Terminating digital currencies issued by governments could provide stimulus without austerity or serve as an alternative to Bitcoin in a crisis. Speed money, or money that carries a small fee for use, has been used historically in places like Germany and the US in the 1930s to stimulate local economies. A modern version using digital technology could be issued by governments, chambers of commerce, or community groups to spend into stagnant economies without debt or money creation from central banks. It avoids issues with Bitcoin like price volatility and energy use for validation. Speed money allocation could also be tracked to curb tax avoidance and money laundering.
Vollgeld 101 - What is Sovereign Money and What Can It Do?Manuel Klein
How is the current money system structured? What do banks do? Why does the current money system systematically produce financial crises through asset price inflation?
And how can Vollgeld or Sovereign Money avoid these problems and create a more stable and sustainable money system?
Central banks, moral hazard and the prospect for global marketsMulti-Act
Quantitative easing (QE) practices so far have been incentivizing buyers to purchase bonds and in the offing letting them front-run Central Banks. Why has the bond market struck investors’ attention? This is partly because the Central Banks have set an unsaid expectation that they might start QE again anytime.
However, the liquidity created by QE provides the so-called top 99% with money, but it doesn't reflect the ‘actual value’. QE has indeed raised the moral hazard of investors willing to take risks, knowing that the potential costs or burdens of taking such risks will be borne, in whole or in part, by other. It has also increased asset prices, which in turn have affected the ‘prospective return’ on all assets compared to the historic ‘required return’.
Consequently, equity markets have been witnessing volatility and real-estate asset investments are also steadily fluctuating. In the aforementioned scenario, gold becomes a viable monetary asset to invest in as it is not liable to any other commodity’s performance. Hence, given India’s large privately-owned gold stock, the economy can benefit tremendously if gold gets re-priced.
Furthermore, it will be more conducive for the global Central Banks to introduce gold standards again. The Austrian School of Economics believes that having a gold standard within an economy will ensure that the country’s consumption and production levels remain stable in the long-run.
Website - http://multi-act.com/
Contact Us - http://multi-act.com/contact/
The current account deficit that cried "wolf!"RBS Economics
The UK current account deficit hit a record 5.2% of GDP in 2015. Senior Economists Rupert Seggins and Marcus Wright take a look at what the current account deficit is, what has happened to it, why and what it does and does not tell us about the economy.
Vollgeld 101 - What is Sovereign Money and What Can It Do?Manuel Klein
How is the current money system structured? What do banks do? Why does the current money system systematically produce financial crises through asset price inflation?
And how can Vollgeld or Sovereign Money avoid these problems and create a more stable and sustainable money system?
Central banks, moral hazard and the prospect for global marketsMulti-Act
Quantitative easing (QE) practices so far have been incentivizing buyers to purchase bonds and in the offing letting them front-run Central Banks. Why has the bond market struck investors’ attention? This is partly because the Central Banks have set an unsaid expectation that they might start QE again anytime.
However, the liquidity created by QE provides the so-called top 99% with money, but it doesn't reflect the ‘actual value’. QE has indeed raised the moral hazard of investors willing to take risks, knowing that the potential costs or burdens of taking such risks will be borne, in whole or in part, by other. It has also increased asset prices, which in turn have affected the ‘prospective return’ on all assets compared to the historic ‘required return’.
Consequently, equity markets have been witnessing volatility and real-estate asset investments are also steadily fluctuating. In the aforementioned scenario, gold becomes a viable monetary asset to invest in as it is not liable to any other commodity’s performance. Hence, given India’s large privately-owned gold stock, the economy can benefit tremendously if gold gets re-priced.
Furthermore, it will be more conducive for the global Central Banks to introduce gold standards again. The Austrian School of Economics believes that having a gold standard within an economy will ensure that the country’s consumption and production levels remain stable in the long-run.
Website - http://multi-act.com/
Contact Us - http://multi-act.com/contact/
The current account deficit that cried "wolf!"RBS Economics
The UK current account deficit hit a record 5.2% of GDP in 2015. Senior Economists Rupert Seggins and Marcus Wright take a look at what the current account deficit is, what has happened to it, why and what it does and does not tell us about the economy.
Niall Ferguson, noted economic historian, author, and Harvard Professor outlined the next steps in the current “Great Depression to a packed Canada 2020 Speakers Series crowd on Monday 23 February. For more, see www.canada2020.ca.
