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(3) Banking on Ourselves - Transition
- 1. Transition Banking on Ourselves Chris Cook Schumacher College 15 November 2012
- 2. Conventional Banking Value Seller Buyer Bank IOU IOU
- 3. Financing – ClearingUnion Peer to Peer trade credit - banks as service providers not lenders Bank capital requirement is only for operating costs Goods and services change hands by reference to $, not necessarily in exchange for $ currency Credit risk shared by sellers and buyers collectively No 'interest' (money for the use of money) Default costs and operating costs shared
- 4. Clearing Union -Seller accepts Buyer's IOU Value Seller Buyer IOU
- 5. IOU is guaranteedby Clearing Union of Sellers & Buyers collectively Value Seller Buyer IOU Guarantee Guarantee Pool
- 6. Seller & Buyerpay guarantee charge into Pool held by Custodian Value Seller Buyer IOU Fee Fee Guarantee Pool Guarantee
- 7. 1/ Buyer settlescredit in money or 'money's worth' eg energy stock Value Seller Buyer Fee Fee Guarantee Pool Guarantee
- 8. 2/System identifies a'chain' of IOUs A<B<C<D<E<A and 'nets' them out IOU Seller A Buyer B Fee Fee IOU IOU Pool Guarantee Guarantee Buyer E Buyer C Buyer D IOU IOU
- 9. 3/ Buyer defaults:system pays sellers and collects from buyer if possible Seller A Buyer Default Collects Pays Default Pool Seller B Pays
- 10. Service provider setsguarantee limits, handles defaults & manages system Value Seller Buyer IOU Fee Fee Guarantee Pool Guarantee Service Fee Service Provider
- 11. Financing – CapitalPartnership Investment to a common purpose in people businesses Production and/or revenue sharing between investor and user of investment for as long as the investment is used No 'interest' (money for the use of money) Sharing of risk and reward – no default
- 12. Capital Partnership Users Payment Use Custodian Custodian % % Investors Managers
- 13.
- 14. Equity Shares -% age shares in flows of revenue or production 03/04/10 14
- 15. Stock – returnablein payment for use value eg rentals, Kilowatt Hours
- 16. Example: “The Artof Flirting” – a film incorporated as an LLP 31/05/10 16
- 17. The actors receivednth’s of gross revenues 31/05/10 17
- 18. I got 5%...andthe producer the rest 31/05/10 18
- 19. But we neededlights, cameras, pizza, coffee 31/05/10 19
- 20. Capital Partners invested£ for 20% of the revenues.... 31/05/10 20
- 21. ...if there areany 31/05/10 21
- 22. Art of FlirtingPartnership Viewers Viewers £ Custodian Custodian % % Financial Capital Financial Capital Human Capital (Investors) (Investors) (Actors, Producer, Me) 31/05/10 22
- 23. Capital Partnerships arenot Organisations 03/04/10 23
- 24. They do notown anything, do anything, employ anyone, or contract with anyone... 03/04/10 24
- 25. Associative agreements requireno legislation Users Users Payment Custodians Custodians (National) (National) % % Financial Capital Financial Capital Human Capital (Money, IP etc) (Money, IP etc) (Developers, Operators) 03/04/10 25
- 26.
- 27. Energy subsidies inthe Middle East alone cost trillions of dollars 16/06/10 27
- 28. Investment in theglobal transition to renewable energy needs trillions of dollars 16/06/10 28
- 29. How do wemake the connection? 16/06/10 29
- 30. Energy Stock User User Energy Custodian Custodian Energy Energy Investor Investor Manager Manager
- 31. Stock - returnablein payment for energy 05/04/10 31
- 32. Mega Watts: renewablesfunded by unitising Energy Pool of production. 05/04/10 32
- 33. Nega Watt energysavings - the cheapest energy - funded by an Energy Loan in Units 09/03/10 33
- 34. Energy Loans madeto properties & repaid via utility bills out of energy saved 09/03/10 34
- 35. Funded by investorswho invest through buying Units in Energy Pools 09/03/10 35
- 36. Energy Loan of£5,000 50 Units of 1 Megawatt Hour @ £100 per Unit 09/03/10 36
- 37. 5,000 Units of10 Kilowatt Hours @ £1.00 per Unit...and so on 09/03/10 37
- 38. Reduced energy billfor energy consumed 09/03/10 38
- 39. Energy Loan repaidthrough buying Units from the Pool at the market price 09/03/10 39
- 40. The UK 'GreenDeal' – Compound interest and Jevon's Paradox 09/03/10 40
- 41. Stock: saving energyis saving money 09/03/10 41
- 42. But how dowe transition from a carbon economy? 09/03/10 42
- 43.
- 44. Carbon Levy -initially on gas - funds Energy Pool investment in renewable Mega Watts 09/03/10 44
- 45. …and Green Dealinvestment in Nega Watts 09/03/10 45
- 46. An Energy Dividendis paid in Stock 09/03/10 46
- 47. The outcome isthat those with above average carbon fuel use ...
- 48. ….make a nettransfer to those with below average use of carbon fuel
- 49. “If you wantto keep a cow healthy, you don’t regulate what comes out of it……”
- 50. “……you regulate whatgoes in….”
- 51. Energy Pools enableCarbon currency based upon the intrinsic value of energy…
- 52. ..rather than amarket in value-less Units of CO2 emissions, imposed by governments
- 53. No dollars changehands but transactions are priced against the dollar
- 54. The $ maycome to be fixed against a unit of energy – an Energy Standard
- 55. This brings usto Energy Economics
- 56.