The document discusses sustainable infrastructure finance and alternatives to traditional currency and debt systems. It notes that countries like the US, France, and Canada have paid trillions in interest on national debts. It then outlines some proposals for alternative currencies like those with demurrage instead of interest that aim to be more sustainable. Examples mentioned include commercial barter networks, commodity-backed currencies, and time banks that allow time to function as currency. The overall discussion focuses on developing monetary systems oriented around social and environmental goals rather than just financial returns.

1. Sustainable Infrastructure
Finance
Gwendolyn Hallsmith
City of Montpelier, Vermont

4. Without interest, there might not
even be a national debt.
• U.S. has paid $8.2 trillion in interest in the last 24 years, and the debt is $15 trillion.
http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm
• France has paid 1.4B Euros in interest since 1973, and the national debt has increased 1.35B Euros since then.
https://www.youtube.com/watch?v=P8fDLyXXUxM&feature=player_embedded
• In 2006, Canada had a national debt of 481.5 billion Canadian dollars, and had paid almost 1 trillion in interest
since 1961. http://www.enterstageright.com/archive/articles/1006/1006cdndebt.htm

5. US Money Supply

6. Corporate Profit Trends

7. Household Debt

8. Sustainability:
The Monetary Engine
What do we invest in?
10 years
Physical Reality
$ 100
100 years $ 1,000
Currency with Positive Interest $ 61.39
Financial Viewpoint
@ 5%/year
$7.60
Value discounted to today:
Currency with Demurrage @
5%/year
Demurrage = time-related
$ 167.02 $ 168,903.82
charge (opposite of interest)
Value discounted to today:

9. Social and Commercial Purpose
Currencies
• Social Purpose:
– poverty eradication,
– elder care,
– Education,
– community service,
– GHG reductions.
• Commercial Purpose:
– business loyalty
– commercial barter
– international trade

10. Commercial Barter Systems
WIR: Swiss Commercial Barter Network
1973 2003
Number of Participants 20,402 76,618
Turnover - Swiss francs 196 million 2.521 billion
Balance - Swiss francs 83 million 1.028 billion

11. Terra: standardized basket of dozen key internationally
traded commodities & services
10 bushels
il 1 ton carbon Etc
lO 10 lb. copper wheat 1/10 oz Gold .
a rre emissions
1b
Storage costs =
3.5% demurrage
paid by bearer
4 x less volatility Fully backed Inflation
than US$ => Robust resistant

12. Time Banks
Help at Home
Wellness
Home Repair
Companionship
Education Community
Activities
Arts, Crafts, and Music
Transportation
Recreation
Einstein discovers that time is Business Services
actually money…

13. • Elder Care alternative • Complementary and
Alternative Care
• Money and time
commitment • Life Activities

14. The End?