“STEER sounds like a practical policy option for the market to tell the Eco-Environmental and Social truth” Earth Policy Institute: Earth from the Air contributor.

Thanks for joining me!

Good company in a journey makes the way seem shorter. — Izaak Walton


Why a picture of the rising sea? Or an idyllic but uninsulated building? THE THREAT the incredible power of the tsunamis and the surges – inundation, death and destruction in low-lying areas, even flooding London – yet with a ring-fenced MECHANISM a flow of funds (we started inputting to Earth Policy Institute, UK-Cabinet Office and Stern Review) SUGGESTION: A) Some Central Bank or high-street money for a widespread certain investments such as Thorough Enveloping and Solar-Warmth underfloor Stores. Rapidly up to 1 m homes amd buildings p.a. – including a positive-revenue GreenER-deal Credit Money Creation Charge (CMCC) Proposal with EndOfTerm Cancellation making THOROUGH GREEN-ER DEAL AFFORDABLE WITHOUT ANY NEED FOR government funding. No Grant needed. UK-Treasury suggested “Office of Fair Trading” denying it could be a government job to Tell the Bank of England (see contradictory Letter from Treasury to the Bank later Made available by Richard Murphy of TaxResearch.org.uk):

SECONDLY B) a parallel Government move – ET PROPOSAL WAS SUGGESTED. Legitimately a slice can be justifiable off the importers and middlemen’s resale (sometimes a 10-times mark-up on what was paid, for example in China) a value to Western-style ‘economies’ that justifies an eco-slice to public purse that’s needed towards”Externalities.” That is, transport congestion, noise and pollution, etc. Such as juggernauts through Villages, such as the need to protect Land. A slice that could be halved and returned to eco-needs in each of the trading countries. Helping to mitigate “False Value” a term used by Andrew Wales, author of Big Business, Big Responsibility when one considers job losses from the offshoring, increased transport, resulting noise, pollution, possible future resource shortages, overpopulation of areas, loss of indigeonous habitats, loss of forests, loss of variety, etc. Global issues highlighted by STEERglobal Group as long ago as 2006. In 2020, this slice could be part of adjusting VAT down, and bringing ET alongside it is grown back to a total of 20% = 10+10. THAT ring-fenced could be for the very big projects such as barrages that even UK-London would struggle to fund, including FRESHWATER BAY FOR BANGAL BAY, HELPING THE MOUTHS OF THE GANGES AND BRAMAPUTRA – BEYOND THE RESOURCES OF ANY NATION and PROTECTIVE BARRAGE FOR THE MOUTH OF THE MEDITERANEAN – THAT WOULD STRETCH THE BUDGET OF THE EU. WE THEN COMMITTED further THOUGHT OVER MONEY:

REDUCE MONEY – REDUCE CONSUMPTION, simply because £1.00 THROUGH THE CASH TILL OR PAYPACKET = 1LB (0.45KG) APPROX CO2 INTO ATMOSPHERE! So a typical “earner” is putting 15 tonnes up – ouch! [said Greenpeace lady]. How to fix: the post-Covid op.? Get to 20+20+20 = 60% economies globally after the initial learning-curve “bounce-back.” 20% minimal consumption, 20 increase in entertainment, hospitality; 20 overshoot. With a bounce of the Western ‘Economies’ into Real Work. It’s everyone’s job, to get down to 60% of what they used in the “developed” (some would say Over-developed) nations. In a sedentary (sitting, coccooned in cars and houses – sense: underskilled, the amorphous clone-town) “economies.” Since the 1970s and before that, post-war austerity, not really economical. So feel free to phone for ideas on what ‘dig for Britain’ could really mean for you on your own home [how to get it] and what some of the 40% saved could do (if one has a job) and how to get better eco-returns from savings on buildings, lighter-stronger-warmer foundations; for more detail on the practicalities of the ET slice from trade in imports and how CMCC from money-creation could work – Greenwood Structures +44(0)7702 569 077 – see also “Eco-Fit dream home design” GreenRWorks.

