Greek Citizens Create New Currency To Tackle Eurozone Crisis (2012)

Making Money (2012): While political parties bitterly debate Greece's future in the Eurozone, locals are finding their own solutions - one that doesn't rely on the Euro at all. Could the people of Volos have found the answer?
For similar stories, see:
Greek Economic Crisis is Causing Widespread Discontent (2012)
• Greek Economic Crisis ...
Greece's Economy May Need to Be Rebuilt From Scratch (2010)
• Greece's Economy May N...
Young Greeks Are Reaping the Consequences of Their Government's Mistakes
• Young Greeks Are Reapi...
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In response to salary cuts and 20% unemployment, enterprising Greeks in Volos have developed a new community currency - the TEM. It's based on exchanging goods and services for TEM, which can then be spent locally to keep the city's economy, and community, moving. The ethos is solidarity, not profit, and in a time when Euros are short, it's proving a lifeline. "It's as if a world of abundance has opened up", says one woman. What started out with a handful of activists has grown to a network of more than 900 people."It is a very liberating feeling to see ourselves able to do this." There are now more than a dozen similar schemes in Greece, and with a big question mark hanging over the future, could grassroots initiatives like this be a realistic answer?
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[@maaifoediedelarey4335]

This is fascinating, congratulations to the spirit of the Greek people ! The question @ 11:42 "how do you create money from nothing ?" is wrong -- the TEM (as I understand it) comes into existence when a product or service is delivered, therefore, all TEM is backed by either a physical product, or a real service, provided first. In fact, that is the very definition of money (also a store of value, in addition to being a measure of exchange), as opposed to it being only currency (a measure of exchange). The way they got this properly organised with the use of modern tech, is commendable, as is the foresight to prevent undue expansion (inflation) of the TEM supply beyond the true value of the underlying products and services (by limiting max amount of TEM held).

[@tgooding]

What a lovely news piece. Thank you for posting this.

[@angeltaloyo9791]

Love the ingenuity of this town. I know this show was produced many years ago but I would really love to see how they are doing now.

[@seeker119]

That's how used to be back in the old days just trade really, currency is just paper note no value

[@nextyrannis2151]

I love economic history, seeing how economies work and units of exchange develop. Every single time control-freakish and manipulative governments destroy the official currency, local currencies develop organically like this. The innovative thing here is the use of the internet to keep track of the goods and services that form the commodities backing the system.

[@factfilenews]

This is a lesson for all of us. long live Greece..

[@AvieMare]

This is truly a community that loves and cares about its neighbors. I live in an affluent area of the USA and until a year ago I did not know a single person! It’s truly pathetic how we Americans tend to isolate ourselves from each other. We have elderly people living alone without a single person to call and check up on them, much less visit them. But things are changing. Now online networks are being started that group people together geographically. Called the HOME network, everyone in your area can post, buy, sell, give away, trade, and share comments, ideas and business services. Already I can buy farm fresh organic eggs at 1/2 the cost of the cheapest price in town. I also got 6 chicks that I’m raising for my own pets and eggs. I also got very nice clothing and toys donated when my grandsons moved in with us. Communities that work together are the real vehicles for change. Politicians can and/or will only do so much, if anything at all. The power is with the people, and the Greeks seem awesome! I would love to visit someday. ❤️ from the USA. -AM

[@nickyjns]

I left the USA after 6 years of life in the Bay Area to return to the UK, me and my partner were very isolated and lonely. Life can be very hard in USA there is a lot of money and opportunities but there is also a lot of poverty their too. We was working extremely hard in many different jobs but we were only just surviving, and I believe this is true for many people in the USA. Hopefully the HOME network that your are involved in will broaden things for people

[@captainheinie6355]

This is the way to go. I would love to go on holiday here. We can all support this if we tryed hard enough. Wonderful people. Very good video.

[@chrisdcruz1029]

barter system.......only way to escape from the cartels.

[@Barskor1]

Cryptocurrency is far better you don't need to find people who want what you have in order to trade.

[@Amghannam]

@@Barskor1 But what if the internet doesn't exist?

[@Barskor1]

@@Amghannam Then the internet will be remade and you can transfer cryptocurrency physically it is just code you can keep on a thumb drive or have printed on paper.

[@gabbar51ngh]

@@Amghannam but it does

[@steviehammond1964]

The world will learn from your countries example of how people can work together ❤

[@blenderNOOb69]

Thanks Greece for sharing this heart warming story

[@MissCatherine1100]

This is fantastic! Great story : ))

[@StinkyFlyfart]

What a lovely way to show their middle fingers to the Euro and the banks/politicians and thrive on their own.

[@tonycocchiara7445]

Such lovely people with dignity! God bless them

[@kellyglen7909]

I love the TEM idea it's working brilliantly

[@boer902]

I like the Greeks!!!

