Implementation funding and resources wanted
Parties wishing to assist in establishing an alternative source of liquidity to sustain their business are invited to register their interest with Dr. Shann Turnbull firstname.lastname@example.org. In 2012 our name was changed to the SUSTAINABLE MONEY WORKING GROUP (SMWG).
The objectives of the Sustainable Money Working Group (SMWG) are to:
- Sustain small and intermediate sized businesses (SMEs) by providing alternative sources of liquidity in the event that a financial crisis deters banks from providing finance;
- Establish a basis to develop a crisis and inflation resisting financial system that can also protect and nurture the environment to sustain humanity on the planet.
The first objective can be achieved by introducing a cost carrying type of money that was used very successful during the Great Depression. It was called “Stamp scrip” as each week a stamp worth 2% of its face value had to be affixed to the notes to keep them valid. Revenues from the sale of stamps over a year amounted to 104%. This is more than enough to allow the money to be given away to a SME or individual as the issuer recovers 4% more than the value provided. A local business association or government body typically issued stamp scrip.
Cell phone technology now makes it practical to re-introduce cost carrying money. Cell phones are widely used in developing countries to store and transfer money independently of the banking system. Subscriber Identity Modules (SIM) of cell phones can store and send stored value to other cell phones. Cell phone can act as swipe cards or transmit values to other phones in various units of value. This makes it practical for the issuers of money to collect a fee for its use. Cell phones represent a disruptive banking technology.
The second objective can be achieved by using local renewable energy to establish the value of money. All economic values, prices and market forces would then be determined by the local endowment of renewable energy.
Electrical energy is measured in kilo-Watt-hours (kWr). Money values pegged to renewable kWh would produce sustainalbe $kWh. Sustainable Energy Dollars (SEDs=$Z) could become a global unit of account with a local unit of value. As the productivity of technology for converting renewable energy into electricity improves the value of $Z would be enhanced to reverse inflation. Central banks or their governments would no longer be required to protect the value of money.
Beside resisting inflation, $Z would also be crisis resisting as it would be created on a decentralized basis according local renewable energy endowments. Decentralization creates resiliency. These factors should provide an incentive for traders and investors to write contracts in $RE rather than in current forms of unanchored fiat money. Centralized fiat money is subject to government manipulation and subject to unpredictable financial shocks and unknown external influences.
Individuals and businesses commonly create credit. However, its creditability might not be sufficient to be accepted as a median of exchange. The decentralized creation of credit by individuals and investors who create value would require credit insurance to allow local credits to take on a monetary role. If we accept that those who wish to use money need to pay the cost of getting it established then the cost of credit insurance would be attached to the money. This would make $RE a form of cost carrying money.
Cost carrying money removes the ability of money to be: (a) a store of value; (b) create inequality from moneymaking money; (c) increasing in value without any relationship to the real economy or well-being of society; (d) create financial asset bubbles, and/or (d) lead to the “financialization” of the economy (Palley 2007).
There are five other reasons for using sustainable kWhs as a monetary unit of value as:
1. It increases the viability of renewable energy to reduce the need and/or extent of carbon taxing or trading (Turnbull 2010c);
2. It connects the value of money to the quality of life and/or standard of living as these closely correlate with energy consumption;
3. It is democratic as the value of local money can be independently determined any where on the planet as renewable energy is available in some form everywhere;
4. It creates a market mechanism for distributing humanity on the planet to those regions that are most richly endowed with renewable energy;
5. It creates a feedback mechanism for nature to inhibit excessive ecological impact of humanity.
Sustainable Money ($Z) development involves three stages:
- Digitization to allow money to be transacted through cell phones;
- Introduction of a “rusting”, “depreciating” cost carrying feature;
- Anchoring monetary values in a renewable local service of nature such as electricity from renewable sources (kWhs).
In the short term, $Z could provide an emergency alternative medium of exchange in the event that:
- Access to money and credit becomes limited as it did in 2008 and/or
- A reference unit of value is required to
- settle/mediate contracts denominated in Euros and/or
- anchor local currencies;
- Economies require stimulation without recourse to taxes or debt;
One or more of these reasons may become compelling for governments to facilitate, if not introduce themselves, a supplementary self-liquidating currency. Yale Professor Irving Fisher (1933) has already prepared draft legislation in the Appendix of his book on “Stamp Scrip” written in the Great Depression. Keynes (1936) supported Stamp Scrip in Chapter 23, part VI of his General Theory.
The issue of self-liquidating money that could be given away by the government would provide a highly attractive basis for stimulating an economy without the use of debt or taxes. It was reported by The Economist (2011) that the UK government was proposing “Quantitative Easing” (printing non self-liquidating money) to finance securitized loans to Small and Medium Enterprises (SMEs). The use of self-financing Sustainable Money would avoid the need for governments to be exposed to loan losses. A 2% weekly usage fee attached to the money would on average be much less than credit card charges but allow the money to be self-liquidating within a year. It would avoid inflationary pressures of “Quantitative Easing” or the need for governments to stimulate the economy by either using tax payers money or going into debt.
