The invention of the wheel, wedge, and pulley came long before the invention of credit scores, CDO’s, and International Trade Agreements.
Technological Change must always precede economic growth – economic growth cannot sustainably precede technological change. If you throw money at a problem, you are not guaranteed technological change. If you throw technological change at a problem, you are guaranteed money.
The Tiny Flaw of Market Capitalism
We are going about the process of globalization as if economic growth can precede technological change. This is the tiny flaw of market capitalism and it is unsustainable. In short, we’ve gotten it backwards and continuing on this course prevents us from seeing the future.
The flaw is easy to correct. The Ingenesist Project has specified two for-profit business methods, “The Value Game” and “Zertify.com” which if deployed today in Social Media could accomplish this. These business methods are committed to the public domain. The only thing standing in the way is a social agreement.
I often make the point that a currency is simply a social agreement. People need to agree that a monetary unit represents their productivity so that they will use it to trade their productivity with the productivity of another person. The test question for any so-called currency (coined by Jay Deragon) is: “Yeah, but can you buy groceries with it?”
I am now seeing a SHARP increase in the social interest for an alternate currency to the dollar. The dollar does represent productivity – albeit future productivity in the form of debt – that’s why it is still exchanged for the work that we do. My suspicion however is that the social agreement regarding the dollar is, in fact, increasingly becoming a social disagreement.
People have a deep seated unease with what the dollar is and what the dollar represents. To escape the dollar is to escape a tangle of influence that impacts everything we say, do, and think about ourselves and about each other. It almost seems that to escape the dollar is to escape ourselves.
That’s just the idea that came to me after watching this video about a soldier questioning the occupations. He is saying something very interesting:
War is simply the soldier’s willingness to fight it. It is a social agreement.
There is very little about a corporation that cannot be duplicated in social media. This calls into question the nature of social media vs. the nature of corporations. Here we uncover a third pillar to the US economic recovery; Social Capitalism.
Suppose someone puts together a Twitter campaign for everyone the withdraw their money from a single financial institution who just handed out big bonuses? At best, those bonuses will have to be recalled to keep the doors open. At worst…
Half insightful synthesis and half tongue-in-cheek, this article suggests that virtual currency may impact the current monetary system. The conclusion is brilliant suggesting that the national debt could be paid in virtual currency.
Suppose someone puts together a Twitter/Facebook campaign for everyone the withdraw their money from a single financial institution who just handed out big bonuses? At best, those bonuses will have to be recalled to keep the doors open. At worst, people will find an alternate currency to store the “value” that is destroyed by a bank run.
We have specified a structure for a new economic paradigm by simply integrating the the knowledge economy into the same structure as the financial system. The result is a completely new way for entrepreneurs to create wealth.
“Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year. Our capacity remains undiminished”. – Barak Obama . The gloves are off: Mr. Obama’s statement is profound; in a single [...]
