Message-ID: <960228102812_433678828@emout09.mail.aol.com> Date: Wed, 28 Feb 1996 10:28:13 -0500 From: mailto:JPOZZI@AOL.COM> Subject: Global Resource Bank To: Multiple recipients of list DEVEL-L <mailto:DEVEL-L@AMERICAN.EDU>
THE GLOBAL RESOURCE BANK PROPOSALSharing The Wealth Of Nature
INTRODUCTION
Money is one of the most important inventions of humankind. It serves the functions of a medium of exchange, a standard of value, and a store of wealth. With money, an economy based on the division of labor and the exchange of goods and services is possible.
One reason for the current economic dilemma is that money measures the value of production connected to the destruction of nature. This suggests the solution is to create additional money that values the production of nature. The shareholders of the Global Resource Bank (GRB) or (the Bank) claim the resources of nature outside national jurisdiction. The Bank values the life-sustaining natural production capacity of these assets at $6,000 trillion Global dollars. The Bank issues Global dollars to its shareholders for working capital. The transfer of Global dollars earns the shareholders income. Global dollars are a universal medium of exchange, a life standard of value, and a store of real wealth. The GRB is managed by the shareholders.
RE-THINKING THE ECONOMY
The following report on the EcoConcern Conference Re-Thinking the Economy sets up the GRB Proposal. EcoConcern <mailto:ecoconcern@servicom.es> is an association dedicated to social innovation. The consensus at their Barcelona conference was to establish a new financial system that enhances the present system. The Charter of the GRB defines such a system.
The participants of the conference identified ten trends in the present financial system that affect the transformation of society. These trends are taken into account by one or more of the twelve Articles of Association that make up the Charter of the GRB. First, is the trend to a single currency -- the GRB issues electronic Global dollars as a universal currency. Second, is the trend of accelerating technological change -- the Banks investment in communications fully employs telecommunication technology and its cash flow is biased to this technology. Third, is the trend to substitute labor with automation -- this is a positive trend for GRB shareholders because the job of managing the Bank earns the shareholders lifelong income. Fourth, is the trend to overpopulation -- this trend, that is intensified by poverty, is moderated by shareholder income. Fifth and Sixth, are the trends to growth and competitiveness -- these trends are directed by the Banks cash flow to natural production capacity and communication. Seventh, is the trend to capital expansion -- this trend is satisfied by the Banks issue of 1,000 trillion Global dollars in working capital. This capital is deposited in shareholder accounts, the Banks communication account and the accounts of the creditors of the public debt. These creditors can choose or not choose to convert their notes to Global dollars. The creditor's specialty of lending capital is extended to the GRB system. The GRB acts as the clearinghouse for Global dollar transfers. Eight and nine are the trends of inflation and deflation. Both of these trends are balanced by the automatic transfer of Global dollars between Bank Income and Bank Assets. This cash transfer maintains a steady state of working capital per shareholder in the system. If needed, additional working capital can be transferred from Bank Assets to shareholder accounts by Charter amendment. The tenth trend is the universal endeavor to place monetary value on the assets of natural production. The GRB actualizes this enterprise.
Mystified economic values were identified by the EcoConcern team as the main distorting element in the present economy. Conversely, the obvious economic value of natural production is conspicuous in the GRBs economy. Free light energy outside national jurisdiction powers natural systems that produce the majority of elements that sustain life on Earth. The GRB fixes the monetary value of natural production capacity in this region at 6,000 trillion Global dollars. This amount equals Bank Assets totaling one million Global dollars for each one of six billion shareholders. The value of natural production separates Global dollars from currencies that value gross national product. Global dollars measure, store and deliver natural abundance. The establishment of the GRB enhances all cultural, social, religious and democratic values.
The following are the connections between the capabilities of the GRB and the ideas of ten authors featured at the conference.