- Ed Mayo
- Secretary General, Coops Limited UK
- Hares Youssef
- Founder, The 40 Foundation
- John Longworth
- Director General, British Chambers of Commerce
- Prof. Dr Margrit Kennedy
- Author and promoter of local currencies
- Hazel Henderson
- D.Sc.Hon.,author, futurist, president - Ethical Markets Media, LLC
- Dr Richard Spencer
- Head of Sustainability, (ICAEW)
- Sargon Nissan
- Manager Sustainability, (ICAEW)
- David Boyle
- New Economics Foundation (nef), Fellow, author on local currencies
- Dr Robin Murray
- Senior Visiting Fellow - London School of Economics
Working members: 9
- Pat Conaty
- nef Fellow, sponsored by Coops UK Limited
- Dr Shann Turnbull
- Principal IISG, sponsored by The 40 Foundation
- Yurij Riphyak
- Secretary, The 40 Foundation
- Maksym Putiy
- Economic Advisor, The 40 Foundation
- Tony Greenham
- Head of finance and business, New Economics Foundation
- Josh Ryan-Collins
- Senior reseacher, monetary reform, New Economics Foundation
- Jem Bendell
- Professor of Sustainability and Leadership, Cumbria University, UK
- Ludwig Schuster
- Member of the Scientic Committee of the German Regiogeld Association
- Christtian Arnsperger
- Professor, Catholic University of Louvain and Master of Research at FNRS
Contingent working members and supporters:
- Milind Kangle
- Mohand Kumar
- Chief Technical Officer
- Amitabh Sharma
- International Business Development Manager
Resources of group:
- Coops UK has 10 million members who are contingent users of green money.
- Members of the UK Chambers of Commerce employ 5.5 million workers in 104,000 enterprises who are contingent users of green money.
- Institute of Chartered Accountants of England and Wales (ICAEW) have 130,000 members serving a majority of English businesses,
- Lycamobile money can be obtained from 115,000 UK stores including post offices and from 30 million other locations around the world and 1.5 million ATMs.
- The New Economics Foundation has facilitated a number of local “shadow” currencies and time money systems in the UK with software that allows the Brixton Pound to be operated by text messages from cell phones.
- Dr Shann Turnbull conceived and has researched green money since 1977 as set out in selected references cited below.
Analytical framework for designing sustainable money
There are two contexts to consider:
- Emergency supplementary currency to either stimulate the economy and/or provide liquidity if the existing system freezes up as it did in 2008;
- An ecologically sustainable system to replace, over time, the existing system.
In context A, the precedents established in the 1930’s that spread quickly used a weekly carrying cost of 2% that allowed the money to be self-liquidating over 52 weeks.
In context B, the precedents established in the 1920’s could be instructive when carrying costs were around 0.1% per week, or 5.4% p.a. as suggested by Gesell (1916). However, Keynes (1936) thought it “would be too high in existing conditions, but the correct figure, which would have to be changed from time to time, could only be reached by trial and error”.
In either context A of B there are three basic design considerations:
- Technical restraints and opportunities of cell phone money:
- Anonymous or traceable transactions
- Issuer protection and fee collections
- Swipe or text transfers
- Size and accumulative totals
- Economic considerations:
- Nature of issuers
- Method of issuing
- Allocation of seigniorage
- Level of negative interest rate;
- Period of cost remittances;
- Liquidity intermediation for commodity backed currency
- Credit insurance and solvency issues (Turnbull 1983c)
- Exchange/redemption arrangements
- Market acceptance
- Legal constraints and opportunities:
- Current regulatory regimes for local currencies
- Comparison between shadow and commodity currencies
Design criteria suggested by:
Bernard Lietaer (2001)
- Allow a country or region to unilaterally establish an internationally recognized convertible currency;
- Promote economic activity without inflation, and
- Support ecologically sound development.
Bob Swann (1997: 178–183)
- Simple to understand;
- Use redeemable currency;
- Organized and controlled at the local level.
- Selecting a local currency (1983b)
- Autonomous Banking (1983c)
Expected early adopters and lead-users.
(In context B described above for use as an emergency supplementary crisis currency)
Supplementary sources of finance for:
- Coops requiring working capital whether or not banks stop lending again from another crisis
- Members of chambers of commerce for a similar reason as for coops
- Member of Community Development Associations seeking to refinance bad loans
- Small and medium sized businesses generally.
- Funding renewable energy generating projects
- Funding energy saving projects
Reference unit of value for:
- Time banks
- Local currencies tied to fiat money
- Settling Euro contracts if the Euro disintegrates
The government as a means of stimulating the economy without handouts financed by taxes, debt and/or printing fiat money
German Central Bank commissioned critique of cost carrying money
A view that cost carrying money is "highly flawed" and "sub-optimal in term of welfare theory" is presented in a working paper prepared for the German Central Bank by Gerhard Rosl (2006). The analysis made five years ago is not made in the context of any break down of the Euro. Nor does the analysis consider the use of cost carrying money to supplement money markets in the event bank lending freezing up as is now concerning some commentators and governments.
The analysis is important however because it assumes all money in an economy is cost bearing and it is used in a period of normal market conditions. For this reason the analysis is based on an "intentional depreciating rate" of between 8% and 12 % p.a. as was the practice for cost carrying money existing in Germany five years ago. In referring to a cost of 5.4% p.a. as used in Germany during the late 1920's Keynes (1936) thought that this “would be too high in existing conditions, but the correct figure, which would have to be changed from time to time, could only be reached by trial and error”.
