Global Resource Bank
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The Global Resource Bank is a monetary reform project which would tie the value of currency strictly to yield of natural capital. Although David Suzuki, Paul Hawken and others have promoted similar principles, the GRB is primarily the brainchild of John Pozzi who claims that it derives from principles taught by:
- Vladimir Lenin - that the economic essence of imperialism is monopoly capitalism.
- François Quesnay - a Physiocrat - that the products of Earth are the basis of our economy.
- Charles Darwin - The Origin of Species - that Humans are also a product of Earth.
- Joseph Campbell - Seeded Earth - that Humans will either value her products or live in hell.
- Robert Mundell - that Earth needs a single currency.
Apparently, the Bank's scheme removes consumption and demand management from monetary policy and works strictly from the production or supply-side but using nature's services, not the human economy, as the base. It is a form of creditary economics as it is central banking without debt or use of interest rates to control the money supply. Instead it simply accepts the variation in ecological yields as a constraint, and reflects the relative global wealth or poverty (say expressed as a shifting value of Earth).
It was one of three schemes for such comprehensive reform of global currency and money markets actively promoted by the United Nations, the other two being UNILETS and variants of the Ithaca Hours system.
Of these, the GRB was the only one to propose imposing a single global currency management regime, and would effectively replace the Bretton Woods Conference institutions (the IMF, BIS and World Bank). It would also deal directly with global debt by issuing ecological credits.
See also: Natural Capitalism
External links
- http://grb.net - main web presentation, supporters
- http://yahoogroups.com/group/grb - discussion