It's helpful to look at civilizations as products of 'social energy'... countless decisions by individuals and groups. (A decision is an idea + an action).
Money and credit are very imperfect technologies for the storage and allocation of this 'social energy' with an inherent bias in favor of any with the power to create it.
So, since this 'creator' bias is inevitable the solution has to lie in democratizing (with important checks and balances) the process. This inherent bias also makes the Fed’s claim of independence ridiculous on its face and is a core problem with the monopoly of central banking. (This doesn’t suggest its elimination, only elimination of its monopoly).
After all… who has the right to create and than allocate YOUR ’social energy’ without your input?
That’s worse than taxation without representation… that’s potentially multi-generational enslavement without having an ounce of input into that allocation of your life’s energy.
The thought process that rationalizes it for the ‘credit creator’ and those most closely benefitting is tied to a problem of scaling biological altruism but that’s a separate essay.
I believe this inherent bias may suggest that more than one type of credit creation may be desirable. For example local currencies geared to local products and services to function alongside one or more global currencies… in an attempt to overcome a ‘proximity’ bias which goes along with a social bias.
This approach can encourage asset-based-community-development and economic and financial resiliency while preserving the advantages of global trade and markets as well.
Again, I’m not an economist but it seems to me these are ideas worth investigating.
A brief post on some of this here:
On Social Energy, Enterprise & Expanding the Technology of Money
I also believe the Individually-controlled / Commons-dedicated Account facilitating the microtransaction in Commons focussed activities (politics and charity) is an essential piece of this puzzle.
Opinion and influence are also aspects of ’social energy’ which money powerfully conveys(though we might wish it weren’t so). Current money technology inhibits the free flow and networking of this energy which distorts opinion markets.
And, in fact, tends to further entrench the problem.
He's on to vital fundamentals.
It's helpful to look at civilizations as products of 'social energy'... countless decisions by individuals and groups. (A decision is an idea + an action).
Money and credit are very imperfect technologies for the storage and allocation of this 'social energy' with an inherent bias in favor of any with the power to create it.
So, since this 'creator' bias is inevitable the solution has to lie in democratizing (with important checks and balances) the process. This inherent bias also makes the Fed’s claim of independence ridiculous on its face and is a core problem with the monopoly of central banking. (This doesn’t suggest its elimination, only elimination of its monopoly).
After all… who has the right to create and than allocate YOUR ’social energy’ without your input?
That’s worse than taxation without representation… that’s potentially multi-generational enslavement without having an ounce of input into that allocation of your life’s energy.
The thought process that rationalizes it for the ‘credit creator’ and those most closely benefitting is tied to a problem of scaling biological altruism but that’s a separate essay.
I believe this inherent bias may suggest that more than one type of credit creation may be desirable. For example local currencies geared to local products and services to function alongside one or more global currencies… in an attempt to overcome a ‘proximity’ bias which goes along with a social bias.
This approach can encourage asset-based-community-development and economic and financial resiliency while preserving the advantages of global trade and markets as well.
Again, I’m not an economist but it seems to me these are ideas worth investigating.
A brief post on some of this here:
On Social Energy, Enterprise & Expanding the Technology of Money
http://culturalengineer.blogspot.com/2010/01/on-social-energ...
I also believe the Individually-controlled / Commons-dedicated Account facilitating the microtransaction in Commons focussed activities (politics and charity) is an essential piece of this puzzle.
Opinion and influence are also aspects of ’social energy’ which money powerfully conveys(though we might wish it weren’t so). Current money technology inhibits the free flow and networking of this energy which distorts opinion markets.
And, in fact, tends to further entrench the problem.