Felber Money - The New Rules of the Game

1. Auflage 2017
ISBN: 978-3-319-67352-3
Verlag: Springer International Publishing
Format: PDF
Kopierschutz: Wasserzeichen (»Systemvoraussetzungen)

E-Book, Englisch, 233 Seiten, eBook

This book advocates a holistic reform of the current monetary and financial system dealing with the issues of money creation, central banks, loans, stock markets, tax justice, pension security and the international monetary system - 'Bretton Woods II'. Its innovative approach presents several alternatives for each cornerstone, in addition to introducing a participatory democratic process whereby sovereign citizens can themselves determine the rules governing the new financial and monetary system. With 'democratic money conventions' in each municipality, where the elements of this new money system are discussed and decided on in a participatory manner, and a federal money covenant which then elaborates a template for a referendum about the future 'money constitution', a true 'sovereign' could progressively convert money from a financial weapon into a democratic tool.The envisaged democratic monetary system, by providing equal opportunities for every member of society to participate in the development of the 'new rules of the game', turns money progressively into a public good which increases the freedom for all. The new system furthermore drives the enhancement of constitutional and relational values such as human dignity, solidarity, justice, sustainability, or democracy. Money should serve life and should serve the common good. The 'Bank for the Common Good' Project, which was initiated in Austria by the author Christian Felber, represents a practical example of his proposals.

Christian Felber is an internationally renowned speaker, lecturer at the Vienna University of Economics and Business and a contemporary dancer. Christian has authored several bestsellers: '50 Suggestions for a fairer World', 'New Values for the Economy', 'Let's save the Euro!', 'Change everything. Creating an Economy for the Common Good',  and 'Money. The new rules of the game', which was awarded the getAbstract International Book Award 2014. Christian is a regular collaborator of the Huffington Post. He is the initiator of the 'Economy for the Common Good' and the project 'Bank for the Common Good'. Felber was born in 1972, studied Spanish, Psychology, Sociology and Political Sciences in Madrid and Vienna, where he lives and works as an independent writer.

Zielgruppe

Research

Autoren/Hrsg.

