Counting myself to the heterodox camp of the environmental sustainability focused professionals; I am continuously on the lookout for different viewpoints on what contributes or what does not contribute to the environmental sustainability paradigm. This led me to participate in a MOOC course, (http://mooc1.communityforge.net/) by the Institute of Leadership and Sustainability (IFLAS).
Professor Bendell writes: “The process of strategic denial is to maintain striving and identity. It is easily seen in online debates about the latest climate science. One particular case is illustrative. In 2017 the New York Magazine published an article that drew together the latest data and analysis f what the implications of rapid climatic warming would be on ecosystems and humanity. Unlike the many dry academic articles on these subjects, this popular article sought to describe these processes in visceral ways 1. The reaction of some environmentalist to this article did not focus on the accuracy of the descriptions what might be done to reduce some of the worst effects that were identified in the article. Instead, they focused on whether such ideas should be communicated to the general public.” 2
…..gets invested where?
The largest part (97%) of the created, digital money is invested (shown here on an example from England) to 40% in mortgages, 37% in the financial market, 13 % in non-financial business and 10% into credit cards and personal loans 3.
Is it correct to assume that in Thailand the same percentages apply, in what the newly created money is invested in? If yes, how large a part are the tourism related real estate investments in a specific country? A normal person only needs to consider the oversupply of hotel room as well as 20;80 rule. It takes 20% resources to build something and 80% of resources to utilize them. Sustainability related – is there a necessity to change this system – and if yes, how?
Don’t waste your energy changing the existing system, but create a new one.
The numbers are small of those who ruminate about where our money comes from and how it is used and by whom. Even smaller is the number of countries that gave its citizens the choice to vote on who can create money and its subsequent system via a direct democracy4. Similar attempts were launched in the US (1933 and 2011), Iceland and the Netherlands.
The result of Switzerland’s was as follows: From a total of 5.4 Million eligible voters 1.821 Million valid votes where cast. 442’387 “Yes” votes and 1.379.448 “No” votes5. Nobody will ever know how much strategic denial was the cause of this result. It is certain, that the next economic crisis will affect all citizens.
After all, how confident are you about a system that in the period from 1970 until 2010 had 145 Bank crises, 208 Monetary crashes and 72 Sovereign Depth crises 6?
1 Wallace-Wells, D. (2017), “ The uninhabitable Earth: Famine, economic collapse, a sun that cooks us: What climate change would wreak – sooner than you think,” New York Magazine, 9 July. https://nymag.com/daily/intelligencer/2017/07/climate-change-earth-too-hot-for-humans.html accessed 21 Sept. 2018
2 Deep Adaptation: A map for Navigating Climate Tragedy, IFLAS Occasional Paper 2, 27 July 2018, Prof. Jem Benddell
3 How does the money system affect Inequality, Housing & Environment? https://youtu.be/OmJEvfadZ4E Minute 9:55 of Video by Positive Money; 21 December 2014, Accessed 22 September 2018)
“The money that banks create isn’t the paper money that bears the logo of the
government-owned Bank of England. It’s the electronic deposit money that flashes up on
the screen when you check your balance at an ATM. Right now; this money (bank
deposits) makes up over 97% of all the money in the economy. Only 3% of money is still in
that old-fashioned form of cash that you can touch.” (Quoted from Positivemoney.org)
4 Urs Birchler and Jean-Charles Rochet; Forum for Swiss Economic Politics http://www.batz.ch/wp-content/uploads/2017/10/Vollgeld_Summary_en.pdf accessed 22th Sept 2018
5 https://www.bfs.admin.ch/bfs/de/home/statistiken/politik/abstimmungen/jahr-2018/2018-06- 10/vollgeld-initiative.assetdetail.5287525.html accessed 23 September 2018.
6 Slater & Bendell, MOOC Lesson 2, http://iflas.blogspot.com/2014/12/money-and-society-mooc.html