We can re-design money - in fact this the most important re-design we need to engage in.
Money 1.0 is when our money was physical
In the form of precious objects
Money 2.0 is centrally issued credit issued by central and Private banks
(the money we have now)
Money 3.0 is…
Evolution NOT Revolution
Complementary NOT Alternative
Cooperation NOT Competition
Business CREATES THE Wealth
Community IS THE Currency
Money is a relationship
Money 3.0 is a wide spectrum of privately issued currencies such as:
Yet others have named 2.0 differently..
and 3.0 includes what these other people call version 2.0
- which is limited to a set of mutual clearing systems:
MONEY 2.0 is a mutual credit concept specifically designed to replace the current money system (in which the power to issue money is a monopoly exercised by banks). In MONEY 2.0, anyone can issue money who is willing to exchange products or services.
MONEY 2.0 offers the following features:
Availability: MONEY 2.0 is automatically created through trades, therefore it is easily available where needed, and an economic crisis induced by the misallocation of money is impossible.
Stability: Since those who issue money are also required to sell an equal amount of goods and services, the amount of currency in MONEY 2.0 automatically keeps step with the value of available goods. This removes the prime reason for inflation.
Impartiality: Since the power to issue MONEY 2.0 rests with all market participants, MONEY 2.0 isn't vulnerable to the manipulations of a few.
Fairness: In MONEY 2.0, the power to issue money is relative to each participant's economic productivity. Since the availability of money does not depend on borrowing, the total amount of interest in the system is significantly reduced, and the likelihood, that money is accrued by those who require it as an exchange medium, is increased.
Independence: MONEY 2.0 does not in any way rely on the traditional financial sytem - therefore, it cannot be affected by a crash or "crisis" of traditional currencies.
Compatibility: MONEY 2.0 is open for exchange against other currencies (old and new).
Grassroots: MONEY 2.0 currencies can be launched and run by any person or institution, without cooperation or even permission of an existing institution or authority.
Scalability: The MONEY 2.0 concept can be used for any size currency - from family money (with only a handful of participants) to a large commercial market involving millions of traders.
Transparency: The software for running MONEY 2.0 is open source, and all relevant system data - including the costs of administrating the currency - are public. Unlike the traditional money system, there are no hidden costs.
"Community Currencies are about changing the rules"
Here Stephanie Rearick (Time For the World promoter & TimeBanking activist) gives a rallying cry...
Mutual credit is a type of alternative currency in which the currency used in a transaction can be created at the time of the transaction. Typically this involves keeping track of each individual's credit or debit balance. Although the effect is like a loan, no interest is charged, and since mutual credit allows for trading and cancelling balances with others, debts can be paid off indirectly. Read more in Wikipedia.
Complementary currency (CC) is a currency meant to be used as a complement to another currency, typically a national currency. Complementary currency is sometimes referred to ascomplementary community currency (CCC) or as community currency. The term local currency, describing a complementary currency which is limited to a single locality, is sometimes used interchangeably with complementary currency. There are, however, some complementary currencies which are regional or global, such as the Community Exchange System, WIR and Friendly Favors, or the proposed global currency terra. Read more in Wikipedia.
Max Keiser is an ex-stock broker turned financial activist.
Leading financial institutions and experts are betting that virtual currencies such as those used in video games will become mainstream tender in the real world within three to five years.
>> Article in Financial Review >> link
Pages in this Chapter
A very good library on the subject of 'Reinventing Money':
Learn About Digital Currencies
Bitcoin, Ripple, Litecoin, Peercoin, Darkcoin, NXT and Dogecoin are the most capitalized and widely used digital currencies in use today. What are digital currencies? Where do they come from? How are they issued, stored, circulated and valued? Are they the future of money?