Felber, Christian

Weitere Mitwirkende

Mathewes, Jacqueline

Inhaltsverzeichnis

1;Preface: Money and democracy – an Overdue Wedding;9
1.1;References;11
2;Acknowledgements;13
3;Contents;15
4;1 Introduction: A Coercitive and Intransparent Financial System;20
4.1;1.1 The Non-Holistic Evolution of the Monetary System;20
4.2;1.2 The Multi-Dysfunctionality of Our Current Monetary System;23
4.3;1.3 Regulators Wanted;26
4.4;References;26
5;I. The Process towards a New Monetary Order;28
5.1;2 Tamer Wanted: Who Will Restrain the Global Monetary and Finance System?;29
5.1.1;2.1 G20 and the Financial Stability Board (FSB);29
5.1.2;2.2 International Monetary Fund (IMF);31
5.1.3;2.3 World Trade Organization (WTO);32
5.1.4;2.4 Basel Committee on Banking Supervision;33
5.1.5;2.5 European Union;34
5.1.6;2.6 United Nations (UNO);36
5.1.7;2.7 Independent Experts;36
5.1.7.1;2.7.1 Who then?;37
5.1.8;References;37
5.2;3 Rewriting the Rules of the Game: The Democratic Monetary Convention;39
5.2.1;3.1 Legitimation and Contextualization of the Convention;40
5.2.2;3.2 From Municipal to National Economic Convention;41
5.2.3;3.3 From Local to EU to Global Level;41
5.2.4;3.4 Local Matters;42
5.2.5;3.5 Core Subject Matters;42
5.2.6;3.6 Decision-Making Procedure;43
5.2.7;3.7 Utilization of Results;45
5.2.8;3.8 Initiated Prototypes;45
5.2.9;3.9 Ten Reasons for a Monetary Convention;46
5.2.10;Reference;46
5.3;4 The Basis: Money as a Public Good;47
5.3.1;4.1 Extended Meaning of “Public Good”;48
5.3.2;4.2 Values of the Monetary System;51
5.3.3;References;51
6;II. The Content – Cornerstones of a Democratic Monetary System;52
6.1;5 Who Creates Money?;53
6.1.1;5.1 The National Central Bank;54
6.1.2;5.2 Commercial Banks;54
6.1.3;5.3 Companies;55
6.1.4;5.4 Private Individuals;55
6.1.5;5.5 Political Regional Authorities;55
6.1.6;References;56
6.2;6 Sovereign Money Reform;57
6.2.1;6.1 Creation of Bank Money by Private Commercial Banks;57
6.2.2;6.2 Sovereign Money Reform;61
6.2.3;6.3 Benefits of the Reform;63
6.2.4;6.4 Side Note: Sovereign Money and Hundred-Percent Money;66
6.2.5;6.5 Amendment of Legislative Texts;67
6.2.6;References;68
6.3;7 Democratic Central Banks;69
6.3.1;7.1 Who Does the Central Bank Belong to?;70
6.3.2;7.2 Democratic Organization of the Central Bank;72
6.3.3;7.3 Objectives and Tasks of a Central Bank;73
6.3.3.1;7.3.1 The ECB Model;74
6.3.3.2;7.3.2 The Fed Model;75
6.3.3.3;7.3.3 The Alternative Model;76
6.3.4;7.4 Monetary Authority;79
6.3.5;References;80
6.4;8 Solving the Problem of Sovereign Debt;81
6.4.1;8.1 Proposal for the Reform of Sovereign Debt Financing;82
6.4.2;8.2 Benefits of the Reform for the Public;85
6.4.3;References;86
6.5;9 Bank Lending Regulations;87
6.5.1;9.1 Loans for What and for What Not?;90
6.5.1.1;9.1.1 Ethical Creditworthiness Appraisal;90
6.5.1.2;9.1.2 Speculative Financial Credit?;92
6.5.1.3;9.1.3 Regional Priority;95
6.5.2;References;97
6.6;10 Common Good Oriented Banks;99
6.6.1;10.1 Banks Are Historically Common-Good Oriented;99
6.6.2;10.2 Criticism of Bank Bailouts and the EU Banking Union;102
6.6.3;10.3 State Support Only for Common Good Banks;105
6.6.4;10.4 Common Good Orientation of Banks;106
6.6.5;10.5 Prototypes Everywhere;110
6.6.6;10.6 Systemic Consideration: From the Investment Bank to the Depository Bank;111
6.6.7;10.7 Adieu, Return on Investment;113
6.6.8;10.8 From the Risk Premium/Capital Tax to a Meaningful Return on Investment;115
6.6.8.1;10.8.1 A Hoarding Ban for Cash Millions;116
6.6.9;References;116
6.7;11 EU and Global Financial Supervision;118
6.7.1;11.1 EU Financial Supervision with an Edge;120
6.7.1.1;11.1.1 Splitting up System Relevant Banks;120
6.7.1.2;11.1.2 Closing or Strict Regulation of Shadow Banking Activities;121
6.7.1.3;11.1.3 Market Admission Approval for New Financial Products;123
6.7.1.4;11.1.4 Stricter Equity Capital Requirements;125
6.7.1.5;11.1.5 Rules for Funds and Capital Investment Companies;128
6.7.2;11.2 Global Financial Supervision;130
6.7.3;References;132
6.8;12 Derivatives—Close the Casino;134
6.8.1;12.1 General Regulation Proposals;138
6.8.2;12.2 Shares—Regional Common Good Exchanges;139
6.8.2.1;12.2.1 Regional Common Good Exchanges and the “Triple Skyline”;139
6.8.3;12.3 Close Securities Markets;142
6.8.4;12.4 Government Bonds—The Use of the Central Bank;143
6.8.5;12.5 Foreign Exchange—A New Global Currency System;144
6.8.6;12.6 Commodity Markets—Global Commodity Agreement;144
6.8.7;References;149
6.9;13 Secure Pensions;150
6.9.1;13.1 The PAYG Pension is Easily Financed;151
6.9.2;13.2 What Makes Private Provision Better?;155
6.9.2.1;13.2.1 Are Private Pensions Less Vulnerable with Regard to Demographic Factors?;156
6.9.2.2;13.2.2 Are the Premiums in Private Pensions Paid More Interest than Social Security Contributions?;157
6.9.2.3;13.2.3 Are Private Schemes Cheaper?;158
6.9.2.4;13.2.4 Is the Private Pension System Distributively Fairer?;158
6.9.2.5;13.2.5 The Methuselah Conspiracy;159
6.9.2.6;13.2.6 Do Favorable Framework Conditions for the Private Pension System Also have a Favorable Impact on the PYAG Pension System?;159
6.9.3;13.3 Alternatives;161
6.9.4;References;161
6.10;14 Global Tax Cooperation;162
6.10.1;14.1 Systemic Tax Evasion;162
6.10.2;14.2 Step 1: Automatic Registration of All Domestic Income;166
6.10.3;14.3 Step 2: Multilateral Agreement on Information Exchange;167
6.10.4;14.4 Trust and Cooperation;168
6.10.5;14.5 From the previous EU Interest Directive to the Sound Capital Income Directive;169
6.10.6;14.6 World Financial Registry;170
6.10.7;14.7 Technical Implementation;170
6.10.8;14.8 Globally Just Corporation Tax—“Entire Group Taxation”;171
6.10.8.1;14.8.1 Country of Residence Principle;173
6.10.8.2;14.8.2 Unitary Taxation or Overall Group Tax;173
6.10.9;14.9 A Go-It-Alone by the EU is Possible!;175
6.10.10;References;175
6.11;15 Income and Ownership Caps—“Negative Feedback”;176
6.11.1;15.1 Excessive Inequality;176
6.11.1.1;15.1.1 Liberal Argument;178
6.11.1.2;15.1.2 System Theoretical Argument;180
6.11.1.3;15.1.3 Performance Justice and Equal Opportunities;181
6.11.1.4;15.1.4 The Financial Stability Argument;182
6.11.1.5;15.1.5 The Health Argument;182
6.11.1.6;15.1.6 The Happiness Argument;183
6.11.2;15.2 Limiting Income Inequality;184
6.11.3;15.3 Capping of Private Property;185
6.11.4;15.4 Inheritance;187
6.11.5;References;189
6.12;16 Currencies—Time for a Bretton Woods II;190
6.12.1;16.1 Failure of Bretton Woods I;190
6.12.2;16.2 Shortcomings of the Current Monetary Order;193
6.12.3;16.3 Pledge for a Bretton Woods II;195
6.12.4;16.4 Global Monetary Cooperation;197
6.12.5;16.5 Adjustment of Exchange Rates according to Purchasing Power Parity;197
6.12.6;16.6 Epilogues;199
6.12.6.1;16.6.1 Planned Economy in Peking und Zürich;199
6.12.6.2;16.6.2 End of the Dollar Hegemony?;200
6.12.6.3;16.6.3 Local and regional complementary currencies;201
6.12.7;References;202
7;III. Kick Off;203
7.1;17 The Path to the first Convention;204
7.1.1;17.1 Bottom-Up-Strategy;205
7.1.2;17.2 The Process of a Democratic Monetary Convention;206
7.1.2.1;17.2.1 Who Initiates a Convention?;207
7.1.2.2;17.2.2 Who is in the Convention?;207
7.1.2.3;17.2.3 How is the Convention Implemented?;207
7.1.2.4;17.2.4 How does communication and decision making take place?;208
7.1.3;17.3 Evolution of Contents;210
7.1.4;17.4 International Cooperation;211
7.1.5;17.5 From Monetary Convention to Constitutional Convention;211
7.1.6;References;212
7.2;18 Questionnaire for the Monetary Convention;213
7.2.1;18.1 Creation of Money;213
7.2.2;18.2 Sovereign Money Reform;214
7.2.3;18.3 Central Bank;214
7.2.4;18.4 Sovereign Debt;215
7.2.5;18.5 Banking System;215
7.2.6;18.6 Commercial Banks;216
7.2.7;18.7 Financial Supervision;217
7.2.8;18.8 Derivatives;218
7.2.9;18.9 Pensions;220
7.2.10;18.10 Tax Justice;221
7.2.11;18.11 Restriction of Inequality;223
7.2.12;18.12 International Monetary Order;225
8;Index;227

