World currency system

Ethics is defined as a set of moral norms that govern the conduct of the person. Since ancient times we have tried to relate this with different political and justice models, debating together with religion what is the purpose of society and man. But we have forgotten that there may exist physical restrictions starting from a universe more complicated to control than we thought, where our planet starts from more restrictive rules than we thought.

Ethiopia faces a persistent challenge with the devaluation of its local currency, the Ethiopian Birr (ETB), driven by a significant trade imbalance. With imports exceeding exports by a considerable margin, the country struggles to maintain the value of its currency, leading to escalating inflation rates. This devaluation erodes the purchasing power of the population, exacerbating economic hardships and increasing the cost of living. Traditional methods of stabilizing the currency, such as foreign exchange controls and monetary policies, have proven insufficient in reversing the trend. Consequently, there is an urgent need to explore alternative strategies to mitigate the ongoing depreciation of the ETB.

Why write a book on empire in an increasingly crowded field? In the foregoing passages, I make the argument that this book is different by virtue of (1) its interdisciplinarity, bringing together both historical and IR insights into world systems in times past; (2) its clear distinction between pre-modern and modern empires, drawing out four key points of separateness; (3) in emphasizing specific economic data; (4) in advancing the notion of the emergence of "empires from within" in the twenty-first century, that is nation-states becoming more multiethnic while often stepping back from globalization; and finally (5) in offering future scenarios for the evolution of empires in a Schumpeterian post-industrial world. Keywords Pandemics • Nation-states • Empires • "Empires from Within" • Churchill • Elon Musk Why write a book on empire in an increasingly crowded field? In the foregoing passages, I made the argument that this book is different by virtue of 1. its interdisciplinarity, bringing together both historical and IR insights into world systems in times past; 2. its clear distinction between pre-modern and modern empires, drawing out four key points of separateness; 3. in emphasizing specific economic data; 4. in advancing

Standard market-based policies for addressing climate change mostly aim to internalize the Social Cost of Carbon (SCC) into the economy with either carbon taxes or cap-and-trade schemes. Standard policies are failing to manage the systemic risk of dangerous-to-catastrophic climate change for a variety of reasons. In this chapter we clarify and expand on a market hypothesis that argues for a second externalized cost of carbon, called the Risk Cost of Carbon (RCC), as the appropriate solution to this risk problem. The combination of the SCC and RCC creates a new paradigm of complementary market pricing for the dual objectives of improving market efficiency and managing systemic risk, respectively. Introducing the RCC addresses the problem of how to decouple gross world product (GWP) from carbon emissions and how to solve the paradox of time discounting under systemic risk. Subsequently the RCC could have major implications for climate change economics, public policy, and sustainability theory. The hypothesis is novel by taking into consideration both the entropy and the mass of the carbon budget. The RCC is technically defined as the cost of imposing risk tolerances (%) on climate mitigation objectives, and it has units of USD per tonne of carbon dioxide equivalent (CO 2 e) mitigated. The RCC is internalized with a "global carbon reward" that manages a trade-off between market efficiency and climate certainty. The carbon reward is issued as a parallel currency and with an exchange rate that is managed by central banks over a rolling 100-year planning horizon. A key recommendation is to test the hypothesis with experiments.

Kajian ini membincangkan tentang kesesuaian dinar emas dan dirham perak sebagai alat ukur nilai semua jenis barangan dan perkhidmatan. Menurut sejarah Islam, logam ini diperakui fungsinya sebagai alat ukur nilai sejak dahulu lagi. Jadi, persoalan kajian di sini ialah bagaimana kedua-dua logam ini diaplikasikan sebagai alat ukur nilai pada zaman Nabi Muhammad S.A.W. Kajian ini menggunakan teknik pengumpulan data secara kualitatif dengan menganalisis hadis Baginda S.A.W. Akhirnya, dapatan kajian menunjukkan bahawa dua logam tersebut adalah dijamin nilainya (kalis inflasi) dan sesuai dijadikan sebagai piawai ukur nilai barangan dan perkhidmatan sepanjang zaman untuk kebajikan dan kesejahteraan semua manusia.

