Symposium "Sustainable Society" : 2. Enrico Caldari - "What is money?"

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Event organized by Zeitgeist Movement
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Verona, November 19th, 2011
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Symposium "Sustainable Society"
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Then, the first speaker is Enrico Caldari
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marketing expert, new medias, independent researcher
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Since 2005 he has concerned with monetary systems
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and since 2010 he has also been popularizer, speaking to public
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with a series of lectures entitled "What is money?"
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and his facebook page "Kaldari Report".
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He graduated in Statistics in Bologna
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and in short, he does a lot of researches and interesting works.
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We're not to be here redundant, get him come on the stage
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and he will explain us what is the money. Thank you everyone.
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- Thank you very much, Federico.
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Thank you everyone.
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I say it's a particular emotion for me
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talking to all of you.
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but I'll say the truth: I think i'll enjoy myself a little
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and i will also entertain you a little.
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As Federico has already said, i have made so many things in my life
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As all of you, we say that, I had to engineer myself
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to gain some money to live.
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Indeed, i ask you a question.
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How many of you need money to live?
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Then I will change the question.
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How many of you do not need money to live?
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I don't see anyone!
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All right. In 2005, you can see the date written on a small scale there
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I have just started to deal myself not so much about money I was doing,
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about amount of money I was doing, but on quality of money
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i was using and that we all use.
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about the nature of money.
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So I started to explore the theme and some years later
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some people have asked me to talk about that.
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to talk about that around and therefore
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I have put together a series of topics
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that in the last 10-12 months i have brought around Italy
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and even England
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talking about a range of issues related to money.
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For example I talk about origins of the monetary system.
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on reason the nature of money is connected to current crisis
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that is a economic, social, environmental crisis
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and I would add spiritual crisis too.
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and then how to change the money could be a solution
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this is, in my opinion, the first solution.
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Since we suppose that
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all of us use money we know what it is
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I ask you a first simple question.
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Who creates the money?
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Then, i'm sure the guy in front of me
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has tried to print some money in his garage
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but surely the tobacconist on the corner has caught him immediately.
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Obviously the correct answer is: central banks.
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Who creates the money?
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[Central bank]
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Wrong!
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Now i think to understand that we need to deepen the theme for a moment.
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Then, what you can see here is an graphical exemplification
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of our amount of circulating money in our society
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what we all use and it is divided into two parts.
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look, there is a tiny green part and a larger dark green part . Ok?
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What are these two parts?
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Then, the tiny green part is money created by central banks
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instead the dark green part is credit.
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What is credit?
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credit created, we say, provided by commercial banks, by private banks.
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Then, I ask you a question.
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If me and the guy here
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who has had problems with tobacconist
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we have a business relationship.
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I have a credit on him, okay?
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What has he got on me?
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So if that 95% is credit, necessarily it corresponds to a debt.
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ok? But there is a "but" ...
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this debt will be repaid with interests.
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Then, this very easy mechanism to understand
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is the reason whole basis of circulating money has to grow
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because to repay the debt which it is composed
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as we should also repay all interests
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Now i don't want to bore you, but the basic concept is that
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today almost all the circulating money represents a debt
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that we have to repay with interests.
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This is, I quote a source of my assertion
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is the last book by Richard Werner and Josh Ryan-Collins.
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i also met him in London
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and the book is titled "Where does money come from"
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"Where does money come from", released in September of this year
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and it is one of the most complete pubblications
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released about this issue in the last years .
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Now, you will return to home tonight
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I take my fried here as example again
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he will return to home this evening, he will meet his father in law and he will say him "Dear...
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What is his name? There's no father in law, let's call him Mario.
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"Dear Mario, you know that today I have attended a conference
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in the centre of Verona, at the cinema, there was this guy is from Romagna.
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He has said us that most of the money
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is not created by central banks but by commercial banks