However, the Rosl analysis ignores the success of privately issued cost carrying money during the Great Depression. At that time a 2% a week cost was commonly used to provide revenues for the issuer of 104% over a year when the money would be cancelled to provide the issuer with 4% profit!
So successful was cost carrying money in Germany, Austria and the US that is was banned in each country. The analysis and conclusions of Rosl cannot be accepted without this success being considered and explained when the intentional depreciation rate of money was an order of magnitude greater. The theoretical arguments of Rosl is not supported by historical evidence.
Another vital practical point not raised in the Rosl analysis was the transaction costs introduced by banks and credit cards. At a retail level these costs could be say around 2% per transaction making them much more expensive than even an emergency issue of 2% per week cost for a medium of exchange that could circulate many times in one one week. In addition there are a number of assumptions in the Rosl analysis that do not apply to the structure proposed for Green Money. The Rosl analysis assumes a fiat national currency not anchored in any goods or services while Green Money would be anchored in regionally produced renewable energy The Rosl analysis is based on the need for growth rather than sustainable prosperity without growth in consuming non-renewable resources.
Some subsequent studies on cost carying money are referenced below for: Buiter (2007, 2009, 2010), Ilgamnn (2009), Ilgmann and Menner (2011), Mankiw (2009) and Menner (2011).
Conference on “Energy Currency”
Details of The First International Social Transformation conference being held on “Energy currency” in Split, Croatia, July 10-12, 2012 are posted at http://teslaconference.com
Black, F. (1970), Banking and Interest Rates in a World without Money, Journal of Bank Research, Autumn 9–20.
Boyle, D. (2000) Funny Money: In Search of Alternative Cash, (London, Harper Collins).
Boyle, D. (2000) Why London Needs Its Own Currency, (London, New Economics Foundation.
Boyle, D (ed). (2002) The Money Changers: Currency Reform from Aristotle to E-Cash, (Ebbw Vale, Earthscan).
1. (2001) ‘Liquidity traps: How to avoid them and how to escape them’, with Nikolaos Panigirtzoglou, in Wim F.V. Vanthoor and Joke Mooij, eds., Reflections on Economics and Econometrics, Essays in Honour of Martin Fase, De Nederlandsche Bank NV, Amsterdam, pp. 13-58.
2.‘(2003) Overcoming the zero bound on nominal interest rates with negative interest on currency: Gesell's solution’, with Nikolaos Panigirtzoglou, Economic Journal , Oct, 113(490): 723-746. For working paper version, clickhere. For an abstract clickhere.
3.(2005) ‘Overcoming the zero bound: Gesell vs. Eisler: Discussion of Mitsuhiro Fukao's, "The effects of 'Gesell' (currency) taxes in promoting Japan's economic recovery’, International Economics and Economic Policy, Nov, 2(2-3): 189-200. For working paper version, clickhere.
4.‘(2007) Is numérairology the future of monetary economics? Unbundling numéraire and medium of exchange through a virtual currency with a shadow exchange rate,’ Open Economies Review 18(2): 127-156.
5.(2009) ‘Negative nominal interest rates; three ways to overcome the zero lower bound’,"North American Journal of Economics and Finance, Dec 20(3): 213-238. For NBER working paper version, clickhere.
6. (2010) ‘Don't raise the inflation target, remove the zero bound on nominal interest rates instead’, Citi Economics, Global Macro View, 5 Mar.
Conaty, P. and Lewis, M. (2009-10), ‘Sweden’s JAK Bank: Liberating community finance from the ball & chain of compound interest’, Making Waves, 20(3), 51-57.El
CCRC (2011) Comlementary Currencies Resource Centre located at: http://www.complementarycurrency.org/
Cronin, D. and Dowd, K. (2001), ‘Does Monetary Policy Have a Future? Cato Journal, 21(2), pp. 227–44.
Dowd, K. (1992), The Experience of Free Banking, Routledge, London and New York.
Dowd, K. (1998), ‘Monetary Policy in the 21st Century: An Impossible Task?’ Cato Journal, 17(3), pp. 327–31.
ECB (2012), Virtual currency schemes, European Central Bank, October, available from http://www.ecb.int/pub/pdf/other/virtualcurrencyschemes201210en.pdf.
Fama, E. F (1980), Banking in the Theory of Finance, Journal of Monetary Economics, 6, 39–57.
Fisher, I. (1933), Stamped Scrip, Adelphi & Co. New York, available at:http://userpage.fu-berlin.de/~roehrigw/fisher/.
Friedman, B.M. (1999), ‘The Future of Monetary Policy: The Central Bank as an Army with Only a Signal Corps?’ International Finance, 2:3, pp. 321–38, December.
Friedman, B.M. (2000), ‘The Threat to Monetary Policy from the Electronic Revaluation in Banking’, Prepared for The Cato Institute’s 18th Annual Monetary Conference.
Friedman, M. and Schwartz, A.J. (1986), Has Government Any Role in Money? Journal of Military Economics 17, pp. 37, 60.
Furche, A. and Wrightson, G. (1996), Computer Money: A Systematic Overview of Electronic Payment Systems, Verl. für Digitale Technologie, Heildelberg.
Gelleri, C. (2009), ‘Chiemgauer Regiomoney: Theory and practice of a local currency’, International Journal of Community Currency Research, vol 13, pp. 61-75, available athttp://www.ijccr.net/IJCCR/2009_(13)_files/IJCCRvol13(2009)pp61-75Gelleri.pdf.