Kajian ini membincangkan tentang kesesuaian dinar emas dan dirham perak sebagai alat ukur nilai semua jenis barangan dan perkhidmatan. Menurut sejarah Islam, logam ini diperakui fungsinya sebagai alat ukur nilai sejak dahulu lagi. Jadi, persoalan kajian di sini ialah bagaimana kedua-dua logam ini diaplikasikan sebagai alat ukur nilai pada zaman Nabi Muhammad S.A.W. Kajian ini menggunakan teknik pengumpulan data secara kualitatif dengan menganalisis hadis Baginda S.A.W. Akhirnya, dapatan kajian menunjukkan bahawa dua logam tersebut adalah dijamin nilainya (kalis inflasi) dan sesuai dijadikan sebagai piawai ukur nilai barangan dan perkhidmatan sepanjang zaman untuk kebajikan dan kesejahteraan semua manusia.

Dinar emas merupakan mekanisme alternatif yang dicadangkan oleh ahli-ahli ekonomi dunia sebagai penyelesaian kepada krisis mata wang global. Justeru, kajian ini bertujuan untuk menilai realiti semasa penggunaan dinar emas pada masa kini, di samping meneliti pengaplikasian dinar emas ini di negara-negara yang memanfaatkan dinar emas seperti Malaysia, Indonesia, Emiriah Arab Bersatu (Dubai), United Kingdom (Norwich) dan Afrika Selatan (Cape Town). Kajian ini menggunakan kaedah kualitatif menerusi analisis ...

www.global4c.org 1 Abstract—The future viability of our civilization is in serious doubt because of Anthropogenic Global Warming (AGW) [3][5][6], chronic degradation of ecosystems [9][30][45], and risk of nuclear war [64]. These harms and risks are related to unchecked economic growth, fossil fuel usage, resource consumption, and militarization. Civilization is evidently in need of systemic change to avoid collapse and to build restorative networks [50][52].

Global 4C is a new international climate mitigation policy that adopts a risk management framework. Global 4C offers a financial reward for mitigation and aims to internalise a Risk Cost of Carbon (RCC) into the economy. Carbon taxes (i.e. carbon prices) are essential for internalising the Social Cost of Carbon (SCC), however a SCC-RCC duality is inferred with an epistemological method and is supported with a new hypothesis, called the Holistic Market Hypothesis. Based on the inferred SCC-RCC duality, a system of complementary market pricing is proposed as an effective response to emerging climate systemic risk and fat-tailed probability distributions for the Earth's climate sensitivity. The recommended policy instrument is a currency, called Complementary Currencies for Climate Change (4C). 4C should be priced in foreign exchange currency markets (Forex) to mirror the RCC and to incentivise a spectrum of mitigation services, including clean renewable energy and carbon sequestration. A public broadcast message for climate systemic risk should be made each year, in the form of a '100-year advance 4C price alert', which is an assurance of reward prices for carbon mitigation (i.e. the 4C exchange rate) under a Carbon Exchange Standard (CES). The CES is a macro-prudential protocol for central banks to provide collective insurability against climate catastrophe and incentives for socio-ecological co-benefits.

The year 2020 signalled a major shift in our lives as well as the financial and economic system, with the pandemic causing global lockdowns, supply chain disruption, and global mobility transportation disruption. Many governments around the world were unprepared to handle the situation despite the fact that many of them had the capability to tack the pandemic head on. In reality, many of these governments failed due to poor resources and crisis management.

www.global4c.org 1 Abstract—The future viability of our civilization is in serious doubt because of Anthropogenic Global Warming (AGW) [3][5][6], chronic degradation of ecosystems [9][30][45], and risk of nuclear war [64]. These harms and risks are related to unchecked economic growth, fossil fuel usage, resource consumption, and militarization. Civilization is evidently in need of systemic change to avoid collapse and to build restorative networks [50][52].