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as credit, as a loan and they get it out of nothing.
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What will Mario tell you?
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This is not true, is not possible. I have got bills in my pocket
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and there is written on central bank, it's not possible.
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Then, but the guy from Romagna has quoted us other sources
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for example he has quoted the chief editor of economics section
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of "Financial Time" , in 2011 he declared:
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"The essence of the contemporary monetary system is the creation of money, out of nothing
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by private banks' often unruly lending."
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The original adjective is "foolish" ...
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Mario will say " Irritating journalists, one who says one thing
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and one who says different things i don't trust, for heaven's sake
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i wonder who that boy is".
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So then I will quote another example.
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This is an official document instead
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is the quarterly bulletin of the Bank of England
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Third in 2007, there is written on:
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"The most important role to create circulating money is covered by the banking sector"
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"When banks make loans, they create additional deposits for those who get into debt."
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And Mario says
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But the world is based on dollars, not on pounds
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who cares if Bank of England said it.
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But, be careful, because if even we talk about dollars
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there's for example the document by Federal Reserve Bank of Chicago
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entitled "Modern Money Mechanics" of '61
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where is written:
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"The actual process of money creation takes place primarily in the private banks. "
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And Mario says: "But that's an old document, it's of '61"
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Then, let's carry on.
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However it was updated and republished in 1992
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so anyway ...
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"but we are in Europe, we use Euro. Who cares about dollars?"
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Then to conclude:
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"In the the 'Euro-system the currency is created primarily through the expansion of credit bank the commercial banks can create money themselves"
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That is a document by Bundesbank entitled "Geld und Geldpolitik"
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Does anyone know Geman? I don't, but i know what it means
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"Currency and money policy"
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Now, my friend's father in law here what will he say?
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"You're communist"
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Because then all arguments are finished
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or alternatively "you are fascist"
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"you are an anarcho-insurrectionist"
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"you are a conspiracy theorist"
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but what gives me more bother is..
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when people say ... i have now overcome the others
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but when people say "you are pessimist"
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As those are just quotes from books and documents
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let's look at some real things.
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For example, this is the Wikipedia page
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describes the economy of Greece.
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You know that Greek is bottom of the class.
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It has created many problems in the world economy
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many fears and concerns, and i would say
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in 2010 the greek government deficit was 26%
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that is the greek government made 100 and spent 126
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Obviously the rating agency's rating was the worst possible
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bottom of the class: CCC-
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But let's look at first of the class, United States.
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I have a looked at the same information again of 2010
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and i have verified it, the budget deficit in 2010.
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Then i have discovered what no one had never told me
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reading newspapers, listening television, books ...
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in 2010 the U.S. deficit was 59%
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The U.S. made 100 and spent 159
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more than double of Greece.
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Guess what the rating of U.S. government bonds was in 2010.
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AAA+ is not a laugh but it is precisely the best possible rating.
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Then, we are starting to understand somethings
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to begin with it is not clear how rating is got by rating agencies
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and this is a separate problem, however, what we begin to understand
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is the problem of budget deficit of the states i would say
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maybe it' s a "structural" fact, because a deficit like that is not usually done in one year
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is not that what was unlucky one year, okay?
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In fact, if we look at history a little
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this is here the trend of the total debt of United States
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not only as a government, because someone might say that
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governament gets debts, but the companies don't get debts.
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It is not true, this is the total aggregate debt of United States
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from 1955 to 2010.
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Do you see that red line? It's the structural trend of debt
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It rises, okay? From 5000 billion dollars has exceeded
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55.000 maybe 60.000 billion dollars
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So clearly, a structural trend.
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Now, returning to the origin of my talk, we have said that
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whole circulating money represents a debt
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It must continue to grow
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because to repay this debt with interests
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we need more and more money.
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So the economy using money must continue to grow
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We know that economy to grow , needs more and more money.
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Why does the GDP grow? How does the GDP
grow?
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Surely exchanging more money faster
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It's a way, but the quantity of money must increase.
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So clearly this kind of sistem faces