A lecture delivered in 2010/11. Why the economy will collapse is a warning to all investors who speculate on stocks and shares, and other forms of speculation. It is far better to invest directly into CASH & PROFITS.
The world is awash with viral stories – some of which are more evidence-based than others. There’s been a lot of controversy about their ability to shape elections, but can they shape economics too?
In a ground-breaking new book, Nobel Prize-winning economist Robert Shiller shows how popular stories can shape individual and collective behaviour, and argues that what he describes as “narrative economics” can be used to predict, and prepare for, major economic shifts.
What are the strengths and weaknesses of “narrative economics”? Should policy makers make more use of it alongside their traditional economic models? And what does it tell us about the current state of economics?
The Resolution Foundation is hosting an event at its Westminster headquarters with Robert Shiller to discuss his new book Narrative Economics: How Stories Go Viral and Drive Major Economic Events. Joining him on stage will be author and BBC Economics correspondent Dharshini David, who will respond to the book’s core argument and the wider application of “narrative economics”. An audience Q&A will follow.
Speakers
Robert J. Shiller, author and Nobel Prize-winning economist
Dharshini David, author and BBC Economics correspondent
Torsten Bell, Chief Executive of the Resolution Foundation (Chair)
Global Powers of Consumer Products 2013Melih ÖZCANLI
Global Powers of Consumer Products 2013
Engaging the connected customer
by Deloitte, 2013
The opportunity for consumer products companies to manage their brands online, engage with consumers at an individual level, and drive sales through digital channels is significant. The question is how to do it well. Take a look at this year's report to see which consumer goods companies are on the Top 250 list. Then keep reading to see what approaches the industry is likely to take to engage this new, digitally empowered consumer.
Find out which companies are where on this year's Top 250 list by downloading the complete report.
Niall Ferguson, noted economic historian, author, and Harvard Professor outlined the next steps in the current “Great Depression to a packed Canada 2020 Speakers Series crowd on Monday 23 February. For more, see www.canada2020.ca.
A lecture delivered in 2010/11. Why the economy will collapse is a warning to all investors who speculate on stocks and shares, and other forms of speculation. It is far better to invest directly into CASH & PROFITS.
The world is awash with viral stories – some of which are more evidence-based than others. There’s been a lot of controversy about their ability to shape elections, but can they shape economics too?
In a ground-breaking new book, Nobel Prize-winning economist Robert Shiller shows how popular stories can shape individual and collective behaviour, and argues that what he describes as “narrative economics” can be used to predict, and prepare for, major economic shifts.
What are the strengths and weaknesses of “narrative economics”? Should policy makers make more use of it alongside their traditional economic models? And what does it tell us about the current state of economics?
The Resolution Foundation is hosting an event at its Westminster headquarters with Robert Shiller to discuss his new book Narrative Economics: How Stories Go Viral and Drive Major Economic Events. Joining him on stage will be author and BBC Economics correspondent Dharshini David, who will respond to the book’s core argument and the wider application of “narrative economics”. An audience Q&A will follow.
Speakers
Robert J. Shiller, author and Nobel Prize-winning economist
Dharshini David, author and BBC Economics correspondent
Torsten Bell, Chief Executive of the Resolution Foundation (Chair)
Global Powers of Consumer Products 2013Melih ÖZCANLI
Global Powers of Consumer Products 2013
Engaging the connected customer
by Deloitte, 2013
The opportunity for consumer products companies to manage their brands online, engage with consumers at an individual level, and drive sales through digital channels is significant. The question is how to do it well. Take a look at this year's report to see which consumer goods companies are on the Top 250 list. Then keep reading to see what approaches the industry is likely to take to engage this new, digitally empowered consumer.
Find out which companies are where on this year's Top 250 list by downloading the complete report.
This is a presentation based on customer relationship management, which is now-a-days a very important issue for every company as well for the customers. For capturing more and more customers satisfyingly, every firm need to get into this CRM.
Presentation of the manuscript Mejia, J.R., Hultink, E.J., Pasman, G., Stappers, P.J. (2016). Concept Cars as a design-led futures technique. Proceedings of the 23rd Innovation and product development management conference, Glasgow.
In the vast digital landscape, where opportunities to earn abound, it's crucial to understand the foundational principles that underpin successful ventures. This chapter serves as a compass, guiding you through the fundamentals of making money online, with a specific focus on the power and potential of affiliate marketing.
The Evolution of Money-Digital Transformation and CBDCs in Central BankingSelcen Ozturkcan
Understand the drivers of digital transformation in central banks roles and responsibilities.