Gesell, S. (1916), The Natural Economic Order, translated by Philip Pye, 2002: available athttp://www.appropriate-economics.org/ebooks/neo/neo2.htm.
Godschalk, H. (2008), ‘Electronic Money: Flop or a New Run-Up?’ Presented to a conference on Everyday Digital Monies: Innovation in Money Cultures and Technologies, Paper Session 1, July 28, available at:http://emoney.typepad.com/blog/paper_session_1_alternative_monies/.
Goerner, S.J, Lietaer, B., & Ulanowicz, R.E. (2009a) 'Options for Managing Systemic Financial Crisis', Sapiens, 2:1, March, available at:http://sapiens.revues.org/747.
Goerner, S.J., Lietaer, B. and Ulanowicz, R. E. (2009b) ‘Quantifying Economic Sustainability: Implications for Free-Enterprise Theory, Policy, and Practice’,Ecological Economics, 69(1) 76-81, December 15, available at: http://www.lietaer.com/2010/02/quantifying-economic-sustainability/.
Gormez, Y. and Budd, C.H. (2003) ‘Electronic Money Free Banking and Some Implications for Central Banking’, Working Paper, The Central Bank of the Republic of Turkey, Research Department, available at:http://www.tcmb.gov.tr/research/discus/dpaper63.pdf.
Hall, R.E. (1983), Optimal Fiduciary Monetary Systems, Journal of Monetary Economics, 12, 33–50.
Haydar A. and Seyfettin, A. (2006), ‘The Reflections of new economy on monetary policy and central banking’, MPRA Paper, No. 603, available from:http://mpra.ub.uni-muenchen.de/603/.
Hayek, F. A. (1976a), Choice in Currency: A Way to Stop Inflation, Occasional Paper 48, The Institute of Economic Affairs, London, available athttp://www.iea.org.uk/publications/research/choice-in-currency-a-way-to-stop-inflation.
Hayek, F. A. (1976b), Denationalization of Money: An Analysis of the Theory and Practice of Concurrent Currencies, Hobart Paper Special 70, The Institute of Economic Affairs, London, available at:http://mises.org/store/Denationalisation-of-Money-The-Argument-Refined-P567.aspx .
Huber, J, and Robertson, J. (2000), Creating New Money: A monetary reform for the information age, New Economics Foundation, London, available at: http://www.neweconomics.org/gen/uploads/CreatingNewMoney.pdf.
Ilgmann, C. (2009), 'Silvio Gesell: "a strange, unduly neglected prophet"? A reappraisal of a forgotten pioneer of monetary theory', CAWM Discussion Paper, No. 23, September, available at: http://www.wiwi.uni-muenster.de/cawm/forschen/Download/Diskbeitraege/DP-23-CAWM-Ilgmann.pdf.
Ilgmann, C. and Menner, M. (2011), 'Negative nominal interest rates: history and current proposals', CAWN Discussion Paper No. 43, January, available at: http://www.econstor.eu/bitstream/10419/51360/1/672467909.pdf
Issing, O. (1999), Hayek Currency Competition and European Monetary Union, Annual Hayek Memorial Lecture, hosted by the Institute of Economic Affairs, London, May 27.
Jack, W., Suri, T. and Townsend, R. (2010), 'Monetary theory and electronic money: Reflections on the Kenyan Experience', Economic Quarterly, 96(1): 83-122, available at: 6qNTaBSs
Jacobs, J. (1985), Cities and Wealth of Nations: Principles of Economic Life, Vintage Books, New York.
Kennedy, M. (1989), Interest and inflation free money: How to create an exchange medium that works for everyone, Permakultur Instiute e.V., West Germany.
Keynes, J.M. (1936) The General Theory of Employment, Interest, and Money. New York: Harcourt Brace Jovanovich, 1964, available at:http://www.marxists.org/reference/subject/economics/keynes/general-theory/index.htm.
King, M. (1999) ‘Challenges for Monetary Policy: New and Old’, presented to the Symposium on "New Challenges for Monetary Policy" sponsored by the Federal Reserve Bank of Kansas City at Jackson Hole, Wyoming, 27 August available at:http://www.bankofengland.co.uk/speeches/speech51.pdf.
Lietaer, Bernard: refer also to joint authorship with Goerner (2009a,b) and Ulanowicz (2009)
1. (1992) ‘A “Green” Convertible Currency’, World Business Academy Perspectives, 6:(3): 41-47. Updated at:http://www.transaction.net/money/gc/gc01.html
2. (2001) The Future of Money: Creating New Wealth, Work and a Wiser World, London: Random House, available at:http://www.lietaer.com/writings/books/the-future-of-money/.
3. (2010) 'Monetary Monopoly as a Structural Cause for Systemic Financial Instability' in Corporate and Social Transformation of Money and Banking: Breaking the Serfdom in S. Mouatt & C. Adams, eds, pp. 25-55, Palgrave Macmillan: Chippenham.
4. (2011) Au Coeur de la monnaie: Systèmes monétaires, inconscient collectif, archétypes et tabous, Editions Yves Michel: Paris.
5. Lietaer, B. & Belgin, S. (forthcoming 2012), Of Human Wealth: Beyond Greed and Scarcity, Qiterra Press” Boulder, CO, available from: <http://www.lietaer.com/design/writings/books/of-human-wealth/>.