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a structural limit, that is, if we have seen
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the continuing growth of total debt
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the economy must grow continuously to repay the debt
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There is a problem i would call Planet Earth
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Planet Earth, where we live, is one and also limited.
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So think about doing a constant infinite growth like that
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on Planet Earth, perhaps it means to face with a structural limit.
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Which is the other limit? If we continue
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to increase the total debt with new deficit every year
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clearly the expenditure to pay the interests, what will it do?
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It will increase. Current expenditure, the salaries of politicians
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maybe we compress it a little
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but what is trend of investment spending? It falls.
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So which is the other structural limit of this system?
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Clearly it is if the debt continues to rise
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and we have to pay the interests
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sooner or later we'll pay only the interests.
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Now very fast question: what do you think is
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our economic system name?
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Monetarism, market economy, free market.
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Honestly I don't very interested your thought
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what i think is in my opinion
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the system name is "debt based economy"
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Now i ask you, What is the end of this kind of system ?
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I don't think about it just me, surely there is also someone else
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but surely it won't make a good demise.
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Now the question is: do we want to make his own demise?
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to be buried under that mountain of debts
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or we want to choose ourselves, maybe to bury it
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and to invent ourselves something new.
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Now to do that, let's look back on logo that i use on my blog
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is pronunced Kaldàri
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I left this little writing on it
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on the 1 penny coin "We trust".
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Whole our monetary economic system
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and then our lives are based on trust about money.
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Today that confidence is used a little surreptitiously
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but it can also be used in a more useful and sustenable way.
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That is Island of Guernsey between England and France
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At the beginning of 1800 Island of Guernsey had a serious problem.
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A total debt of 20.000 pounds.
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on which it had state public revenues
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we can say it was a small town, of 3000 annual pounds.
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that had interests on debt of 2.400 pound a year
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That means there was 600 pounds
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to make investments and pay salaries.
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They didn't pay salaries, they had a serious problem.
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moreover they had decadent public structures
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the sea eroded the coast
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so they had a serious problem.
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They had to invent a way to resolve it
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without asking to borrow more money
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becouse otherwise they wouldn't be able even to pay interests
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and without charging other taxes to the popolation
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that already was at the limit.
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What did the people from Island Guernsey do in 1816?
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A very simple thing, they took small pieces of paper
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they wrote on "One Pound"
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and "State of Island of Guernsey"
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and they spent them.
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Without borriowing or otherwise.
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They took small pieces of paper and they wrote on them "One Pound"
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and why did they take them? To pay the people
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who were unemployed to get them to go and to cut the trees
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reconstructing the structure of the market, the barriers to the port
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and the economy restarted, okay?
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This is defined The Guernsey Experiment
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it is mentioned in several documents in the following years
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also in 1900, so i quote for example 3
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and it is remembered as the story of Island of
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Guernsey that just created his own currency
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no cost to the taxpayers and establishing a prosperous community
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free community from debt.
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indeed thriving community, prosperous means another thing.
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Free community from debt.
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Then, the people in Island of Guernsey understood
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a very very simple thing
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the currency that all of us know
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as a way to exchange value and to save value.
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Actually it has another function very much more important
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that is the stimulus to the social development
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that we measure as economic growth.
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Now, because this thing here ...
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Here there are economists, sure. How many economists are there?
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One. Good, worse for you.
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Then, Which is the speech?
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That they did this operation
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they printed tens of thousands of pounds
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they threw them on the market, they bought the work
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and there was no inflation on the island. But how?
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If one prints currency, prints more currency out of nothing this creates inflation
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Why was there no inflation, for a very simple reason
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Because they invested to make useful things, productive activities
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but what happens if you print money and use it for example
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to mop up all the gold there is on the island?
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So as everyone seek it, and no one find it and they are willing to pay more
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and the next day they will sell it at a higher price.