Identify the potential benefits and risks of CBDCs.
Examine the contemporary situation in Sweden.
'How would the invisible hand handle electronic money?' in Lynne Chester, Michael Johnson & Peter Kriesler, eds Heterodox Economics' Visions 2009, available at: http://ssrn.com/abstract=1399224 . 'Options for Reforming the Financial System', in The IUP Journal of Governance and Public Policy, 6(3): 7-34, September
Why Do We Need Privately Created Money.pdfParag Goel
This booklet is expected as an aide for the freedom sweetheart regarding the matter of Bitcoin, which is the first and generally famous of another kind of monetary instrument called "crypto-‐currencies." Although Bitcoin is an entrancing subject by its own doing, no matter what its conceivable political ramifications, it would be credulous to imagine that the public interest in Bitcoin today is simply one of business application and additionally savvy curiosity.1 Just as the improvement of the Internet hugely affects the possibilities for freedom, the present philosophical advocates of Bitcoin trust that Satoshi Nakamoto's answer for the "twofold ‐spending" issue in a decentralized installment framework proclaims another apparatus in the battle against severe States. In this regard, the allure of Bitcoin is that — by its actual nature — it can't be laid hold of by strong outsiders, and that implies that it is always secure against unusual expansion.
In this aide, we will serve the two kinds of peruser, giving instinctive clarifications that give the "higher perspective" of Bitcoin's financial aspects yet in independent segments we will dig into the genuine mechanics of Bitcoin for the peruser needing to know more. Anytime in this aide, in the event that you the peruser start to feel overpowered by the specialized subtleties, we encourage you to skirt ahead to the following area. Insofar as you basically allow every one of the segments an opportunity, we are sure you will leave understanding the mechanics and financial matters of Bitcoin far superior to toward the beginning.
The volatile domain of financial wealthGRAZIA TANTA
0 - Introduction
1 - How financial wealth is built
2 - The (ir) relevance of financial wealth per adult
3 - Where does financial wealth accumulate?
4 - Inequalities in the distribution of financial wealth
The Crypto Craze: A Beginner's Guide to Understanding and Investing in Crypto...HafsaZahid23
"The Crypto Craze" is the ultimate guide for anyone looking to get started with cryptocurrency. This ebook provides a clear and concise introduction to the world of digital currencies, including Bitcoin, Ethereum, and other altcoins.
With easy-to-understand explanations and practical tips, readers will learn the basics of how cryptocurrency works, how to buy and sell it, and how to store it securely. The ebook also covers popular crypto trading strategies and provides insights on the latest trends and developments in the crypto market.
Whether you're a complete beginner or an experienced investor, "The Crypto Craze" is the perfect resource for anyone looking to stay ahead of the curve in the world of cryptocurrency. So, get your copy today and start your journey into the exciting world of crypto!
Similar to Financial Stability Policy Options (20)
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
1. Financial stability policy options
(Based on paper at http://ssrn.com/abstract=2518020)
International Post Keynesian Conference, University of
Missouri at Kansas City 16 September 2016
Shann Turnbull PhD
sturnbull@mba1963.hbs.edu
Founding member of Sustainable Money
Working Group (UK)
2. Research Question:
How might supplementary digital terminating currencies
provide a superior fall back position to Bitcoin in a
financial crisis and/or provide a basis for rehabilitating
distressed or stagnant economies without austerity?
Research Finding:
Terminating digital non-debt backed helicopter money
issued by governments, not their central banks, provide a
superior alternative to Bitcoin in a financial crisis or
without one to stimulate stagnant economies without
austerity
3. Terminating money has many other names
1. Stamp Scrip – invented by Gesell 1919
2. Speed money as used in this presentation
3. Negative interest rate money
4. Demurrage money
5. Depreciating money
6. Rusting money
7. Self-liquidating money
8. Evaporating money
9. Cost carrying money
10. Non-use fee money
11. Use it or loose it money
12. $Z when value tethered to Sustainable Energy (SED)
4. Why should money carry a cost?
• To avoid money becoming an asset class
competing with real goods and assets
• The cost can be considered as a service fee
for the convenience of obtaining an
acceptable medium of exchange
• The fee allows the public good provided by
money to be paid for by its users.
• It substantially reduces the cost of the
financial system that becomes more resilient
and self-regulating.
5. What is speed money?
In the Great Depression privately issued
notes were issued that required a stamp, sold
by the issuer, to be attached each week. Such
“Stamp Scrip” accepted in Europe and in the
US required stamps of 2% of the face value
to be affixed on its back side each week.
