about me



Daniele Pace (Rome – Italy, 27 July 1973) is an independent researcher and writer who devoted his last years to the study of the monetary system. Resident in the UK he has teamed up with some cultural associations for the circulation of discoveries on currency embracing what are the theories of Professor Auriti and furthering the work of various researchers around the world as Ben Dyson of Positive Money, Bill Still, Paul Grignon and others. In England he has translated the work of Auriti “Il paese dell'utopia” with the title "The Utopian Country" to present him to the Anglo-Saxon public. In November 2012 he published his first book, "The Utopian Money", where after describing the history of money over the millennia, has divulged the knowledge on the current banking system. In "The Utopia Money" the author has deepened so the theories of Professor Auriti then analysed the original idea of self-credit by Paul Grignon. Finally, applying Auriti, he has created a totally self-issued currency to eliminate the banking system and free the world from usury. In September 2013 he founded the School of Legal and Monetary Studies - Giacinto Auriti, for the information and teaching of popular ownership of money and its induced value. In the summer of 2013 he participated in various radio shows and later was a guest of the Festival of Antropocrazy in Montegrotto, and other conferences on money.
2014 was a busy year for many conferences across Italy, from Tuscany to the Marches, from Abruzzo to Campania, with invitations also to TV and radio stations, particularly Radio Gamma 5 and Canale Italia in Padova. Since the summer of the same year also the popular comic book "Dialogues with Auriti", with the main concepts of the theory of induced value and popular ownership of money.
Since February 2015 began a weekly column titled "What is money" on Salvo MandarĂ  channel to explain the whole history of money, and in March he released his third book, "The Fruiterer Conspiracy" where, criticizing the dogma that sees an increase in the money supply contribute to inflation, he has analysed the Fisher equation to develop a new approach to the problem, multidisciplinary, logical and sociological with the theorem of the pre-existence of values in the factors of the equation.
Also in March 2015 he has left the School of Legal and Monetary Studies - Giacinto Auriti to devote himself to new projects more productive, funding the Auritian Monetary Academy.

The Auritian inspiration

Daniele Pace is inspired in his research by Professor Giacinto Auriti of University of Teramo, fully endorsing the legal concept of currency that led to the formulation of the theory of the induced value and the ownership of the bearer, but distinguishing some statements secondary to the legal structure, concerning the economic and banking technicalities. Indeed, he has formulated in "The Fruiterer Conspiracy" a different approach to the matter of inflation and in the description on the operation of the banking system in relation to the issue of money where is placed very close to the research of Ben Dyson for the English Positive Money.
He then led the British research within the School of Legal and Monetary Studies for which he has been the inspiration before leaving it in 2015 to the changed inner balance.
Daniele Pace has nevertheless had the merit of having revived the Auritian thought in a time of great confusion because of the various movements for economic proposals born from the global crisis, pointing and improving some gaps left by the professor of Teramo, as a presentation more detailed from a technical point of view on the creation of public and private debt.
In particular Auriti always referred, in his dissertation, the central bank in charge of the public debt, while Pace has proposed the most advanced research and detailed without detracting instead to the legal basis of the popular ownership of money and induced value, which are so emerged stronger from this.

The credit and sources

According to his English experience, Pace has revived in Italy the pursuit of Positive Money London updating what are the knowledge and differentiating them from the thinking of monetary movements No Euro altogether. This has shifted the focus on the supply of credit by commercial banks and the resulting money creation out of nothing, with sources from Great Britain and Switzerland reported in his book "The Utopian Money" then became aware of the internet public in Italy. In particular the reference to the articles of the Financial Times[1] and The Guardian[2], and web pages of the Swiss National Bank[3] and to the bulletin of the Bank of England[4] in 2007.
Recalling that the credit today is the 97% of the money in existence and that the role of central banks is very different from what it is implied in the movements No Euro, Pace placed emphasis on the system of money creation, which would remain unchanged even in the event of a return to the national currencies in the Euro-zone.