Standard market-based policies for addressing climate change mostly aim to internalize the Social Cost of Carbon (SCC) into the economy with either carbon taxes or cap-and-trade schemes. Standard policies are failing to manage the systemic risk of dangerous-to-catastrophic climate change for a variety of reasons. In this chapter we clarify and expand on a market hypothesis that argues for a second externalized cost of carbon, called the Risk Cost of Carbon (RCC), as the appropriate solution to this risk problem. The combination of the SCC and RCC creates a new paradigm of complementary market pricing for the dual objectives of improving market efficiency and managing systemic risk, respectively. Introducing the RCC addresses the problem of how to decouple gross world product (GWP) from carbon emissions and how to solve the paradox of time discounting under systemic risk. Subsequently the RCC could have major implications for climate change economics, public policy, and sustainability theory. The hypothesis is novel by taking into consideration both the entropy and the mass of the carbon budget. The RCC is technically defined as the cost of imposing risk tolerances (%) on climate mitigation objectives, and it has units of USD per tonne of carbon dioxide equivalent (CO 2 e) mitigated. The RCC is internalized with a "global carbon reward" that manages a trade-off between market efficiency and climate certainty. The carbon reward is issued as a parallel currency and with an exchange rate that is managed by central banks over a rolling 100-year planning horizon. A key recommendation is to test the hypothesis with experiments.

Global 4C is a new international climate mitigation policy that adopts a risk management framework. Global 4C offers a financial reward for mitigation and aims to internalise a Risk Cost of Carbon (RCC) into the economy. Carbon taxes (i.e. carbon prices) are essential for internalising the Social Cost of Carbon (SCC), however a SCC-RCC duality is inferred with an epistemological method and is supported with a new hypothesis, called the Holistic Market Hypothesis. Based on the inferred SCC-RCC duality, a system of complementary market pricing is proposed as an effective response to emerging climate systemic risk and fat-tailed probability distributions for the Earth's climate sensitivity. The recommended policy instrument is a currency, called Complementary Currencies for Climate Change (4C). 4C should be priced in foreign exchange currency markets (Forex) to mirror the RCC and to incentivise a spectrum of mitigation services, including clean renewable energy and carbon sequestration. A public broadcast message for climate systemic risk should be made each year, in the form of a '100-year advance 4C price alert', which is an assurance of reward prices for carbon mitigation (i.e. the 4C exchange rate) under a Carbon Exchange Standard (CES). The CES is a macro-prudential protocol for central banks to provide collective insurability against climate catastrophe and incentives for socio-ecological co-benefits.

Tarihte para sistemleri mutat şekilde çökmüş ve yeni para sistemleri her zaman bir öncekinin kusurlu yönlerini tahsis etmek amaçlı ortaya çıkmıştır. Günümüzde de hâlihazırdaki para sisteminden kaynaklanan sorunlar iktisadi ve sosyal hayatta çöküşlere yol açmaktadır. Bu çalışmada mevcut para sisteminin kusurlu yönlerini düzeltmek için İslami bir çözüm önerisi sunulmuştur. Lisanslı depoculuk sistemi sayesinde paranın, tedarik zincirlerinden başlanarak üretime ve emeğe dayalı olarak yaratılma imkânı vardır. İslami açıdan uygun kripto para sistemiyle birlikte geliştirilecek elektronik depo sertifikaları da paranın çapası olma fonksiyonunu kolaylıkla yerine getirebilmektedir.

The aim of the research is to investigate potential effects of the finance industry and block-chain to general business of financing in particular, as well as its shortcomings and difficulties. To answer the research questions, the researcher used the objective narrative-analytical descriptive approach and included a qualitative analysis of Blockchain technology. The process of Blockchain technology based on their industries, the authors were selected based on their reputation in the Blockchain field. The research found that Blockchain can improve the efficiency of the banking industry's various sections. It has the ability to upgrade and transfer wages across borders, financial reporting and compliance, as well as trade finance and capital markets. It also facilitates the procedure of getting to know your customer straightforward, and in addition to these advantages regulation and technological problems are some of the roadblocks. that must be resolved for effective implementat...

The study explores whether blockchain technology can change the paradigm of the current financial structure and the balance of power in the international financial system. Accordingly, this study reviews the development of blockchain technology by analyzing China and Venezuela, both of which struggle to harness their technological advancement and to enhance their power in the international realm. We found that Venezuela invests in blockchain technology to create an alternative payment structure for survivability, while China’s desire is to become a global leader in global blockchain technology.

