Solutions, Volume 2, Issue 5, 2011. http://www.thesolutionsjournal.

com/

Feature

In Brief
Businesseshavetendedtoleave thequestionofhowthemonetary systemworkstothegovernment, centralbanks,andthebanking system.Yetindoingsotheymiss theopportunitytosolvekey monetaryandfinancialproblems thatcauserealheartburnintimes ofeconomicdownturnleadingto layoffs,bankruptcies,andcascading economiccrises. Small-andmedium-sizedbusinessesprovidebetween65and95 percentofprivatejobsworldwide. Theirmainchallengeisaccessto workingcapital,whichiscrucial forjobmaintenanceandcreation. Whencreditlinesgetprohibitively expensiveorarepulledback,asis thecasetoday,thejobsevaporate. Afinancialinnovationthe CommercialCreditCircuit(C3) providescriticalworkingcapitalfor small-andmedium-sizedbusinesses andalreadyoperatesinseveral countries.Itrepresentsasubstantial improvementoncommercialbarter bymakingitsbusiness-to-business (B2B)currencyconvertibleinto officialnationalcurrency. Thisarticlealsodiscusses howinventoryreceiptsandstoragecostsforcommoditiesand servicescouldformthebasisof anewinternationalplanning andtradingcurrency,calledthe Terra.Multinationalcompanies thatproduceorusecommodities andinternationalservicescould establishthevalueoftheTerraby creatingastandardizedbasketof themostimportantcommodities andservicesinglobaltrade(e.g., oil,wheat,copper,carboncredits, orcontainershippingservices). Amongthebenefitsofsucha systemwouldbethatitcouldmake itprofitableformultinationalbusinessestothinklong-term,andalso wouldcontributetostabilizingthe worldsbusinesscycle.

Making Money for Business: Currencies, Profit, and Long-Term Thinking

by Bernard Lietaer and Gwendolyn Hallsmith

Greg Drzazgowski

Delmar Strickland (left) of Little Rock, Arkansas, buys corn from Carpenters Produce during Little Rocks biweekly farmers market. Just as farmers markets link consumers directly to producers, new currency innovations allow small businesses to deal directly with their suppliers, eliminating the need for middlemen and building capital for small businesses.

Note: This piece includes an excerpt from the authors new book Creating Wealth: Growing Local Economies with Local Currencies (New Society Publishers, 2011).

hefinancialmeltdownof 2008highlightedtherolethat bankingsystemsplayinthe worldeconomy,bringingfinancialand monetaryinstabilityintofocusasa driverofcollapse.NotsincetheGreat

Depressionofthe1930shavesomany peoplebeenawareofhowbanksmake thesystemworkordont. Butevenwithoutafinancialcrisis, workingcapitalisaproblem,particularlyforsmall-andmedium-sized enterprises.Supplierspressuresmaller businessesforpromptpayments, saywithin30days,whiletheygrant theirlargercustomers90ormore daystopay.Thisbecomesadeadly

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cash-flowtrapforsmallerbusinesses wheneverbanksrefusetoprovide bridgefinancingordosoatasteepcost throughhighinterestratesorpunitive collateralrequirements.Thisproblem hasbecomemorecriticalindeveloped countrieswiththeimpactofthe2008 financialcrisis,butithaslongbeen endemicindevelopingcountries.

Commercial Barter
Whenmoneyisnotavailableatall, anoldoptionhasbeenbarter.Barter isoneoftheoldestexchangemechanismsinhistory.Itisanexchangeof goodsorserviceswithoutanystandard mediumofexchange.Commercial barterclubsorbusinessestypically useaninternalcurrencyasastandard mediumofexchange,andsocalling thisbarteristechnicallyamisnomer. Thisarticleusesthecommercial barterterminologybecausethislabel hasbecomecommonpractice,particularlyinAnglo-Saxoncountries. Likeindividuals,businesses,too, canhaveacash-flowshortagebuta surplusofgoods.Butold-fashioned barterisntconvenientwhenonetries topayincorn,orpigs,orsaddleshoes. Anddoingsomightlimitwhatabusinesscanpurchase,becauseabarter exchangerequiresthattheneedsand resourcesoftwopartiesmatch.The shoelacesupplierprobablydoesnt wantawarehousefullofshoes. In1934,asmallgroupofbusiness ownersinSwitzerlandconvenedto talkabouttheirtroubles.Itdidnttake longbeforetheyrealizedthatoneof themneededacreditlinefromthe banktopayasupplier.Thatsupplier inturnneededthesamekindof creditlineforsimilarpurposes.They decidedtoworktogethertocreatea mutualcreditsystem,whereinstead ofborrowingmoneyfrombanksthey issuedcreditsanddebitstoeachother atthemomentofanexchangetokeep productiongoingand,attheend,it wouldallbalanceout. Needlesstosay,thebanksdidnot liketheidea,andtheytriedtostopthe