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What is this name?
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Clearly they didn't use that money to do things like that
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not for speculative activities.
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Now i ask you a question, the quiz of the morning
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just to wake up who already has signs of slowing
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Can you imagine at 7 tonight. Then, question:
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What is percentage of loans provided by banks for productive activities today?
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Swich on it?
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8%
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Obviously this refers to the UK market
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The european figure is a little difficult to assess
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but it was mentioned by Ben Dyson at the conference in London
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where i was time ago, where
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he is Ben Dyson of Positive Money
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who i met him, really a smart boy.
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He also mentioned the governor of the Bank of England on 25th October 2010 he said:
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"Of the many ways in which to organize the banking system what we have today is the worst"
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I didn't say that. I'm pessimist/conspirator
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Now, the question is
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but how can we resolve this problem we have today
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that is, the debt which is literally overflowing and flooding us?
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Then, the first part of solution i descrive summarily
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in my lectures sure is to do like the island of Guernsey
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breaking the link between the money emission and debt
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You'll say "but it's a very simple thing, maybe too simple"
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So you say " let's make a monetary reform
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we report the money emission to the state
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or to a public body, we say.
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Sorry, but at the beginning you have said that ...
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Who creates the money? The Central Bank.
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What is the Central Bank? A public body.
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So i..
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but in theory you should to think it's a public body
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I have learned so.
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Then i'm just saying :
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we do as all of us believe
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we report the money emission to the hand of a public body
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in order to break the link with debt.
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And you'll say ...
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you say all these things but someone else has thought about it, right?
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In fact in '80 years when the 500 Lire note was circulating yet
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you could see a substantial difference compared to 1000 Lire notes
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on 500 notes was written "Italian Republic State ticket legal tender"
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while on 1000 Lire notes was written "Bank of Italy"
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Where is the difference?
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Then, the 500 Lire notes with on written "Italian Republic"
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were printed by state and were expended, they did not represent any debt.
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while if you read "bank" ...
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What do banks do?
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Question to guy here below:
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what does the tabacconist on the corner do, what does he sell?
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What does tabacconist sell? What does a grocer sell?
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No, that one is a pusher.
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What does the tabacconist sell? The cigarettes.
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Then, what i ask you is: What does the bank sell?
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The credit, that is debt. Then if you read "bank"
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it means that someone has sold a debt to someone else.
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So this thing was done
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it's not invented by me, i will tell you more.
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In England the guy of Postive Money, Ben Dyson
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collected some documents, he wrote a good book
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and he managed to convince two british parliamentarians
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Labour Michael Meacherand and Conservative Steve Baker
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respectively to the left and right, because they are the left and right
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both to support the currency reform proposed by Positive Money.
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What does it propose as a first step?
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Exactly what we have said
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to bring again the money emission to the hand of the state, to public body
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not to Berlusconi or Bersani, clearly
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to a public body which is able to value the impact and to do that
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So this proposal is in the hands of two parliamentarians
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Last Wednesday Ben and Josh Dyson
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the writer of the book I have just mentioned
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they also met other parlamentarians behind close doors
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at the British Parliament, to propose it.
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So this is not something invented by me, I come from Romagna.
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Then obviously there are other points for a proposal of monetary reform
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i propose at the lectures such as point for reflection
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today there is no time, i have already breached the 2 minutes and 30 seconds
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and then tomorrow if there is time at the meeting that will continue tomorrow
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but now to conclude i quote a saying i really like
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"think global act local".
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We have talked about this issue of debt
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of monetary system at the global level
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But what can we do now?
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Then, i and my friend Lore Prod
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he is an artist and graphic designer from Romagna
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we do great drinking
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we have created a manifest. This manifest tries to do
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what i think it is necessary to do now.
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that is to focus the attention on issue and solution
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on a possible solution.
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What is the problem today?
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All currency is debt today, it is emitted by private banks
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is encumbered by interests and can only grow.
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What, money or debt? They're the same thing.
24:23 - 24:26

