Sustainable Money System (SuMSy)

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  The SuMSy model

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  The very simple version of the model

1: The problem our project solves

Currently, due to the COVID-19 crises, a lot of people are experiencing financial stress. Many entrepreneurs see their income reduced to zero and due to the financial issues which a lot of businesses are experiencing, jobs are on the line. People who were already living in poverty are hit extra hard by the economic fallout of this crisis. Our solution tackles this problem of economic strain on society.

2: The solution we bring to the table

Our solution is a complementary monetary system with the following attributes:

• Create a unique account for every user of the system.
• Create money which is used to give everyone a basic income, which is deposited on the account.
• Charge a demurrage fee (comparable to negative interest) on each account. The money collected this way is taken out of circulation. The demurrage counters inflation.
• Give everyone a 'bucket' which 'holds money'. No demurrage is charged on the 'money in the bucket'. Demurrage is only charged on the money that does not fit in the bucket. This 'bucket' gives people 'peace of mind'.

3: What we have done during the weekend

• Building on the existing Sustainable Money System, we discussed ideas for building a societal model**.
• We created a road map to strengthen the movement behind this solution.
• We created a value proposition.
• We created a proof of concept.

4: The solution’s impact to the crisis

The solution alleviates financial stress and directly contributes to the following SDGs (Sustainable Development Goals):

• 1- Poverty - basic income.
• 3- Well being.
• 4- Quality education.
• 8- Decent work.
• 10- Reduced inequality - systemic effect. There is also a positive indirect impact on other SGDs through the behavioural nudges which are built into the monetary system.

5: The necessities in order to continue the project

• Creating a SuMSy community/taskforce/cooperative to further develop and deploy SuMSy
• Strategic partnerships with cities for pilot projects.
• Support from all stakeholders, from cities up to the European level.
• The time, resources and funding to build a full blown version of the system.
• The political will to have it implemented and deployed universally.

6: The value of your solution(s) after the crisis

Social cohesion, human dignity, people-and-planet-driven economy, financial security for all, financial and ecological sustainability, a stable monetary base for our global economy.

** Business model: not applicable. Societal model is used instead, since it's a new system that aims to transform the entire society.

Extra documentation:

• TEDx talk
• White paper
• Parameter description for simulation - see appendices

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