In the 1960’s Superman comics, Bizarro World was a place where everything was the opposite as Normal World. On the planet Htrae (Earth spelled backwards) lives Bizarro Jimmy Olsen, a Bizarro Lois Lane, Bizarro Superman, etc. Of course, Normal World is the standard bearer for all that is great and good to the reader.
In the study of Normal Economics, currency always represent productivity – otherwise nobody would “work” for it. Productivity is defined as: all the stuff we can make within a certain period of time. We measure it with expressions like “dollars per hour”, “miles per hour”, “5% compounded annually”, board-feet per minute, etc.
Suppose we were to describe a Bizarro currency as: All the Time that can be produced within a certain amount of stuff.
After all, every living person is allocated a certain amount of time on Bizarro World. Time is a scarce resource whose value is determined by supply and demand. Time is not easily forged, debased, or counterfeited. It makes for a perfect Bizarro currency. Of Course the Bizarro Currency would be called the Rallod (Dollar spelled backwards).
In Normal Economics, land, labor, and financial capital are the factors of production called “Tangibles” while social capital, creative capital, and intellectual capital are called “Intangibles”. By contrast, in Bizarro Economy, social capital, creative capital, and intellectual capital are Tangibles while land, labor, and financial capital are the Intangible factors of production.
Of course in Bizarro World, it takes rallods to make rallods. So if you want to get rich, you need to invest your time in one of two things: Saving time for other people, or reducing the amount of stuff they need to consume on their time.
Likewise, in a Normal Banking, an entrepreneur assumes that they have the Knowledge to execute a business plan and they borrow the money. In Bizarro Bank, the Entrepreneur assumes that they have the money to execute a business plan and they borrow the knowledge.
In Normal World, money is backed by debt. In Bizarro World, money is backed by innovation.
What if we got it backwards?
Probably the most immediate concern is whether the Rallod can hedge the Dollar, or will the two planets collide?
Material based on video series here