As private and public debt spirals, so some people think we can't afford to cut and drawdown carbon or adapt now to increasing impacts, while others think we need to pump up economic activity via more government debt to try and stabilise societies. However, these perspectives arise from a misunderstanding of the nature of money and credit. That is a misunderstanding so fundamental that unless it is revealed and changed, we will achieve neither sustained efforts at bold carbon reductions or transformative and deep adaptation. Indeed, we will not be able to 'degrow' an economy without massive societal disruptions unless there are changes to national monetary systems and the scaling of local complementary currencies.
Why is the current monetary system so bad? What are the arguments against that critique and why are they lacking? Why has some of the degrowth movement sidelined calls for monetary reform? What kind of changes to national monetary systems are needed? What could a Monetary Rebellion be seeking on monetary policy?
In October Prof Jem Bendell and Matthew Slater will be releasing a discussion paper on Monetary Adaptation to Climate Change. This Q&A is for anyone who reads the paper and wishes to engage in conversation with other interested persons.
As soon as it is released, the link to the paper will be mailed to all those who indicated they are going or interested in this event.
A video of previous commentary on the topic from Prof Bendell is here.
Previously Bendell and Slater issued a discussion paper with DA colleague Dorian Cave, on the potential for local governments to issue currencies to help with immediate problems as well as increase resilience to forthcoming financial and monetary breakdowns.