[@899Dakota]

Get the hell out of EU - what are you waiting for? Fire the useless politicians and get your lives back.

[@faktumstream1beatz335]

999acharya they tried remember? Its like removing a leech stuck in your rectum: Its gonna be shit.

[@bca-biciclindcuaxel7527]

Even like this, they are living way better than many countrys, and better than russians !

[@Love2TravelAway]

This is what they been doing for ever in Oaxaca Mexico in the open markets people gather and exchange goods for goods including cattle chickens wood anything thats harvest made or raised. Like the lady said back in the days in the villages they use to exchange . And so true this way everything has more values.

[@kmvenezia4337]

Good for Greece! Once again they are leading the way to the future.

[@bhupendradattani9116]

Nice one

[@maxten]

So Tem is like virtual Credit based on Euro pricing. With Regulations of course like no hoarding more than 1200 Tem. They have to spend it to circulate the money(Tem).

[@peterkehoe1984]

Always have been a big fan of Amos Roberts’ work on JP and SBS.

[@juventutem]

We are going to need this system in 2021

[@greyline1012]

I’d love to smack this way of trading up the bankers faces. If we all did this we could say goodbye to the greedy corporations. All we need is a ripple effect!

[@edca8114]

Grey Line ripple will be the new USR , money! Not more USD 😉😉 in few years maybe 2020

[@ajayreddy8732]

Great idea

[@praggypopsqa4652]

Back to our roots, before $

[@margaretcooper797]

The economic destruction of Greece at the hands of the EU is one of the reasons we British are leaving this corrupt and tyrannical regime,October 31st can’t come quickly enough for me.

[@r64g]

This is a from of quantitative easing - mitigating the deflationary pressure in Greece.

[@nickyjns]

A lot of people are doing this in all country's across the world, I am a member of Time banking in my city in the UK. the original ideas come from a town in Austria called Worgl. During the depression in 1932 the Mayor introduced a local currency based on the ideas of Silvio Gesell's book Natural Economic Order, which dug them out of poverty, rebuilt the infrastructure and helped the residents live a good standard of life, its referred to as "the miracle of Worgl". It was so impressive that other towns and city's and the French president wanted to learn more, but the central banks took legal action and closed the currency down and put them back into depression & a few years later Hitler took over. there is some great books online about local currency's and systems: People Money People Powered Money The Guernsey Experiment Natural Economic Order - Silvio Gesell The_Future_of_Money-Bernard_Lietaer Rethinking-money_-How-new-currencies-turn-scarcity-into-prosperity Scared Economics - Money, Gift, and society In the Age of Transition Exploring The Big Idea of Time Banking

[@callalilly1988]

This is very interesting, I wonder if it could work in countries like Zimbabwe and Venezuela

[@Barskor1]

It sure could but a cryptocurrency would work better as it would give them worldwide options and markets.

[@junesalmarri4118]

This is so brilliant

[@carolhama4156]

The trouble is, as time goes on and residents have to pay utilities in €, the village as a whole will have less and less €, having spent it all on utilities.

[@MsJNix]

Awesome idea!

[@sheilapearson2324]

Wow that's brilliant.

[@spirophotographer1522]

It is a system of exchange that has driven micro-economics since the dawn of civilization. It works and empowers communities to thrive. It is also illegal in the US and Canada, i presume elsewhere where governments are controlled by the banks.

[@molnarriki4876]

Bravo

[@rogerengland2821]

Wow! How beautiful and amazing

[@maniaouri2146]

Get out of the EU-fimancial and social dictatorship , ASAP

[@charlesponzi9608]

NEXIT next

[@noventar]

they really love marmalade

[@carlecobichon]

Greece needs it's own currency back.

[@latoyalynch2214]

I dont understand is this borrowing till u get the money???

[@NikosKatsikanis]

but our poor taxes the gov will miss out..

[@JustMe-gs9xi]

what do people think about this,,,,???

[@garycooper9207]

I love Greece

[@shasha8546]

Is there any open source TEM platform yet? I want it.

[@PoeticallyCorrect007]

2:30 so sad....

[@zainimohamad9865]

kudos GREEK!!

[@BruchinKr8t]

10:38 "i got eggs , I got lettuce , I got a tin of foil" Please would love to see a recap on this Story.

[@yondel-kttkoh3948]

Im sure there government doesn't like this unless they add taxim sure there will be someone trying to make counterfeits pretty soon. I hope not because they are in need.

[@mohamedkabha6861]

They look so much like us ?!! O_o (Palestine)

[@TRYLIKTO]

well euro has year or two left, so this is good way to go. Ps- want to save some money, check the 'Bit Gold', all info on their website and it is not a bitcoin

[@EyeOfAllah]

How do the Elderly participate?

[@Barskor1]

Babysitting, skill instruction, if you can read write and do basic maths you can teach others.

