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7 you, which have no one centre of decisionmaking. In a system with multiple coexisting currencies, no single agency would have complete control, which would bring with it checks and balances. The purpose of currency diversity is not just to provide stability and complexity, but also to share out the godlike power of money creation. If, for instance, a government allowed local currencies to be created by local governments, then to keep prices constant the country’s central bank would have to be in constant negotiation with those who control or regulate the issuing of currency at the local level. Looking to history again, there is no evidence in any case that central control works. After the Wall Street Crash of 1929, for example, the US Federal Reserve Bank actually shrank the money supply during the Depression years of 1929–33 to onethird of its former size when it should have expanded it. This caused a tragic drop in prices and terrible hardship. In this case the central bank did not deliver stable prices and it certainly did not serve the needs of the people. Turning to more recent events, we now have a situation where, in December 2004, four years after the adoption of the euro, where, ‘five regios are established and more than 50 groups are in various stages of enquiry/discussion/groundwork’. 7 Why would Germans be so keen to establish regional currencies if it were not felt that there is a need to complement the euro with regios? Can we not foresee the need of people in the future to complement the Australian dollar or the ASEAN single currency with more local currencies? To summarise, if a variety of currencies existed at all levels of organisation – international, supranational, national and local – the challenge facing those given the task of monitoring the system at any level of complexity would be to have them all coexisting without inflation. Moreover, banks would need to accept more than one currency for a deposit without automatic conversion to the national currency, and would need to adopt modern technology so that customers could use multiplecurrency smart cards. The Anzac dollar, Pacific islands currency, New Zealand dollar and local currencies all have benefits. So instead of choosing between them why not have a mixture of the best of all in what must surely be a winwin solution? In this way economies at every level will thrive and stability and sufficiency will result. Notes 1 Quoted at http://filmforce.ign.com/articles/379/379985p1.html. 2 Arthur Grimes, Frank Holmes and Roger Bowden, An Anzac Dollar? Currency Union and Business Development, Melbourne: Institute of Policy Studies, Victoria University, 2000.
8 3 Helen Clark in an interview on ABC local radio, Australia, 13 September 2000, accessible at www.abc.net.au/am/stories/s175486.htm. 4 ‘NZ Executives Want Common Currency with Australia: Survey’, www.abc.net.au?news/newsitems/s1073632.htm. 5 Ong Keng Yong, ‘Towards ASEAN Financial Integration’, speech at the Economix 2004 Conference, Jakarta, Indonesia, 18 February 2004, accessible at www.aseansec.org/16013.htm. 6 T. K. Jayaraman, ‘A Single Regional Currency: A Viable Solution?’, speech at the Reserve Bank of Fiji Economic Symposium, 15–16 July 2004, accessible at www.reservebank.gov.fj/speech/09.pdf. 7 Email from Helen Dew to the author after speaking with currency activist Declan Kennedy in Germany, 9 December 2004.
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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
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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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Page 261 and 262: 6 • The demurrage charge would re
Page 263 and 264: 1 15 Lessons Learnt From Currencies
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Page 269 and 270: 7 within that global economy we mus
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Page 289 and 290: 27 1905. 2 Michael Reddell of the R
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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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Page 325 and 326: 14 Attempts to Start New Banks In 1
Page 327 and 328: 16 During the local body election c
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Page 331 and 332: 20 Problem numbertwo — fees going
Page 333 and 334: 22 Other microcredit schemes. A goo
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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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