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Monetary governance at Rio +20

Monetary governance at Rio +20. Frans C. Verhagen, M.Div., M.I.A., Ph.D., developer of the Tierra Fee and Dividend System. Overview. Welcome and introduction Role of international monetary system Monetary reform versus transformation The components of the TFD Carbon-based monetary system

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Monetary governance at Rio +20

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  1. Monetary governance at Rio +20 Frans C. Verhagen, M.Div., M.I.A., Ph.D., developer of the Tierra Fee and Dividend System Global Monetary Governance

  2. Overview • Welcome and introduction • Role of international monetary system • Monetary reform versus transformation • The components of the TFD • Carbon-based monetary system • Fee and Dividend versus cap and trade • Activist government • The TFD and Cancun • The TFD and Rio+20 • General Assembly resolution • Monetary Agenda for Climate Action • Conclusion Global Monetary Governance

  3. Role of international monetary System (IMS) • Works like a glue, binding together monetary, financial, monetary and commercial systems • Works like a lubricant • Functions as a linchpin • IMS is heavily underemphasized: 1% of economists are monetary economists Global Monetary Governance

  4. Monetary reform versus Transformation • The dysfunctionality and criminality (Robert Mundell) of the international monetary system is recognized • Reforms: non-national reserve currencies (Stiglitz Commission); greater use of SDRs • Transformation: going beyond the present form by return to a monetary standard, either a gold or carbon standard Global Monetary Governance

  5. The components of the TFD-1 • Transformed IMS because of the introduction of a carbon standard • Unit of account is the Tierra • National currencies become convertible and the costly global reserve system can be abolished; nations can also decide to introduce the Tierra world currency based upon the standard • Balance of payments include carbon accounts which have to be balanced • The global central bank administers, monitors, regulates and issues liquidity by circulating it directly into economies; banks become utilities Global Monetary Governance

  6. The components of the TFD-2 • The Fee and Dividend (FD) carbon reduction method selected from among about half dozen other methods • The FD method is faster and fairer than cap and trade • It is like a carbon tax, but independent from government’s fiscal policies • Major proponent: Jim Hansen in his book Storms of My Grandchildren Global Monetary Governance

  7. The components of the TFD-3 • Activist governments • Money creation system is reclaimed from privately-owned banking systems and placed solely in the public sector: NEF in the UK, Ellen Brown in the USA • In a globalized and financialized world democracy is to be strengthened and transnational corporations, particularly FIRE corporations, are to be regulated. Global Monetary Governance

  8. The TFD and Cancun • Maurice Strong: TFD is “an innovative proposal….seems to be very promising in light of the stalemate of the Kyoto prospects.” October 18, 2010 email • Raised its profile during side events by raising questions about the need to considering the monetary dimension, particularly in respect to the creation of new monies of the global central bank. • See Declaration of November 24,press release of December 8, and media advisory of December 9; internet listings of yesterday’s interview by the Climate Change Studio and Press conference in Desierto in Cancun messe. Global Monetary Governance

  9. The strategy for the TFD and the Rio+20- 1 • Objective: Include Monetary governance as part of financial and economic governance theme. Cf Prep meeting of Stakeholder Forum in May 2010 in NYCity • TFD is proposed as a global governance system that integrates monetary, climate and development challenges Global Monetary Governance

  10. The strategy for the TFD and Rio+20 -2 • UNGA Resolution to establish a UN Commission on Monetary Transformation consisting of experts in climate, development and monetary issues. It has to develop a Monetary Agenda for Climate Action to be submitted to COP 17 and with its recommendations to the Rio conference in 2012. • National TFD working groups engaged in research, education and action, particularly the endorsement of their government of the UN Monetary Commission. Global Monetary Governance

  11. Conclusion • Questions or Comments? Please, use microphone because the press conference is being streamed • For further information, consult www.timun.net and pick up the three handouts at the back: a media advisory, a press release and a Declaration. Summary of the TFD can be found in the article at the Yale/UNITAR conference at http://conference.unitar.org/yale/environment-sustainable-developmentand in greater detail in my forthcoming book THE TIERRA FEE AND DIVIDEND SYSTEM: Using a transformed international monetary system to combat climate change by advancing low carbon and climate resilient development. • If you are in a hurry: leave your card and the basic information about the TFD will be sent to you after the conference. “Without vision, people perish.” Proverbs 28:19 Global Monetary Governance

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