An energetic debate on the danger of a global currency war has flared up in recent months, stoked by a renewed move to “quantitative easing” in the United States, resurgent capital flows to developing countries and strong upward pressure on emerging market currencies ...

Standard market-based policies for addressing climate change mostly aim to internalize the Social Cost of Carbon (SCC) into the economy with either carbon taxes or cap-and-trade schemes. Standard policies are failing to manage the systemic risk of dangerous-to-catastrophic climate change for a variety of reasons. In this chapter we clarify and expand on a market hypothesis that argues for a second externalized cost of carbon, called the Risk Cost of Carbon (RCC), as the appropriate solution to this risk problem. The combination of the SCC and RCC creates a new paradigm of complementary market pricing for the dual objectives of improving market efficiency and managing systemic risk, respectively. Introducing the RCC addresses the problem of how to decouple gross world product (GWP) from carbon emissions and how to solve the paradox of time discounting under systemic risk. Subsequently the RCC could have major implications for climate change economics, public policy, and sustainability theory. The hypothesis is novel by taking into consideration both the entropy and the mass of the carbon budget. The RCC is technically defined as the cost of imposing risk tolerances (%) on climate mitigation objectives, and it has units of USD per tonne of carbon dioxide equivalent (CO 2 e) mitigated. The RCC is internalized with a "global carbon reward" that manages a trade-off between market efficiency and climate certainty. The carbon reward is issued as a parallel currency and with an exchange rate that is managed by central banks over a rolling 100-year planning horizon. A key recommendation is to test the hypothesis with experiments.

Global 4C is a new international climate mitigation policy that adopts a risk management framework. Global 4C offers a financial reward for mitigation and aims to internalise a Risk Cost of Carbon (RCC) into the economy. Carbon taxes (i.e. carbon prices) are essential for internalising the Social Cost of Carbon (SCC), however a SCC-RCC duality is inferred with an epistemological method and is supported with a new hypothesis, called the Holistic Market Hypothesis. Based on the inferred SCC-RCC duality, a system of complementary market pricing is proposed as an effective response to emerging climate systemic risk and fat-tailed probability distributions for the Earth's climate sensitivity. The recommended policy instrument is a currency, called Complementary Currencies for Climate Change (4C). 4C should be priced in foreign exchange currency markets (Forex) to mirror the RCC and to incentivise a spectrum of mitigation services, including clean renewable energy and carbon sequestration. A public broadcast message for climate systemic risk should be made each year, in the form of a '100-year advance 4C price alert', which is an assurance of reward prices for carbon mitigation (i.e. the 4C exchange rate) under a Carbon Exchange Standard (CES). The CES is a macro-prudential protocol for central banks to provide collective insurability against climate catastrophe and incentives for socio-ecological co-benefits.

TUGASAN BERKUMPULAN KURSUS PPAT2413 SEJARAH DAN TAMADUN ISLAM ERA UMAWI DAN ABBASI SEMESTER 1 SESI 2021/2022

Khalifah Abdul Malik telah mengeluarkan dinar Islam pertama dalam sejarah. Dinar emas ini tidak lagi mempunyai gambar Maharaja Rom tetapi telah dituliskan dengan ayat-ayat al-Quran. Kemudian Khalifah juga telah mengeluarkan wang dirham Islam bagi menggantikan dirham Parsi. Dinar Islam ini dituliskan Surah al-Ikhlas pada sebelah mukanya dan kalimah tauhid pada sebelah satu lagi. Oleh itu, kajian ini menganalisis mata wang pada zaman pemerintahan Khalifah Abdul Malik bin Marwan. Objektif kajian ni adalah bagi merungkai mata wang yang terdapat pada zaman pemerintahan Abdul Malik bin Marwan dari sudut jenis mata wang, bahan yang digunakan, bentuk dan corak yang ditempa, nilai dinar dan dirham pada zaman tersebut serta lokasi yang menggunakan mata wang tersebut. Kajian ini dianalisis secara kualitatif dengan menganalisis dokumen-dokumen serta kajian-kajian lepas dan kajian kepustakaan untuk mendapatkan penjelasan yang tepat. Hasil utama kajian mendapati bahawa mata wang yang diguna pakai pada zaman pemerintahan Abdul Malik bin Marwan ini sangat bernilai sehingga memberi impak positif dalam ekonomi pada zaman pemerintahannya. Hal ini telah membuka mata ramai pihak kerana nilai dinar dan dirham ini bergantung kepada isi kandungan dan ketulenannya. Bentuk dan coraknya juga harus diteliti kerana telah menonjolkan nilai Islam dalam syiling dinar dan dirham yang ditempa.
Kata kunci: Matawang, ekonomi, nilai, bentuk, ketulenan