The issuer obtained income of 52 x 2%=
104% over the year that was used to redeem
the note at least at a 4% profit!
6. How can speed money be less costly?
Consider a business with $200K sales per week
and so revenues of $200k x 52=$10.4M p.a.
The cost of accepting credit cards charging 2%
commission would be $208K.
With speed money banked say only once a
week the average cash held would be half of
$200K=$100K costing 2% per week = $2K
being a cost p.a. of 52x$2K=$104K p.a.
7. Contemporary views on Speed money
Buiter, W. H., 2010. Negative Nominal Interest Rates:
Three Ways to Overcome the Zero Lower Bound,
North American Journal of Economics and Finance,
(Vol. 20), pp. 213-238.
Haldane, A. G., 2015. How Low Can You Go? Bank
of England, September, (five months after my UK
essay: Why should the UK adopt a digital money?)
Goodfriend, M. 2016, Designing Resilient Monetary
Policy Frameworks for the Future, Jackson Hole
Economic Policy Symposium, Wyoming.
8. Keynes view on Speed money?
Gesell had proposed that a stamp of 0.1% of the
face value of the notes be affixed every quarter to
create a negative interest rate of 5.4% a year.
Keynes (1936: Chapter 23, part VI) supported the
idea and referred to Gesell as “unduly neglected
prophet”. Keynes thought the rate “would be too
high in existing conditions, but the correct figure,
which would have to be changed from time to
time, could only be reached by trial and error”.
9. Who could issue speed money?
1. Anyone because it is self-financing
2. Local chambers of commerce
3. Other community associations
4. Local governments
5. Regional governments
6. National governments, even those
who are in the Euro Zone
7. European Commission, not ECB
10. US proposal of February 17, 1933
Pettengill-Bankhead Bill for US Gov:
To issue $1 billion of Stamp Scrip
Post office to sell 2% stamps
Stamp Scrip distributed to each US
State in proportion to population for:
a. Welfare & unemployment income;
b. Building infrastructure to create jobs
and increase productivity.
Post office makes $40 million profit!
No government debt, new taxes or QE
11. What happened two weeks later?
March 4: President Roosevelt inaugurated
March 6: Roosevelt closes all US banks
March 9: Roosevelt convenes joint sitting
of both US houses of Congress and:
(a) Congressman Steagall reads out first
New Deal Bill as no time to print it!
(b) Bill increases powers of privately
owned Federal Reserve to create
money and increase government debt
(c) Bill signed into law same day!
12. Why not use Bitcoins?
1. Bitcoins must be purchased, they cannot be
given away to pensioners, unemployed,
SMEs or used to finance infrastructure;
2. Bitcoins are not tethered to the Euro;
3. Bitcoins have volatile value;
4. Validating transactions takes ten minutes as
majority of Bitcoin holders must confirm
all transfers;
5. Validation is costly in computer time and
energy consumption.
13. Taceable speed money?
• All Bitcoins are tagged to avoid them being
duplicated - like numbering notes
• Tagged speed money would inhibit it being
used in the “black economy” for tax
avoidance, money laundering, bribes, fraud
or funding terrorists;
• Greek black economy was estimated at 28%
of GDP by World Bank from 1999-2007.
• Likely acceptance as tagged money if gifted
to voters such as welfare recipients
14. Digital technology has introduced new options for
designing, using and regulating money besides the 3T
concerns of Timing, Transmission and Traction.
Swipe card and cell phones make it practical to
introduce money with a new 3T architecture of:
1. Tagged to allow integrity of use to be traced;
2. Terminating to remove price distortions, inequality,
financialization & control volume.
3. Tethered to sustainable, non-volatile, objective
units of value like Kwhrs of electricity generated
from benign renewable source any where in the
world at different relative values to allocate
humans and resources in perpetuity.
Technology introduces monetary options
14
15. History of speed money
1920 introduced by hundreds of stores in Germany to
promote sales like modern fly-buy points systems;
1931 Issued by coal mine in Bavarian village of
Schwanenkirchen to restart operations;
1932 Wörgl Council issue to revitalise Town
1933 Hundreds of other towns in Europe and the US
introduced Stamp Script;
1934 Swiss WIR with usage fee - removed 1948;
2003 Regional -2%pq speed money re-introduced in
Chiemagauer area of Southern Germany.
