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25 was awaiting a private ruling on whether it had avoided paying goods and service tax. For all the shortcomings of this voucher scheme, it is an example of how to build in incentives for each of the stakeholders. It was owned and run by Robert Walsh and Peter McNally, whose company McNally Australia Pty Ltd was based in Gympie, Queensland. There were 900 members at the time of suspension, down from a peak of 14,000, and regular meetings of participants were held in each town and suburb. Essentially, SABC was a voucher system in which members accepted each others’ vouchers. A development fund was kept separate for investing in Australianowned business. The scheme’s ‘loyalty reward shopping vouchers’ were sold in four denominations: V5, V10, V20 and V50. The front of the vouchers looked almost like Australian money, because they used the same colours as the A$5, A$10, A$20 and A$50 notes. The loyalty vouchers, or prepaid gift certificates, could be used and traded amongst business members, with no transaction fees applicable. By accepting loyalty vouchers, some businesses increased their ability to attract new customers with no risk involved, as the vouchers were 90 per cent redeemable for Australian dollars from McNally Australia Pty Ltd. Consumers bought V55 for A$50, thereby gaining 10 per cent purchasing power, and further incentives were built in. In contrast with other publicly created currencies, members of the SABC had no right to essential business information as McNally Australia Pty Ltd was a private company. Therefore, members never knew how many vouchers had been sold, how many vouchers had been redeemed or the state of the business situation of the system. One of the major issues that confronts businesses when dealing in alternative trading systems is that of being stuck with complementary currency they can’t spend. In contrast to the Salt Spring Island Gift Certificates scheme (see page 000), which redeems merchants’ vouchers at par, the SABC scheme was set up to stimulate merchants to encourage their suppliers to accept vouchers too. The scheme did this through builtin incentives, which meant that merchants didn’t lose out if they could persuade their suppliers to accept the vouchers. While at the start of the scheme the option to redeem the currency for Australian dollars had been taken up for 70 per cent of the vouchers issued in the first and second years, this figure had dropped to 7.5 per cent by 2002. The more the businesses used the vouchers among themselves, the less the vouchers were redeemed, and as a result the issuing company accumulated a growing amount of Australian dollars. The SABC used these dollars to buy back foreignowned businesses and support Australian inventions. In three
26 andahalf years, A$3.5 million of revenue was created (after a reduction in running costs, which were fairly high in the beginning). In addition, shares in Australian inventions were estimated to amount to A$1.5 million. Conclusion to come. Notes 1 Quote and source of quote t.c. 2 R. P. Hargreaves, From Beads to Bank Notes, The Story of <strong>Money</strong> in New Zealand, Dunedin: John McIndoe Ltd, 1972. 3 Susan Witt, source t.c. 4 John Day quote source t.c. 5 Although the Kiwibank is now up and running, Jim Anderton still hasn’t carried out his promise. 6 Timaru Herald article details t.c. 7 Murray Sherwin quote source details t.c. 8 John Wright quote source details t.c. 9 Source t.c. 10 Clint McInnes quote source details t.c. 11 Email from Clint McInnes to the author, 8 September 2003. 12 To see pictures of the Chatham Islands notes, go to www.vision.net.au/~pwood/April2002.htm.
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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
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59 As far back as 1987, a UN World
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61 The State of New Zealand Since 1
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63 Health and Disability Like other
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65 Low skilled jobs have largely di
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67 • One in two people in Ireland
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1 4 Unhealthy Globalisation The Sir
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3 Although the process of corporate
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5 globalisation is transnational ca
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7 Many others have spoken of invisi
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9 currencies to the US dollar. The
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11 policies of these nations in ret
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13 000). Round Tables The original
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15 annual meeting in the small ski
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17 When an enemy is powerful and ce
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19 In January 2001, protesters demo
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Martin Khor, Direitn 21
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78 Every day we hear politicians, c
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80 not return to the depression of
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82 billion, equivalent to 39 per ce
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84 which in turn rests on nature it
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86 increase. And when jobs are crea
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88 rather than adding them to the w
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90 achieved very different levels o
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92 placed at the top of the lists.