[@ceeceedawson2212]

"How do you create money from nothing" banks do it everyday!!!!!

[@Bra01ndy]

TheUS calls this the barter system. The exchange of goods or services.

[@rauleyshar3635]

Gold should be the only currency!

[@iasonaskolyvas9983]

How does taxation work with this currency?

[@yahulwagoni4571]

Competition is good.

[@steelking9973]

thats not new

[@chssechen7597]

This is the pure form of Capitalism the movement of people and good with some bit of regulations. No hoarding of wealth and good.

[@drtak4512]

I dont understand, who manage the network ?

[@Tamar-sz8ox]

👍❤️

[@maniaouri2146]

TEM = Euro killer

[@user-sq9gk4zn2c]

ενα σχολιο για το τεμ,δεν ειχαν προνοησει να βαλουν οριο στα ποσα τεμ θα μπορουσε να εχει ο καθενας,ετσι εκεινοι που βρεθηκαν απο την αρχη της λειτουργειας του,βρεθηκαν να εχουν 2,και 3 χιλιαδες τεμ,και ενω ειχαν τοσα τεμ,αυτο που προσφεραν σχεδον δε το ηθελε κανενας,αλλα εκεινοι θα μπορουσαν σε καποιο καινουριο μελος να του αγορασουν μεχρι και αυτοκινητο,και να του προσφερουν πισω το τιποτα.η κατασταση αυτη δημιουργηθηκε,με τη πτωση της μαζικης αρχικης προσελευσης.πιστευω οτι αν το ανωτατο οριο στα ποσα τεμ,μπορουσε να μαζεψει ο καθενας,ηταν στα 200,θα ειχε συνεχεια μελη που θα αλλαζανε,περρισοτερη λειτουργεικοτητα,ποικιλια στις υπηρεσιες,και σιγουρα και προσελευση.

[@citadelvanlommel9645]

🎩 😁 👕👍Great! 👖 👍✨✨✨ 🎉😊👏😁👏😃🎉 Congratulations! Love uit defillippijnen❤❤❤❤

[@hemantparakh8995]

A 5℅ Scale of the new Greek Currency would help in supporting the propagation of the new currency of Greece

[@leonidassaber7335]

I'm Greek and it looks like they are trading 1 Tim for 1 euro so eventually they will only have tims

[@killahpriest9528]

i know a better currency in greece, its LiteTEM Cash its faster to mine

[@georgekafantaris7807]

why not take tax from bank accounts

[@Barskor1]

Why can I not club you over the head and loot your pockets? Because it is wrong.

[@srfrg9707]

Nice greek nose 4:17

[@aririyadh8359]

Greece has a retirement age of 55yrs old, govt employees 52yrs old, then they get a pension that's bailed out by Germany where they retire at 65yrs old moving up to 67yrs old, so basically the Germans work longer to support the Greek retirees, nice move, don't know how long you can keep pulling that off.

[@kostasparotidhs820]

Just take a look at what German government did and does to our country and other Eu countries and stop saying that you re working to support us. You have everything thanks to us. The only think Germans know to do is war and be corrupted.

[@Benzknees]

And if everyone used barter, there'd be no taxes paid and no way the government could provide necessary services (health, schools, roads, policing, defence, legal systems, social security, etc.) and pensions. Also there'd be no way of building up large amounts of capital to invest in businesses, property, infrastructure, etc., which is going to make things worse for Greece. The country does however need to leave the Euro as it condemns any economy weaker than Germany's to perpetual recession.

[@Barskor1]

You are short-sighted doctors provide care not the government more doctors more care at lower prices if the licensing bottleneck was removed and quality school certifications returned to keep the frauds and quacks at bay. Schools Khan Academy over ten million people getting free education K to College, not from any government. Roads flat spots on the ground oh so hard to do... let us just ignore thousands of years of them being done without governments. Where does government money come from? The economy and that is why the more you tax the poorer you get as at best you are taking from your left pocket to put it into your right pocket but on the way you are spillig to waste and corruption.

[@georgekafantaris7807]

CAN YOU GET PENSION,,,AND WELFARE WITH THIS,,,,

[@Barskor1]

No, you can not have your ponzi scams.

[@rheijm9201]

A cute name does not make lending something else. These systems postpone the problem. There s always someone the poorest, in your """network"""". Solidarity can only be given by the government. Loansharsks , pr stitu tion, in fact anything can happen. Any """"solution""" hailed, that includes "anything can happen" is postponing. Or if (seems ya thangngngng at least afr americans dont appear so snub) you enjoy cute words so much, procrastination. Any average north european is convinced again, they not handling the problm, they just yak out of their a grees.

[@aleksandersuur9475]

Lulz, hello tax evasions, no wonder the thing is so popular. And whoever emitted the TEM-s into circulation probably also made some good money off of it.