Besides on hand currency, money as owned by the common people, is nothing more than ones and zeros stored inside computers. Positive and negative numbers. These positive and negative numbers are stored inside banks are the property of the bank. The negative numbers represent the monetary value of assets owned by the bank. To the extent that negative numbers in the form of loans are stored inside those banker’s computers, the associated property is owned by the bank. The person’s future positive income numbers are used to offset negative loan numbers.
Economies will always operate. If we need a currency, we can use rocks as long as our society agrees and accepts the rocks in exchange for goods and services. In the age of instant information provided by computer networks, buyers and sellers meet one another in an electronic market. Given the immediacy and persistence of information, barter economies in the modern age could work. The currency of a barter economy is comprised of products and time.
The question itself masks deeper issues. The fundamental issue is human time. Is there enough demand for human time so that everyone is able to earn money. As demand for human time decreases because of automation, where will the jobs come from?
Suppose we were to create an economy based upon the value of human time. I invest forty hours per week which established my value in the market. I am the producer of 40 hours of productivity. My time is banked and only converted to money when I have bills to pay. I pay taxes when my time is monetized. If I need to borrow extra money it is available at zero percent (0%) interest rate.
Solve poverty by lending people money and expecting them to pay it back from future monetized time investment. The book “Newland 2084” these topics and proposes a workable solution to Poverty.
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