The difference between debt and sovereign money is that debt has to be paid back, with interest, but sovereign money does not, though it can be taxed out of circulation by the local government if we have minted too much of it.
60 central banks got together recently to discuss the algorithms for creating and managing a sovereign electronic currency, also known as digital fiat currency (DFC) or Central Bank Digital Currency (CBDC). (1) By issuing such a currency they will be making banks obsolete, and debt along with them. This is not only my opinion but is mentioned in most of the discussions about these changes that are going to be introduced in all central banks in the next ten years. The question is, are Indian citizens in their Gram Panchayats and town wards being adequately trained to understand, participate in, and control the minting of money in their own Gram Panchayats and town wards through their own RBI branches for the benefit of themselves and ecology?
The ecological connection between decentralised minting of coins, notes and DFC in branches of the RBI in every Gram Panchayat and town ward, and ecology, is that today only money can enable relationships between humans to harness sunshine for ecological growth, – from which humans and other species will inextricably benefit: we are the last species barring weeds and monocrop varieties left standing and it is our duty to work with earth to reinvigorate the diversity of life after capitalist Raubwirtschaft. Obviously such a regeneration cannot be done with debt. As biomass traps sunshine, enabled by our labour, it creates ecosystems. These have to remain “in situ”: right where they are, so that ecology can support human labour to create the diversity of life on which we depend and of which, if we want to survive as a human species, we have to be a part.
Therefore let us find a myriad of communist and socialist parties of all hues and colours who can articulate this vision and put it into a common manifesto for campaigning for the next representatives to be sent to Parliament in Bihar and other states of India. The BJP and Sangh Parivar have truly failed in their utopian fantasy of harnessing global debt for the greater glory of Hindu Rashtra. But to boot them out we need a common minimum manifesto for how we can use money constitutionally to meet the aims of fraternity, equality, liberty and justice of the constitution.
(1) https://www.itu.int/en/ITU-T/Workshops-and-Seminars/dfc/201710/Pages/programme.aspx; in their blog the ITU focal group announced that Mandar Deshpande, Department of Telecommunication, Ministry of Communications, India is one of the six vice chairmen of the ITU focus group, which is chaired
by David Wen, chief scientist of ecurrency.
Anandi Sharan was born in Switzerland, lives in Bangalore and last year worked in Araria District Bihar, India. She works on trying to find the best money system to help people adapt to climate change especially in India.