Version 2 of the Tierra Manifesto 2009

The main reason for version 2 is the incorporation of the draft report of the UN General Assembly  President's Commission on Monetary and Financial Crises and the three markups I have submitted to the Commision's leadership. These markups show that the TIMU Architecture represents a real chance for transformational change, given that the Commission's recommendations are in the same direction, though less radical, i.e. touching the root (radix in Latin) of the problem and its solution. Here are the markups in capitals.

Proposed change in capitals for paragraph 47 about A New Global Reserve Currency:

“47. But a two (or three) country reserve system, to which the world seems to be moving, may be equally unstable. The new Global Reserve System WHICH CAN BE CARBON-BASED, OR COMMODITIES, CURRENCIES OR CONSUMER PRICE BASED  is feasible, non-inflationary, and could be easily implemented, including in ways which mitigate the difficulties caused by asymmetric adjustment between surplus and deficit countries.”

Proposed change in capitals for paragraph 52 about “A Global Economic Coordination Council.”

“52. A globally representative forum to address areas of concern in the functioning of the

global economic system in a comprehensive way must be created. THIS CAN BE DONE BY CREATING A GLOBAL CENTRAL BANK TO WHICH NATIONS CEASE MONETARY SOVEREIGNY OR BY CREATING A GLOBAL ECONOMIC COORDINATION COUNCIL. At a level

equivalent with the General Assembly and the Security Council, such a Global

Economic Council should meet annually at the Heads of State and Government level

to assess developments and provide leadership in economic, social and ecologic

issues.”

Proposed change in capital for paragraph 78 about “More stable and Sustainable Development Finance.”

“78. The international community needs to explore a variety of mechanisms of innovative finance, including TRANSFERS OF CARBON DEBITS OF A CARBON-BASED GLOBAL RESERVE CURRENCY THAT ARE PART OF THE CARBON ACCOUNT OF AN ECOLOGICAL DEBTOR NATION’S BALANCE OF PAYMENTS, regular emissions of a new global reserves (SDRs), revenues

generated from the auction of global natural resources (such as ocean fishing rights

and pollution emission permits), and international taxes (such as a carbon tax, which

would simultaneously help address problems of global warming, or a financial

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services tax, which would simultaneously help stabilize international financial

markets.)”