newcurrency,calledtheWIR,inits tracks.(WIRisanabbreviationofthe GermanWirtschaftsring,oreconomic circlebutitalsomeanswe.) Nevertheless,theWIRsurvived.The WIRsystemevolvedintoafull-scale cooperativebankoperatingwithtwo currencies:itmanagesandlendsin bothWIRandSwissfrancs.Thesetwo currenciesareequalinvaluebutare notconvertibleintoeachother.

billionU.S.dollars,andtheWIR Bankissued2.74billionSwissfrancs inloansduringthatsameyear. GiventhattheWIRisnotconvertibleintoSwissfrancs,adebtincurred inWIRneedstobecompensatedby asaleinWIRofagoodorserviceto anothermemberofthenetwork. TheCommercialCreditCircuit describednextimprovesonthat approachbymakingthecomplementarycurrencyconvertibleintothe conventionalnationalcurrency.

Key Concepts
Businesses can protect themselves from economic downturns and financial instability by taking a small part of the monetary system into their own hands. Small- and medium-sized enterprises can use Commercial Credit Circuits (C3s), a significant improvement on commercial barter, to supplement the money they already use to trade with other businesses. Large multinationals can use a standardized international barter system as a global currency that would be robust, inflation resistant, fully convertible into national currencies, and a systemic stabilizing force for the global economy. These types of monetary initiatives can facilitate large-scale economic and social change. Conventional money is not a neutral means of exchange. Rather, it is a powerful force, almost invisible, driving shortterm financial decision making and the growth imperative.

The Commercial Credit Circuit

ACommercialCreditCircuit,orC3, isafinancialinnovationthatresulted fromworkdoneinBrazilbySocial TradeOrganisation,aDutchresearch anddevelopmentNGO.Uruguayhas implementedC3sonanationalscale andisnowacceptingtheC3formof currencyaspaymentfortaxes. Hereshowitworks.Theprocess startswhenoneparticipatingsmall-or medium-sizedbusinessgetsinsurance onaninvoiceorotherpaymentclaim. Thisinsuredinvoiceisthenusedto backacomplementarycurrency letscallitBusinessBucksissued throughacomputerizedtransaction forthesameamountastheinvoice. TheBusinessBucksarethenusedas liquidpaymentinstrumentswithin abusiness-to-businessnetwork. EachrecipientofBusinessBuckscan eithercashtheminfordollars,euros, yen,pesostheconventionalbank debtmoneyatthecostofpaying theinteresttothepointtheinvoice matures,ortherecipientcanpassthe BusinessBuckson,withoutcost,to payitsownsuppliers.Atthematurity datefortheinvoice,thecorresponding amountgetspaidinconventional money,eitherbythecompanytowhich theinvoicewasoriginallyissuedor,in caseofdefault,bytheinsurancecompanythatinsuredthatinvoice.Also,at thematuritydate,alltheBusinessBucks thatwerecreatedonthebasisofthat invoicebecomeconvertibletoconventionalmoneyatnointerestcost.

Today,over75yearslater, theWIRBankhasgrowninto amajorfinancialinstitutionin Switzerland.Some65,000ofthe countryssmall-andmedium-sized businessesaquarterofthebusinessesinSwitzerlandaremembers. Smallerenterprisesmakeup99.7 percentofcompaniesinthecountry andprovidejobsfor66.8percent oftheworkforce.Thetotalvalueof WIRtradedin2008wasover1.58

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TERRA TRADE REFERENCE CURRENCY MECHANISM

Excess Inventory

1a

Terra Alliance

Commodity Valuation

1b Commodity Markets

1d
Terra Backer (e.g., oil producer)

