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89 I agree that there is nothing wrong with creating money out of nothing because that is what creation is. And I agree that there is certainly nothing wrong with creating money as debt when money is spent into circulation, since all money is essentially an IOU, or a debt. And nor is there anything wrong with publicly owned banks creating debtbased money on behalf of the public, as long at it is created interestfree. But if commercial banks create money as interestbearing debt and this scarce currency comes to dominate – as it has today – then we certainly have an unbalanced and dysfunctional money system. Banks provide a service by creating the money supply. Part of this service is that they collect surplus money and redirect it into investments. Yes, someone has to create money, but not as interestbearing debt. Islamic banks and trade barter companies create money as debt, and this is seen as a service. This interestfree money does not start a debt spiral, nor does it systematically transfer money from the majority to the minority. But in providing this ‘service’, banks shape the social system and stand to gain. As economist John Galbraith wrote in his book <strong>Money</strong>: Whence it Came, Where it Went: ‘The discovery that banks could [so] create money came very early in the development of banking. There was interest to be earned. Where such reward is waiting, men have a natural instinct for innovation.’ 1 When they redirect surplus money into profitable investments, banks take little risk. This is in contrast with Islamic banks, which share the risk by becoming joint owners of the business until the contract is renegotiated. But in
90 the interestbased system, the creation of new loans must always outpace the repayment of loans, or the system will collapse. There is no debt spiral. Borrowers only borrow money on the basis that they expect their incomes to rise sufficiently to be able to repay it, plus interest, partly through the returns they expect to make on their ‘real’ investments. If the returns on their ‘real’ investments are greater than the interest rate they are paying on their borrowings, then their debt will actually decline as a proportion of their income, not spiral at all. It is important here to think in terms of populations of debtors, not just individual debtors. It is true that for many individual borrowers there is no debt spiral. However, epidemiologists, who study the incidence and causes of disease, regularly have to explain to the public that one cannot generalise from the individual to the whole. As a group, debtors will continually owe more and more money; they can’t repay both the capital and the interest on the loan without incurring more debt. The system must always have its losers, and as a result there is a debt spiral of total debt. People need to think in terms of whole systems. The money system is really like a game of musical chairs in which there are always fewer chairs than there are people to sit on them. In musical chairs everyone knows the rules of the game,
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Healthy Money Healthy Planet by Dei
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2 During the 1960s I listened on th
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4 money. Richard’s enthusiasm for
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6 must first be complemented by mon
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6 For over a decade, Japan struggle
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8 interestbearing money creation.
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10 provides a benefit for seller an
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2 After that, it didn’t take long
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4 Bank B. This is called a ‘depos
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6 Second comes the bit where banker
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8 debt, hence the collective debt c
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10 simply unsustainable in a finite
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12 pieces of paper grant the bearer
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14 master of all industry and comme
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16 Money Supply 1935 - 2000 120000
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18 commercial banks and is lent int
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2 And nor are things getting any be
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4 international trade in currencies
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6 The data on New Zealand mortgage
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8 The scheme has had unintended soc
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10 Household loans (1978-2000) 90 8
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12 City Council in mid2000 review
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14 Similarly, mortgages are classif
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16 And it is not just bank assets t
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18 Keeping the Secret But surely if
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20 Deputy Prime Minister. I asked h
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22 Individuals have to compete with
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24 instability. This speculation is
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51 cared for. The cancerous parts o
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53 constraints. What we need are so
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55 accelerating. Eighty per cent of
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57 waters to draw down. They also s
Page 66 and 67: 59 As far back as 1987, a UN World
Page 68 and 69: 61 The State of New Zealand Since 1
Page 70 and 71: 63 Health and Disability Like other
Page 72 and 73: 65 Low skilled jobs have largely di
Page 74: 67 • One in two people in Ireland
Page 77 and 78: 1 4 Unhealthy Globalisation The Sir
Page 79 and 80: 3 Although the process of corporate
Page 81 and 82: 5 globalisation is transnational ca
Page 83 and 84: 7 Many others have spoken of invisi
Page 85 and 86: 9 currencies to the US dollar. The
Page 87 and 88: 11 policies of these nations in ret
Page 89 and 90: 13 000). Round Tables The original
Page 91 and 92: 15 annual meeting in the small ski
Page 93 and 94: 17 When an enemy is powerful and ce
Page 95 and 96: 19 In January 2001, protesters demo
Page 97 and 98: Martin Khor, Direitn 21
Page 99 and 100: 78 Every day we hear politicians, c
Page 101 and 102: 80 not return to the depression of
Page 103 and 104: 82 billion, equivalent to 39 per ce
Page 105 and 106: 84 which in turn rests on nature it
Page 107 and 108: 86 increase. And when jobs are crea
Page 109 and 110: 88 rather than adding them to the w
Page 111 and 112: 90 achieved very different levels o
Page 113 and 114: 92 placed at the top of the lists.