Maurice Allais, winner of the Nobel Prize in economics said the current financial system grants banks and other institutions the option to create money. He proposed a central public bank have this privilege, thereby inflation can be controlled and the public would benefit from the creation of money -- the GRB is a central public bank.
Joan Casals is the owner of Casal Cardona Industries that specializes in the application of new technology for environmental protection said the volume of money available to the present financial system is increased by the creation of money via bank loans. This fact constitutes resources originating in the productive sector but not returned to it. He proposed the creation of an additional monetary instrument that generates financial assets. This instrument should be a non-inflationary reserve of value guaranteed by land that would coexist with conventional money -- non-inflatable Global dollars are guaranteed by the natural production of land outside national jurisdiction. Global dollars coexist with conventional money and their transfer generates financial assets for the shareholders.
Agusti Chalaux, the creator of the Centre dEstudis Joan Bardina said the characteristics of todays anonymous, misinformed, monetary instruments facilitates cheating in society. Money is not only the instrument of commercial change but also of social change and money can create irresponsible power or responsible freedom. He proposed a new monetary instrument that is electronic, personalized, responsibility forming, transparent and that communicates information -- Global dollars have all of these characteristics. The GRB institutionalizes responsible freedom. Shareholder choices are electronically feedback and averaged by computer to adjust the Banks current transfer charge and income distribution rates, to hire the Banks communication account manager and to count the number of shareholders who approve amendments to the Banks Charter. The cash flow of the GRB sustains economies in communication and information.
Oscar Colom, founder of leina publishing house said todays financial system does not favor the establishment of an economy that is respectful of the wealth of nature. The present system does not guarantee work for all. Approximately two out of three people do not have an income of their own and the fundamental distortion in the system is the fact that the basic economic unit is the family and not the individual -- the GRB greatly values the wealth of nature, guarantees as a birthright the job of managing the Bank and the individual shareholder is the basic economic unit.
Marie Duboin, developing the ideas of her deceased father Jacques, the former Secretary of State for the French Treasury said the lack of a steady currency, based in reality, has given rise to monetary instability that fuels inflation and speculation. She proposed the use of a currency based on real production. The goal of a financial system should be the equitable distribution of income to satisfy the needs of society. Her system would be implemented by an electronic currency that would serve as an element of control and transparency. It would create a participatory society in which all members take an active part in the decisions affecting them. A society she calls the assembly society is based on voting by way of telecommunications combined with computer technology -- Non-inflatable Global dollars are a steady electronic currency that flows from the real production of nature. The GRB actualizes her system and uses her methods.
Cristina Carrasco is a Professor of Economic Theory at the University of Barcelona said we must feminize society by placing a monetary value on the work of women -- women earn over 50% of shareholder income -- women and children over 70%. The GRB empowers women and children by transforming their needs into market demands.
Andre Gorz, a French journalist and a contributor to Les Temps Modernes and Le Nouvel Observateur said there is a lack of imagination in dealing with unemployment. His solution would involve the need to share existing work by making the work day flexible -- GRB shareholders manage the Bank anytime they choose.
Joan Alier has the Chair of Economics at the University of Barcelona. He is a member of the International Society of Economic Ecology and the European Association of Environmental Economy. He is the editor of a new magazine entitled Ecologia Politica. As the author of Towards an Ecological Economy, he pointed out the basic principle of an ecological economy is to value natural resources and environmental functions that have been excluded from the market. He said the ecologist movement is a social response to the benefits of the environment that are without monetary value -- Global dollars value the production of the environment and the Banks cash flow to natural production capacity sustains an ecological economy.
Antoni Ricart is a businessman who said a human prosperity economy is the key instrument for organizing a global society and the nature of such an economy includes universal individual income, a new stable currency and an innovative scheme for direct democracy -- the GRB is a direct democratic enterprise that issues a stable currency. The Banks cash flow to shareholders sustains a human prosperity economy.
