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Proposal for new world currency linked to climate

Posted by Richard Douthwaite @ Feasta Forum

An American sociologist, Dr. Frans C. Verhagen, who teaches on sustainable communities at Pace University, New York, has just launched a website,,  to promote a global currency “based upon carbon emissions permits which are allocated following the Cap and Share methodology”.  Dr. Verhagen’s currency is called the Terra. This is doubly unfortunate as not only will it be confused with Bernard Lietaer’s proposed currency with the same name but also because the word sounds like “terror”. I have not yet checked to see how this Terra differs from the ebcu. The attachment sets out the case for the new money.

I am in touch with Dr. Verhagen, who certainly seems to be pushing the idea hard, which is great.

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  1. Chris Cook says

    The Cap and Share proposal is for a deficit-based currency, given its value by political fiat, and issued centrally “top down”.

    Sound familiar?

    Try this for an alternative

    The point is that as with the WIR we aim to use in a “Credit Clearing Union” a Value Standard (the Petro, but it could be an Electro – it’s just an amount of energy) by reference to which Value Units (redeemable in energy) are exchanged for other forms of value.

    Great interest in Iran, where further workshops are planned.

    Energy has intrinsic value: that is the key to what is essentially a system of energy accounting by reference to an energy standard.
    An International Energy Clearing Union, in fact.

    If we then impose a “carbon levy” into a carbon pool or fund, that fund – which is DENOMINATED in energy can be invested directly in future production of energy and indeed even in energy savings (the cheapest form of energy there is)