Page 115: 88 6 Facing the Critics Through the
Page 119 and 120: 92 good or fair or sustainable. An
Page 121 and 122: 94 Certainly there are other ways o
Page 123 and 124: 96 landlord who charges you rent al
Page 125 and 126: 98 believe that credit to be valuab
Page 127 and 128: 100 If interest rates were zero the
Page 129 and 130: 102 It is quite fair that banks sho
Page 131 and 132: 2 free money before, as we shall se
Page 133 and 134: 4 In precolonial times, Maori tri
Page 135 and 136: 6 In Maori tribes, the gift society
Page 138 and 139: 9 What Gives Money its Value? To he
Page 140 and 141: 11 accept money as payment, we unco
Page 142 and 143: 13 goes still further and calls mon
Page 144 and 145: 15 Spanish and Dutch coins from ove
Page 146 and 147: 17 claimed that the UK’s financia
Page 148 and 149: 19 Today, the Reserve Bank retains
Page 150 and 151: 2 living systems. Finally, it discu
Page 152 and 153: 4 If our species is to survive, a n
Page 154 and 155: 6 with its own currencies, the patt
Page 156 and 157: 8 While it is possible for each tea
Page 158 and 159: 10 addiction, chronic illness and i
Page 160 and 161: 12 4. Human economies can and shoul
Page 162 and 163: 14 furniture transported at great c
Page 164 and 165: 16 down and money has been moved ar
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18 areas? Is there a continuing dyn
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Some estimate the costs of traffic
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22 be a tension between the two. Th
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24 democracy at the local governmen
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26 as the individual organs of the
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2 The democratisation of national c
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4 her children who were fed by its
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6 happened - the imposition of a co
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8 existed and thrived for thousands
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10 In addition, by focusing on loca
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12 there is no hierarchy. As we saw
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2 Michael Linton, David Weston and
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4 could. He described them as ‘a
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6 resorts may find themselves amass
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8 problems. Since then, the system
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10 forms. In version 1, operating u
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12 All the following examples of co
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14 sent a researcher to check the w
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16 Salt Spring Island Dollars Salt
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18 British Columbia Financial Insti
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20 partnership. This trend has spre
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22 traditional rice planting and ha
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24 The city solicitor put the bigge
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26 In the next chapter on commercia
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28 43 Email from Eric Booth to Cal
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2 Enz, who were supporters of the f
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4 As with WIR, businesses are regis
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6 A significant innovation in New Z
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8 granting temporary credit where t
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10 requiring transactions to be 100
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12 participants of the scheme were
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14 Ideology of the Wirtshaftsring
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255 are already in possession of it
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257 that all hoards of money would
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259 sophisticated that Egypt became
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261 Austria, for a period of 14 mon
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263 US$260 million worth of work in
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265 Saving will become impossible.