The criticism to the sovranisti

The thoughts expressed above regarding the return to the lira and the movements No Euro was expressed in his article "Diego Fusaro and the Chinicization of sovranisti"[5] which highlights not only the ineffectiveness of a simple exit from the euro on the national debt, but especially the continuation with the current system of exponential growth in economy, depauperising for the nations, and accompanied by the erosion of wages and workers' rights, since labour is the only factor in the production process that can be affected by cost reduction.
But the fierce criticism to the anti Euro is not a defence of the Euro, but the simple verification of the marginalization of an exit from the single currency without a radical change in monetary creation as debt and the financing of States through government bonds which monetize that debt. Of course the solution for Pace is creating state money and the redistribution without the loan at the origin of the entire money supply. In this Pace he means by the word Sovranisti the proponents of false monetary sovereignty that the exit from the Euro is for him, indicating the real sovereignty in the production of free government money.

The criticism on MMT

In another article, “MMT: the banker who would save us from the banks”[6], Pace expressed much criticism of the Modern Monetary Theory on many points. First he highlighted the conflict of interest between the banker Mosler who financing the economists of MMT and a monetary reform in which as a shareholder of a bank he is directly involved. According to Pace in fact, the MMT is for this polluted both in the explication of the system that in the solution to the problem.
The writer, as highlighted in the article concerning the Sovranisti and in numerous conferences, has repeatedly criticized the term sovereign currency both in the meaning that in the alleged difference with the Euro, on the basis of what is the operation of the monetary system in the countries outside the single currency, almost exactly the Euro-zone, taking concrete examples from his own country of residence.
The criticism then moves on abuse of semantics in MMT, and the technical aspects that, according to Pace, would favour the banking system without affecting the power, bringing the state to identify even more closely with the Auritian legal ghost.

The Utopian Money

The Utopian Money[7] (self-produced in 2012, subtitle Abolish the banking system with the self-issued money) is the first book of Daniele Pace in which collects all his studies on the money to project in a solution, or to use his words, a futuristic vision of money with self-monetary emission without the need for a central authority and a banking system that would be abolished and replaced with an entirely computerise new system in which all economic and not it will self-produce the measure of their wealth.
The book, developed in nearly 500 pages, it is a travel through the history of the currency as Pace believes it is essential for the understanding of the current monetary system and its futuristic vision, the knowledge of historical developments related to money.
The work in fact it develops into five books, each devoted to a particular section: after an introduction on the mechanisms for the construction of reality, the first book describes the whole history of money, from his birth until after World War II; the second book is instead centred on the current monetary system and all its nuances on society; in the third book Pace begins the adventure towards the self-issued money by introducing and expanding the legal monetary thought of Professor Giacinto Auriti of University of Teramo, who died in 2006; the fourth book is a description of the proposed self-credit by Paul Grignon[8], the Digital Coin[9], which Pace considers however incomplete and impractical in the technical basis and in particular in the theoretical and legal, but as inspiration for its proposal; the fifth book, taking the proposal of Grignon, revolutionise it and applies to it the Auritian legal concepts to reach a monetary system totally self-issued to replace and abolish the current system of creation by the banking sector, both the commercial than the central.
The fifth book is thus performed in two parts, the first theoretical and the second technique. In the first theoretical part the Pace's thought, resuming Auriti, expresses the overcoming of the concept on surplus value thanks to the induced value and above all self-induced emission of wages by workers that would avoid the conflict of social class in economic production. Here are also shown the benefits of the system self-issued in five macro-system: industies, labour, production, state and economy, with major social and ecological implications, described already long the work and also in the chapter Work and society: paradigm shift”, where he indicate very reduced working hours, production ethical and direct social participation.
The theoretical subjects are then developed in the technical part, where such social participation is realized in the ability for citizens to block monetary emissions that are harmful to the community.
Pace structure a system that allows full control on monetary matters while maintains the autonomy, independence and self-production, with three different types of availability to spending and the possibility to refuse of acceptance for ethical reasons individually through their identification codes for each monetary unit. The system also allows the issuance of mortgages and loans with the promise of destruction instalment for accountability of the use of money. The book, very structured but easy to understand, also provides auto-emission of pensions, subsidies and compensation for the self-employed, solving problems related to the health insurance of the weaker social classes.
Overall, the book contains very innovative solutions set out in simple language understandable but not without a thorough understanding of offering the first three books.

