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Is There a Future for Money?

In our digital age, where banks and even nations fail through reckless monetary spending and policies, it seems that our monetary system is becoming the big elephant in the room, yes even obsolete. Automation replacing humans seems to be one of the fundamental contradiction of capitalism and may be the demise of the system itself leaving the looming possibility of fascism or military dictatorship to arise and flourish if we fail to arrive at any alternatives.

While some believe taking us back to the gold standard will fix things, and others believe that debt forgiveness is the solution, we hear talks about access/resource based economies, where we simply declare all of Earth's resources as the common heritage of mankind and make goods and services available to all without the use of money, credits, barter or any other system of debt or servitude, through technological abundance.

In fact, let's rephrase the question. At what point in the future do you think that our technology will make automated systems possible and allow us to move out of a monetary system?


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  • Sep 8 2012: Let's return to the original question concerning "money". First of all, paper or coin money are becoming less useful in this century than few more centuries ago. In this global trading boom, we use probably more with Credits for international or domestic trades. As to the role of either money or credits for the sharing of world's resources, I don't believe that we are any nearer than anytime before. Even the system of common currency is not as good as we imagined, just look at the Euros in crisis. Obviously, as long as we have different political systems among the countries in the group, we would never have a "all-for-one and one-for-all" common currency system. A deeper thought would be how can we catch some individuals' belief that all of us should work for the entire humanity without a selfish thinking of " why should I work my tail off just to benefit someone else who just enjoyed the fruits of my labor without even saying thanks?" Of course, the advances in automation and robotics in industrial production could reduce the manual labor to produce large quantity of consumers goods, but we still need INVESTMENT of capitals and enterprenuership spirit to get the process going. Throughout the human history. I haven't seen any POLITICAL SYSTEM that would have a leader or a ruler who could deliver a Utopian system in which the leader does not have any additional privilege than all other citizens. Even there was one such leader, there usually were many contradictions in the successors after he passed away.
    In the current world commerce, the US dollar seems to be the de facto world currency. But the situation will change quickly if the U. S. government couldn't put its financial house in order.

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