Global Debt Conversion - the quickest way to reduce global CO2 emissions!
In 2013 Professor Michael Molitor, who is a Cambridge trained economist, wrote in Academia.edu that global debt - approaching US$250 trillion - equaled 'almost four years of global economic output at current GDP level'.
Professor Molitor didn't mention that the global debt also, therefore, equaled almost four years of global CO2 emissions. If he had been aware of that fact, he would probably, also have concluded that a no-interest economy would, not only, be the least expensive and quickest way to repay the global debt, but also to reduce present and future global CO2 emissions ... and to create the jobs of the future in the renewable energy industry.
In fact, the table below very clearly shows that there is a better way to solve both the global debt crisis and the global climate emergency ... especially in view of recently increasing interest rates ... and the challenge to limit global warming to 1.5° C.
In other words, whatever benefits may be claimed for charging interest on money, they are far outweighed by the damage and harm ... incomes without work ... inflict on society, economies and the global climate.
Global Debt Conversion is the least expensive way to reduce global CO2 emissions!
Obviously!
| Repayment of the 2020 global debt by . . . | ||||||||||
| 2013 | 2020 | 2025 | 2030 | 2035 | 2040 | 2045 | 2050 | ... in 0/1/5/10/15/20/25/30 years. | ||
| Global debt | US$ | 250.0 | 287.2 | 287.2 | trillion | |||||
| GDP | US$ | 62.5 | 71.8 | 71.8 | trillion | |||||
| CO2 emissions | = | 40.0 | 46.0 | 46.0 | gigatonnes (approximate) | |||||
| 2013 | 2020 | 2025 | 2030 | 2035 | 2040 | 2045 | 2050 | |||
| Global debt | = | 4.0 | 4.0 | 4.0 | times GDP and CO2 emissions* | |||||
| CO2 emissions | = | 160.0 | 184.0 | 184.0 | gigatonnes | |||||
| 2013 | 2020 | 2025 | 2030 | 2035 | 2040 | 2045 | 2050 | |||
| Say 5% interest | US$ | 12.5 | 14.4 | 38.0 | 78.3 | 121.6 | 167.7 | 216.5 | 267.8 | trillion |
| Say 5% interest | = | 0.2 | 0.2 | 0.5 | 1.1 | 1.7 | 2.3 | 3.0 | 3.7 | times GDP and CO2 emissions* |
| CO2 emissions | = | 8.0 | 9.2 | 24.3 | 50.2 | 77.9 | 107.4 | 138.7 | 171.6 | gigatonnes |
| 2013 | 2020 | 2025 | 2030 | 2035 | 2040 | 2045 | 2050 | |||
| Total debt | US$ | 262.5 | 301.6 | 325.2 | 365.5 | 408.8 | 454.9 | 503.7 | 555.0 | trillion |
| Total debt | = | 4.2 | 4.2 | 4.5 | 5.1 | 5.7 | 6.3 | 7.0 | 7.7 | times GDP and CO2 emissions* |
| CO2 emissions | = | 168.0 | 193.2 | 208.3 | 234.2 | 261.9 | 291.4 | 322.7 | 355.6 | gigatonnes |
| 2013 | 2020 | 2025 | 2030 | 2035 | 2040 | 2045 | 2050 | |||
| Yearly repayments | US$ | 262.5 | 301.6 | 65.0 | 36.6 | 27.3 | 22.7 | 20.1 | 18.5 | trillion |
| Yearly repayments | = | 420.0 | 420.0 | 90.6 | 50.9 | 38.0 | 31.7 | 28.1 | 25.8 | % of GDP and CO2 emissions* |
| CO2 emissions | = | 168.0 | 193.2 | 41.7 | 23.4 | 17.5 | 14.6 | 12.9 | 11.9 | gigatonnes yearly |
| Total debt repaid by | . . . | 2013 | 2020 | 2025 | 2030 | 2035 | 2040 | 2045 | 2050 | ... in 0/1/5/10/15/20/25/30 years. |
| The same calculations with zero ... no interest. | ||||||||||
| 2013 | 2020 | 2025 | 2030 | 2035 | 2040 | 2045 | 2050 | |||
| Yearly repayments | US$ | 262.5 | 301.6 | 57.4 | 28.7 | 19.2 | 14.4 | 11.5 | 9.6 | trillion |
| Yearly repayments | = | 420.0 | 420.0 | 79.9 | 40.0 | 26.7 | 20.1 | 16.0 | 13.4 | % of GDP and CO2 emissions* |
| CO2 emissions | = | 168.0 | 193.2 | 36.8 | 18.4 | 12.3 | 9.3 | 7.4 | 6.2 | gigatonnes yearly |
| The result is on average ... | 11.8 | 21.5 | 29.7 | 36.5 | 42.8 | 48.4 | % less ... without interest | |||
| Total debt repaid by | . . . | 2013 | 2020 | 2025 | 2030 | 2035 | 2040 | 2045 | 2050 | ... in 0/1/5/10/15/20/25/30 years. |
| *These ratios are assumed to have remained the same from 2013 to 2020. - Small inaccuracies are due to rounding. | ||||||||||
But, but, but ... now that it has been shown that it is impossible pay interest on money ... creditors have lost their ill-gotten incomes-without-work ... and only the principle of the global debt could be repaid ... if creditors take advantage of ecoEconomics' global debt conversion to 'REAL Carbon Credits' ... and avoid a 'run on banks' ... because there is, at the most, only 10% of REAL money in circulation.
Otherwise, the question remains: Who is going to pay back the global debt? It's certainly not going to be the banks, which are responsible for it ... see: 'How to preempt the looming collapse of the global banking service' under ... 'Strategies to implement the solution'.
ecoEconomics will, therefore, facilitate the global debt conversion after the launch of of ecoEconomics' 'RCC App'. ... Until then, to convert money to 'REAL Carbon Credits', see 'Earn REAL Carbon Credits (RCC) ... also under 'Strategies to implement the solution' and/or insure against any loss of your money in a 'run on banks' ... for free.
Global Debt Conversion is the easiest way to avoid the looming climate catastrophe!
The sooner we covert the global debt to 'Real Carbon Credits' (RCC), the more CO2 emissions we will avoid - from the global debt alone - see the red CO2 numbers above.
ecoEconomics will release more information until and after the launch of ecoEconomics' 'RCC App'.
Please keep me informed and/or follow ecoEconomics on Twitter.