[P2P-F] Fwd: Fed on too-big-to-fail

[Michel Bauwens]

---------- Forwarded message ----------
From: Shann Turnbull <sturnbull at mba1963.hbs.edu>
Date: Tue, Apr 5, 2016 at 6:52 PM
Subject: Re: Fed on too-big-to-fail
To: M Mellor <m.mellor at northumbria.ac.uk>

Dear All

Monetary reformers may be interested in my proposal for member States of
the EU to issue digital negative interest rate Terminating Euros to regain
their monetary sovereignty as set out in my paper presented in Athens on
June 15 last year.

It would be “debt free positive helicopter money” redeemed by the negative
interest rate in say one year as occurred with Stamp Scrip during the Great
Depression. I suggest that the EU, ECB and IMF, who make up the “Troika”,
should encourage member States to undertake trials issuing debit cards that
can be topped up weekly through the internet that could also receive the
negative interest payments for redeeming the money.

The Athens Institute for Education and Research has published myJune 15
paper on “Terminating Currency Options for Distressed Economies” at:
http://www.atiner.gr/papers/POL2015-1818.pdf

Because terminating money would circulate much faster I described it a
“Speed” Euros. Speed Euros could contribute to creating a universal basic
income.
It would remove the need for QE. It would represent QE for voters instead
of QE for bankers or for the institutions that Corbyn describes as
“Citizens”.

I will be raising the above ideas in a panel discussion I have organised at
a European Finance Management Association conference at Basle University on
June 30 and at the Heterodox Economic conference in Glasgow July 7-9.  Dr.
Philip Moutot, a senior advisor of the ECB has agreed to chair our Basle
discussion on the future of  digital money. The other speakers are  Chris
Giles, the Economics Editor of the FT, Dr David Kumhof from the Bank of
England and Dr Paola Tasca from University College London. I have posted
more details at:
https://docs.google.com/document/d/1BDbyId-Pnlw1D-RMeG6VENCEJ-ymunm4xGr2I09GRzg/edit?usp=sharing

The other paper I presented in Greece last year in Thessaloniki on June 2
is forthcoming as a book chapter: ‘Stimulating business and economies with
negative interest rate money: Enabling Euro Zone Nations like Greece to
regain monetary sovereignty’, in Beate Sjåfjell, Georgina Tsagas and
Charlotte Villiers (eds), *Sustainable Value Creation under EU Law:*
*Transdisciplinary
perspectives on the EU social market economy, *Chapter 9, Cambridge
University Press: UK. Working paper at; <http://ssrn.com/abstract=2609971>.
<http://ssrn.com/abstract=2609971%0D>

Regards to all

Shann




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