2006 German Regio Speed Money Association formed
2011 UK Sustainable Money Working Group formed
16. Macro stability from parallel money
• The contribution of privately organised parallel
exchange systems to macro economic stability
was reported by Stodder (2005) in both the US
and in Switzerland.
• His US data was based on the International
Reciprocal Trade Association (IRTA) founded in
the early 1970’s and the Swiss data on the WIR
with turnover of 2 billion Euros.
• The Swiss WIR illustrates a private credit system
independent of government! Greece could follow?
17. Would market forces limit
excessive issue of speed money?
Acceptance of speed money as a supplementary
currency could rapidly decline as it use as a medium
exchange becomes saturated.
Excessive issue of Speed Money could result in it
being discounted to inhibit its excessive issue?
A private issuer of a supplementary speed money
would obtain an incentive to reduce the negative
interest rate. Wörgl’s conversion fee was little used.
A government issuer of a supplementary speed
currency would also have the option of imposing a
tax on deposits of competing “slow” official money.
18. Parallel Greek low cost speed Euros?
• Private sector could unilaterally introduce speed
money in some jurisdictions as it has in Europe;
• And/or local or national governments;
• Use paper notes in emergency while adopting cell
phone applications and/or existing government
issued debit cards rechargeable and from internet
that would also collect negative interest
payments;
• If adopted nationally then follow proposal by
Russia and PRC to replace coins with swipe
cards/cell phones as suggested by Haldane 2015
19. Why IMF, ECB & EC should help
• Avoid Eurozone members exiting;
• Introduce monetary sovereignty to Eurozone
nations while improving Euro resiliency;
• Increase growth & taxes by including black
economy;
• Use Greece to learn how to create a more
efficient, equitable, stable, and sustainable
monetary system as outlined in paper;
• Bank of England suggested it could adopt a
digital currency and the UK Treasury has a £10 M
budget to research opportunities.
20. 1. Value not specified by any one or more goods or services to
create false price signals & market failure, eg Stern Report
2. Volume determined by fractional banking, FX practices and
QE and so less than 2% of real economic activity;
3. Biases resource allocation to financial assets as money is a
store of value that can offer more attractive returns than
those that sustain prosperity but depreciate and/or wear
out. i.e. Creates “Financialisation”.
4. Competes with procreative assets that are the only way to
increase prosperity without increasing human exertion or
working hours or to increase human and environmental
“well-being” without consuming more non renewables;
Why fiat money is not fit for purpose 1
21. 5. Increases inequality from unearned interest
income;
6. Nations cannot control the value of their own
currency;
7. Volume of money not determined by real economic
activity;
8. Money value subjected uncertain volatility;
9. No environmental feedback to allocate people or
resources sustainably on the planet.
Why fiat money is not fit for purpose 2
22. Problems of Central Banking
• “Of all the many ways of organising banking, the
worst is the one we have today” (King 2010: 18).
• “Will future historians look back on central banks
as a phenomenon largely of the twentieth
century?” (King 1999:47).
• Confirmed by BoE staff: Ali, Barrdear, Claws, &
Southgate (2014) when explaining the Bitcoin
technology (2014). Bitcoin is based on a
distributed ledger that denies centralised control
• Central Banking is but a specialised form of
Central Planning requiring one size to fit all.
23. Consider a mind experiment with the assumption that the
demand for Foreign Exchange (FX) is in proportion to the
population.
Western Australia possess 10% of the Australian population
and earns 70% of Australia’s FX..
WA citizens earn seven times the FX then they need.
Eastern citizens only earn 30% of the FX they consume.
If each region possessed its own currency then the value of
the $West would be much higher than the $East.
Manufacturing and the export of educational and tourist
services would be invigorated in the East. Local solar cell
production would become competitive.
Conclusion: Monopoly money can misallocates
resources much more than tariffs or taxes especially in
resources based economies like Australia
Monopoly money misallocates resources
23
24.
25. Power Consumption per person v’s GDP per person
Goberty &
Zitoli (2012),
‘Deko: An
electricty-
backed
currency
proposal’
available at:
http://ssrn.co
m/abstract=1
802166
25
26. Sustainable unit of value tether
The retail value of Kwhrs averaged over different
sources of benign renewable energy in each bio-
region produced and consumed by members of a
distribution entity will be described Sustainable
Energy Dollars (SEDs=$Z). Unlike LIBOR and FX
price determined privately every consumer/producer
could monitor and changes in price setting.