www.global4c.org 1 Abstract—The future viability of our civilization is in serious doubt because of Anthropogenic Global Warming (AGW) [3][5][6], chronic degradation of ecosystems [9][30][45], and risk of nuclear war [64]. These harms and risks are related to unchecked economic growth, fossil fuel usage, resource consumption, and militarization. Civilization is evidently in need of systemic change to avoid collapse and to build restorative networks [50][52].

An energetic debate on the danger of a global currency war has flared up in recent months, stoked by a renewed move to 'quantitative easing' in the United States, resurgent capital flows to developing countries and strong upward pressure on emerging market currencies. This economic premise views some of the arguments and concludes that the current United States monetary easing is a useful insurance policy against the risk of global deflation. But it is increasing pressure on developing countries to move toward greater monetary policy autonomy and exchange rate flexibility, as well as to undertake the institutional and structural policies needed to underpin such flexibility. Such reforms will take time.

Une solution monétaire mondiale pour la transition écologique.

-Une crypto monnaie servant de réserve de change et diffusée en contrepartie de projets écologiques, sociaux et humanitaires.
-Permettant la finalité des paiements internationaux.
-Un nouveau SMI à taux de change fixe révisables.
-Permettant de solder une partie des dettes par d'autres biais que l'extraction.
-Permettant de résoudre une partie du chômage de masse mondial
-Permettant aux nations de réaliser la transition sans besoin de la politique budgétaire.

Le projet présenté ici est une une crypto monnaie sans dette qui serait créée ex nihilo et diffusée par une institution mondiale dédiée à la transition écologique en contrepartie de projets ou d'activités essentielles et urgentes, mais rejetées par la finance faute de rentabilité à court termes.
Des projets écologiques, sociaux, humanitaires du monde entier seraient financés par cette monnaie. Une fois au bilan des banques centrales des nations participantes, ces dernières diffuseraient, de la monnaie centrale ( dans la fiat monnaie du pays concerné) en contrepartie de réserves de change (comme à l'époque du change or). Ce serait donc le revenu de ces projets.

Une fois cette crypto monnaie diffusée, elle servirait ensuite de monnaie de réserves mondiales pour le commerce international. Son taux de change serait fixe, tel que l'idée du "Bancor" de Keynes.

Elle serait uniquement dédiée aux banques centrales et servirait de réserves de change.

Trois piliers de solidités:
1) Technologique : une cryptomonnaie (or virtuel) uniquement dédié à une blockchain de banques centrales évitant ainsi les attaques spéculatives telles que celles observée sur le Bitcoin.
2) Politique : Comme une fiat monnaie internationale, elle tient en un consensus mondial des états participants la définissant comme monnaie de réserve de change.
3) Utilité écologique : sa première émission sera fléchée vers des projets écartés par la finance habituelle.

Guaranteed digital coins and climate change mitigation: The Mombello Initiative Casper van der Tak, Senior Consultant (Nutawa sagl) 1 See Van der Tak (2021a) and Van der Tak (2021b) for earlier descriptions of the Mombello initiative. Section 2 updates and simplifies the Mombello's currency basket.

В рамках реалізації науково-дослідної роботи №0118U100624 «Менеджмент зовнішньоекономічної діяльності підприємств України в умовах глобалізації», науковий керівник О.О. Карпенко Київ 2021 УДК 339.9 (477) І 72 Рекомендовано до друку Вченою радою Державного університету інфраструктури та технологій Міністерства освіти і науки України (протокол №11 від 23.06.2021 р.

