasons, and he advocates for money creation based solely on actual economic exchange rather than as a (political) tool to inflate bubbles, enrich the banking industry, etc. On page 122 he writes: "Credit money can be perfectly sound if properly issued on the basis of an adequate value foundation, like goods in the shops or on their way to market."
So far, so good!
Greco then goes on to advocate for the end of "legal tender" and the beginning of privately issued currencies similar to national currencies presently used/traded. The plan is built around his "separation of money and state" goal, but it remains unclear how these private currencies will be regulated/enforced (the issuer is required to accept the currency at par value, for example) if the government is not involved. And if the government is responsibly involved, why not reform the government to issue a single currency more responsibly/equitably? Nor does Greco address the individual's problem of keeping track of multiple currencies/exchange-rates/etc and the accompanying potential for exploitation. If you subscribe to the The Paradox of Choice: Why More Is Less channel, adding a bunch of currency options to an already dizzying array of product choices may not be an overall improvement.
Greco maintains an ideological tone that is a bit alarming. For example, on page 230 he asks "What needs to happen to reverse the destructive and despotic trends, and prevent our sliding into a modern form of materialistic feudalism?" Yikes! But the content itself is more nuanced than the rhetoric and I find many of his insights and ideas compelling and inspiring, if not completely refined. I also appreciate his forward-focus and generally positive approach to our current money mess.
For those looking for a more mainstream critique of our money system, I recommend Paul Krugman's The Return of Depression Economics and the Crisis of 2008 - for those seeking something further afield, I recommend this book.
 Show Me The Money June 28, 2009
Michael Foudy (Falls Church, VA USA)
2 out of 2 found this review helpful
Almost a month ago I was given a book by its author. His name is Tom Greco and his book is "The End of Money and the Future of Civilization." I thought I'd read the book casually, skim most of it and then say something nice to the author. The bottom line is that I just finished the book yesterday. I became fascinated by it, read it carefully, savored every page and came away from the experience far more enthusiastic about the book than I am for our modern financial system.
Unlike most books about money it doesn't serve as an alternative to a sleeping potion. Unlike most books about money that identify the problems with our monetary system, "The End of Money..." not only defines the problems but also identifies the solution to the current crisis.
The book is readable, entertaining, enlightening and understandable to anyone, not just monetary students.
Tom Greco strips away the mysteries that blind most of us to the functioning of debt money and fractional reserve banking. He explains how money is created by monetizing debt and the resultant twin imperatives for ever more debt and unsustainable growth to feed the insatiable demands of compound interest.
But then the book gets really interesting when Greco shows that there are various alternatives to the current debt based monetary system that address its defects and offer incredible promise of enabling a healthy, prosperous and sustainable future for all. And, these alternative systems aren't something that Greco dreamed up or that have never been tested. Rather he describes and demonstrates several examples from around the world that have survived, in some cases for decades. Greco also provides a candid description of the problems alternative monetary systems must confront, including many that are self inflicted by the organizers and users of the systems.
Thomas Greco is no dreamer. He is a realist and the work he has completed offers a clear and honest evaluation of the current situation, the dangers that ultimately could threaten civilization and the hope for a reasonable future. In short Greco is not just willing to say "The Emperor has no clothes." He also showed me the money, warts and all.
If you really want to understand money, the problems with money and solutions to enable civilization to prosper, read "The End of Money and the Future of Civilization."
You need to know this information, understand it and act upon it.
 Errors in Reasoning but Thoughtful June 27, 2009
Tahir J. Naim (California, USA)
5 out of 8 found this review helpful
Greco provides some good background (and cites Jack Weatherford, an anthropology professor at Macalester College, so I appreciate that) on the transition from an gold-backed currency to a fiat currency. He says he's not advocating a return to gold/silver, but explicitly backing the currency with a variety of commodities/services is unwieldy if not ridiculous. In fact, that essentially is what we have nowadays. A dollar is valuable because of the goods and services you can buy with it and other currencies are discounted in relationship to it in light of their acceptability for those goods/services. The dollar is the world's reserve currency also because the USA is a wonderful place to live and with enough dollars anyone in the world can live here under our immigration laws (last I checked, US$1MM gets you in legally). Our military might and willingness to use it further fosters acceptance of our currency elsewhere in the world.
Greco's community clearinghouse proposal is a valuable reminder of an insight that goes back at least to Looking Backwards written by Bellamy in the 19th century. What Greco should have proposed as a form of currency for credit clearing is our time. Economic activity at heart is the use of our time to produce goods and services. Ergo, we should all be credited with time (say the hours in a year). The radical notion in that is it recognizes that all our work to make this society function is valuable. I'm looking forward to seeing Greco develop this in his next book.
The future is nigh! June 27, 2009
JSBM (San Diego, CA)
2 out of 2 found this review helpful
Okay, okay, that's nothing new; we're always on the brink of the future, but as Thomas H Greco, Fr. has made clear in "The End of Money and the Future of Civilization," that future is very bright. In "Future," Greco makes the case that we're on the brink of a revolution in money and, thus, the precipice of a new, more egalitarian, more responsible, and more fulfilling existence (quite a claim, I know).
The author reviews the current state of the economy with a history of money, government, and banking with a fairly easy-to-understand style mixed in with a touch of conspiracy theory about the bankers that control the entire system. His take: a few bankers are control of the central banks of the world; the central banks control the governments, the governments control the people. We can bypass all that control by making our own money, as Greco recommends: Mutual Credit Clearing associations that allow people to trade goods and services without relying on money (which is affiliated with the current power structure).
This book is well-thought-out, inspirational, and could lead the way to the dawn of a better world. The structure of the book is a little out of whack and could be better organized to allow readers unfamiliar with the banking process easier access to the information, but all in all, this is a highly recommended read.
Get the book, take it in, and help bring in the future.
Great premise June 22, 2009
Nancy C. Churchill (Princeton, IL)
2 out of 2 found this review helpful
An insightful review of the problem, and a very serious cerebral approach to a solution. Unfortunately, the solution does not take human greed and power grabs by the ruling cartel into account. We are at the Wilbur and Orville Wright stage of finding a solution to this problem. It's important work, as the future of civilization is indeed at stake. I highly recommend this book as a starting point.
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