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26 Conclusion Obviously, complementary currencies will not solve all our problems overnight. In order to ensure that we choose systems that work to best effect, complementing one another, we have to look at the lessons learnt from the past. By building on these experiences we will be able to come up with a healthier, sustainable way of life. In the final chapters I look at some of the practical issues concerning the implementation of complementary currencies before concluding with a look to the future. . We can only speculate why central governments use such a heavy hand. Maybe they seriously believe there should only be one currency for the country. It is clear that the commercial banks are protecting their right to create the bulk of the national currency and that central banks wish to retain all the seigniorage profits from printing the national currency. Conclusion Complementary currencies won 1 George Santayana, The Life of Reason, Vol. 1, New York: Charles Scribner’s Sons,
27 1905. 2 Michael Reddell of the Reserve Bank of New Zealand, in an interview with the author and Margrit Kennedy, 24 January 2002. 3 Ibid. 4 Kerry Marshall in a telephone conversation with the author, 20 April 2000. 5 Information gained from an interview with Michael Reddell of the Reserve Bank of New Zealand, October 2000. 6 Joseph Huber and James Robertson, Creating New Money: A Monetary Reform for the Information Age, London: New Economics Foundation, 2000. 7 Richard Douthwaite, The Ecology of Money, Schumacher Briefing No. 4, Totnes: Green Books, on behalf of the E. F. Schumacher Society, 1999, p44. 8 Bernard Lietaer in an email to the author, 6 December 2001. 9 David Boyle, Funny Money: In Search of Alternative Cash, London: Harper Collins, 1999.
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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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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
Page 237 and 238: 261 Austria, for a period of 14 mon
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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 and 254: 24 The Note Corporation itself then
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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
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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 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
Page 301 and 302: 12 ways of avoiding paying tax. Tax
Page 303 and 304: 14 Ltd, 1879. 3 Henry George, Socia
Page 305 and 306: 2 of reserves, a single exchange ra
Page 307 and 308: 4 revealed to show that they wanted
Page 309 and 310: 6 Countries using the Australian do
Page 311 and 312: 8 3 Helen Clark in an interview on
Page 313 and 314: 2 community projects can be funded.
Page 315 and 316: 4 feeling that the banks were not t
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Page 319 and 320: 8 to lend to groups rather than ind
Page 321 and 322: 10 Islamic Banks Banks run along st
Page 323 and 324: 12 decided to create an entirely ne
Page 325 and 326: 14 Attempts to Start New Banks In 1
Page 327 and 328: 16 During the local body election c
Page 329 and 330: 18 Zealand Post was that there was
Page 331 and 332: 20 Problem numbertwo — fees going
Page 333 and 334: 22 Other microcredit schemes. A goo
Page 335 and 336: 24 now operates are the Cooperati
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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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