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267 law professor in Italy. Profess
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269 The Chiemgauer 21 In early 2002
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271 Currency to Support Waldorf Sch
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20 It started in 1989 when Frank To
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22 Privately Issued Fiat Currencies
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24 The Note Corporation itself then
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26 andahalf years, A$3.5 millio
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2 of agricultural and mining produc
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4 such resource as fossil fuel, sin
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6 • The demurrage charge would re
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1 15 Lessons Learnt From Currencies
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3 Regardless of whether the transac
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5 payment of taxes. When the mayor
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7 within that global economy we mus
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9 Money can also be spent into exis
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11 Huber and James Robertson, 6 it
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13 apparently no one spread rumours
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15 One of the weaknesses of local c
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17 example (see page 000), the demu
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19 trading. We therefore need decen
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21 If citizens decide to build a se
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23 In Even if the Reserve Bank deci
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25 possibilities for reforming our
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27 1905. 2 Michael Reddell of the R
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2 Taxation Policies Before I discus
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4 But, like other assets, realest
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6 Most taxes fall on work. It makes
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8 slows down the increasing gap bet
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10 Bob Keall has also proposed taxe
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12 ways of avoiding paying tax. Tax
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14 Ltd, 1879. 3 Henry George, Socia
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2 of reserves, a single exchange ra
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4 revealed to show that they wanted
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6 Countries using the Australian do
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8 3 Helen Clark in an interview on
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2 community projects can be funded.
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4 feeling that the banks were not t
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6 terminals per 100,000 people, com
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8 to lend to groups rather than ind
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10 Islamic Banks Banks run along st
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12 decided to create an entirely ne
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14 Attempts to Start New Banks In 1
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16 During the local body election c
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18 Zealand Post was that there was
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20 Problem numbertwo — fees going
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22 Other microcredit schemes. A goo
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24 now operates are the Cooperati
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26 They donManchester Unity does no
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28 The Wellington Women’s Loan Fu
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30 The Future of Community Banking
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32 8 Quoted in ‘Banks Profit Exce
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34 45 Details of Consumers’ Insti
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2 created when commercial banks iss
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4 Fund (IMF) protect global corpora
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6 economic thinking and taxation sy
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8 It is not easy to start again and
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10 rest of the world, a US deficit
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12 competitive when the money syste
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14 environmentally friendly longt
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16 practitioners know a great deal
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18 moneycreation regime will natu
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20 international currencies. Some o
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22 and James Garfield have struggle
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24 away and the scientific programm
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26 Sources of Hope There are ground
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28 beneficial effects. Indigenous i
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30 taught me that some staff are re
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32 New Zealand’s isolation, humil
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34 • Visit Bali or Japan or any o
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36 Although such a system will not
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1 Ralph Chaplin Bars and Shadows. 2
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and narrated by Bill Still, and ava
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11 Lietaer, The Future of Money, p3
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37 Allison Stinson, ‘Developments
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4 Roy Madron and John Jopling, Gaia
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25 Viviane Forrester, The Economic
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2 Michael Rowbotham, The Grip of De
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25 Text of the Genoa G8 Summit, acc
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18 The Independent, 21 July 1999. 1
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14 Wolfgang Rosenberg, Money in New
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6 Fritjof Capra, The Web of Life: A
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11 Bernard Lietaer, ‘The Future o
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39 1.1 Warehouse receipts. (The fin
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41 2.3 By a commercial company, sma
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43 Summary of Complementary Currenc
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45 000) volunteers. Credits are put
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47 the currency generating enthusia
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140 Appendix 2: Useful Websites Gen
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142 writings of evolutionary biolog
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144 Green Dollars/LETS www.appropri
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146 www.earthsharing.org.au An Aust
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148 Email: bryank@earthsharing.org.
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Bibliography 1 Books and Chapters i
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3 Douthwaite, Richard, The Ecology
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5 Henderson, Hazel, Beyond Globaliz
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7 Mitchell, Ralph A., and Shafer, N
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9 Cobb, Clifford, ‘Displacing Bad
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Turnbull, Shann, ‘Why Reducing Ta
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The Guardian (UKbased daily) The
Page 441 and 442:
1 Glossary Barter The direct exchan
Page 443 and 444:
3 shared land ownership. Koha The M
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