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|August 2, 2006||Posted by Staff under Progress Report, The Progress Report|
What is the Global Resource Bank?
Every human being is a stakeholder in our planet’s natural resources. The Global Resource Bank (GRB) is making that idea come to life.
Check it out at http://www.grb.net/
The Global Resource Bank is a monetary reform project that ties the value and production and of a global currency strictly to the value and yields of Earth’s ecosystem product such as air, water, soil and climate.
Although David Suzuki, Paul Hawken, and others have also promoted principles based on natural capital, the GRB is primarily the work of John Pozzi who claims that the Bank’s charter was developed from truths expressed by: Francois Quesnay, a Physiocrat, who determined that the products of Earth are the basis of the human economy, Charles Darwin, who discovered that humans are also a product of Earth, Joseph Campbell, who warned that humans will either value Earth products or live in hell, Robert Mundell, as a proponent of a single global currency won the Nobel prize in economics, and Arthur Shaw, author of the Implications of an Alternative World Exchange System, which concludes that the problems of poverty and pollution are interrelated consequences of a world exchange system that exploits nature and humans alike, and that with each recurring international monetary crisis, political upheaval, acts of terrorism, famine and war the need for an alternative world exchange system becomes more apparent.
The GRB removes labor and consumption from monetary policy as the Bank’s capital is based directly on Earth’s ecoproduct wealth. It is a form of ecocredit economics, as it is a world central banking system without debt or the use of interest rates to control the global money supply. Instead GRB shareholders, who are all the people in the world, simply value the variations in Earth’s ecosystem product as a constraint to the world’s supply of ecocredit money which accounts for the planets’ ecosystem wealth and is equal to the Bank’s capital at any given time.
The GRB was one of the proposals for currency reform actively promoted by non governmental organizations at the United Nations. The others being variants of local exchange transfer systems (LETS).
The GRB would effectively replace the Bretton Woods institutions of the International Monetary Fund, Bank for International Settlements and World Bank and the central banks of nations which are currently dominated by the Federal Reserve Corporation. It also would settle the world’s public debt in exchange for ecocredit.
The Global Resource Bank is on the WWW at http://www.grb.net/
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