World currency as a basket of goods

What would be the original or local, regional and national money in the future, definitely need some common money. Bernard Lietar put forward the idea of the world reference currency, and gave it the name Terra. In his book he wrote that Terry should not be tied to any state, and its main purpose will be to ensure the stable and secure international contracts and trade. We told him that at the time not so long ago such a goal served as the "transferable ruble" as used in the calculations between the countries — members of the CMEA: bank, interest-free, are equally beneficial to all economic partners. He's had no problems: no crises and collapses, no scandals — unlike gold and the dollar. For this reason, about him to know about.

It seems to us that the idea of a new international currency are still only theoretical interest. Scientists, like us Lietarom can these ideas to propose, discuss, explain to each other, how they will rise humanity. However, neither Comecon nor the "transferable ruble" is no more, and just as there will be no Terran, do not need her age TNCs. Nevertheless, we consider lietarovskuyu idea because once this era has passed and new times, when few in humanity need any ideas.

Terra — is the standard basket goods and services, especially important for international trade, and their relative weight in the basket of the standard should reflect their relative importance. One of the reasons that modern finance detached from the real economy and serve only themselves, is the disconnect between the financial world and the physical reality, the relationship was finally broken by President Nixon, who refused in 1971, the gold of the dollar. And Terry in the role of world currency would be akin to the gold standard of the past centuries, but the basket with a variety of goods, it will, by definition, is more stable than any of these products and even than gold.

For example, the market price of Terra can be defined as follows:

Terra 1 = 1/10 barrel of oil (for example, the brand Brent, with delivery)

+ 1 bushel of wheat (Chicago Mercantile Exchange, with delivery)

+ 2 pounds of copper (London Metal Exchange, with delivery) + etc.

+ 1/100 ounces of gold (the New York Mercantile Exchange, with delivery).

Lietar gives here a note explaining that the specific goods, the quality and standards of supply and their respective amounts are examples only, and in practice it will be part of the contractual agreement between the parties in the transaction. We can also make a note: after the collapse of the world economy "basket" may be fundamentally different. But what — we will not speculate. Terra has four key characteristics.

• The currency is stable inflation. After all, inflation is always defined as the change basket of goods and services, therefore, to what extent the basket of goods in Terra will be representative with respect to the structure of world trade, so it will not be subject to inflation.

• Cost of Terra easily converted into any national currency. Anyone can view the prices of goods "basket" in international trade and to count them on the "basket" of the country.

• Terra automatically converted into any existing national currency, which does not need to be international conventions or agreements. Anyone who contributes money to the account in your own currency, can get a basket of goods delivered to advance warehouses (such as those that already exist in various futures exchanges).

• In this monetary system naturally integrated demurrage, and most important, because it ensures the full integration of the proposed rates in the current market system of the real economy in all aspects. Indeed, there are costs associated with the storage of goods, and demurrage will just agreed price of storage.

There is no need to debate on the usefulness of demurrage or size. The cost of storing the goods (and demurrage) are estimated to be approximately 3 to 3.5% per annum. And note that these costs may not result in additional costs to the economy as a whole. They are already included in the modern economy, because most (if not all) of the goods in any case stored somewhere, embodying policy of price stabilization and the establishment of reserves. Lietara offer — simply pass these costs on existing holders of Terra, passing these costs socially useful function of payment of demurrage.

It is important to understand that the people, when they begin to receive payments in Terry, there is no need to control the prices of goods. Terra — just warehouse receipt, which gives the right to receive the equivalent value of the basket of goods regardless of which currency has the case. Terra, therefore, could be transferred electronically, as today's national currency, it would have been just stable and not subject to inflation, and it is already done.

Terra is a combination of two concepts: demurrage, originally proposed by Silvio Gesell, and ideas exchange, which has a basis of a basket of goods, which are offered by many renowned economists of all generations, including the recent Nobel laureate Jean Tinbergen Kaldor and Professor at Cambridge University. Keynes's idea of demurrage currency saying that it is sound and the theoretical and practical point of view, as there really is preferable to the usual rates. In his book "The General Theory of Employment, Interest and Money", he wrote: "Those reformers who sought to cure in creating artificial value of money, demanding that legal tender periodically updated with a set fee to maintain itself as the money was on the right track and practical value of their proposal deserves reflection. "

In short, many economists support the various aspects of such a global currency, for many good reasons: stability, monetary stability, reduce business cycle fluctuations, reducing international inequality. And indeed for the international economy doing business without a standard cost, inefficient, as an attempt to trade without standards of length and mass. You can try, but it is common sense.

Suppose, for some unknown reason, did not work for a single world standard weight (kg), and this standard in each country. To bring to a common denominator when signing deals agreed to multiply it, for example, the air temperature difference between importing and exporting parties. Would have to invest in equipment, build and launch satellites to measure these temperatures and develop specific tools such as futures markets, etc., to insure risks associated with changes in kilograms, depending on the weather, of course, is the enormous cost …

In the field of international standard value decree Nixon 1971 floating exchange rates contributed to the development of just such a process. Why not arrange a stable international standard of value? This is an important issue for a long time, it was defined by Hogarth and Pierce as follows: "The world will need a little time to realize that the more you can not do business without the proper standards of value, as it would be impossible to conduct business without coordinated units of length and weight"[1].

