>Re: TURMEL: Mediterranean Tunnel financed a la LETS?
>From: Hurt
>To: John Turmel
>Date Posted: Jun 21, 2005 10:05:42 AM

> Our idea is to print tickets to pay for the work. I.e.
> imagine that we establish the cost to travel from Sicily
> to Tunisy as a ticket of 20 euros: we can actually print
> 1 billion of such tickets that can be placed to investors
> that want to stabilize their investment. When the Tunnel
> will be effective, say in 5 years, the value of the ticket
> will be the same (no inflation). As soon as the tickets
> will be spent, the cost of the work is cleared.

H: What would be even better is that the $20(Euro)
investment tickets actually appreciated to $25(Euro) or more
due to the high demand for ridership on the magnificent new
tunnel!

JCT: A ride is never worth more than a ride.
A ticket worth 20 Euros now is the same ticket worth 25 less
valuable Euros later. Since the ticket's energy value didn't
change, the money's value had to. People forget that when
assets appreciate, they really get older and more used so
it's not really the asset getting better, it's the
measuring stick getting smaller.

H: Basically that's what bonds do. Note that you're still
using a currency, the Euro.

JCT: Bonds aren't based on a stable asset. They're based on
an unstable money. If it doesn't liquify assets like a
casino bank does, then it's not stable.

>Date: Wed, 22 Jun 2005 09:59:14 +0000
>From: tsunami8972@... (tsunami8972)
Yes, I'm interested in that question too. What's the cash
fund for? John, does a true lets have a cash fund? I guess
they will have some expenses they cannot pay for in tokens.

JCT: Sure, a true LETS has to have some cash to pay for the
phone, unless the phone company joins, or to pay for the
rent, unless the landlord joins, or to pay for office
supplies, unless the store joins, etc.

The point is that any cash injected by a supporter has to be
replaced by tokens in his account. When I lent $3000 to the
Toronto LETS so they could buy a laser printer, they
credited my account $3000 Greendollars.

Anyway, there is sometimes need for cash, though I gave my
Abolitionist Party LETS members enough currency ($500) to
last them a long time without bothering me. Once they all
had their tokens, I had no other expenses other than the
Noticeboard of goods and services which could be financed
through the party.

Still, when you're trying to coordinate a $20 billion Euro
effort, I'd bet they'll have quite a bill for office
supplies.

But they can operate much like the Toronto Dollar, taking in
cash for tokens. If it gets off the ground, I'll buy some of
their tokens for cash to support. I'd bet many many more
would too. So I don't mind some reputable person watching
over the cash account. Though as long as the cash account is
open to public inspection, who cares?



--
Abolitionist Slave Leader John C."The Banking Systems Engineer" Turmel
for UNILETS interest-free time-based currency in U.N. resolution C6
to Governments in the http://www.un.org/millennium/declaration.htm
http://www.cyberclass.net/turmel 519-753-0645 USENET: can.politics