Section 6

Economic Stability

HOME

CONTACTS

A Global Reserve Currency

In order to stabilize this fragile and dangerous situation, while providing a consistent source of funding for global development, the United States proposes two measures:

First, at my direction, the Secretaries of Treasury and State, with the Chairman of the private Federal Reserve Bank, will shortly convene an international conference to create a single, stable Global Reserve Currency. We propose that this new Global Reserve Currency be used to provide stability for all national currencies. The European Union, Japan, China, India, Brazil and South Africa have already agreed to support this new Reserve Currency.

This new Global Reserve Currency will be administered by a new entity that we propose to call the Global Public Trust.  With the new stability created by a single Reserve Currency, it will be less likely that individual national currencies will fail.  Those listening tonight in the financial and banking sectors of the US and overseas, please take note: you better than anyone, know that the US and the nations of the world need currency stability, now.

Promote American Businesses Through Tiny International Transaction Taxes

Second, in order to finance part of the costs of human development and the restoration of a stable global environment, my administration proposes that the international community create a new system of tiny “One Cent Taxes” on the large international transactions originating within wealthy nations.

I know that nobody likes new taxes. But let me assure you that you will like even less the consequences of planet-wide disasters if we do not stabilize international currencies and adequately fund global needs, so that poverty and resource depletion do not again degenerate into war!

Therefore, my Administration proposes that all nations join to levy tiny “One Cent Taxes” on the use of our shared Common Resources:

One cent per pound of carbon emissions into our shared atmosphere

One cent per hundred dollars of international currency transferred

One cent per 1000 miles of international transport distance

Now, here is a beautiful result: by taxing international transport distance we will strongly promote American-made durable goods, automobiles and food. With this new demand for locally-produced goods, our economy will be stimulated, and our country will be able to comply with US and international laws by progressively eliminating damaging trade protectionism.

Using the income from these tiny “One Cent Taxes,” the Global Public Trust will pay poor nations, annually, to protect their natural resources by not developing them.