The problem with the American Dollar is that it is backed by future productivity in the form of debt – that is, our “promise” to pay off the debt. We know this because if America signaled that it was not willing or able to pay it’s debt, the dollar would cease to be used as a trading mechanism.
Innovation is also a promise backed by future productivity. By innovating in a new processes, method, system, or product today you are making a promise to increase productivity tomorrow.
Therefore, debt and innovation are blood brothers or mirror images of the other – they are both “currencies” (means of storing value) backed by future productivity. We can build a new economy around this concept which effectively weeds out the bad parts and keeps the good parts of the institutions and infrastructure that are already in place.
After all, the definition of a crook is someone who steals someone else’s productivity. May the best currency win.