China stands as a paradigmatic sign of deep angst for the United States in late stage capitalism, a menacing spectre of foreignness and otherness that organises Western popular anxieties at a time where nothing is fixed within international markets. Focusing on the so called “currency wars” debate that erupted in the early twenty-first century, when the PRC was accused of devaluating its currency, this article contends that PRC’s representation as a prime currency manipulator and cheater can be conceptualised through what I am calling monetary Orientalism or the ways imperialising thoughts circulate around monetary flows in relation to a rising Asiatic superpower. This framework serves as a prime lens for situating US nationalist sentiment and its sense of an exceptional global self against what it perceives as a global other.

The evolution of money and banking is at the cusp of a paradigm shift in the 21st century.  The introduction of digital currency built on blockchain technology enables a distributed, peer-to-peer payment system ideal for the decentralized economy of the internet age.  The role of central banks in this context necessitates change in order to ensure monetary and financial stability within the established management and purpose of fiat monies.  The model of an interest-bearing central bank digital currency is argued to be a viable and perhaps imperative development that central banks must embrace in order to maintain independence.  The European Central Bank in particular has a pressing need to fulfill this charge given the guidance of completing the economic and monetary union as well as realizing the digital single market strategy.

An energetic debate on the danger of a global currency war has flared up in recent months, stoked by a renewed move to “quantitative easing” in the United States, resurgent capital flows to developing countries and strong upward pressure on emerging market currencies ...

The climate crisis brings complex challenges for economists, policy makers, and politicians. In recent years the mandates of central banks, which tend to promote ‘sector neutrality’, have been scrutinised for not supporting a low-carbon transition. Here we propose that the mandates of central banks can be expanded based on a revision to the ‘standard model’ for externalised costs. The expanded model is comprised of two kinds of cost: the first is the Social Cost of Carbon (SCC), and the second is the Risk Cost of Carbon (RCC). The RCC is a relatively new concept, and it may be described as the monetisation of climate-related systemic risk. The RCC is equivalent to the cost of ‘preventative insurance’ against unwanted climate change. For example, the RCC can be estimated for the objective of avoiding 2°C of global warming with a 67% chance of success.

The RCC links to a game-changing monetary policy that can provide scalable climate finance and manage systemic risk. The policy is called a Global Carbon Reward, and the financial mechanism involves a long-term program of ‘carbon quantitative easing’ (CQE) and currency trading. CQE requires a currency instrument—called a Central Bank Digital Currency (CBDC)—to act as an international unit of account for carbon (i.e. 100 kg of CO2-e mitigated). A policy framework for internalising the SCC and the RCC into the economy is discussed in terms of barriers to change, social principles, market neutrality, and environmental and social governance (ESG). A recommendation is given for financial regulators to research the macroeconomics of CQE, and to consider a new macroprudential role for central banks in response to climate change.

Standard market-based policies for addressing climate change mostly aim to internalize the Social Cost of Carbon (SCC) into the economy with either carbon taxes or cap-and-trade schemes. Standard policies are failing to manage the systemic risk of dangerous-to-catastrophic climate change for a variety of reasons. In this chapter we clarify and expand on a market hypothesis that argues for a second externalized cost of carbon, called the Risk Cost of Carbon (RCC), as the appropriate solution to this risk problem. The combination of the SCC and RCC creates a new paradigm of complementary market pricing for the dual objectives of improving market efficiency and managing systemic risk, respectively. Introducing the RCC addresses the problem of how to decouple gross world product (GWP) from carbon emissions and how to solve the paradox of time discounting under systemic risk. Subsequently the RCC could have major implications for climate change economics, public policy, and sustainability theory. The hypothesis is novel by taking into consideration both the entropy and the mass of the carbon budget. The RCC is technically defined as the cost of imposing risk tolerances (%) on climate mitigation objectives, and it has units of USD per tonne of carbon dioxide equivalent (CO 2 e) mitigated. The RCC is internalized with a "global carbon reward" that manages a trade-off between market efficiency and climate certainty. The carbon reward is issued as a parallel currency and with an exchange rate that is managed by central banks over a rolling 100-year planning horizon. A key recommendation is to test the hypothesis with experiments.

