Posted 4 years ago on Oct. 5, 2011, 5:59 p.m. EST by iseeamuse
This content is user submitted and not an official statement
There is a lot of discussion about replacing fiat money with a backed currency based on a single resource (ie: gold). The issue with that is the limitations it creates on a growing society. Our society is growing faster and faster every year, and changing our system directly to a finite resource that we have yet to fully quantify will result in as much or more inequity than we have now.
Also, a single-resource value system bring a designed inflexibility to the monetary instrument, and makes it very very prone to sudden change (like the possibility that everyone at once will no longer value precious metals, or postage stamps, or whatever else you base your currency on)
So instead of a fiat currency, or a sound currency, what about something like a trust currency, where the value is based on the sum contribution of all of the members.
If we create a confederated cooperative of local and professional financiers where 1 member has 1 vote on who gets funding for their venture, and the backing for the money is directly based on the needs of the locality or the profession, as decided by the community as a whole.
I admit, the issue of inflation needs to be worked out. Is the money for each individual venture created adding to the pool of some total value, or fracturing it? Is there a way to define a unit of trust? Anyone else want to think creatively?