November 4, 2003
Written by Bob Meyer, Editor of BarterNews
Currency Export And Co-Creator Of The "Euro" Unveils New Global Currency For Today's $1 Trillion International Barter Marketplace
Editor's Note: One of the foremost experts of currency, former Head of the Central Bank of Belgium and the co-architect of the euro, Bernard Lietaer, spoke at the International Reciprocal Trade Association's Annual Barter Congress four years ago, at its 2000 meeting in Phoenix.
In his one-hour talk Lietaer shared with the attendees various graphs that explained the monetary crisis that had occurred in the past five years, and why they would continue.
He observed that countertrade was growing rapidly because it provides a stability for the parties involved, and asserted that the commercial barter industry itself, could play in expanding and reinforcing the world economy.
He said the commercial barter industry had a window of opportunity wherein, if it came together, it could seize upon the potential to become as significant in 20 years as today's banking industry!
Then he explained the requirements for such attainment:
1) There would have to be an organization established to handle the clearing of all transactions over the Internet.
2) "Zones of cooperation" would need to be preserved among the barter companies, enabling the reduction of costs and increasing liquidity.
A majority of the major barter companies would have to "come to the table" and form an agreement of priority, then move forward to build an infrastructure for a new standard of value for international trade.
This visionary first step was never undertaken by the commercial barter industry. But Bernard Lietaer persevered. And now four years later he is undertaking some very exciting plans to turn the world economy around.
Details of a new global currency called the "terra" were unveiled by Bernard Lietaer during the Future of Money Summit at Colorado's Omi Interlocken Resort, October 29th. The summit was a gathering of futurists and strategists in the money world who discuss topics such as security of the money supply, banking fees, smart-cards that store money, and new technologies such as payment by fingerprint.
Lietaer emphasized that the terra is not designed to replace national currencies such as the dollar, yen or euro. And consumers won't see paper terras in their pockets, because the currency would remain entirely electronic.
But the average person should benefit if the currency can smooth business cycles and reduce the bouts of inflation and deflation that have plagued the global economy since currencies were allowed to float freely in 1971.
The terra is uniquely designed, unlike national currencies, to provide a stable international mechanism for contractual and payment purposes worldwide. Such a currency would eliminate the large costs corporations incur to protect against fluctuations in the value of the goods and services they trade.
According to Lietaer, it should also benefit commodity-dependent emerging countries, which have seen outside investments fall by one-third since the last vestiges of a gold-based money system were abandoned.
To get around the
volatility in currencies, more international barter and the countertrade
is occurring. Countertrade arrangements account for $1 trillion in international
trade a year, and is growing at a 15% pace. "The terra is simply
a standardization for international barter," Lietaer
"All economic textbooks define what money does, but not what it is. They always talk about the functions of money," he said. "My definition of money is an agreement within a community to use something as a medium of exchange."
Lietaer believes the terra could be a functioning currency within five to ten years, versus the 23 years the euro required, as his proposal needs no new legislation or international agreements to become operational.
"Many have a wait-and-see attitude to innovative proposals of this nature, but they shouldn't with the terra. It reduces risk, stabilizes the world economy, and is a more cost effective approach for international business," said Takashi Kiuchi, former CEO of Mitsubishi Electric America and chairman of The Future 500.
(This project is an initiative of the ACCESS Foundation, an international non-profit educational organization dedicated to the betterment of humankind through the understanding and use of complementary monetary innovations. For more information visit: www.terratrc.org.)
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Windjammer Barefoot Cruises Founder Shows Barter's Power
Captain Mike Burke, the founder of Windjammer Barefoot Cruises, began his cruise business with one "yacht"—a 14-foot ketch—and a dream. The dream was to bring the windjammin' experience to as many people as possible.
Through barter he leveraged his sailboat into the largest fleet of tall ships in the world-seven proud ladies of the high seas. Using what he had to get what he wanted, Burke traded unsold cabin space on his boat for advertising in magazines that brought him cash customers.
Today Burke is moving in other directions. He has his 11,000 square-foot castle in Miami up for sale...asking price $6.5 million. The property has 145 feet on Biscayne Bay, nine bedrooms, nine baths, and an indoor lagoon with a passage to the outdoor swimming pool. For unwanted guests, there's also a shark-filled moat.
The property is being marketed as a corporate retreat. Interest from potential buyers has included Playboy Enterprises, though no contracts have yet been signed.
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"Our current stock price fails to reflect the value of our company."
—Don Mardak, CEO, International Monetary Systems
International Monetary Systems (OTCBB:INLM) has announced a stock buy-back program that was approved because the board and management believe the stock presents an attractive investment and is undervalued.
"The repurchase program is a very attractive use of company resources," CEO Don Mardak affirmed. The company said it will buy back shares through both public and private channels at prices believed to be appropriate, and in the best interest of its shareholders. For more information contact Don Mardak (262) 780-3640 ext. 1205, or www.internationalmonetary.com.
NOW AVAILABLE: The 16-page cover story in the current issue of BarterNews, "International Monetary Systems Aspires To Reach The Mountaintop!" is now online for you. To read the entire story, click here.
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Autumn Trade Fairs & Holiday Expo's....
November 16: BXI Ventura-Santa Barbara 3rd Annual Holiday Trade Fair will take place from 10 a.m. to 4 p.m. at the Oxnard Radisson Hotel. For more info: (805) 376-9466.
November 18: CTE Columbus is holding its Holiday Showcase at the Medallion Country Club in Columbus (OH).
November 23: Barter Systems Inc. has scheduled its Holiday Gift Show at Martin's Crosswinds in Greenbelt (MD).
December 2: New England Trade's 7th Annual Barter Expo will be held at the Danversport Yacht Club in Danvers (MA). For more info: (781) 388-9200.
December 3: CTE Cincinnati's Holiday Showcase will take place in Columbus (OH).
December 6: ITEX Denver Holiday Trade Fair will be held at 5293 Ward Road, Arvada (CO). For more info: (720) 889-1365.
December 7: CTE' 23rd Annual Holiday Expo is scheduled at Santa Rosa Veterans Memorial Building, 1351 Maple Avenue, Santa Rosa, (CA).
December 14: TradeAmericanCard's 2003 Barter & Business Expo will be presented at The Grove of Anaheim. For more info: (714) 532-1610.
(Send your "holiday fair/expo information" to: email@example.com)
Every barter company in the world is listed on our web site, click through to our Global List of Barter Companies.
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