6. Lietaer, B. & Brunnhuber, S. (Forthcoming 2012), The missing link: Money and sustainability.
7. Lietaer, B. & Dunne, J. (Forthcoming 2012), The other side of the coin, Berret Koehler: San Francisco.
8. Lietaer, B. & Hallsmith, G. (2011) Creating wealth: Growing local economies with local currencies, Canada New Society Publishers: Gabriola Island, BC, Canada.
9. Lietaer, B., Ulanowicz, R. E. & Goerner, S. J. (2009) ‘Options for Managing a Systemic Banking Crisis’, Sapiens-Revues, 2(1) 1-15, March, available at:http://www.lietaer.com/2010/02/managinthebankingcrisis/.
10. Lietaer, B., Ulanowicz, R. E., Goerner, S. J. & McLaren, N. (2010), ‘Our monetary structure and systemic cause for financial instability? Evidence and remedies from nature’, Journal of Futures Studies, Special issue on the Financial Crisis, April, pp. 1-21, available at: http://www.lietaer.com/2010/05/is-our-monetary-structure-a-systemic-cause-for-financial-instability-evidence-and-remedies-from-nature-april-2010/.
Mankiw, G. (2009) ‘It may be time for the Fed to go negative?’ Economic View, The New York Times, April 19.
Mayo, E. (2011) Blog, October 20,http://edmayo.wordpress.com/2011/10/17/talking-energy/#entry.
Menner, M. (2011), ' "Gesell tax" and efficiency of Monetary Exchange' Working Paper, available at: http://works.bepress.com/mmenner/
Monboit, G. (2009), ‘If the state can't save us, we need a license to print our own money’, The Guardian, January 20th, available at:http://www.guardian.co.uk/commentisfree/2009/jan/20/george-monbiot-recession-currencies/print.
Onken, W. (2000), ‘A Market Economy without Capitalism’, American Journal of Economics and Sociology, 59:4, pp 609–22, available at:http://www.cesc.net/adobeweb/scholars/pinschof/onkenenglish.pdf.
Palley, T.I. (2007), ‘Financialization: What It Is and Why It Matters’, Working Paper No 525, The Levy Economics Institute, available athttp://ssrn.com/abstract=1077923.
Rahn, R.W. (2000), ‘The Impact of Digital Money on Central Banks’, Prepared for the Cato Journal Institute’s 18th Annual Monetary Conference, available at:http://www.cato.org/events/money/papers/rahan.pdf.
Rösl, G. (2006), ‘Regional currencies in Germany - local competition for the Euro?’, Discussion Paper, Series 1: Economic Studies, No 43/2006, Deutsche Bundesbank, available at: http://www.ormita.com/pdf/library/200643dkp_en.pdf.
Stodder, J.P. (2005), ‘Reciprocal Exchange Networks: Implications for Macroeconomic Stability’, Rensselaer at Harford, available at:http://www.appropriate-economics.org/materials/reciprocal_exchange_networks.pdf.
Smith, G.F. (2009), ‘The Case for Natural Money’, Ludwig von Mises Institute, February 24 available at:http://mises.org/story/3340
Solomon, L.D. (1996), Rethinking Our Centralized Monetary System: The Case for a System of Local Currencies, Praeger, Westport, Connecticut, London.
Suhr, D. (1989), The Capitalistic Cost-Benefit Structure of Money: an analysis of money's structural non-neutrality and its effects on the economy, Berlin, Heidelberg, New York: Springer.
Suhr, D. (1990), The Neutral Money Network: A Critical Analysis of Traditional Money and the Financial Innovation “Neutral Money”, (NewMoNe), Paper presented on 30 April in Brussels, University of Augsburg.
Swann, R. (1997), ‘Building a Community Banking System’ in Building Sustainable Communities: Tools and concepts for Self-reliant Economic Change, ed Ward Morehouse, Revised Second edition, Chapter 22, pp. 178-183, The Bootstrap Press: New York, 1997, available athttp://ssrn.com/abstract=1128862 .
The Economist, (1990), ‘Currency Reform: A brief history of funny money’, January, 5th –12th.
The Economist, (1991), ‘When the Price is Wrong’, February 2nd-8th.
The Economist, (2009a), ‘Depreciating Currencies’, p. 74, January 24th–30th available athttp://www.economist.com/finance/displaystory.cfm?story_id=12998254
The Economist, (2009b), ‘Mobile marvels’: A special report on telecoms in emerging markets, September 26th – October 2nd.
1. (1977) 'Let the Market Correct Itself', The Australian, Op. Ed., p.8, 25 May (Proposal to create a kilowatt-hour currency).
2. (1978) 'How to Finance Development', JASSA, Securities Institute of Australia, June 2: 11─16.
3. (1983a) 'Causes of Economic Breakdown', Handbook - Tools for Economic Change, ed. Ward Morehouse, Intermediate Technology Development Group of North America Inc.: New York City. Republished in Building Sustainable Communities: Tools and concepts for Self-reliant Economic Change, ed. Ward Morehouse, Revised Second edition, Chapter 2, pp. 11-19, The Bootstrap Press: New York City, 1997 available athttp://ssrn.com/abstract=1128862.
