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Resolving the Economic Crisis Through Resolving the Climate Crisis

Based upon the Terra International Monetary Union (TIMU) Architecture
Frans C. Verhagen, M.Div., M.I.A., Ph.D., sustainability sociologist
President, International Institute of Monetary Transformation
New York City
March 7, 2009

Considering the depth of the financial and climatological crises and the need to understand them in their full systemic origins and their present interconnectedness,

Further considering that these global crises can only be resolved globally and not by any nations singly and separately or even by a small group of nations,

Also considering that sustainability, stability and equity in the international monetary system cannot be achieved with equitable funding,

The undersigned petition their governments, and particularly the US Government and the international institutions that deal with resolving the economic and climatological crises:

  1. to go beyond simple reforms and engage in transformational economic and monetary policies, because the present international economic system still enriches the few, impoverish the many and imperils the planet;
  2. to seriously consider making carbon emissions the basis of a new international reserve currency, so that ecological creditor nations in the global South are able, as a matter of historical justice, to receive funds for their economic development and for programs in mitigating and adapting to the local consequences of the global the climate crisis and the havoc of the global financial meltdown;
  3. to seriously consider the Terra Solution with its monetary architecture of this emissions-based currency unit as proposed in the Terra International Monetary Union or TIMU system’s five other major components, to wit: its World Central Bank, its modified balance of payments schedule and the associated independent national Terra Administration, fixed exchange rates that are annually adjusted based upon the world carbon market, and an emphasis on bioregional economics and frugal trade.


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