There is not much more ‘federal’ about the “Federal Reserve” than there is about Federal Express. Except, the Fed is a private company for whom the US government is the “Legal Tender”; literally and figuratively.
We could analyze this cozy relationship or we can realize that the value of any currency is a social agreement among people who trade it for goods and services. There is nothing keeping each and every one of us from “legally tending” a currency in communities to exchange for goods and services – as long as there is a social agreement.
The Semantic Web:
The word “currency” has several meanings. It can mean a “medium of exchange” such as “bank currency”; or it can mean a placement in time such as a “current edition”; or it can mean the flow of something such as the “river’s current”. Money is, in fact, all three; it is exchanged, it changes with time, and it moves things. Therefore, anything that does these three things can be used as currency.
Social Media space has awarded civilization with an extraordinary capacity to create, maintain, and design social agreements. Social agreements are founded on conversations between people. Conversation is the medium of exchange for the trade of goods and services long before the money is distributed (or not).
The Value of Value:
The value of the dollar is not changing, but the value of the social agreement is. Conversations about Land, Labor, and Capital are transcended by conversations about environment, health care, social justice, human rights, and global freedom. The social agreement that once supported the value of a dollar is now supporting something else. The value that the dollar once contained is being transferred someplace else. The people that once controlled the value of currency are being replaced other people. The social agreement is being replaced by another one.
To understand the new social agreement is to understand the currency of currency. To support the conversations that define the new social agreement is to support the value of social currency. To support the value of social currency is to support the value of money.
Humility: The New Economic Paradigm
In order to intersect the flow of money people need to be trading a conversational currency. In today’s economy, in order to find value, we need to ask someone else where it is. In order to create value, we need to tell someone else where it is. In order to stay “current” we must engage with others. In order to preserve value, we need to preserve the value in others.
Most importantly, especially for those who want to hold a great deal of money or power or control: in order to hold value, they must give it away. In order to hold power, they must empower others. In order to hold control, they must give up control to others.
Conversely, Humility is the new gold standard and the bad guys will always try to steal it. Does this sound familiar?