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88 6 Facing the Critics Through the
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90 the interestbased system, the
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92 good or fair or sustainable. An
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94 Certainly there are other ways o
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96 landlord who charges you rent al
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98 believe that credit to be valuab
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100 If interest rates were zero the
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102 It is quite fair that banks sho
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2 free money before, as we shall se
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4 In precolonial times, Maori tri
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6 In Maori tribes, the gift society
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9 What Gives Money its Value? To he
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11 accept money as payment, we unco
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13 goes still further and calls mon
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15 Spanish and Dutch coins from ove
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17 claimed that the UK’s financia
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19 Today, the Reserve Bank retains
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2 living systems. Finally, it discu
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4 If our species is to survive, a n
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6 with its own currencies, the patt
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8 While it is possible for each tea
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10 addiction, chronic illness and i
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12 4. Human economies can and shoul
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14 furniture transported at great c
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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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Page 206 and 207: 20 partnership. This trend has spre
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Page 210 and 211: 24 The city solicitor put the bigge
Page 212 and 213: 26 In the next chapter on commercia
Page 214: 28 43 Email from Eric Booth to Cal
Page 217 and 218: 2 Enz, who were supporters of the f
Page 219 and 220: 4 As with WIR, businesses are regis
Page 221 and 222: 6 A significant innovation in New Z
Page 223 and 224: 8 granting temporary credit where t
Page 225 and 226: 10 requiring transactions to be 100
Page 227 and 228: 12 participants of the scheme were
Page 229 and 230: 14 Ideology of the Wirtshaftsring
Page 231 and 232: 255 are already in possession of it
Page 233 and 234: 257 that all hoards of money would
Page 235 and 236: 259 sophisticated that Egypt became
Page 237 and 238: 261 Austria, for a period of 14 mon
Page 239 and 240: 263 US$260 million worth of work in
Page 241 and 242: 265 Saving will become impossible.
Page 243 and 244: 267 law professor in Italy. Profess
Page 245 and 246: 269 The Chiemgauer 21 In early 2002
Page 247 and 248: 271 Currency to Support Waldorf Sch
Page 249 and 250: 20 It started in 1989 when Frank To
Page 251 and 252: 22 Privately Issued Fiat Currencies
Page 253: 24 The Note Corporation itself then
Page 257 and 258: 2 of agricultural and mining produc
Page 259 and 260: 4 such resource as fossil fuel, sin
Page 261 and 262: 6 • The demurrage charge would re
Page 263 and 264: 1 15 Lessons Learnt From Currencies
Page 265 and 266: 3 Regardless of whether the transac
Page 267 and 268: 5 payment of taxes. When the mayor
Page 269 and 270: 7 within that global economy we mus
Page 271 and 272: 9 Money can also be spent into exis
Page 273 and 274: 11 Huber and James Robertson, 6 it
Page 275 and 276: 13 apparently no one spread rumours
Page 277 and 278: 15 One of the weaknesses of local c
Page 279 and 280: 17 example (see page 000), the demu
Page 281 and 282: 19 trading. We therefore need decen
Page 283 and 284: 21 If citizens decide to build a se
Page 285 and 286: 23 In Even if the Reserve Bank deci
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Page 289 and 290: 27 1905. 2 Michael Reddell of the R
Page 291 and 292: 2 Taxation Policies Before I discus
Page 293 and 294: 4 But, like other assets, realest
Page 295 and 296: 6 Most taxes fall on work. It makes
Page 297 and 298: 8 slows down the increasing gap bet
Page 299 and 300: 10 Bob Keall has also proposed taxe
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Page 303 and 304: 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
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1 Glossary Barter The direct exchan
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3 shared land ownership. Koha The M
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