Global Public Interest Bank

Mission Statement

To bring stability and prosperity to the global economy by creating opportunities for everyone to invest in the most productive and sustainable companies in the world.

Foundational Principles of the GPIB

Shared Ownership and Control

GPIB is intended to be co-owned equally by every interested human being on the planet, with any profits being distributed equally and unconditionally to every registered world citizen at monthly intervals. We propose to call this program Universal Basic Dividend, or UBD.

Every world citizen has an equal vote on GPIB resolutions, as well as an ability to propose them, within the constraints of the GPIB’s mission and procedure as defined by relevant documents. Anyone may choose to delegate their vote to someone they trust and respect. Delegation must be voluntary and possible to be changed or rescinded at any time.

Flexible Stimulation of Global Economy

For the purpose of dynamically stimulating the productive capacity of the world economy, GPIB will issue its own fiat-based crypto currency called Public Interest Credits (PICs). With PICs and other assets, the GPIB will seek to invest in any company worldwide that meets the most up-to-date version of our productivity and sustainability criteria.

By “stimulating productivity”, we generally mean pursuing tangible increases in the world’s economic capacities, mainly to generate energy, grow food, provide abundant supply of essential goods and services, create new ideas, and similar. Increases in abstract, purely financial gains do not count as increases in productivity, especially if they come from exploitation, extraction, destruction, or consumption.

The only criterion that supersedes productivity for the purposes of directing investment is sustainability, meaning compatibility of the potential productive increases with future long-term stability of Earth’s physical or social environments. For this reason, clean energy, highly efficient, and environment stabilizing technologies should have priority.

All companies interested in GPIB funding are encouraged to include all costs of pollution as part of their balance sheets. We support worldwide taxes on all forms of pollution being instituted by the United Nations gradually, and we propose to help redistribute thusly collected funds back to the individual people of the world directly. Failing that, we support reinvesting the money in environmental restoration projects.

In addition to UBD and investment, other financial instruments like mortgages, business loans, lines of credit, debit or credit cards, payday loans, insurance, and similar will be offered at very competitive prices by the GPIB with the long-term goal of buying up and absorbing other financial institutions.

The GPIB will primarily focus on acquiring those financial institutions that are aligned with GPIB’s mission in order to increase the efficiency of aligned efforts, as well as those that focus on financing particularly destructive efforts, in order to mitigate global harms.

Stability

GPIB will continuously take all available measures to ensure reasonable price stability of essential goods and services worldwide and combat insider trading of all kinds. In terms of stock issuing rules, there will be no “poison pills” or golden parachute stock options for the executives.

In order to ground the economy-stimulating PIC currency within material reality, its value and volume will be tied dynamically to a second form of cryptocurrency issued by the GPIB - Global Energy Credits (GECs). GECs will be pegged to the most scientifically reasonable interpretation of energy that’s available globally to do work.

To use a single word, albeit imperfectly, let’s call the concept of energy available for work “exergy”. GECs should represent tradeable potential exergy. In contrast, any amount of PICs created beyond what can be backed by currently owned assets represents value “borrowed from the future”. This borrowed value can vary, but it must not become completely detached from total doable work projections for that future.

The main real-world metric indicating that the ratio of PICs to GECs needs to be lowered is inflation, specifically inflation caused by supply deficits. Within our chosen model, global economic stability is chiefly ensured by maintaining adequate supply of all essential goods and services, which is backed by real productivity, which is based on technology powered by exergy. Ideally abundant, sustainable exergy.

For this reason, GPIB will be most incentivized to invest into the development of ever more abundant and sustainable energy and its more efficient conversion into exergy in order to generate more currency, instead of spending exergy to “mine” the currency. Should clean exergy become abundant in the future, PICs and GECs may eventually be merged into a single currency - let’s call it “generons”, or “GENs”. At that point, currency would equal generative capacity.

The starting economic model to be used by GPIB is based on the work of the economist Steve Keen, modern monetary theorists, and other heterodox post-Keynesian economists. A panel of GPIB experts will be continuously looking for any better (more robustly testable and predictive) economic theories that may be developed in the future.

Transparency

PICs and GECs will be 100% digital currencies with top-level blockchain security and public ledgers supporting them. All financial transactions above 10,000 PICs or GECs will be publicly viewable at any time.

Transactions above a certain amount may need to be verified by the GPIB review board or backed by trusted entities before they are completed. Fraudulent transactions can be reversed by the decision of the GPIB review board after proper transparent investigations are completed.

All personal financial transactions and assets of all executives are made public for the rest of their lives to minimize bribery or corruption of any kind. Compensation of all elected executives is set at 400,000 PICs/year, adjusted annually for inflation.

GPIB Rules and Regulations

The GPIB is run by a quorum of 12 executives with equal voice and voting rights on new resolutions, to be elected by 12 separate world regions grouped by population for rolling single-term periods of 6 years. Executives are elected using a two-round ranked-choice voting system.

Elections are 100% digital with user-verified account encryption technology and votes verified at each stage by multiple unbiased parties with fully transparent methods to prevent fraud of any kind.

Any executive may be removed at any time by a 60% vote of non-confidence from the registered world citizens triggered by a 3/4 vote of non-confidence by the executives.

Executives may pass new resolutions with a majority vote of 3/4. Each quarter, a public vote with a duration of 2-weeks will be called for any number of resolutions submitted and approved by any 4 executives. A 60% vote of the public is needed to pass a new resolution.

Executives are in charge of hiring and managing staff and committees for all day-to-day operations of the GPIB. All e-mail and video meetings between staff and executives are recorded and available for public viewing at any time. No back door deals of any kind are tolerated.

Unnecessary red tape always ought to be minimized. Volunteer public oversight committees strive to ensure that decisions are made in as fair and unbiased a manner as possible and can submit any questionable decisions or actions to the GPIB review board. Any such submissions will be grouped by the offending party involved, ranked by the public, and handled in a top-down order.

The review board is made up of a number of groups of 12 randomly selected informed individuals throughout the world (similar to jury duty) to review any issues brought up by oversight committees, staff, or executives. The board makes decisions for rectification in accordance with the review board handbook.

In order to be eligible for review board selection, a person must complete a course and pass a basic test showing knowledge of the handbook. Review board groups change daily and selected individuals are paid a small stipend of 20 PICs/hour to compensate them for their time, adjustable annually for inflation.

A rectification decision may be appealed twice, but if the rectification decision stays the same through all 3 randomly selected secret and impartial board groups, then the costs of the appeal will be paid for by the appealing party.

If the decision is different, then the results and notes of all previous board meetings will be reviewed again by a higher-level board (including only individuals with 1000+ hours of review board experience, or the nearest available amount) and they will make the final ruling for rectification in accordance with the handbook.