Dialogues with Auriti

Dialogues with Auriti[10] (self-produced in 2014) is the second work of Daniel Peace, in collaboration with the drawer Sandra Internullo. It is a comic book that describes the theory of Professor Auriti with a series of dialogues between imaginary people, two ordinary persons, the one, Daniel, who knows about the creation and the value of the currency, and the other, Mario, completely in the dark about the subjects and troubled because of economic reasons.
In the dialogues, easy to understand, it will appear to Mario the Professor Auriti, in a dream, to explain his theories and turn the boy from depressed person in combative and proud popularizer of money debt-free, issued for social welfare.
The comic aims to be directed to those not already aware in this matter and represents a first information and a stimulus for the deepening of the monetary issue.

The Fruiterer Conspiracy

The Fruiterer Conspiracy[11] (self-produced in 2015, subtitled: Money and inflation) is the third book of Daniele Pace in which the writer and researcher addresses the matter on inflation and especially the dogma of the Quantitative Theory of money, recovering, expanding and completing the concepts already outlined in The Utopian Money. The book deals with the issue of the increase of monetary aggregates related to inflation with a fresh approach after briefly traced the history of theory and debate this aroused among academics, not all agree on its validity.
Daniele Pace theorizes in this book the theorem of the pre-existence of values in the equation of Fisher, to be included as a constant in the equation itself as decided in value in a Field of behaviour by manufacturers and retailers that is temporally prior to the equation. The author poses as the basis for his theorem three absurd logic as a hypothesis in which the Fisher equation would achieve the paradox of a money with autonomous behaviour where the economic entities, whose in reality and experience decide the prices, they would have no opportunity to intervene or materialize the Conspiracy of the fruiterer, a strategic alliance to carve up the monetary aggregates. An absurd logic indeed, highlighted by Pace who then turns his interest in the behavioural field where really is decided the value of price.
Many economists offer a different interpretation of the Fisher equation talking about the relationship of identity between the members that would be indicated by the famous economist. But for Pace there is not only a relationship of identity to highlight inconsistencies, but also a logical theorem that part of the three absurd, key hypothesis, which would affirm the Fisher equation, to get to the thesis and prove the pre-existence of values and then their inclusion as constants in the equation.
Pace puts these three absurd in the Fisher equation as a hypothesis:

1. The central bank and the banking system would decide and would communicate the prices of goods and services.
2. The prices would self-adjust or update without the knowledge of producers / retailers.
3. There would be the "the Fruiterer Conspiracy", where manufacturers and traders, experts in monetary matters, without the knowledge of consumers, conspire to divide the monetary aggregates.[12]

It is quite clear that neither of these absurd could be true, and that therefore the Fisher equation does not stand up logically when you try to use it to justify the price increase.
In fact, not only this cause for inflation this has never been proven, but were also turned the debates among economists who saw this theory as totally wrong.
The conclusion by Daniele Pace is the “not validity” of the Fisher equation as a factor predictive and correctness for the states to create money in abundance without fear of creating inflation. In this way the researcher disrupts the dogma that do not want allow the States to have their own monetary policy.

Innovative ideas and new vision

Daniele Pace, as can be inferred from his books, presents many innovative ideas although rarely reported in the conferences in which he is called because he believes his vision too original today, when citizens are still not informed on the current monetary system. Of anarchist ideology, Daniele Pace believes that a monetary revolution in the Auritian sense can also bring along a positive cultural and social revolution, once you understand the true nature and function of money.
According to the writer, the elimination of debt and interest at the origin of the money, with it also would eliminate the exponential economic growth and lead to a strong reduction in working hours for the same wage for citizens. The economy would be restored to its proper size necessary for society, and not in surplus, identified as the exclusive need of the elite to maintain power through blackmail on disproportionate wage and employment in productive activities.

