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Mats Kaarbø

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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 10 2012: Is there a future for money? Money was created when they discovered that there was an abundance of salt, and that this "rare" commidity was not as rare as they thought. Money is the inbodiment of human labor, for money, paper, has no value till it is transformed through human labor. As gold, ore, has not value till it is, also, transformed through human labor through the smelting process creating gold bars; its value is determined by the necessary labor time it takes to produce. The price of gold, like that of human labor, can rise above or below it absolute value. So, the only thing that can replace money as a means of excange is labor. Will robotic labor make human lalor obsolete. The very fact that capitalism is based on the explotation of human labor, would by itself make capitalism, money, obsolete. Robotic labor would make the valie of money worthless, although it would creat a super abundance, it would create poverty and make the working class destitutes in the land of pleanty. Adam Smith claimed that the wealth of nations is created by human labor (wage and slave labor), so what would an a world emancipated human labor create? Can free and equal human labor replace money? For the only things that we truely own is our ability to labor.

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