In an age of existential emergency, when the future of human civilization depends on how successfully we manage to overcome the ten global threats which are of our own making and which now confront all of us, it is important for humanity to share a common currency for dealing with them. That is, not simply a common understanding, but also a common means of exchange which enables us to rebuild, repair and regenerate our damaged world.
The reason is simple: money is a figment of the human imagination. It exists only in the human mind, not the real world. Yet it is used to develop, produce, exploit, damage and destroy things that are real.
Money is also infinite in supply, in that banks and central banks can, as a rule, create as much of it as they choose, mostly out of thin air.
However, the Planet on which we live is finite. Its oceans, atmosphere, landmass, forests, soils, fresh water, minerals and biota are all limited in extent and in terms of what they can yield for the survival of humans and other life on Earth. Science has long understood this.
If you use an infinite commodity, money, to exploit a finite Planet, you will run out of planet long before you run out of money.
That is the great flaw in the present global monetary system. It looks only to the present need for wealth and makes no investment in the long-term need for human survival. In economic terms, it treats life itself as ‘an externality’.
In other words, modern humanity currently prizes ‘wealth’ above its own survival.
That is a worry.
It needs to be addressed with the utmost urgency.
To do so necessitates the creation of a medium of exchange which is based upon things which exist in the actual world – not on things conjured from the gambling instincts of trading banks and central bankers, or the fevered speculations of money market traders and brokers.
We need a real currency with a trustworthy, reliable value, which people can use in their daily lives and businesses and which reflects the real Planet and its many real assets which underpin the value of this currency.
This is the proposed Earth Standard Currency (ESC) – the Earth Dollar or Gaia for short.