Listen to this excellent Consensus Distributed panel about the future of money:
Federal Reserve balance sheet at the moment, by deploying Keynsian policies to combat potential massive deflation from the economic downturn:
While they have eliminated reserve requirements, as part of their “ample reserves” modeling:
Throughout history, societies used to have commodities backing the issuance of credit money. Now we’ve all gotten used to bank underwriters issuing credit money. Most of our money supply is issued by banks underwriting loans for future cashflows. Recently the Fed eliminated their reserve requirements! What if a third, more human-centric form can be tried alongside: real citizens spending #UBI on everyday essentials and thereby determining how much money business got?
This can be done on with complementary local currencies like those that already exist, but which can only be inflated according the community’s will, by provably random polling. Everyone gets UBI equally, and votes with their wallet. No guesswork about future cash flows of businesses is needed, rather we let the people make the decisions in real time. Sound Money and True Democracy.
“Currencies are like languages, once they become established… there tends to be a lot of persistence, just because of the network effect.” - Larry Summers
We can apply all this on the local level. Intercoin.org can make it happen. Thoughts?