Kwhrs of energy would not become money to
avoid the creation of derivatives and
speculation. Money would be created by
producers, traders, consumers defining the value
of their contracts in $SEDs and obtaining credit
insurance to make the contacts acceptable as
money. All or part of the insurance fee would
27. Who should create money, control its
volume and cost?
1. Private banks & Gov. as at present?
2. Government & bureaucrats only?
3. Private entrepreneurs and giant
firms?
4. Computers manipulating crypto
currency “block-chains”?
5. Producers, consumers, traders &
investors (i.e. market activity)?
28. Table 2, Existing and Ecological Money
Diff. between: Existing money Ecological value $Z
1 Money created by: Government & banks Consumers, producers, traders
and investors
2 Interest rates set by: Central Bank Cost of risk insurance
3 Expansion of
money:
Government
ratios/regulation
Value of market transactions
4 Value defined by: Government fiat Benign renewable energy
5 Unit of value Not defined Renewable kwhs ($Z)
6 Store of value Yes, subject to inflation Not a store of value
7 Integrity of value Indeterminate Tethered to renewable energy
8 Integrity of system Exposed to contagion Little exposed to contagion
9 Choice of currency Government monopoly Determined by currency region
10 Inflation control by: ‘Blunt’ policy instruments Value of renewable energy
11 Structure of money: Unlimited accrual of interest Carrying cost limiting life
12 Economic flaw-1 Incentive to own money Disincentive to hold money
13 Economic flaw-2 Allocates resources to
finance
Real assets more attractive
28
29. Difference between: Existing money Ecological money $Z
14 Economic flaw-3 Distorts price
relativities
Prices set by renewable energy
15 Financial system cost Ever increasing Minimized
16 Financial assets/real Ratio increases Incentive to minimize
17 Economic growth Required to pay interest
costs
Accommodates de-growth
18 Social flaw-1 Compounds unearned
income
No unearned income
19 Social flaw -2 Concentrates influence Localizes influence
20 Political flaw-1 Concentrates power Enriches local democracy
21 Political flaw-2 Low accountability Cooperative accountability
22 Environmental flaw 1 Incentive to burn
carbon
Favours renewable energy
23 Environmental flaw 2 No feedback from
nature
Nature controls price signals
24 Ecological feedback None Local renewable energy service
25 Sustainability Highly questionable More likely
29
31. 31
Who is the Sustainable Money Working Group?
First public meeting, Great Hall, ICAEW, London, February 13th, 2012
Left to right:
Dr Richard Spencer (Host) Head of sustainability, Institute of Chartered Accountants of England and Wales (ICAEW)
Martin Hockly – CEO, Street UK Foundation
Ed Mayo (Chair), Secretary-General Coops UK Limited
Steve Hughes – Economist, British Chambers of Commerce
Formation meeting, London 17 October 2011
Terrace Café, National Portrait Gallery, London
Working meeting, London, 15 February 2012
Left to right:
Maksym Putij - Economic adviser, The 40 Foundation
John Longworth - Director-General, British Chambers of Commerce
Yurij Riphyak - Secretary, The 40 Foundation
Dr Shann Turnbull - Research Fellow, The 40 Foundation
Josh Ryan-Collins - Senior Researcher, Monetary Reform - New Economics Foundation
Ed Mayo - Secretary-General, Co-ops UK Limited
Maksym, Ed Mayo, Pat Conaty, Shann, Hares Youseff, Yurij
32. Greek Musings about Bitcoin
Greek finance Minister, Yanis Varoufakis reportedly
stated (as cited in paper):
• “digital Future Tax-coins (FT-coins) that “could
use a Bitcoin-like algorithm in order to make the
system transparent, efficient and transactions-
cost-free”;
• “Greece will adopt Bitcoin if Eurogroup doesn’t
give us a deal”
• Bitcoin Can Be Used in Eurozone “As Weapon
Against Deflation”;
• “national supply of Euros that is perfectly legal in
the context of the European Union’s Treaties”.
33. Topics I have left out
Nine reasons why official fiat currencies are not fit for
purpose as a medium of exchange;
Why central banking distorts efficient allocation of
resources;
How to create a sustainable unit of value $Z for each bio-
region of the planet, not subject to volatility and resistant
to manipulation.
25 reasons why Sustainable Energy Dollars (SEDs=$Z)
are better fit for purpose than fiat money as a medium of
exchange and vitally to allow market forces to distribute
the plague of people on the planet in perpetual prosperity.
Paper posted at: http://ssrn.com/abstract=2518020