Preface: Money and Democracy– an Overdue Wedding.- Introduction: A Coercitive and Intransparent Financial System.- Part I: The Process towards a New Monetary Order.- 1. Tamer Wanted: Who will Restrain the Global Monetary and Finance System?.- 2. Rewriting the Rules of the Game: The Democratic Monetary Convention.- 3. The Basis: Money as a Public Good.- Part II: The Content - Cornerstones of a Democratic Monetary System.- 1. Who Creates Money?.- 2. Sovereign Money Reform.- 3. Democratic Central Bank.- 4. Solving the Problem of Sovereign Debt.- 5. Bank Lending Regulations.- 6. Common Good Oriented Banks.- 7. EU and Global Financial Supervision.- 8. Derivatives – Close the Casino.- 9. Secure Pensions.- 10. Global Tax Cooperation.- 11. Income and Ownership Caps - “Negative Feedback”.- 12. Currencies – Time for a Bretton Woods II.- Epilog I: Planned Economy in Peking und Zürich.- Epilog II: End of the Dollar Hegemony?.- Epilog III: Local and regional complementary currencies.- Part III:Kick Off.- 1. The Path to the First Convention.- 2. Questionnaire for the Convention.- Acknowledgements.- Index.

Über Autor(innen)

Christian Felber
 is an internationally renowned speaker, lecturer at the Vienna University of Economics and Business and a contemporary dancer. Christian has authored several bestsellers: „50 Suggestions for a fairer World“, „New Values for the Economy“, „Let’s save the Euro!“, „Change everything. Creating an Economy for the Common Good“,  and „Money. The new rules of the game“, which was awarded the getAbstract International Book Award 2014. Christian is a regular collaborator of the Huffington Post. He is the initiator of the „Economy for the Common Good“ and the project „B

ank for the Common Good“. Felber was born in 1972, studied Spanish, Psychology, Sociology and Political Sciences in Madrid and Vienna, where he lives and works as an independent writer.