VT COMMON ASSETS
PERMANENT FUND
Dec. 7, 2004
G. Flomenhoft, adjunct faculty
UVM MPA program
COMMON ASSETS-NATURE
COMMON ASSETS-SOCIAL
ASSAULT ON THE COMMONS
Common Assets Permanent Fund
Thomas Paine, Agrarian Justice 1797
“Men did not make the earth...it is
the value of the improvements only, and
not the earth itself, that is individual
property...Every proprietor owes to the
community a ground rent for the land
which he holds.;...from this ground
rent...I...propose to create a national fund,
out of which there shall be paid to every
person...a sum.”
Alaska Model: Alaska Permanent Fund
(Share of the commonwealth)
Alaska Model: Alaska Permanent Fund
US Sky-Trust-CAP/TRADE PERMITS
Sky-trust
Rent
Loop
Sky-Trust
Sky-Trust
VT ASSETS-Natural
VT MINERALS-2003
Gemstones
Sand and gravel,
construction
Stone:
Crushed
Dimension
Talc, crude
Total
Rent 10%
$1,000
$21,200,000
$22,800,000
$29,000,000
Not released
$73,000,000
$7,300,000
“The meek shall inherit the earth, except for the mineral
rights.”
-J. Paul Getty
VT FORESTS
FORESTS 791,035 $39,551,750
(cordsx $50/
x 10%=
2002)
Cord =
Public
Forests
(2004)
$622,371
x10% =
$3,955,175
$62,237
VT WATER-2004
WATER
1C/GAL>100 GALS
$87,831,410
VT LAND-2004
VT LAND VALUE
RENT 1%
$14,928,311,688
$149,283,117
VT ASSETS-Social
VT Trust-US AIRWAVES
VT Trust-US AIRWAVES
VT Trust-US AIRWAVES
“They used to rob trains in the Old West.
Now we rob spectrum.”
Senator John McCain,
Chairman, Senate Commerce Committee
VT Trust-US AIRWAVES
TOTAL US SPECTRUM VALUE
US population
VT population
ratio
VT Value
10% RATE
ANNUAL RENTAL VALUE
$771,000,000,000
294,712,028
619,107
0.21%
$1,619,653,939
10%
$161,965,394
International Exchange
Goods and
$30 Trillion/yr
Services
Buying and selling $1.5-2 Trillion/day
of paper
=$500-700T/year
95% speculation in paper!
VT TRUST-US financial Speculation
Current Trading
(Annual Rates)
Volume AfterTax
Stocks
$11 trillion
Government Bonds $41.6 trillion
Corporate Bonds $22.1 trillion
Futures Contracts $100 trillion
Currency
$200 trillion
(worldwide)
Swaps
$22 trillion
Options
Not available
Total US Revenue
Vermont Revenue
Projected
Tax Rate Revenue
Volume (both sides)
$7.3 trillion
0.5%
$36.5 billion
$27.7 trillion
0.1%
$27.7 billion
$14.7 trillion
0.1%
$14.7 billion
$66.7 trillion
0.02%
$13.3 billion
$133.3 trillion
0.1%
$33.3 billion
(U.S. share = 25%)
$14.7 trillion
0.02%
$2.9 billion
NA
0.01%
NA
(.25% RATE)
$128.4 billion
x .21%
$268,891,964
Source:
Taxing Financial Speculation: Shifting the Tax Burden From Wages to Wagers
by Dean Baker. February 2000. Ctre for Economic & Policy Research
WHO CREATES MONEY?
(SEIGNORAGE)
GOVT
$600 BILLION 7%
(CURRENCY)
BANKS
(LOANS)
$8 TRILLION 93%
TOTAL
$8.6
TRILLION
100%
FRACTIONAL RESERVE ~3-5%
How the Federal reserve system creates a private
banking monopoly cartel!
PRIVATE BANKING
SYSTEM
LOANS
$20,000
$20,000
ASSETS
PLUS INTEREST!
FED RESERVE BANK
$1000
(5% OF $20,000
“on reserve”)
INTEREST
$1000 DEPOSIT
VT MONEY CREATION
VT BANKS
(LOANS)
$3,574,450,000
1% RATE
$35,744,500
VT INTERNET ACCESS
Created by Public financing through DARPA.
Public deserves a return on their investment:
Share of access, not commerce:
WEB SERVERS
AND EMAIL
ACCOUNTS?
???????????????
VT Common Assets Permanent Fund
VT Common Assets TOTAL
MINERALS-10%
PUBLIC FORESTS
WATER -1c/gallon)
$7,300,000
$62,237
$87,831,410
LAND-1%
$149,283,117
SPECTRUM-10%
$161,965,394
SPECULATION-.25%
$268,891,964
MONEY-1%
$35,744,500
INTERNET ?
???????????
TOTAL
Vermont pop 2004
Dividend each
$711,078,622
621,394
$1144.32
COMMON ASSET DIVIDENDS