Euro 2010 Sovereign Debt Crisis and the Disease of Capitalism

 Update: As of January 31, 2011, the total Public Debt of the United States of America was $14.13 trillion and was 96.4% of calendar year 2010's annual (GDP) of $14.7 trillion.^{[1][2][3]  (wikipedia) Also see National Debt Clock}

The Vietnamese Zen Monk and founder of 'Engaged Buddhism' talks about the deep spiritual crisis in the West and the need for living from our core spiritual values in a recent interview with UK Guardian. Thay talks about capitalism as a disease that has now spread throughout the world (even in countries that are home to Buddhism), carried on the winds of globalisation driven by mindless profit, production and consumption: "We have constructed a system we cannot control. It imposes itself on us, and we become its slaves and victims." [Guardian Link]. Thousands of students at UK protest rise in fees.[youtube]. For every US $1000 Africa receives in debt it owes $2300 to the World Bank and IMF [Link]

Can any Democratic Nation or any of her Citizen remain sovereign under debt-based currency? In early 2010 many countries in European union like Portugal, Ireland, Italy, Greece, Spain (Known affectionately as PIIGS) and Belgium started experiencing soaring public debt resulting in a Euro 2010 crisis. On May 9, 2010 Europe's Finance Ministers approved a comprehensive rescue package worth almost a trillion dollars aimed at ensuring financial stability across Europe by creating the European Financial Stability Facility (EFSF).

Here is an interesting image of the Euro Web of Debt, which appeared in NY Times, May 1, 2010 edition. Painful austerity measures imposed by IMF and EU upon these countries as a condition for rescue or bailout are not working. Iceland went under severe debt crisis two years ago and it had no option but to allow the private banks to fail and let its currency devalue. Iceland's president, Olafur R. Grimsson, spoke to CNBC about how the country is handling the debt crisis [More in Wikipedia].

Here in the US, the national cohort default rate on federal student loans is 7 percent for borrowers who entered repayment in 2008, which is comparable with the default rate for credit cards (8.8 percent) and home mortgages (9.1 percent). In fact, the total amount outstanding on student loans was $875 billion ($24K per graduating senior), which actually exceeded the amount that Americans owe on their credit cards. [Source IB times, 12/28/10]

Recently I came across this little known book called "Buddhist Catechism" written in 1908 by H.S Olcott

Question 55. Why does ignorance cause suffering?

Answer. Because it makes us prize what is not worth prizing, grieve for that we should not grieve for, consider real what is not real but only illusory, and pass our lives in the pursuit of worthless objects, neglecting what is in reality most precious. Col. Henry Steel Olcott

At the end of the interview Thay warns, "Without collective awakening the catastrophe would come". After a silence he adds 'we need many Buddhas, one Buddha is not enough".

On Liberation through Right (True) Realization
Owl said, “Then where does Right Realization come in?”
Brown Bear said, “Right Views! Right Views!”
Owl said, “What are Right Views?”
Brown Bear said, “We’re in it together, and we don’t have much time.”
— from Zen Master Raven: Sayings and Doings of a Wise Bird
by Robert Aitken [From Alan Senauke's blog]

Why fractional reserve banking is unsustainable?

Blessed Mindful Engagement

At the annual meeting of the American economists, "No one questioned their contribution to the current frightening state of affairs, no one humbled by events." - How the Entire Economics Profession Failed, by Jeff Madrick The Daily Beast, 2009-01-08. The profession can start reorienting itself with asking questions like What would be right (wholesome) view of Economy? The right view of Capital? Wealth? Profit? Currency? Growth? Fair Market? Fair Trade? Interest? Employment? Sustainable Economy? Welfare? Business ethics? Responsibility?

Also watch the PBS Forntline "The Card Game" and the unregulated effects of usury on vulnerable consumers.

Listen to the very inspiring words of Paul Hawken, Author and Inspiration behind WiserEarth
The Buddha mentions five specific kinds of livelihood which bring harm to others and are therefore to be avoided: dealing in weapons, in living beings (including raising animals for slaughter, slave trade, human trafficking and prostitution), in meat production and butchery, in poisons, and in intoxicants (AN 5:177). He further names several dishonest means of gaining wealth which fall under wrong livelihood: practicing deceit, treachery, soothsaying, trickery, and usury (MN 117). The United States expanded its role as the world’s leading weapons supplier. Last year the country signed weapons agreements valued at 68.4 percent of all business in the global arms bazaar reports New York Times


As Of December 16, 2009 U.S. Census estimates world population to be 6.8 Billion. The world military expenditure is over one thousand billion dollars. Also see Stockholm Peace Research Institute Figures. Take a pause to reflect on the significance of Now and the synchronicity at play. "To abstain from all unwholesome action, to cultivate the good, and to purify one's mind — this is the teaching of the Buddhas" (Dhammapada, v. 183).