Terra Creation

1c

Inventory Balance

2a

Transaction

Demurrage Charge

User X

$$$$

First User

2b

BANK

4a
Transaction Demurrage Charge

4b

User Z

$
1
Other User(s) TERRA CIRCULATION AMONG USERS TERRA TRC CREATION PROCESS

2c
DEMURRAGE PAYMENTS TERRA-NATIONAL CURRENCY EXCHANGE

Transaction

Demurrage Charge

USE OF TERRA AS REFERENCE CURRENCY

NOTE: Thicker continuous lines ( in steps 1d, 2a, 2b, 2c, and 4a) denote operational circulation life of the Terra.
Last User

Stephen Belgin and Richard Morin/Solutions

The Terra is a global business-to-business currency, fully backed by a standardized basket of a dozen important commodities. Heres how it works: (1a) An oil producer with an excess inventory of 1 million barrels of oil sells that quantity to the Terra alliance; (1b and 1c) The Terra alliance sells some of that oil to increase its holdings of the other 11 component commodities; (1d) The alliance credits the Terra account of the producer with a quantity of Terra units equal to the current purchasing power of 1 million barrels of oil; (2a) The oil producer uses the Terras to buy an oil rig from a company willing to accept the Terras in trade; (2b) The rig supplier uses the Terras to buy components from its own supplier; (2c) The process continues, with the Terras circulating until redeemed; (3) The oil producer and other Terra users pay a demurrage charge when using the Terra based on how long the Terra was held in their accounts; (4a) Whenever Terras are redeemed, the final user is charged a 2 percent redemption fee; (4b) The Terra Alliance then sells the portion of its commodity holdings to which those Terras have claim, and pays the redeeming party in conventional currency; (5) Piggybackers simply use the Terra as a trade reference currency, pricing contracts in it but settling those contracts in an equivalent amount of another currency.
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Thisprocessinjectsworking capitalintotheC3membersnetwork atasubstantiallylowercostthan whatwouldotherwisebepossible becausetheinsurancecostslesson anaggregatelevelthancompounding interestfrombankloansinaconventionalcreditsystem(inUruguay,the insurancecostamountsto1percent oftheinvoice).Giventhatsmall-and medium-sizedfirmsprovidethevast majorityofallprivatejobs,theC3 mechanismsystemicallycontributes tothestabilityofemploymentandof theentireeconomy. Ifgovernments,includingregional orcitygovernments,acceptC3currencyinpaymentoftaxes,thisnot onlyencouragesallotherbusinessesto acceptC3butalsoprovidesadditional incometothegovernmentfromtransactionsthatwouldntotherwisetake place.Furthermore,thatadditional incomebecomesautomaticallyavailableinconventionalnationalcurrency atthematurityoftheoriginalinvoice. Thus,acceptingC3unitsdoesnot upsetanyexistingprocurementpolicies.Uruguayisthefirstcountrythat hasfollowedthisstrategy,accepting C3unitsinpaymentofallfeesand taxes. TheC3approachisprobablythe mostdependablewaytosystemically reduceunemployment,andaccepting C3unitsinpaymentoftaxesisthe mosteffectivewayforgovernmentsto supportthespreadoftheC3system. Furthermore,businesseswithan accountinthesameregionalnetwork haveanincentivetospendtheirbalanceswitheachotherandthusfurther stimulatetheregionaleconomy.C3 providesawin-winenvironmentfor allparticipantsand,asacorollary,also promotesothercollaborativeactivities amongregionalbusinesses. Thiswin-winapproachalso includesthemainstreamfinancial system.AstheentireC3processis fullycomputerized,itsignificantly streamlineslendingandinsurance administrationandmanagementfor

theinsuranceandloanproviders. Thecosttoasmall-ormedium-sized businessislowerthanconventional financing,andthebankingsystem makesmoremoneybecauseservicingsmall-andmedium-sizedfirms becomesalowcost,lowrisk,and largervolumebusinessforbanks. ThisisbecausethecreditlinesinaC3 systemarenegotiatedwiththeentire network,providingthefinancial sectorwithautomaticriskdiversificationamongtheparticipantsinthat network.

