Changing the System … One Bit at a Time


First we must realize that there is an elegant solution, but it’s only accessible if we recognize three things:

• We can create our own forms of money.
• We can create new kinds of banks.
• We can integrate new forms of money and new kinds of banks with old money and old banks to build a more efficient, more equitable and more empowering financial system.

In other words, we can seize control of our future…  and we can do it all without engaging in protracted political battles or passing any new legislation.   How?

The forms of money we use are not static.  For centuries, we’ve been on a path towards the dematerialization of money.  At one time people used sheep as money … then stones … then coins … then paper money … then checks … then plastic ….  and soon most of us will be using digital wallets and use cellphones and other mobile devices to transact our business.  Each of these steps in the evolution of money has catalyzed a new wave of economic activity.

As we look at the potential inherent in the digitization of information, it presents us with an amazing opportunity to rethink the nature of money, the way it’s created and who has the power to create it.   This opportunity is significant in both financial and social terms. It has the potential to catalyze yet another wave of wealth creation in our economy, comparable to the greatest advances that the Internet has provided.  It will enable us to measure, manage and monetize forms of economic and social activity that current money forms and markets ignore … and therein to start to more closely align our economic priorities with the real needs of society.

In the last 20 years, young entrepreneurs using the power of the Internet and digital technology have disrupted powerful industries all across the economic landscape from media … to entertainment … to e-commerce.  These entrepreneurs working with a very sophisticated ecosystem, have democratized key segments of our economy.  But one industry has largely escaped disruption … the financial sector. That’s about to change … In fact, it’s already changing …  New forms of money are appearing in commerce and communities all across the landscape and many different forms of enterprise are now acting as quasi-banks.  Remember, we can create our own money … we can form our own banks and these all can be integrated to make the system more efficient, equitable and empowering.  But how?


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