Posted 1 year ago on July 19, 2012, 4:42 p.m. EST by Underdog
from Clermont, FL
This content is user submitted and not an official statement
While discussing on another post the concept of what money is, it struck me that we could actually do away with money altogether.
Suppose we all decide that time served in the community takes the place of money. If I work X hours (say the standard 40 hours per week) I will be credited 40 hours time. We then devise what 40 hours time can "purchase" such as food = 2 hrs, electricity = 3 hrs., rent/mortgage = 5 hrs,, phone = 1 hr., etc., etc., etc., A certain amount of time served could be assigned to discretionary time-spending on non-necessities like recreational activities and so on. For those who can't work for whatever reason (sickness, retirement, whatever) the necessities would be provided along with a small stipend of time credits for discretionary use. To curb abuse of "time-welfare", one would have to prove illness or age that would apply in order to receive time credits.
I got this idea from a guy who insisted that work = money. I argued that money is a medium of exchange (which it is).
I don't have all the details of this idea worked out yet, because I just thought of it. I'm sure this idea must have already been thought up by someone else and, perhaps, expanded on. Does anyone know?
If money were eliminated, there could be no wealthy class and poor class because everyone would be required to work to obtain necessities (everyone would be equal). By proper calculation of time values to necessities provided, it could be determined what would be required for everyone to have a comfortable middle-class lifestyle/standard of living. The ultra-wealthy would be eliminated and the poor would be eliminated.
I'm sure many will say I'm crazy for suggesting this. Maybe I am. I have no idea if it would work or not. I'm just throwing it out there for discussion.
NOTE: APPENDED BELOW 07.24.2012
The concept of using time in place of traditional currency is not new as the below links indicate. What is apparently different about what is being proposed is that the time credit ("tic") is not traded or exchanged. It is a single-use transaction medium that destroys the "immortality" normally associated with money. The concept of immortal money, along with the idea of trade or exchange (that evolved from the barter system) is the basis for vast wealth and vast debt. Both contribute to the great imbalances we see in the world today.