Notes

[1] The Fed is right to turn the tap - Financial Times November 9, 2010 (http://www.ft.com/cms/s/0/93c4e11e-ec39-11df-9e11-00144feab49a.html#axzz3abmistvx)
[2] Money Has Been privatised by stealth - The Guardian November 15, 2011 (http://www.theguardian.com/commentisfree/2011/nov/15/money-privatised-stealth)
[3] How banks increase the money supply - Swiss Central Bank (http://www.snb.ch/e/welt/portrait/banks/4.html)
[4] Quarterly Bulletin Bank of England 2007 (http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/qb0703.pdf)
[5] Diego Fusaro and the Chinicization of Sovranisti - Daniele Pace April 7, 2014 (http://danielepaceblog.blogspot.co.uk/2014/04/diego-fusaro-e-la-cinesizzazione-dei.html)
[6] MMT: the banker who would save us from the banks - Daniele Pace 28 June 2013 (http://danielepaceblog.blogspot.co.uk/2014/02/di-daniele-pace-premessa-quando-alcuni.html)
[7] The Utopian Money - 2012 (http://danielepacebloguk.blogspot.co.uk/p/my-books.html)
[8] Paul Grignon (http://en.wikipedia.org/wiki/Money_as_Debt)
[9] Digital Coin (https://www.youtube.com/watch?v=XyWfUqEyIZc)
[10] Dialogues with Auritu - 2014 (http://danielepaceblog.blogspot.co.uk/2014/09/e-uscito-dialoghi-con-auriti-il-fumetto.html)
[11] The Fruiterer Conspiracy - 2015 (http://danielepacebloguk.blogspot.co.uk/p/my-books.html)

Bibliography

The Utopian Money - 2012 (http://danielepacebloguk.blogspot.co.uk/p/my-books.html)
Dialogues with Auritu - 2014 (http://danielepaceblog.blogspot.co.uk/2014/09/e-uscito-dialoghi-con-auriti-il-fumetto.html)
The Fruiterer Conspiracy - 2015 (http://danielepacebloguk.blogspot.co.uk/p/my-books.html)

External links

The blog of Daniel Pace (http://danielepaceblog.blogspot.co.uk/)
Presentation of the book The Fruiterer Conspiracy (http://salvo5puntozero.tv/intervista-con-daniele-pace-presentazione-del-libro-il-complotto-del-fruttivendolo-30042015/)
Speech at Westminster University - Conference ABC Economiscs (https://www.youtube.com/watch?v=A08w6c0BowA)
No-euro, compared theories: Pace, Borghi, Fusaro, Di Sabatino (https://www.youtube.com/watch?v=8Ie1m7CDYc0)
Speech at the Antropocracy festival (https://www.youtube.com/watch?v=IoOI8Ap9HGE)
Speech at Canale Italia (https://www.youtube.com/watch?v=IoOI8Ap9HGE)
Meeting with students (https://www.youtube.com/watch?v=0p1vmtPL8LM)
Conference Pace, Galloni, Rinaldi, Romano (https://www.youtube.com/watch?v=8eqUQrx9IHI)
The youtube channel (https://www.youtube.com/user/poldosaura/videos)
The first episode of the "What the money - the birth of the currency" (https://www.youtube.com/watch?v=L7exsOaX2No)
"What the money - Daniele Pace - Point" on Salvo5puntozeroTV (http://salvo5puntozero.tv/category/gli-spazi-autogestiti-su-salvo5puntozero/cose-il-denaro/)
What is money - excerpt interview RadioGamma5 (https://www.youtube.com/watch?v=aWWPCl_cEx0)
The Utopian Money - INTERVIEW (https://www.youtube.com/watch?v=4EnKj5A59bE)
Speech at the conference of Montegranaro (https://www.youtube.com/watch?v=ehyvhPJildI)
Intervention for The Thing (https://www.youtube.com/watch?v=C-Tb1__Rgek)
Interview presentation for Dialogues with Auriti (https://www.youtube.com/watch?v=tfHDcXdjcNg)

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