IRTA Global Board Participates In Norwegian Festival

Following the IRTA Global Board meeting of June 5 in Kragero, Norway, Global Board members Mr. Sirri Simsek, Dr. Oi Kum Lee, Mr. Dariusz Brzozowiec, David Wallach, Mary Ellen Rosinski and executive director Ron Whitney, played a significant role in the Norway Philosophy of Money Festival held in the same scenic village June 5, 6 and 7. The festival featured Socratic dialogues, friendly confrontations and facilitated discussions on philosophy and money, interest and complementary currencies, profit and ethics.

The event attracted participants and observers from around the world, including leading economists, educators, monetary visionaries and complimentary currency advocates and network operators. Speakers and presenters included Thomas Hylland Eriksen, vice president Norwegian Central Bank; Margrit Kennedy, author and educator; monetary philosophers Christel Fricke and Carola Von Villiez; monetary reformists Jose Luis Ramos, Lars Hektoen; educator and university professor Declan Kennedy.

IRTA Global Board members participated as presenters:

?         Sirri Simsek delivered an excellent and detailed explanation of Islamic no-interest banking.

?         Dr. Oi Kum Lee explained how her network in Singapore is providing directly to government owned facilities with outstanding success.

?         Dariusz Brzozowiec gave a moving account of how Polish business is coping with aggressive capitalism in a down economy.

?         Mary Ellen Rosinski presented an interesting and easily understandable session on how modern trade and barter companies function to the benefit of small businesses.

?         David Wallach described how the Modern Trade and Barter industry is funding and providing capital for small business that is leading to significant increases in worldwide employment.

?         Executive Director Ron Whitney facilitated a festival segment that highlighted various points of view regarding how to make the best of our current global financial crisis.

The Philosophy of Money Festival was hosted and directed by noted monetary reformist Edger Kampers and well-known musician Rob Van Hilton, who co-own and direct Qoin Norge a community currency network.

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A Parallel Capital System

Written and presented by David Wallach ? at the Norwegian Philosophy of Money Festival

I am very pleased to be part of such a diverse group of interesting individuals; monetary reformists, community service advocates, alternative currency proponents, economists, monetary visionaries and philosophers.

Each participant gathered here is helping to solve complex monetary issues from different directions and perspectives. This is necessary and as it should be. Our strength is in our diversity; collectively we can and will help to make the changes that will result in a more equitable worldwide monetary system.

Today I want to report on a Parallel Capital System that monetizes Excess Business Capacity which has evolved and been developed over a period of some 40 years by the Modern Trade and Barter segment, of the alternative currency movement.

Modern Trade and Barter clearing network providers have created a system that monetizes excess business capacity, an unrecognized asset, which has been historically wasted and makes it an important tool for the capitalization of cash deprived businesses.

Worldwide more than 400,000 businesses are currently members of Modern Trade and Barter clearing networks. Last year those member companies recovered over 10 billion Euros in annual revenues from underutilized and heretofore lost and wasted inventories and excess business capacities. These new revenues are being used to capitalize businesses and create employment.

Technology has made it possible for Modern Trade and Barter clearing networks to track and account for sales and purchase transactions between member companies. These clearing networks are providing essential capitalization for member businesses, with mostly interest free loans that fund general business expenses and projects.

The majority of the businesses participating in the clearing networks are small to medium-size companies. They use their new found currency to buy and sell goods and services within their own local communities.

What goes unsold is excess business capacity; whether it is in the form of empty seats in restaurants, unsold hotel rooms, media, and airline tickets. Unused hours in medical, dental, attorneys, accountant?s offices or any and all other unsold goods and services that exist within the economy. There is not a single business sector that does not have significant excess business capacities.

Globally, on an annual basis it is estimated that there are trillions of Euros in excess business capacity that are in general being wasted and ignored.

At the same time worldwide there is a huge and tragic Surplus of Human Resources that is measured in the form of underemployment and unemployment. This is especially true in underdeveloped countries where unemployment reaches upwards of 50 to 70 percent. Even in more developed countries unemployment is between 10 and 30 percent.

We can view excess business capacity as an asset and unemployment and underemployment as a liability.

Worldwide there are trillions of Euros in excess business capacity available. Millions of jobs will be created when those trillions of wasted Euros are put to work capitalizing and more fully funding business. The role of business is to create employment, but businesses need capital to grow and hire and that capital is available right now in real time.

By continuing to expand the monetization of excess business capacity, substantial gains will be made in consumption, production and employment. Thereby raising the standard of living and providing for better worldwide nutrition, education and health care.

(This paper was presented on June 7, 2009, to the Norwegian Philosophy of Money Festival by IRTA President David Wallach, david.wallach@irta.com.)

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