About Durgy

Mike "Durgy" Durgavich serves as CEO of Legal for the Exchanghibition Bank. When not involved in the rigors of monetary compliance at the bank, Durgy practices international law from the magical island Kingdom of Bahrain. Since 2001 Durgy has been involved in publishing newspapers in Black Rock City, Nevada. He is the vice president of the Black Rock Beacon , a non-profit copylefted newspaper. Durgy creates and solves puzzles.

EB Opens Branch and Minds

Report for the Black Rock Beacon, the Burning Man newspaper, about all the Exchanghibition Bank happenings a week ago. Reposted here for your information and enjoyment :-)

 

AMSTERDAM, June 20, 2011 – The Exchanghibition Bank (exchanghibitionbank.com/) brought its art of turning art into money at its kiosk in the Magna Plaza and the Brakke Grond from June 16-19, 2011. CEO and Founder Dadara along with the Financial Department representatives Messrs. Sommerdijk, Weeber and Sultan were on hand to exchange ideas about money, art and to exchange art for money.

Visitors to the Bank did not really seem to understand at first the mix of physical art and performance art as they spoke with Bank staff. Bank personnel reported a moment you could see an understanding come into eyes of most Bank patrons when you see the penny drop and people understood that this was an art project to which they could contribute. Some chose to rid themselves of dirty currency in exchange for the Bank’s Zero, One Million and Infinite Bank Notes. Bank personnel reported receiving mostly euros but also being offered currencies from the UK, USA, the Kingdom of Bahrain, Saudi Arabia and Kuwait in exchange for the Notes.

The Exchanghibition Bank’s ongoing business model turns art into money, and the money collected into more art. It provides an outlet for the public to have a dialogue about the value of art and money in a way other than the latest published exchange rates or auction prices. The Bank has also been able to partner with local promoters to allow persons who are willing to “spend their art” by using Exchanghibition Notes for admittance to sold out events. It is intended to evolve based on lessons learned, public feedback and collaborative discussion. The project is slated to continue until at least 2012.

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The Value of Money

The Value of Money

The money we use in everyday life really is worth at least the paper it is printed on. If suddenly central banks from around the world decided to not honor the promise of the “value” of currency, all those saved Dollars, Euros, etc. would be best used starting fires and wiping asses. It is lamentable that paper money is notoriously not very absorbent.

The paper money we use is also called “fiat money”. Fiat money can be defined as “currency that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves.” (Cite: Investopedia) It used to be that currency was based on commodities like gold or silver. Nowadays, gold and silver have been replaced by “faith”.

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