Step 2: Remove the paper from the Moleskine
Take a look at the pictures below. In your moleskine, the first and the last page are slightly different than the rest because they are awkwardly glued to the two pages I was referring to in the first paragraph. Grab the first page that is slightly glued to the contact and reward page and just pull it until it comes apart. Refer to the pictures below to gain an understanding where to cut. All you have to do is slice right at the edge of that page but just be sure your are NOT cutting through the spine of the notebook cover, otherwise you fail. Once you do that, go to the last page and repeat the step. My old moleskine was so worn in that when I pull the slightly glued pages apart that it automatically separated the paper from the rest of the notebook, so maybe you'll get lucky that way.
Once you do that, you should just have the empty moleskine black oil cloth cover and next to it a stack of paper. What you do with it afterward is your business. With my used moleskine, I kept the paper as it was just cause I couldn't part with it, and then I've also done this with new moleskines, in which case I turned the unused paper into a nice stack of loose leaf pages by separating it from the bundles they are in.
Note: There is a brand of moleskine journals that give you just as good quality (if not better) for half the price of the Moleskine (capital M) brand. That brand goes by the name Piccadilly and can be found in Borders bookstore or online http://www.piccadillyinc.com. They have really good deals so check it out sometime.