WHY TO CREATE THE CARBON-BASED INTERNATIONAL RESERVE CURRENCY OF THE TIERRA?
A new international reserve currency has been recommended by the UNGA President’s Commission on Monetary and Financial Crises and strongly promoted by China and Russia and less so by India and Brazil. A national or regional currency cannot function as an international reserve currency because those currencies are, on balance, disadvantageous to both the issuing and using countries and particularly to the monetary, financial, economic systems. The Yekaterinburg conference of BRIC Countries and the Shanghai Cooperation Organization seems to become a turning point in a de-dollarization process. It is to be carbon-based in order to have it function as a major institutional mechanism to combat climate change, particularly in balancing the nations’ carbon accounts by transferring Tierras from ecological debtor countries in the global North to ecological creditor countries in the global South. The new reserve currency would be a major means for ecological debtor and financial creditor countri