What is right asking? Correct is asking
24:26 - 24:31

to bring again the money emission that we all use to the public hand.
24:31 - 24:33

The money is a tool not the purpose.
24:34 - 24:37

Then you can see archetype combination
24:37 - 24:41

dead and life, disorder-order, gray-color
24:41 - 24:42

In short we have worked a little
24:42 - 24:44

if someone here does communication sciences
24:44 - 24:47

He can write an article.
24:47 - 24:52

I'll also tell you, finally what is meaning of that hummingbird up there at the top corner.
24:54 - 24:56

I tell you a little story about hummingbird
24:56 - 25:00

Then, there is a bug large forest fire
25:00 - 25:03

all animals are fleeing included the lion
25:03 - 25:07

is running away from the forest and crosses a hummingbird
25:07 - 25:11

that is flying in opposite direction with a drop of water in its beak.
25:11 - 25:14

Lion looks at it and says:
25:14 - 25:17

"Hummingbird, where are you going with that drop of water?"
25:17 - 25:21

hummingbird looks at it again seriously and says:
25:21 - 25:24

"I don't know you, but i do my part"
25:25 - 25:27

Thank you and i have finished with this.
25:27 - 25:35

applause
25:38 -

www.societasostenibile.org

Title:: Symposium "Sustainable Society" : 2. Enrico Caldari - "What is money?"
Description:: http://www.zeitgeistitalia.org/ | http://www.societasostenibile.org/it

Pagina ufficiale di Enrico Caldari
http://www.facebook.com/KaldariReport

Slide interventi relatori
http://www.mediafire.com/?s42d282ibha74li

"Cos'è il denaro?" e "Un denaro nuovo per un mondo nuovo"Sul perché la natura del denaro (e non la sua quantità) è la causa più importante degli attuali problemi di sostenibilità ed equilibrio sociale, e su come una (semplice) riforma monetaria può contribuire efficacemente a risolverli, subito.BiografiaEsperto di marketing, nuovi media e ricercatore indipendente, dal 2005 si occupa di sistemi monetari e dal 2010 è anche divulgatore, rivolgendosi al pubblico con una serie di conferenze intitolate "Cos'è il denaro?" e con la pagina Facebook "Kaldari Report".Laureato cum laude in Scienze Statistiche a Bologna, ha poi frequentato un dottorato di ricerca in Sociologia e Ricerca Sociale a Trento. Negli anni di studio ha collaborato con un importante istituto di ricerca bolognese, occupandosi di comunicazione politica, e ha scritto per uno dei primi quotidiani locali online italiani. È poi stato amministratore locale, occupandosi di sviluppo territoriale e promozione turistica, e ha ricoperto ruoli di responsabilità in ambito aziendale, nel settore marketing e vendite. Non ha mai smesso di girare l'Italia e il mondo, per studio, lavoro e ricerca, e di interessarsi per passione anche a musica e arte contemporanea.

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Video Language:: Italian
Duration:: 25:48

	Retired user edited English subtitles for Simposio "Società Sostenibile": 2. Enrico Caldari - "Cos'è il denaro?"
	Retired user edited English subtitles for Simposio "Società Sostenibile": 2. Enrico Caldari - "Cos'è il denaro?"
	Retired user edited English subtitles for Simposio "Società Sostenibile": 2. Enrico Caldari - "Cos'è il denaro?"
	Retired user edited English subtitles for Simposio "Società Sostenibile": 2. Enrico Caldari - "Cos'è il denaro?"
	Retired user edited English subtitles for Simposio "Società Sostenibile": 2. Enrico Caldari - "Cos'è il denaro?"
	Retired user edited English subtitles for Simposio "Società Sostenibile": 2. Enrico Caldari - "Cos'è il denaro?"
	Retired user edited English subtitles for Simposio "Società Sostenibile": 2. Enrico Caldari - "Cos'è il denaro?"
	Retired user edited English subtitles for Simposio "Società Sostenibile": 2. Enrico Caldari - "Cos'è il denaro?"

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Symposium "Sustainable Society" : 2. Enrico Caldari - "What is money?"

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