Make money for people and planet - References and quotes Philosophy 2021 REFERENCES AND QUOTES PROSPERITY WITHOUT GROWTH Obscuring complexity of finance. Henry Ford, “It is well enough that the people of this nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” Banks creating money through debt/loan making 169 Chicago plan, Fischer, Friedman and 100 percent bank deposit. End banks possibility to create money. Money as social good. See MYTEN OM MASKINEN: ESSÄER OM MAKT; MODERNITET OCH MILJÖ on money 173 I ECOLOGICAL ECONOMICS – PRINCIPLES AND APPLICATIONS Soddy on wealth and money as claim to wealth, as debt, negative wealth. Soddy 1926, “you can’t permanently pit an absurd human convention, such as the spontaneous increment of debt (compound), against the natural law of the spontaneous decrement of wealth (entropy)”. Virtual wealth is physical real assets debt. 288 Tobin and the fiduciary issue. Wealth and money. Seigniorage. 90 % of all money is created by commercial banks 289 Difference between money and currency. Growth built into the money system where banks create money through loans with interest! See DOUGHNUT ECONOMICS: SEVEN WAYS TO THINK LIKE A 21ST-CENTURY ECONOMIST, Tony Greenham https://www.youtube.com/watch?v=a2KgrpFRHJI on money and money as social relations 290 Box 15.3, 1. Fiat money. Ithaca HOURS ! See DOUGHNUT ECONOMICS: SEVEN WAYS TO THINK LIKE A 21ST-CENTURY ECONOMIST 290, 291 Fractional reserve system. Only 10 % 292 Soddy, Nobel Prize winner In chemistry on thermodynamics and money. Irrational economic system that doesn’t put human kind in the first place. Money obey nothing, no thermodynamics laws, but real wealth has a physical dimension and obey laws of thermodynamics. This become a contradiction when money becomes a symbol for wealth. With money as a symbol for wealth we human think wealth behaves like the imaginary symbol. 295 Keynes “Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done”. 30 trillion dollars global productions per year vs 2 trillion dollar per year of paper purchasing , electrons purchasing electrons. This speculation growth of money is not possible because growth in money is meaningless unless there is a corresponding increase in real wealth. Zero-sum game between speculator and producer of something something. 297 Illusions of that growth of money can grow without physical limits results from: 1. Production of real goods and services increases. But this cannot continue forever on a finite planet! 2. Financial assets grow or increase in price demand for money grows. But bubbles burst! 3. Financial capital grow because speculation transfers resource from those who produce to those who speculate. But this transfer has limits even if it is obscured by economic growth. It is impossible for real money to grow without limit! 298 Using seigniorage to print and spend money as a fiscal policy 334 Box 17.5 Soddy, Fisher and Knight, monetary and fiscal policy and the steady state. 335 Seigniorage for public good 456 Seigniorage back to government. Banks create interest bearing loans that requires a growing economy to be repaid. 467 I DOUGHNUT ECONOMICS: SEVEN WAYS TO THINK LIKE A 21ST-CENTURY ECONOMIST Money is social relationship based on trust. See MYTEN OM MASKINEN: ESSÄER OM MAKT; MODERNITET OCH MILJÖ, Tony Greenham https://www.youtube.com/watch?v=a2KgrpFRHJI, ECOLOGICAL ECONOMICS – PRINCIPLES AND APPLICATIONS. Commercial banks now creates money through creating interest-bearing debt. UK 97% interest-bearing loans, 75 % loans for buying houses and stocks, just 13% to small businesses. The new landlords are now the investors, financiers and bankers. Creating money ability back to government and 100 % reserves means every loan is backed by someone else’s savings or the banks own capital. State-owned banks make investment form long-term sustainable transformation possible. Keynes, “The owner of capital can obtain interest because capital is scarce, just as the owner of land can obtain rent because land I scarce.” Peoples QE and Green QE. Complementary currencies. Tony Greenham, “Wherever there are unmet needs, wherever there are spare resources, wherever we can use our creativity to put these two things together we can find new ways of exchanging values, we can find new ways of creating money because money is a social relationship” See MYTEN OM MASKINEN: ESSÄER OM MAKT; MODERNITET OCH MILJÖ, Tony Greenham https://www.youtube.com/watch?v=a2KgrpFRHJI, ECOLOGICAL ECONOMICS – PRINCIPLES AND APPLICATIONS 152 Bangla Pesa, endorsed by 4 others and backed by own goods and services, Blockchain and Ethereum. 155 Regenerative finance. 1. shrink, simplify, diversify and deleverage finance e.g global financial transactions tax See Tobin tax. 2. Longterm investment. State investment and private investment for longterm like Triodos. 3. Redesigning currency. Torekes. 193 Search for gain and rate of return. Aristoteles on interest, “For money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of an modes of getting wealth this is the most unnatural.” Problem of search for gain drives shareholder return, speculative trading and interest bearing loans all depend on growth. See ECOLOGICAL ECONOMICS – PRINCIPLES AND APPLICATIONS. Financing meeting limits, Fullerton and Evergreen Direct Investing. Money contrasting against nature. Nature feel entropy as tractors rust, crops rot, smartphones break, building crumble but money just keeps increasing because of interest. Demurrage! Silvio Gessel, make money deteriorate. Keynes was impressed by the idea! See ECOLOGICAL ECONOMICS – PRINCIPLES AND APPLICATIONS, MYTEN OM MASKINEN: ESSÄER OM MAKT; MODERNITET OCH MILJÖ 223 Demurrage currency to boost regenerative investment in tomorrow. Search for gain replaced by the search to maintain value. Demurrage is similar to negative interest rates used as emergency measure by Japan, Sweden, Denmark Switzerland and the European Central Bank. It shows that thinking different can work. How everything is connected demurrage – exchange rate, capital flows and pension fund. 226 To encouragement Next encouragement