David Schweickart is a professor of philosophy and economics at Loyola University in Chicago. His major work is Economic Democracy published in 1990. Schweickarts ideas are based on sharing the profits of capitalism combined with self-management in the framework of a free market economy -- the GRB is the institution of economic democracy.
GLOBAL RESOURCE BANK CHARTER The people of the world establish the Global Resource Bank to earn financial freedom. ARTICLES OF ASSOCIATION Art. 1. Shareholders own as a birthright one nontransferable share of the Bank. Art. 2. Bank Access is by telecommunication. Art. 3. Bank Assets are the resources of nature outside national jurisdiction. The Bank values the natural production capacity of this region at 6,000 trillion Global dollars. Initially, Global dollars are on par with United States dollars. Art. 4. Shareholder Capital is deposited in six billion shareholder accounts at the rate of 16,000 dollars a year for ten years. Art. 5. Start-Up Capital of 60 trillion dollars is deposited in the shareholders communication account. Art. 6. Bank Income is initially 2% of cash transfers. This transfer charge is divided equally between the accounts participating in a cash transfer. Art. 7. Shareholder Income is initially 90% of Bank Income divided equally between shareholder accounts. Initially, ten percent of Shareholder Income is budgeted for investments in natural production capacity. The increased value of global natural product that results from these investments is added to Bank Assets. The amount added is the average amount that results from shareholder appraisals. Upon death, shareholder dollars revert to Bank Assets. Art. 8. Communication Account Income is initially 10% of Bank Income. The account manager is hired by the majority of voting shareholders to buy shareholder communications at the market. Art. 9. Current Bank Income and income distribution rates are the average rates that result from shareholder choices. Art. 10. The Steady State Dollars required to keep the total capital per shareholder at the chartered amount are automatically transferred between Bank Income and Bank Assets. Art. 11. The Bank Pays Off the worlds current public debt. Art. 12. Amendments to these Articles of Association are approved by the majority of the shareholders. Guardians of shareholders have proxy rights.
GLOBAL DOLLAR TRANSFERS
The number of Global dollars transferred, multiplied by the Banks transfer charge, equals the Banks income. The Banks income is adjusted to maintain the steady state of Global dollars. This adjustment balances the difference between the amount of capital returned to Bank Assets from deceased shareholder accounts with the amount issued. A percentage of the resulting net income is equally distributed among the shareholders and a percentage of the shareholders income is budgeted for investments in natural production capacity. The remaining percentage of the net income is deposited in the communication account.
PROJECTED CASH FLOW
The Banks ten year total capital distribution is about 1,000 trillion Global dollars. This amount multiplied by the current annual cash turnover rate of seven equals 7,000 trillion Global dollars transferred each year. This amount multiplied by the initial 2% cash transfer charge earns the Bank a yearly income of $140 trillion. The net income is ž$140 trillion on account of the automatic steady state adjustment. Ninety percent (90%) of the net income earns each shareholder about 21,000 tax free dollars a year. Ten percent of this amount, or $2,100 a year, is budgeted for shareholders to invest in their choice of natural production capacity. This comes to a total yearly investment in ecosystems of $12.6 trillion. The remaining 10% of Bank Income or $14 trillion is deposited in the shareholders communication account. Current Bank Income and income distribution rates are the average rates that result from shareholder choices. The asset reserve of about $5,000 trillion is used to convert other money to Global dollars, capitalize new accounts above the initial six billion and confirm peoples trust in the system. The asset reserve is adjusted to equal the average of shareholder appraisals.
CONCLUSION
The GRB is a shareholder enterprise that values natural production. The Bank organizes the shareholders and firmly fixes the monetary value of natural production capacity. The transfer of the Banks currency earns the shareholders' income, pays to renew the environment and buys toll free telecommunications. The Bank pays off the worlds public debt.
Peace, prosperity and a natural environment reside in the institution of the GRB. You can help establish the Bank by broadcasting this proposal.
Sincerely,