Tao of Sacred Currency & Sacred Commerce

I was eagerly waiting for sometime for this book "Sacred Commerce" since reading about it at Urth.TV a year ago. Now it is out!

Sacred Commerce reverses the common assumption that business and spirituality are mutually opposed, and instead looks at business as a path of destiny. Your professional and business activities need not be divorced from your “regular” or “family” life. The notion of capitalism infused with the sacred expands the notion of profit with the concept and the reality of the fourth bottom line. Sacred Commerce advances the idea that commerce can be a vehicle to raise consciousness as well as a path towards Self-realization

"The priests of ancient Egypt had vocations and roles above and beyond what we are accustomed to in our time. Some Egyptian priests never left the temple; they served by staying in perpetual dialogue with the universal current of life. Other priests were scribes, healers, teachers, mediators, and celebrants. Still others were known as Merchant Priests. Certain members of the priesthood took up Sacred Commerce as a mission to serve humanity.

The Merchant Priests traveled specific energy pathways that were known to them because of their high vibration. These energy pathways, or ley lines, became the trade routes that led from one temple to the next, allowing precious goods to be exchanged between regions. Turquoise, for example, would be exchanged for herbs or incense and fine fabrics would be exchanged for hand-woven baskets. Items of exchange were primarily those high vibration prized objects and elements that raised people’s consciousness, and whose presence made you feel more elated, either by their beauty or by their intrinsic resonance/vibration, like the healing vibration of precious essential oils from flowers.

Merchant Priests knew that a healthy society must have a solid foundation. Principles of flow, balance, and abundance were understood as essential, and commerce was a key means to that end." - Quoted from Free chapter, Sacred Commerce, Rise of Global Citizen by Ayman Swaf and R. Gabrielle

I believe the notion sacred currency also existed in many parts of the World including native cultures since Ancient times. Since currency or money is basically a human innovation or communication tool (as I see and define money in www tools for education) designed to overcome the limitation of direct exchange or barter. Money was not a usury bearing debt or IOU originally, but a product of sacred trust and collective agreement to use something as a universal medium of exchange. Currency itself was designed to function not only as a pure medium of exchange (with a measure of value), but also as a medium of circulation that allows goods and services to pass freely between developers and users. Human relationships, human labor and all creative gifts of human labor were considered sacred.

Usury, also called unearned income or the practice of making money out of money via exhorbitant compound interest was a corruption that happened with loss of sacred trust between heaven and earth within human psyche as some priests and religious and royal heads fell under the spell of three mind poisons of untamed greed, hatred and delusion. Misperception of money (as a commodity comes from goldsmith warehouse receipts and adopted by fractional reserve based colonnial industrial Bank of England in 1600. Modern banking, finance and usury seem to have first appeared and somewhat perfected in Sumeria, as evidenced by archaeological findings in the city of Uruk . Usury has been a source of concern historically, since the code of Hamurabi. Usury (in the original sense of any interest) was denounced by a number of spiritual leaders and philosophers of ancient times, including Plato, Aristotle, Cato, Cicero, Seneca, Plutarch, Aquinas, Muhammad, Moses, Philo and Gautama Buddha. (wikipedia)

Also you can download the colorful issue on complementary currency here
at DGCmagazine April Issue

How to Transform the System?

Since everything is a reflection of our minds, everything can be changed by our minds. -original crazy wisdom of Buddha

The systemic blindspots of capitalism has long been overlooked by experts, economists, management- fianancial gurus and progressives alike. It is not easy to see one's own eye except through a clear mirror or mirror-like mind. Is it possible to co-create a sane economy that works for the benefit and welfare of all without taking away from the individual's freedom to choose and create right livelihood? Such a system is very much possible when a critical mass of middle class take the time to mindfully study this issue. Unlimited greed and scarcity is built into the current commercial monetary-banking system monopolized by the central banks under fractional reserve system which issues fiat money as compound interest (usury) bearing "debt" that grows exponentially over time and mathematically impossible to sustain in the long run. This is the Real Inconvenient Truth.

Debt-based fiat money put into circulation as principal always stay in short supply than compounded debt payable at any given time, by design. This highly skewed, inflationary and volatile system allows systematic concentration and shifting of wealth from the actual productive labor, sectors and entrepreneurial class to a few maga-rich people, banks and corporations and financial Institutions. A large part of the compound interest (unearned income) and savings goes to create, support and sustain the unreal speculative economy dominated by stock market, currency market, mutual funds, insurance, commodities and financial derivatives of all kinds, leaving very little in the hands of actual consumers and producers making the real economy. The first step is to get educated, so when the top heavy current debt-based unsustainable system crashes under its weight (as being forecasted by market insiders), conscious citizens everywhere are prepared to jump-start a local economy through debt-free local currency and avoid much panic, pain and suffering.