4. (1983b) 'Creating a Community Currency', in Handbook - Tools for Economic Change, ed. Ward Morehouse, Intermediate Technology Development Group of North America Inc. Republished as a Monograph, Selecting a Local Currency, Australian Adam Smith Club, June, Sydney and by Seventh Generation Fund Tribal Sovereignty Program, 7(1) Spring, USA, 1984 available at: http://cog.kent.edu/lib/TurnbullSelectingACommunityCurrency.htm. Republished as ‘Creating a Community Currency’ in World Citizen News, Washington, D.C., 6(7): 5-7, September, 1992 and in Building Sustainable Communities: Tools and concepts for Self-reliant Economic Change, ed. Ward Morehouse, Revised Second edition, Chapter 21, pp. 167-177, The Bootstrap Press: New York, 1997, available athttp://ssrn.com/abstract=1128862. Translated into Polish as ‘W Poszukiwaniu Waluty Dla Społecznośic’ Zielone Brygady’, NR 11 (201), pp. 7─12, Krakόw, thum. Michał Sobczk, Listopad 2004.
5. (1983c) ‘Elements of Autonomous Banking,’ in Handbook - Tools for Economic Change, ed. Ward Morehouse, Intermediate Technology Development Group of North America Inc. Republished in Building Sustainable Communities: Tools and concepts for Self-reliant Economic Change, ed. Ward Morehouse, Revised Second edition, Chapter 20, pp. 159-166, The Bootstrap Press: New York, available athttp://ssrn.com/abstract=1128862.
6. (1983d) 'Rural Banking',Trustee Foundation Newsletter, 1:24, Bombay, India, re-published in Native Self-Sufficiency, Seventh Generation Fund Tribal Sovereignty Program, 7(1): 3, Spring, 1984, USA, Re-published by Resurgence, England, September 1984.
7. (1983e) What everyone should know about banking and money (especially bankers and economists) in Handbook - Tools for Economic Change, ed. Ward Morehouse, Intermediate Technology Development Group of North America Inc. Republished as a Monograph, by Australian Adam Smith Club, June, Sydney 1984 and in Building Sustainable Communities: Tools and concepts for Self-reliant Economic Change, ed. Ward Morehouse, Revised Second edition, Chapter 19, pp. 149-158, The Bootstrap Press: New York, 1997, available athttp://ssrn.com/abstract=1128862.
8. (1992a) ‘Notes on the World Kilowatt Dollar’, World Citizen News, Washington, D.C., 6(7): 7, September.
9. (1992b) 'World Bank is in the Wrong Business: Instead of Making Loans, Teach Self-Financing', World Citizen News, Washington D.C., November, 6(9): 5-6. Reproduced in Club News, Harvard Club of Australia, 8: 20-21, December, Sydney.
10. (1993) 'Ecological World Money' World Citizen News, Washington, D.C., 7(6): 7/8, July/August.
11. (1994a) 'Making Money: How to Create an Ecological, Equitable and Efficient Currency', World Citizens News, Washington, D.C. 8(3): 3 & 14, June/July.
12. (1994b) 'Reforming World Banking: A Step Towards True Democracy', World Citizens News, Washington, D.C., 8(2): 12, April/May.
13. (1995a) 'Banking (And Money's) Digital future’, World Citizens News, Washington, D.C. 9(4): 11,16, Oct/Nov. Republished for Year 11/12, Business, FINI & 2A Financial Documents Book 3, Education Queensland, Open Access Unit, Brisbane, 1997.
14. (1995b) 'Banks May be Our Next Dinosaurs', The Australian Financial Review, Op. Ed. p.36, July 3.
15. (1995c) 'Reforming World Money', Economics for the Global Good, Newsletter of The Other Economic Summit (TOES), Summer, (3): 11, 15.
16. (1995d) 'The Coming Monetary Meltdown – Take Shelter by Starting Local Currencies', World Citizens News, Washington, D.C. 9(3): 10, 14, Jun/July.
17. (1995e) 'World Bank: new role needed' Economics for the Global Good, Newsletter of TOES (The Other Economic Summit), Issue number three, summer p.1.
18. (1996a) 'Bank guidelines in cyberspace' TheAustralian Financial Review, Opinion, 28 November, p. 20, Sydney.
19. (1996b) 'Digital cash isn't funny money', The Australian Financial Review, Op. Ed. p.13, April 1st.
20. (1996c) 'Financing a Social Economy', in Bank Safety and Soundness - The Bergamo Report, Institut für Finanzdienstleistungen e.V. (IFF) ed. Ufo Reifner Proceedings of the Third International Conference on Financial Services, Bank Safety and Responsibility towards the Consumer, pp.115–118, Hamburg, Germany.
21. (1996d) 'Re-inventing Central Banking', World Citizens News, Washington, D.C., 10:4, pp. 15–16, August/September, available at:http://www.worldcitizen.org/issues/augsep/.
22. (1996e) 'Theorists Confuse Savings Debate', The Australian Financial Review, Op. Ed. p.13, 10 January, republished in New Economics for the Asia-Pacific: An Issues-based Modular Approach, Williams, J. & Roger Lawrey edsModule 10, ‘Savings and investment’ 10.17–18,R. McGraw-Hill Australia, Sydney, 1999. Republished in: ERA Newsletter, Economic Reform Australia, 2:3, p. 15, March – April 2002.
23. (1997a) 'The question of deposit insurance', The Australian Financial Review, Op. Ed. January, p. 15.