Анотація. У статті розглянуто проблеми визначення етапів розвитку міжнародної валютної системи. Розкрито наукові позиції щодо міжнародно-правових актів та їх вплив на реформування міжнародної валютної системи. На підставі цих ознак проведено аналіз міжнародно-правового регулювання валютних відносин.

The 2008 financial crisis exposed the fragility of advanced economies to financial caprice and the centrality of the United States in the global monetary order. Understanding the power structures behind global monetary orders, their distributional effects, as well as the systemic consequences associated with practices within domestic financial systems, particularly within financial centres, remains a priority. In a recent commentary, Cohen argues that the field is fragmented and that excessive attention to social scientific method is to blame. I agree with Cohen that the field of international political economy (IPE) of money is fragmented but I disagree that social scientific method is the cause. The fragmentation, and slow progress in the IPE of money, to which Cohen refers, is rather attributable to a lack of social scientific method, resulting in conceptual and empirical ambiguity, and unclear standards. Finally, I outline how social science methods could produce the kind of systemic analysis Cohen is calling for, 'macro-money theories', the flip side of the 'micro-money theories' embodied by open economy politics.

Global 4C is a new international climate mitigation policy that adopts a risk management framework. Global 4C offers a financial reward for mitigation and aims to internalise a Risk Cost of Carbon (RCC) into the economy. Carbon taxes (i.e. carbon prices) are essential for internalising the Social Cost of Carbon (SCC), however a SCC-RCC duality is inferred with an epistemological method and is supported with a new hypothesis, called the Holistic Market Hypothesis. Based on the inferred SCC-RCC duality, a system of complementary market pricing is proposed as an effective response to emerging climate systemic risk and fat-tailed probability distributions for the Earth’s climate sensitivity.

The recommended policy instrument is a currency, called Complementary Currencies for Climate Change (4C). 4C should be priced in foreign exchange currency markets (Forex) to mirror the RCC and to incentivise a spectrum of mitigation services, including clean renewable energy and carbon sequestration. A public broadcast message for climate systemic risk should be made each year, in the form of a ‘100-year advance 4C price alert’, which is an assurance of reward prices for carbon mitigation (i.e. the 4C exchange rate) under a Carbon Exchange Standard (CES). The CES is a macro-prudential protocol for central banks to provide collective insurability against climate catastrophe and incentives for socio-ecological co-benefits.

АНОТАЦІЯ У статті розглянуто еволюцію світової валютної системи. Простежено історичний розвиток підходів до обміну іноземних валют та методики їх відображення в системі обліку. Вивчено основні міжнародні методи перерахунку (переведення) іноземної валюти, визначено їх переваги та недоліки. Виявлено та проаналізовано взаємозв'язок між МСБО 21 та стандартами обліку у США та Великобританії. Досліджено дефініцію «пере-рахунок валюти» та запропоновано її пояснення. Ключові слова: валюта, перерахунок валюти, іноземні операції, валютні курси, міжнародні стандарти.
АННОТАЦИЯ В статье рассмотрена эволюция мировой валютной системы. Прослежено историческое развитие подходов к обмену иностранных валют и методики их отражения в системе учета. Изучены основные международные методы пересчета (перевода) иностранной валюты, определены их преимущества и недостатки. Выявлена и проанализирована взаимос-вязь между МСБУ 21 и стандартами учета в США и Велико-британии. Исследована дефиниция «перерасчет валюты» и предложено ее пояснение. Ключевые слова: валюта, пересчет валюты, иностранные операции, валютные курсы, международные стандарты.
АNNOTATION The article reviews the evolution of the global monetary system. It traces the historical development of the foreign exchange approaches and methods of their reflection in the accounting system. Studied the basic terms of international methods of foreign currency translation, identified their strengths and weaknesses. Discovered and analyzed the relationship between IAS 21 and the accounting standards in the US and UK. Studied the definition of «foreign currency translation» and suggested its explanation.