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"For centuries, central banks have been robbing the common man by the way they put new money in circulation. Rather than divide the new cash among the people, they lend it through the banking system, at interest. This practice makes the central banks the money's owners and makes everyone else their debtors. So produced debt-based money has roughly half the purchasing power it would have if it were issued directly to the populace, free. Money belongs to citizens because they are the ones who are producing consumer goods in the first place", Giacinto Auriti. SIMEC was a currency issued by Italian retired law professor and lawyer at the beginning of the 2000s. As a particular type of local, interest-free alternative money, SIMEC - acronym for "econometric symbol of inducted value", used in Guardiagrele - village in central Italy's Abruzzo region; in its essence represents a successful monetary experiment that has produced a boost of consumption, bloom in the local business community, separation from the national financial system and a legal victory for his inventor. Professor Auriti, died on August 11th, 2006 at age 83, hoped to convince the world that central bankers are the biggest con artists in modern history.

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At the beginning of his battle against the vast banking conspiracy, Giacinto Auriti tried to challenge his own nation's monetary policy through the courts. But Italian judges have thwarted his efforts to sue both Bank of Italy Gov. Antonio Fazio and former Gov. Carlo Azeglio Ciampi for alleged fraud and a slew of other offenses, including incitement to suicide. So, Auriti conceived another way to make his case. He started to print currency notes with a statement that clearly identifies each bill as the property of the bearer. By mid-August 2000, a total of about 2.5 billion simec had circulated. "We doubled the money in people's pockets, injecting blood into a lifeless body, people were so happy, they thought they were dreaming."

But the non-participating merchants and the town's mayor, Franco Caramanico, asked local magistrates to intervene with a ruling on whether Prof. Auriti's currency issue was legal. Italian Finance Guard then invaded the town, carting off boxloads of simec. After a brief investigation of issues like counterfeiting and tax fraud, local court in Chieti found that Prof. Auriti had done nothing illegal and ordered the simec returned. "We are at a complete loss on how to deal with this case because the currency is not counterfeit" Colonel Sante Mappa concluded.

It's important to say, SIMEC was not a common local currency, SIMEC was the final result of over 30 years of Auriti's studies about money, researching and experimentation of his theories in university environments. As an alternative to official national currency, SIMEC was property of the bearer, it belonged to the citizens and not to central banks. SIMEC was not issued by the central bank, it was printed in the form of local debt-free money without interests. Instead of principle of the reserve, SIMEC was based on the theory of induced value, namely: money has a value because citizens are agree that money must have a value, and not because some gold amount may or may not exist in the central bank. Theory of reserve is in fact false, as it is just the citizens, by a common convention, to give money a value - just imagine a banker on the desert island, his money would be useless because there are no people who can create its value.

Also, Giacinto Auriti was even candidated for Nobel Prize, but once he said: "I will never win Nobel as I am not Freemason and I have not any relation with such establishment." The big idea was born from the SIMEC experiment: basic income for all citizens from monetary issuing balanced with human activity and population increasing.

At the end of this article about Auriti's community currency, it's good to mention Latin phrase on the back of every SIMEC denomination: "Non bene pro toto libertas venditur auro - You cannot sell freedom for all the gold in the world."

Correlated articles:

[1] Community Currency - Social Benefits
[2] Community Currencies: Theory And Practical Experiences
[3] Alternative Currency: Ecovillage, Flea Market And Humanitarian Funds
[4] Presentation of the Crom Alternative Currency System