24. (1997b) 'Wallis's electronic money challenge', The Australian Financial Review, Op. Ed. February, p. 31.
25. (2001a) ‘Financing Development’, presented to the 13th Annual meeting of the Society for the Advancement of Socio-Economics, University of Amsterdam, Amsterdam, Netherlands 29 June.
26. (2001b) ‘The use of central banks to spread ownership’, paper presented to the Capital Ownership Group, Kent State University, Ohio, 6 May available at:http://papers.ssrn.com/abstract_id=277508.
27. (2002) ‘Self-financing Economic Development’ presented to 14th Annual Meeting on Socio-Economics, University of Minnesota, Minneapolis, Minnesota, USA, Jun 27–30; 31st Conference of Economists, Adelaide, October 1, 2002; Royal Institute for International Affairs, Chatham House, London, November 18th, 2002 and Global Finance Conference, Melbourne, April 2, 2007, available at:http://papers.ssrn.com/abstract=310319.
28. (2008a) ‘Just a thought: why can’t we decentralise central banks?’ ERA Newsletter, 3(36): 17, July-August.
29. (2008b) ‘Sustaining Humanity with Ecological Money’ ERA Newsletter, 3:35, pp.3-5, May-June.
30. (2008c) ‘The blind leading the blind’ The Australian Financial Review, Op. Ed. 3 April p.79. [Identified Australian Bank dependency on foreign borrowings that with the global financial crisis required government guarantee on 13 October].
31. (2009a) ‘Economic life-boats from locally created legal tender’, posted 11 March by How to live in the 21st Century competition,http://www.howtoliveinthe21stcentury.org.uk/submissions/economic-life-boats-from-locally-created-legal-tender
32. (2009b) ‘Electronic Money: Its Economic, Social, Political, and Environmental Impact’, presented to the 9th International Conference of Socio-cybernetics, Modernity 2.0: Emerging Social Media Technologies and Their Impacts, Urbino, July 2–5, available at:http://ssrn.com/abstract=1391812.
33. (2009c) ‘How might the invisible hand handle electronic money?’ in Lynne Chester, Michael Johnson & Peter Kriesler, eds, Heterodox Economics’ Visions. Proceedings of refereed papers, Eighth Australian Society for Heterodox Economists conference (SHE) The University of New South Wales, Sydney, December 7-8 and to the 22nd Annual meeting of the Society for the Advancement of Socio Economics, Temple University, Philadelphia, 28 June 2010, available at:http://ssrn.com/abstract=1399224.
34. (2009d) ‘Inflation resisting money’, posted by Henry Thornton21 January, http://www.henrythornton.com/article.asp?article_id=5588 and Australian Fabian News, November, 49(2): 26-27, available at:http://issuu.com/australianfabiansinc/docs/fabian_newsletter_nov09_aus3_/27.
35. (2009e) ‘Mysteries of a failed financial system and how failure can be avoided’, posted 19 April by Ethical Markets at:http://www.ethicalmarkets.com/wp-content/uploads/2009/04/mysteries-of-the-financial-system.pdf, access fromhttp://www.ethicalmarkets.com/2009/04/19/mysteries-of-the-financial-system/
36. (2009f) ‘Options for rebuilding the economy and the financial system’, presented to: the 18th Annual Meeting of the European Financial Management Association, Milan, June 24–27; 11th Conference of the Association for Heterodox Economics, Kingston University, London July 9-12th 2009, 21st Annual conference of The Society for the Advancement of Socio-Economics, Science Po, Paris, July 16-18th, Oxford Economics and Business Conference, St. Hughes College, 29 June 2010, available at:http://ssrn.com/abstract=1322210.
37. (2009g) ‘Remaking the economy’, posted: 24 February, Centre for Policy Development,http://cpd.org.au/article/remaking-economy-and-financial-system and 18 March, Online Opinion, available at: http://www.onlineopinion.com.au/view.asp?article=8660, also in Australian Fabian News, Edition 1, pp. 7-8.
38. (2009h) ‘Renewable energy money to reduce climate change’, posted 16 March by “How to live in the 21st Century” competition at:http://www.howtoliveinthe21stcentury.org.uk/submissions/renewable-energy-money-to-reduce-climate-change-2#more-578.
39. (2009i) ‘Shann Turnbull on remaking the economy’, posted 10 March by “How to live in the 21st Century” competition at: http://www.compassonline.org.uk/news/item.asp?n=4047.
40. (2010a) ‘How might cell phone money change the financial system?’ presented to 22nd Annual meeting of the Society for the Advancement of Socio Economics, Temple University, Philadelphia, 28 June published by The Capco InstituteJournal of Financial Transformation, November, 30:33-42, available at: http://papers.ssrn.com/abstract_id=1602323.
41. (2010b) ‘Money, Renewable Energy and Climate Change’, Financiële Studievereniging Rotterdam, (FSR Forum), February 12:2, pp.14–17, 19-22, 24, 25, 28-29, Erasmus University, Rotterdam, available at:http://ssrn.com/abstract=1304083.
42. (2010c) ‘Self-financing Urban Development’ presented to 21st Annual Conference of the Chinese Economics Association (UK) and second Annual Conference CEA Europe, 13 July Oxford University Chinese Centre, Oxford.
