Abolish Usury Forever – How and Why?

Posted: November 10th, 2011 by Militant Libertarian

from UsuryFree

The advent and sporadic success of the usuryfree community currency movement, with its emphasis on restoring and re-building the spirit of local communities is timely indeed, as it offers a worthy alternative at a time when our orthodox, economic system of debt-money is in embarrassing disrepute and fast decline.

The usuryfree community currency movement must be regarded as a testament to the reality of the possibility of usuryfree living – the ultimate experience of peace, prosperity and abundance for all who choose to participate.

Why and how did the usuryfree community currency movment surface during the last quarter of the 20th Century? The usuryfree community currency movement was birthed in the early 1980’s when interest (usury) rates skyrocketed to over 20%. This modern version of “bartering and trading” was launched in the Comox Valley on Vancouver Island in British Columbia, Canada with a usuryfree community currency known as “greendollars.”

Michael Linton designed a software program which he referred to as the LETS (Local Employment Trading System) software. The usuryfree, LETS software permitted the participants to list their “offers” and “requests” on a local database. The units of trade were called “greendollars.” One “greendollar” was equivalent in value to one Canadian dollar. Since the launch of “greendollars” countless usuryfree community currencies have been launched all over the world.

Initially, a telephone answering machine recorded all of the trades or exchanges ngeotiated by the local participants. On a weekly basis, these recorded trades/exchanges were transcribed from the telephone answering machine and recorded on the LETS software program.

On a monthly basis, each participant was mailed a copy of their statement of “greendollars.” This statement showed each of the “debits” and “credits” for all of the transactions negotiated during the month. There was a final balance also. These statements resembled the monthly statements from the commercial banks. However, there was one major difference.

The key element that distinguishes the LETS software from the software used by the orthodox, banking empire is its usuryfree element. The function of interest (usury) is eliminated within the LETS software. This simply means that no “interest” or “usury” is paid on any account with a positive balance and no “interest” or “usury” is exacted on any account with a negative balance. Economic statements, minus the function of “interest” or “usury” equals fairness with abundance and prosperity for debtors and creditors.

During the early years of the usuryfree community currency movement, many of the participating traders never understood the revolutionary implications of their circulating “greendollars” – being free of interest (usury). Over the years, the issue of the evil and immoral effects of the design flaw of usury on our orthodox, economic system of debt money has tested our conventional understanding of modern money creation as it was (is) taught by our institutions of formal education.

At issue here, is the falsehood that debtors mistakenly accept as truth. Actually, there are two elements of the common falsehood: (1) creditors (banking institutions) never lend out depositors’ funds and (2) neither do creditors create and put into curculation the interest (usury) portion of any loan or mortgage. This alone causes the forever shortage of money causing debtors to seek more loans – causing a vicious and never-ending interest (usury) spiral.

As we progress into this 21st Century, more and more debtors are awakening to determine that our orthodox, economic system of usury-based, debt money is designed to keep debtors in financial bondage to creditors for generation after generation.

Today, the idea that we-the-people (the debtors) can create and spend our own usuryfree community currency is a concept that empowers us to launch our own “economic lifeboats” now so that we will be ready when their (the bankers’) usury-based, economic Titianic goes down.

Here is an empowering thought. If instead of floating a bond and payng interest (usury) to bankers, a rural municipal council voted to implement The Innovative Proposal whereby the municipal council agrees to accept a usuryfree community currency as partial payment for property taxes – what would happen?

It is almost certain that when the first municipality dares to create and spend a usuryfree community currency, other municipalities will beat a path to their door and ask: “What are you doing and how are you doing it?”

In conclusion, the only certain method of abolishing usury forever is committed, economic action about usuryfree living at the grassroots level of society.

Whether the current “Occupy Wall Street” (OWS) movement will recognize the power and potential of we-the-people (the debtors) creating and spending our own usuryfree community currency and embrace the usuryfree community currency movement remains to be seen – but it is probably our best hope to usher in a new age of usuryfree living.

The OWS movement, must be fully aware of the perfected strategy of “problem, re-action, solution” as it applies to advancing the agenda of their New World Order. The strategy of “problem, re-action, solution” has been (and is) masterfully integrated with the intention of sabotaging protestors that know something is wrong, but they have no real solutions to offer. After there has been re-action to the problem, the New World Order advocates will offer a solution that is perceievd to be for we-the-people, BUT in fact, it will ultimately foster and support their New World Order mission.

The usuryfree community currency movement will have to assume a leadership role and exercise the positive and beneficial elements of abolishing usury forever while modelling the reality of usuryfree living within our respective, local communities.

Indeed, there was “Life Without Usury” and there will be “UsuryFree Living” once again in this 21st Century.

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