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Jun
27

Brexit, the way forward

Post By gaia1 in TFD system

 

 

Brexit is a turning point on a global level in the same way that the fall 2008 financial crisis was. Central Banks and their private club of the Bank of International Settlements which would be the first institutions that would find a way out seem to be at a loss for reasons well indicated in http://www.nytimes.com/2016/06/27/business/dealbook/central-banks-worry-about-engaging-world-markets-after-brexit.html Much reflection by them and others has been spent on Brexit’s consequences in Britain, the EU and globally and far less on vision and strategy.

Whatever vision individuals or institutions may have on believable futures, one important element of any strategy for transformational change has to include that the present neoliberal, Western nations’ political center is to be replaced by a globalization process that is not dominated by corporate elites in business and government as is presently the case with WTO, NAFTA and TPP. It is the neoliberal disorder that his to be redesigned, and not by the present designers who are its major beneficiaries. A cogent argument for this approach is made,  among others, by TFF Director Prof. Jan Oberg  TRANSCEND Network for Peace, Development and Environment and be found at Go thttps://www.transcend.org/tms/2016/06/the-brexit-shock-now-all-is-up-in-the-air/o Original – transnational.org and by Noam Chomsky

Part of the new design is to tackle money creation by privately owned banking systems and its affiliates in most central banks and in the Bank of International Settlements (BIS). Money creation which is the sole right and obligation of the public sector has to be reclaimed from the banks  which then would become utilities. It is this issue of money creation or public financing that should be on the BIS’s agenda pushed by citizens organizations such as www.publicbankinginstitute.org  in the US, by www.positivemoney.org in the UK, www.onsgeld.org in the Netherlands and others.

In this redesign phase I personally would like to go far beyond the money creation issue which would be a firs important step in global governance redesign. I would like tosee that the unjust, unsustainable and, therefore, unstable international monetary system be transformed by basing it on the carbon standard of specific tonnage of CO2e per person, leading to the emergence of a global central bank and a balance of payments system that counts for both financial and ecological (climate) credits and debts. The conceptual, institutional, ethical and strategic dimensions of such carbon-based international monetary system are presented in Verhagen 2012 "The Tierra Solution: Resolving the climate crisis through monetary transformation" and updated at www.timun.net