As a young man in the early 1900s, Edwin C. Riegel was compelled by the vision of a more just world for all human kind.
His private research led him to two important insights: 1. The central role of the monetary system in determining the conditions of social and economic life; and 2. A recognition that it is the responsibility of every citizen to help implement a sound, fair, and sustainable monetary system in order to create a truly democratic society. In Flight from Inflation: The Monetary Alternative, Riegel sought a separation between money issue and the state.
He identified government’s ability to issue money for debt as the major source of inflation in the economy. He proposed a system of local, privately issued currencies which he called Valun.
Valuns would be non-interest bearing and “backed” by the production of goods and services for which they were issued. After his death in 1954 Riegel’s work was saved from obscurity by his editor Spencer MacCallum.
The clarity of his thinking on monetary issues has helped to inform the current movement for local currencies. The following passages were taken from the forward of his book appropriately called, The New Approach to Freedom, privately printed by the author in 1949 and then republished by the Heather Foundation.
The full text of Riegel’s books are available online. Robert Swann, founding President of the Schumacher Center, understood Riegel’s arguments and was convinced of the necessity of creating a system of community and regionally controlled money.
Honoring Bob and Riegel and those other pioneers of the Twentieth Century who worked for a stable system of local currencies, we are pleased to be offering the seminal conference, “Local Currencies in the 21st Century,” taking place June 25th-27th at Bard College on the Hudson River of New York.
Bernard Lietaer, Margrit Kennedy, Edgar Cahn and other leading scholars and activists in the field will offer three days of talks and workshops. Michael Shuman, author of “Going Local” will sum up the proceedings with a closing talk, followed by a local food festival featuring a performance by legendary singer/song writer/community advocate, Pete Seeger. Join us.
Become informed about the principles of community-based monetary issue. And then be a part of bringing the economic vision of Twentieth Century social pioneers into reality, community by community in the Twenty-First Century.
To register visit our website or via return email, request a registration packet ground delivery. If you are unable to attend, arrange with others to sponsor a representative from your community who can return with conference material, excitement, and a vision for understanding money, renewing your community, and rebuilding your local economy.