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Your money's value is determined by a global casino of unprecedented proportions: $2 trillion are traded per day in foreign exchange markets, 100 tim… - Bernard Lietaer
" "Your money's value is determined by a global casino of unprecedented proportions: $2 trillion are traded per day in foreign exchange markets, 100 times more than the trading volume of all the stockmarkets of the world combined. Only 2% of these foreign exchange transactions relate to the "real" economy reflecting movements of real goods and services in the world, and 98% are purely speculative. This global casino is triggering the foreign exchange crises which shook Mexico in 1994-5, Asia in 1997 and Russia in 1998. These emergencies are the dislocation symptoms of the old Industrial Age money system.
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About Bernard Lietaer
Bernard Lietaer (7 February 1942 – 4 February 2019) was a civil engineer, economist, author, professor and philosopher who studied monetary systems and promoted the idea that communities can benefit from creating their own local or complementary currency, which circulate parallel with national currencies.
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This Report shows that the current money system is both a crucial part of the overall sustainability ‘problem’ and a vital part of any solution. It makes clear that awareness of this ‘Missing Link’ is an absolute imperative for economists, environmentalists and anyone else trying to address sustainability at a national, regional or global level. Aiming for sustainability without restructuring our money system is a naive approach, doomed to failure.
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