From 2017 onwards we’ve been promoting the idea that a GreenER Deal COULD SAVE MASSES of Gas and Oil in US-UK-EU via Eco-Fit THAT WOULD NOT REQUIRE GRANT MONEY. Saving on use of OIL in burners in country areas, saving water, saving gas and electricity in boilers in cities which could then be on standby if Natural Airconditioning became an Enlightenment move. Less cost equals less meed for money, more chance to do things like look after the horses. And giving them something useful to do, like drag the carts arond the farm saving on fossil fuel! [As David Attenborough has said “otherwise, what are all these people (addicted to AI AND/or screens) going to usefully DO?] Using animals, helping children discover a wholesome purpose, discipline etc, looking after animals. With ECO-FIT – boilers would be for bathwater or standby for very cold weather, with just central underfloor warming (also pre-warming water, saves water) – not even needing full ground floor replacement. If the Central Bank or Commercially-created money (made non-repayable money – for such special climate-emergency purposes). Regulated in such a way. Still profitable for banks at 1% return on 20-year contracts, just sending out the statements. That would improve on the old Green Deal and make the Savings on a typical energy bill – being at least £600.00 – more than equal to the Eco-Fit interest (for example on the whole cost of a THOROUGH ENVELOPE about £40k of thorough investment at 1.5%). That is £600 p. a. [Fixed-rate, and £200 of it returned to public purse minus admin charge for Central Bank WHICH COUNTRY IS GOING TO BE FIRST TO DO IT? – see below]. So with No repayment necessary, affordable and no grant needed for a comprehensive investment AND no duplication of scaffolding. Mervyn King when Governor of Bank of England referred to “cancellation” of the commercially-created money. So it would not be a step too far. NOT require years of implementation, just a forward guidance exchange of letters with UK- Chancellor. Although this [Lord King’s comment] is not strictly true for mortgage money normally. Freshly-created “by normal means” is the Nuance. “Normally” such new money is “repayable” to banks as the interest on principal sums issued declines. NEW MONEY ARISING EVERY TIME. “LOANS” ISSUED AT A HIGHER PROPERTY PRICE than when sold before – SO EASY TO IDENTIFY from Land Registry figures at RE-SELLING OF EXISTING PROPERTY. This is treated as real money, and once it enters the system just joins a flow. As if they were savings of depositors [in people’s understanding, yet actually created money] repayable, so replacing the flow as interest declines – YET IT’S NEW “CREDIT” MONEY. So normally mortgage-takers are making payments approx the same over a typical 20-year contract. Because the new greenER funds would be only for the special eco-fit anti-climate-change purposes, it could be perfectly possible with a regulatory rule change to quickly implement fixed-rate funds and be an “irredeemable” as Martin Wolf Financial Times confirms. Proposal a mechanism avoiding a need for repayment for such special purposes (& avoiding any fears of runaway inflation or further lowering of bond returns). Stimulating rapid success even at £40 bn per year straight into the works from the banks using a high-street local approval scheme, but taking, UK-wide 40 years, help averting the ACTUAL climate emergency. Possibly starting in UK’s Midlands. [Meanwhile in Covid-panic conditions banks could generously waive interest permanently (and leaseholders, lease payments) {regulator scrutiny to ensure fairness – for example if leaseholder has interest payments to make on a particular property} until businesses/householder incomes return to at least 60%.] A recipe for stability in all conditions and with Eco-Fit up to 500,000 job simple hand-skill jobs in a new industry making External Wall Insulation doubly efficient by eliminating wind suction at roof level, between buildings and at floor levels. How else could Electricity/Gas use be Brought down and government aspirations seriously met?