A Global Business-to-Business Currency: The Terra

Monetaryinstabilityhasbecomeone oftheleadingconcernsforinternationalbusinesses.Currencyrisksare nowtypicallygreaterthanpolitical risks(e.g.,thepossibilitythataforeign governmentwillnationalizethe investment)orevenmarketrisks(e.g., thepossibilitythatclientswillnot wanttheproduct).Forseveraldecades, internationalcorporationshave reportedforeign-exchangerisksasthe mostimportantrisksofdoingbusiness internationally.1 TheTerrasystembuiltarounda globalbusiness-to-businesscurrency calledtheTerrawouldprovideasystemicsolutiontotheforeign-exchange risksandsimultaneouslysolveseveral otherproblemsforsocietyatlarge: (1)itwouldcounteracttheshorttermthinkingthatissystemically introducedbytheinterestfeature ofconventionalcurrencies;(2)it wouldreducethecompulsorygrowth imperativethatinterestgenerates;and (3)itwouldprovideacountercyclical economicimpulsethatwouldcontributetostabilizingtheworldeconomy. TheTerraisdesignedasacomplementarycurrencyoperatinginparallel withconventionalcurrencieslike thedollar,euro,andyen.Itwouldnot replacethembutratherwouldsupplementtheirusewithanothertrading mechanismthathasadifferentstructure.ThatstructureinvolvestheTerra,

definedasthevalueofastandard basketofagreed-uponcommodities thataremostimportantforglobal trade.TheTerrawouldbeissuedonly electronically,asaninventoryreceipt fordepositsofthesecommodities. Thestoragecostsofthecommodities thatwouldbacktheTerrawouldbe chargedtothebearerofthatcurrency, amountingtoademurragecharge(a negativeinterestrate).International corporationswouldvoluntarily choosetousetheTerra;therewould benorequirementthattheydoso.But theywouldchoosetouseitbecause ofitsclearandmeasurablebenefitto theirbottomlines. TheTerrawouldbefullybacked byastandardizedbasketofthemost importantcommoditiesaswellas somestandardizableservicestradedin theglobalmarkettheTerraBasket. Theconcepthereissimilartothe fullybackedgoldstandard,butforthe Terrathebackingwouldconsistofnot onesinglecommoditybutadozenof themaininternationalcommodities, includinggold.Forexample,100 Terrascouldincludeonebarrelofoil, fivebushelsofwheat,tenpoundsof copper,threepoundsoftin,0.1ounce ofgold,tencarbonemissionsrights, containercargorates,andsoon.Since theTerrawouldbefullybackedbya physicalinventoryofcommodities, itwouldbeasecurecurrency,more robustthananynationalcurrency,and aninflation-resistanttoolforvaluing internationalcontractsandexchanges. TheTerrawouldbeissuedelectronicallyasaninventoryreceiptby theTerraAlliance,anongovernmental initiativewithanorganizational structureopentoallnewcomersthat meetpreestablishedcriteria(organizationallysimilartotheVisacreditcard systemforfinancialinstitutions).Such inventoryreceiptswouldbeissued forthevalueofthecommoditiessold totheTerraAlliancebyproducersor usersofthosecommoditiesthatare componentsoftheTerraBasket.As aprivateinitiative,thiswouldnot

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requiregovernmentalnegotiationsor newinternationalagreements.Thisis sobecause,fromalegalandtaxation viewpoint,theTerrawouldbesimplya standardizationofinternationalbarter (technicallycalledcountertrade), andtaxlegislationandreporting requirementsforcountertradeexist alreadyinmorethan200nations aroundtheworld. Therealstoragecostsofthe commoditiesthatmakeuptheTerra Basketwouldbepaidbythebearerof thecurrency.TheTerrawouldbewhat iscalledademurrage-chargedcurrency.Ademurragechargeactslikea negativeinterestrate,incurringacost overtimetotheholderofthecurrency. ThecostforholdingontotheTerra currencyisestimatedat3.5percent to4percentperyearandwouldcover thecostsincurredforstoringthe physicalcommoditiesincludedinthe TerraBasket.Thisdemurragecharge wouldensurethecurrencysuse mainlyasaplanning,contractual,and tradingdevice,notasastoreofvalue. TheTerrawouldthereforealways tendtocirculate,ratherthanbeing hoardedtocollectinterestaswith conventionalmoney.Itwouldthereby fosterahighervolumeofcommercial exchangeandinvestmentwherever itcirculates.Inshort,theTerrawould fulfillonlytwoofthethreetraditional monetaryfunctions:asaunitof accountandamediumofexchange, notasastoreofvalue. TheTerrawouldbeaninflationresistantcurrencybyitsverydesign. Inflationisalwaysdefinedasthe changesinvalueofastandardized basketofgoodsandservices.By selectingtheappropriatecommodities fortheTerraBasket,theTerrawould tendtobeprotectedagainstglobal inflation.Forinstance,letusassume thatoilrepresents20percentofthe TerraBasketandthatthepriceofoil doubles:thevalueoftheTerrawould thenincreaseby20percentinterms ofnationalcurrencies.Thereforea contractwhoseunitofaccountis

