Subject: Creating stable money to avoid financial crises and reduce climate change
Dear Michael
In my message below to the International Accountant Standards Board (IASB) I have invited their chairman Hans Hoogervorst to establish global standards of value. This is suggested in my article to sustain the environment and humanity on the planet in perpetuity. To achieve this objective the units of value established for each bioregion would be determined by how efficiently electrical power can be generated from benign renewal resources and the degree to which they are used in relation to non-renewable and/or non-benign sources. My vision for a sustainable society and how to get there is posted at:
http://www.ecologicalcitizen.net/article.php?t=vision-ecocentric-society-how-get-there
A unit of value established independently of the financial system could not be directly affected by trade, investment or financial crises. Instead, uncertainty would be reduced to promote trade and investment on a basis that promoted sustainable wellbeing of humanity in each bioregion. Its adoption could reduce and/or eliminate the need for carbon taxing and/or trading.
I am using this message to promote the proposal with parties interested in monetary matters who may have an interest in encouraging the IASB to act sooner rather than later. Let the IASB know with a message to
info@ifrs.org. For those not familiar with the “Long Finance” web page it is an initiative of the addressee - Alderman Professor Michael Mainelli. Michael founded Long Finance in 2005
in partnership with Gresham College, the City of London Corporation and forty financial institutions. The Long Finance web page is hosted by Z/Yen, a commercial “ Think Tank” that Michael co-founded with Ian Harris. The webpage accepts feedback to be posted on its articles.
I would be pleased to meet any interested parties in London during my visit from September 4th to 14th.
With my best wishes and thanks
Shann
Begin forwarded message:
Subject: Determine standard units of value?
Date: 25 August 2017 at 11:32:09 pm AEST
Dear Lynn
As a Trustee of the IFRS Foundation might you and your other Foundation colleagues care to encourage the IASB to more comprehensively and meaningfully further its mission to promote “long-term financial stability in the global economy” by establishing standard units of value that could:
- Create much greater certainty for investors, especially internationally;
- Avoid and/or mitigate financial instability;
- Promote trade as arises from standard of weights and measures;
- Reduce and/or eliminate the need for carbon taxing or trading;
- Improve the integrity and relevance of other accounting standards for international firms?
You may recall that I initially made the suggestion for a standard unit of value to Hans Hoogervost in Sydney on April 10th, 2014 and to his then Vice Chair Ian MacIntosh in London on July 2, 2014. I followed up my conversation with both of them with an e-mail the following day with a copy to yourself.
At that time I was advised by your IASB colleagues that establishing standard units of value raised very challenging difficulties. However, since that time I believe the matter has now become practical because of the emerging ”Internet of Things”.
Public feedback can be made on the webpage. For your convenience my article is also attached.