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Bitcoin and the Tierra system

Post By gaia1 in American Monetary Matters

Yesterday, the Senate Committee on Homeland Security and Governmental Affairs held a hearing on the potential risks, threats and promises of virtual currencies. Later today, a Senate Banking Committee will hold a similar hearing. The focus is on Bitcoin, a virtual currency that operates completely outside of U.S. financial regulations and protections. Critics argue the current lack of oversight offers anonymity to those hoping to skirt U.S. laws, but others say it’s a frontier in electronic commerce with important consumer benefits. Diane and her guests talk about Bitcoin and the future of virtual currencies.


Jennifer Shasky Calvery director, Financial Crimes Enforcement Network, U.S. Treasury Department

James Freis attorney, Cleary, Gottleib, Steen and Hamilton specializing in financial regulatory and enforcement issues.

Jamila Trindle senior reporter, Foreign Policy Magazine

Jon Matonis executive director, Bitcoin Foundation

Francois Velde senior economist, Federal Reserve Bank of Chicago


This was a most interesting show exploring a new “currency”. Any critical exploration for alternatives to our present international monetary system is to be applauded.

However, any currency is to be situated in an infrastructure that is to be part of our globalizing world. May be such infrastructure emerging for the bitcoin, which I doubt.

I developed the conceptual, ethical, institutional and strategic dimensions of a new international monetary system that is based not on a gold, but carbon standard of a specific tonnage of CO2e per person. This Tierra standard makes the value of currencies—either the national or regional ones—or of a global currency fixed within a small band. Those interested in exploring this currency proposal with its global institutions of a global central bank, a balance of payments of both financial and ecological debts and credits can google monetary transformation or read The TIerra Solution: Resolving the climate crisis through monetary transformation, published in 2012 by Cosimo Books. is the website where also a half dozen videos on bitcoin are listed. The show’s home page started with the picture below.


This April 3, 2013 photo shows bitcoin tokens at 35-year-old software engineer Mike Caldwell's shop in Sandy, Utah. Caldwell mints physical versions of bitcoins, cranking out homemade tokens with codes protected by tamper-proof holographic seals, a retro-futuristic kind of prepaid cash. With up to 70,000 transactions each day over the past month, bitcoins have been propelled from the world of Internet oddities to the cusp of mainstream use, a remarkable breakthrough for a currency which made its online debut only four years ago.

(AP Photo/Rick Bowmer)



The new normal and the Tierra Solution

Post By gaia1 in Economic crisis

The new normal and the Tierra Solution.

The following comment was published yesterday in Paul Krugman’s column in the NY Times dealing the permanent slump which seems to become the new normal. Note how the NY Times informs you about the comment.


Why not push harder in this globalizing world for international solutions in the realm of monetary policy? Part of US trade deficits is the US Dollar functioning as an international currency making it easy for the US to borrow in its own currency. Why not push harder for the expansion of SDRs and even start discussing using the international monetary system to deal with this century’s greatest challenge of climate chaos by basing it on a carbon standard?

c The New York Times




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