STRO/www.socialtrade.org

Uruguayan government officials, including Uruguays minister of the interior, Eduardo Bonomi (far left), and Angel Pealoza (center), director of Banco Republica, the largest bank in Uruguay, gather at the launch of the Commercial Credit Circuit (C3) in Uruguay. The C3 is a financial innovation that makes business-to-business (B2B) currency convertible into official national currency.

expressedinTerraswouldautomaticallyadjustinparttothehighercost ofenergyintheglobalsystem. TheTerrawouldbenefittheworld economyandhumanityasawhole intwoways:(1)itwouldpromote long-termsustainability,and(2)it wouldcounteracttheboom-and-bust businesscycle. Aslongasbusinessesarefocused onshort-termprofits,chancesof long-termsustainabilityareminimal. Andinevitably,everydaypeople willenduppayingforafailurein sustainabledevelopment.Incontrast, theTerra,withitsdemurragefeature, wouldmakelong-termthinking profitableand,therefore,long-term sustainabilitymorelikely.Indeed,the demurragefeatureoftheTerrawould provideasystematicfinancialmotivationtorealignfinancialinterests withlong-termconcerns,indirect contrasttowhathappenstodaywith conventionalnationalcurrencies. Thediscountrateforconventional nationalcurrenciesresultsinpart fromthepositiveinterestrates chargedonthedebt-basedissuanceof

themoneyitself.Thediscountingof thefuturewithapositiveinterestrate systematicallyemphasizesshort-term gainsattheexpenseoflong-term benefits.Thesametransactionflow discountedwithademurrage-charged currencyproducestheexactopposite effect:futurecashflowsbecomemore importantthanthoseintheimmediatefuture.TheuseoftheTerrafor planningandcontractualpurposes wouldthereforereducetheconflict thatcurrentlyprevailsbetweenthe stockholdersfinancialprioritiesand thelong-termprioritiesofhumanity asawhole. ThesecondbenefitoftheTerrato theworldeconomyisthatitwould counteractthetypicalboomandbust ofthebusinesscycle,creatingamore dependableeconomicenvironment. Thiswouldtranslateintomorereliableemploymentopportunitiesand lessjobinstability.Fromabusiness viewpoint,itwouldalsoimprovemost investmentdecisions,asthebusiness cycletendstoleaveacorporation over-orunderinvestedinproduction capacities.

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Thereasonforthisautomatic countercyclicaleffectisthefollowing. Whenthebusinesscycleisweakening,corporationscustomarilyhave anexcessofinventoryandaneedfor credit.WiththeTerrasysteminplace, theexcessinventoriescouldbesold totheTerraAlliance,whichwould thenplacetheseinventoriesinto storage.TheTerraAlliancewouldpay fortheseinventoriesinTerras,thus providingcorporationswithmore liquidityandameansofpayment (typicallylessreadilyavailableinthis partofabusinesscycle). ThesecorporationswouldimmediatelyspendtheTerrastopaytheir suppliers,forexample,soastoavoid thedemurragecharges.Suppliers,in turn,wouldhaveasimilarincentive topassonthedemurrage-charged Terrasasamediumofpayment.The spreadofthiscurrency(withits built-inincentivetocirculate)would automaticallyactivatetheeconomyat thispointinthebusinesscycle. Onthecontrary,whenthe businesscycleisinaboomperiod, demandforrawmaterialsgoesup andbothsuppliersandcorporations haveanincreasedneedforinventory. TheTerraswouldthenbecashed inwiththeTerraAlliancefora2 percenttransactionfee,andthenow neededinventorieswouldbetaken outofstorageanddeliveredtothe respectivecommoditymarketsto obtaintheconventionalcurrency required.Thiswouldalsoreduce theamountofTerrasincirculation whenthebusinesscycleisatits maximum,counteractinganinflationaryboomphase. Suchautomaticcountercyclical behaviorisntjusttheory.Commercial bartersystemsofwhichtheTerra systemisavarianttendtostabilize thebusinesscycleandtheoverall economy.EconomistJamesStodders detailedanalysisontheWIRsystem providestherelevantevidence.2,3

