THE FUTURE OF MONEY Bernard A. Lietaer - library.uniteddiversity ...

possible global ecological breakdowns and accompanying
widespread natural disaster.
As we saw earlier (Chapter 1), the insurance industry has been the
first major sector to have its profits directly affected by this
connection. But while it is the first, it is clearly not the only sector
concerned.
Conclusions
It may sound strange initially to have businesses perform this
function of creating a currency as a public good. However, it is useful
to remember that the so-called 'national' currencies are in reality also
a form of corporate currencies, issued by private banks as explained
in the Primer and Chapter 2. Note also that the banking and financial
services industries are not excluded from the GRC process: financial
institutions would be providing Terra-denominated services, exactly
as they do today for any foreign exchange account.
There is a historical precedent for an international initiative taken
by business people: the Hanseatic League (1367-1500) (see sidebar).
However, the contemporary version of such a function would also
be significantly different from the historical Hansa. It should be global
rather than regional, it should be an open public service system
rather than a cartel, and it should be using contemporary legal and
financial concepts and communication technologies (i.e. the Internet)
to implement it.
What it really boils down to is the question of whether business
leaders are willing or capable to take responsibility to reform the
current monetary System by a private initiative that would help
make business truly sustainable. The word 'business' in Swedish is
Naring Liv (literally 'Nourishment of Life'). A Terra Initiative by an