43. (2011a) ‘Achieving environmental sustainable prosperity’ presented to 13th Conference of the Association of Heterodox Economist, Nottingham Trent University, UK, July 6–9, July, available at: http://ssrn.com/abstract=1769349.
44. (2011b) ‘Could the 2008 US Financial Crisis been avoided with Network Governance?’ with Michael Pirson presented to the Multinational Finance Society, LUISS Guido Carli University, Rome, Italy, June 26 -29; 9th International Conference on Corporate Governance, 30 June Birmingham University Business School, and to the 10th Annual Society of Economists Conference, 5 December, University of New South Wales, available at: http://ssrn.com/abstract=1855982, published 2012 in International Journal of Disclosure and Regulation, Special issue on the financial crisis, 9(1): 1-27, posted at http://www.palgrave-journals.com/jdg/journal/v9/n3/full/jdg201126a.html.
45. (2011c) ‘How to cope with the next financial crisis’, Australian Broadcasting Commission: The Drum, 25 August, available athttp://www.abc.net.au/unleashed/2854160.html#comments.
46. (2011d) ‘Inefficiencies and inequities of capitalism: And how they can be reduced’, conference on Justice and Economics: Ancient doctrines and modern theories,University of Toulouse 1 – Capitole, June 16-17th; and to the 10th Annual Society of Economists Conference, 5 December, University of New South Wales available at:http://ssrn.com/abstract=1849624.
47. (2011e) ‘Options for reforming the financial system’ presented to the 40th Australian Conference of Economists, Australian National University, Canberra, July 11-13, available at: http://ssrn.com/abstract=1322210. Published in The IUP Journal of Governance and Public Policy, September 6(3): 1-28.
48. (2011f) ‘The Hayek option’, The Australian Financial Review, Letters 25 August p.60. Posted athttp://afr.com/p/opinion/the_hayek_option_HXq35bF49ajq3vX8zwlMrN
49. (2011g) ‘Two currencies could alleviate two-speed economy’, The Australian, Letters, 25 August p.13 available at:http://www.theaustralian.com.au/news/opinion/two-currencies-could-alleviate-two-speed-economy/story-fn558imw-1226121540105.
50. (2012a) ‘Sustaining society with ecological capitalism’ presented to a conference on Designing and Transforming Capitalism, Aarhaus University, Denmark, February 9–10, posted at http://ssrn.com/abstract=1954920.
51. (2012b) 'Who should create money and credit?' Public Banking Institute Newsletter, Issue No. 13, May 30, posted at: http://hosted.verticalresponse.com/877781/15cd2c2a78/1695525779/cbdc078da5/ and by Ethical Markets – Transforming Global Finance, June 4, posted at: http://www.ethicalmarkets.com/2012/06/14/who-should-create-money-and-credit/.
52. (2012c) ‘Regulating digital money’ First International Social Transformation Conference, Faculty of Economics, University of Split, Croatia, July 10-12.
53. (2012d) 'Green Money: Why it’s needed, how to get It? - How might an efficient, equitable and resilient finance sector be established?' Presented to seventh annual meeting of the Green Economics Institute, Mansfield College, Oxford, 21st July, 2012, available at: http://ssrn.com/abstract=2103899.
54. (2012e) ‘Minimizing a “key cause” of the 2008 financial crisis: Governance failure’, with Michael Pirson, Presented to the 11th conference of the Society of Heterodox Economics, University of New South Wales, December 4, and at World Finance and Banking Symposium, Cheung Kong Graduate School of Business (CKGSB), Shanghai, 18-19th, December, http://ssrn.com/abstract=2178533.
55. (2012f) ‘Might sustainable energy money have a future?’ Presented as a refereed paper to the 11th conference of the Society of Heterodox Economics, University of New South Wales, December 3, 2012, Chapter 13, pp. 178- 189, available at: http://ssrn.com/abstract=2178533.
56. (2013a) ‘Can Democratic Money with Environmental Values Reduce Market Failures? Posted on Ethical Markets web page January 14th at http://www.ethicalmarkets.com/2013/01/14/can-democratic-money-with-environmental-values-reduce-market-failures/.
57. (2013b) ‘Sustaining society with economic democracy’, accepted for presentation at the International Conference on Economics and Social Science (ICESS 2013), Melbourne, January 20 available at:
58. (2013c) 'How should regulators control e-money?’ discussion/debating paper posted at: http://ssrn.com/abstract=2202108 for a panel session forthcoming at the 2nd International conference on complementary currencies systems at the University of Rotterdam, The Hague, June 21st.
Ulanowicz, R. E , Goerner, S.J., Lietaer, B. and Gomez, R. (2009) ‘Quantifying Sustainability: Resilience, Efficiency and the Return of Information Theory’Ecological Economics, 6(1) 27-36, March, available at: http://www.lietaer.com/2010/02/quantifying-sustainability/.
Yang, C.C.B. (2000) Electronic and relevant legal and regulatory issues, posted at http://www.hllawyers.com/publications/en/publications-9.html
Formation meeting of the Monetary Reform Working Group & Green Money Working Group
High Tea in Terrace Cafe at National Portrait Gallery, London, 17 October 2011
Working Group first public discussion, London, 13th February, 2012.
Great Hall of the Institute of Chartered Accountants of England & Wales (ICAEW)
Working Group supper meeting, London February 15, 2012
Bel Canto Restaurant