- Bill Harrison
- New York, NY
- United States
This conversation is closed.
Can we redesign Money to better reflect our values in the digital age? How would you do it?
Money is a vote. Money is a direct, legally backed claim upon the allocation of scarce social resources. That's what a vote is. Voting is merely an indirect claim upon scarce social resources, and voting fails due to both a principal-agent tension and the speed/relative strength of money.
This is why we live in oligarchies and not democracies - the rich simply have more say as to the allocation of scarce social resources, and the poor have almost no say. A positive feedback loop makes the rich richer, and because the poor cannot financially compensate those who help them, altruism toward the poor is punished in our society...yet, each of us WANTS to be altruistic. That is human nature.
Therefore, Money is a Law, because it governs how we must live. We have created a society in which capital = fitness, and thus we are socially selecting at the upper echelons of power psychopaths who will do anything for money. There is no cost to their fitness if they exploit people or pollute or waste money or hoard money, and so their insane behavior continues.
The legal system (1) protects the wealthy, who can afford the best attorneys, buy politicians, and manipulate the tax code, and (2) takes violence off the table so the poor can't retaliate, when the rich commit daily acts of violence against the poor. Yet, game theory suggests that both punishment and reward are necessary for cooperation to exist.
So, as an example, can we redesign money to create "digital financial karma" to capture the "externalities" of people's behavior? Could we each digitally destroy money, at the same rate (we could have the option to pay $1 per day to destroy $2 of someone's ill-gotten money, depending on how much deflation we want)
Could we decentralize the Federal Reserve's creation of money (votes) so that it is no longer created for central banks and lent back to the public? Could we digitally give everyone, say, $3 (votes) per day to buy FOOD so they can have healthy brains? Why not?