Systemic Implications of Different Currency Designs

Oneimplicithypothesisineconomic theoryisthatmoneyisvalue neutral.Itisassumedthatthetype ofmoneyweusedoesntaffectthe kindoftransactionsperformed, thetimehorizonofinvestments,or therelationshipsamongitsusers. Furthermore,thearchitectureofour monetarysystemisignoredanditis thereforeconsideredanunchangeable given.Infact,themoneysystemis themostpowerfulandthemost overlookedleveragepointforlargescalechangeinourcontemporary society.Itisthemetasystemthat influenceshumanactionsandchoices onalargescale,becauseitshapesthe fundamentaleconomicincentives ofasociety.Ittherebyaffectsthe behaviorsofallsocialinstitutions includingcorporations,governments, civilsocietyandoftheordinary citizen. Todaysmoneysystemenforces amonopolyofbank-debtmoney, inwhichournationalmoniesare infactcreatedthroughborrowing (withinterest)frombanksbygovernments,businesses,andindividuals. Governmentsenforcethismonopoly byrequiringthatalltaxesarepayable onlyinthisparticularprivatelyissued bank-debtcurrency.Thisgiveshuge decision-makingpowertothebanking system.Theproblemisthatthesedecisionstendtoamplifythebusinesscycle. Whentheeconomyisgoodina sector,region,orcountrybankstend tomakemoremoneyavailableforthat particularsector,region,orcountry, potentiallypushingthecorrespondingeconomyintoanunsustainable bubble.Whentheeconomyisturning down,banksreducecreditavailability, whichamplifiesthedownturnaswell. Atextbookcaseofthisprocessisthe U.S.realestatemarketoverthepast decade.Butboom-and-bustcycleshave beenrepeatedineverytimeperiod

sincetheestablishmentofourmodern moneysystemintheseventeenth century. Similarly,short-termismisnota featureofhumannature,asisoften assumed.Civilizationsthathaddifferentmoneysystemsthanours,suchas dynasticEgyptorEuropeancountries inthecentralMiddleAges,spontaneouslydemonstratedthecapacityto makeverylong-terminvestments.In contrast,interest-bearingcurrencywill changeanyrationaldecisionmaker intoashort-termthinker. TheC3andTerrainitiatives proposedinthisarticlearesystemic solutionstoboththecyclicalnatureof ourmoneysystemandthedestructive andunsustainableshort-termismof businessandeconomicplanning. Otherexamplesofusingcomplementarycurrenciesforavariety ofpurposesarediscussedinour bookCreating Wealth: Growing Local Economies with Local Currenciesandon theWeb.4-7Rethinkingourmonetary systemturnsouttobeanecessary condition,albeitnotasufficientone, tochangebehaviorsonalargeenough scaletocreateasustainableworld. References
1. Dolde,W.The Use of Foreign Exchange and Interest Rate Risk Management in Large Firms.WorkingPaper 93-042,pp.1819(UniversityofConnecticutSchool ofBusinessAdministration,Storrs,1993). 2. Stodder,J.Complementarycreditnetworksand macro-economicstability.Journal of Economic Behavior and Organization72,7995(October2009). 3. Stodder,J.Reciprocalexchangenetworks: Implicationsformacroeconomicstability. PaperpresentedattheInternationalElectronic andElectricalEngineering(IEEE)Engineering ManagementSociety(EMS),August2000, Albuquerque,NM. 4. Hallsmith,G&Lietaer,B.Creating Wealth: Growing Local Economies with Local Currencies(NewSociety Publishers,GabriolaIsland,BC,2011). 5. International Journal of Community Currency Research [online].www.ijccr.net/IJCCR/IJCCR_Home.html. 6. CurrencySolutionsforaWiserWorld[online]. www.lietaer.com. 7. Community Currency Magazine[online].http:// ccmag.net.

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