[During Covid type events, landlords could be required to waive lease payments/rent as both banks and owners too have comparatively low overheads, especially those enjoying full-repairing lease from those renting.] Bank activities are very secure with money-creation in good times. High capital buffers have improved on that. Bank activities need to be closely examined for value-for-money considering they are getting marked-up prices repaid FOR THE LAND AS WELL. That money-creation – in the £100bn to £200 billions (and beyond) region – is a lot of free money in good years. Devolves to Central Banks regulators (and QE in emergency situations) under Treasury and international guidance, economics, etc. BUT AS YET no Treasury/regulators’ instruction has been made to achieve regulated purpose-driven low-interest and cancellation (incentivising certain cases such as Thorough Enveloping and Solar-Warming Stores, cancellation at end of term) appears forthcoming. Looking ahead – forward guidance should become forward action to get the climate emergency under control [see also ET proposal prepared for Treasury- BofE and Institution of Civil Engineers/NewCivilEngineer as a COMPLEMENTARY SUBJECT – a possible barrage-funding Eco-Slice providing the money for those BARRAGES AS ENERGY-GENERATING and PUMPED-STORAGE ASSETS, PERHAPS FORMING FRESH-WATER BAYS bilaterally with rich countries such a India-Bangladesh using only some of the income from trade partnerships so much more constructive than World Trade Organisation ‘non-rules’.]

SUMMARY : Immediate emphasis on 1.5 % “20-year” non-repayable money at fixed rates for ultra-special purposes if a THROUGHLY ECO-FIT result with Solar-Warmth Storage under-floor is achieved and sideways/rear leakages eliminated. PARALLEL STEP – push for Trade-Adjust in time for COP26.

INNOVATIVELY that could release a slice of some of the extra created money to public purse of one-third of the interest (the 0.5% proportion initially limited to that also on mortgage money for first-time buyers). Once a level of retro-fit of a million homes per year at average £40k [if funding stream approved in this fashion] that would be £200 million to the Exchequer, £400m the next year and so on for 20 years [growing to £4bn p.a. then 20 more years at the same level of £4 bn p.a. Similarly £8 billion p.a. to the high-st banks as it grows to 20 million homes then staying level from a further 20 years as 20 million more homes and buildings improved. A very big and long job, with a higher return from the £100-200 bn p.a. public-purse growing slice. And the £40 billion only a start to a more BALANCED ECONOMY GLOBALLY (INCLUDING CHINA). UK-Treasury looks to 100,000 jobs from £3 billion [2020 Chancellor’s statement] so lets say 200,000 to 400,000 more-efficient UK jobs from £40 billion investment each year lasting altogether for 40 years, depending on numbers of immigrants, birthrate, etc. The (later in 2021) IT COULD BE EXTENDED TO MORTGAGE MONEY FOR FIRST-TIME BUYERS and a mortgage-money Eco-slice could form a return to local-gov replacing the diminished rate-support grant, certainly IF RING-FENCED protecting libraries and eco-education.

SEPARATELY – As suggested to Stern’s Review and Treasury Select Committee’s Expert at the time, an adjustment to trade rules could see E T Proposal split in two and half returned on each side of the trade equation for eco-means – establishing funds for bigger projects globally such as sea barriers (for example, extending Swansea Lagoon southerly to link via future-proof caissons with a similar North-Devon lagoon – indeed, could be a shorter one West Somerset to Wales, but as in all decisions best to go for the ideal posiotion and construction relatively free of funding constraints). Such a Barrage would be a first, closely-followed by East of-Thames Barrage (Also < 50 m sea depth) and Freshwater storage lagoons, could be extended with land reclamation plan for a Hong-Kong-sized hub and airport (see Sea Level Rise, Retreat, Defend of Attack) and then Simultaneously (with the other half of the first tranche of ET proposal) Bangladesh-India Bengal-Bay Barrage. UK’s are all in comparatively shallow seas and a lot of the dredgings would be used to fill microporous bags as Foundations for SLOW-INCLINE Beaches to minimise any need for rock armour and via beaches increase amenity value (as well as the INUNDATION-PROTECTION VALUE) generating energy for all nearby countries. It is time to think globally, acting locally.

Simple eh? Both of them. See above to be in touch for more and better information, voice clips and maybe join in as group member, promoter and/or consultant, to press government via adequate relationships to regulate and release the high-street money, to fully understand over a few short convesations in order to elucidate and enlighten ourselves and others about long-term other plans. ian[dot]greenwood[at]phonecoop[dot]coop. – the contact for the diagrams

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