And with all the seriousness of the problem, if there are many "conscious" nothing happens. The reason why the idea of commodity baskets are still not translated into a global reserve currency, is clearly not a lack of good judgment and a lack of evidence. Decisions are not just academics, and representatives of a very different social structure.

People who understand where the world is heading, for the introduction of a world currency called the government to sign an agreement such as the Bretton Woods or enter the currency through reform of the International Monetary Fund. Here is what Thomas Sanktona:

"Effective action to prevent the devastating destruction of the environment requires the mobilization of political will, international cooperation and sacrifice imaginable only in time of war. However, humanity is now in a state of war, and it is quite possible nazvatvoynoy for survival. This war, in which all nations must be allies "[2].

Call on them, as we see, a long time: Sanktona article was published in 1989. But today, as then, the probability of such an agreement between the governments of small, and the IMF is busy with the same than before: the destruction of the national economy. These are the political realities? Politicians do not have time to think about the survival of mankind, they think about their survival in power.

Bernard Lietar, people in the financial world is not the last, diplomatically says, "private conversations with senior management of the Bank for International Settlements and the IMF suggest that, in fact, new money initiatives can be manifested only by the private sector in terms of acute geopolitical circumstances. Moreover, the real power of decision-making today somehow relates more to transnational corporations than to the government … therefore, their participation in the project will be required in any case. " And then put forward a strategy by which means "to persuade corporations to establish a core group of world base currency itself, as a kind of service to anyone who wants to trade on the international market."

To its proposed strategy did not work, there are several reasons. The first of these is that multinational corporations have their own ideas of right and wrong. In 1998 was published the review of Arthur Lytle, who studied 481 major corporations in Europe and the U.S., with astonishing results: it was found that 95% of corporations believe sustainable development "extremely important" and 83% believe that business can provide this stability. But almost no corporation did not know how and what to do. That is, they are showing concern and confidence to succeed, but to do nothing is not collected. Or will they do the opposite.

ki. They are now even more than political risks (eg, the possibility that a foreign government nationalizes attachments). Whenever cost international currencies are converted into the national currency, the risks appear. If a foreign currency falls, all receivables (trade receivables for the company) and accounts receivable denominated in that currency to fall in value. If the foreign currency is rising, all to be paid (eg, loans) more expensive.

Study of five hundred successful corporations in the U.S. in 1992 showed that all the foreign currency risk of its biggest headache. Moreover, 85% of the participants expressed the need to use expensive financial strategies to reduce these risks. It is essential that the larger and the ramifications of the company, the more cases of insurance.

To combat these multiple challenges created an entire financial sector (the futures markets and other financial derivatives). In most cases, the cost of insurance of such risks are prohibitive, especially if the business is not in major currencies or if the time period is long enough. On the other hand, if you do not insure such a risk, it is a gamble that could endanger the entire corporation.

Of course, among the highest officials of corporations affected by these risks, there may be some who support the idea of introducing Terra as the world's currency. Terra will reduce the risks, and they will sleep soundly. And that will tell a person the higher the insurance companies and others involved, who feed on just what are the risks? ..

And so in all. Now difficult to make long-term contracts, because a key part of any contract — price — should remain open to correction, if the partner is in another country. It would seem that the desire to get away from these challenges encourage businesses to agree to the introduction of Terra. And what opinion would have just profiting on making "fast money"? ..

Because of the lack of this International Standard contractual value and investment costs increase with the advent of each additional participant in the international bidding, which turns the higher cost of all goods and services for international trade, and paying customers around the world as the final link in this chain inefficiencies. Of course, consumers and some producers will vote for Terry! What vote banks and financial corporations, whose income is higher, the higher the cost of goods and services? ..

No reasonable arguments can not change the situation. Only disaster would pave the way for change. Here then would be popular and a great idea Lietara Bernard — Terra, international "trade basket" with an attached thereto demurrage. And before the disaster at hand. Lietar writes:

"If one does not show initiative, and none of the corrective mechanisms will not be applied, predictable consequences will be in the fact that one day in the speculative frenzy of the modern monetary system speculative reach 90% or even 99.9% of all others. And then existing "modus vivendi" collapse, followed by economic disaster.

I sincerely hope that this will not happen, because in the background of a global disaster, even the crisis of the 1930s will have the pleasant piknichkom. After all, the crisis of the 1930s hit the economies of countries that accounted for only 20% of the world population. South America, Russia, most countries in Asia have not been influenced by him, and even flourished economically, while the U.S. and Western Europe shaken by turmoil. The collapse of the current monetary system will affect all of humanity over large areas, because the global integration opened the borders of countries, economies, even the traditional communities that have 60 years ago were completely self-sufficient. "

Bernard Lietar hopes that Terra can enter now at the urging of the Economic Community or the result of an initiative of the U.S. government or a group of countries. However, such serious experts on the monetary system, as Milton Friedman and Anna Schwartz, have come to be cumbersome concluded that significant changes in the system never occur before the appearance of the negative results, and always after, when it requires them to actually gryanuvshy crisis. ..

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