I have yet to see anyone of any importance in the social-media-guru-camp who has identified the inherent dichotomy between social currency and financial currency that rages all around us. No, seriously; every financial action is balanced by an equal and opposite social reaction. It’s a balance sheet of the balance sheets.
BP underestimated the social liability of their financial decisions by a factor of 100,000:1. US Corporations underestimated the social liabilities of outsourcing the knowledge economy by a factor of 1000:1, US Government underestimated the social liabilities of Wall Street Bankers by, likely, 1000:1. Tiger Woods underestimated his social indiscretion by a similar ratio; 10,000:10. Mel Gibson is trending hard on Twitter this week….etc.
I received the following press release today from “Professor Guru” at a famous US University:
US CITY, July 2 – despite a slight drop in the national unemployment rate, the situation is still grim for millions of Americans and thousands of businesses, many of whom fear double-dip recession. Beyond the numbers are some under reported aspects of the current situation: the toll it takes on employee morale and how it forces companies to manage downsizing in a manner that maintains their reputation, avoids embittering their terminated employees and keeps their remaining employees engaged.
Nowhere does this statement address a notion that for every dollar of financial currency saved, X amount of social capital will be lost. This is an astonishing omission of statement and purpose. All the social currency is well-accounted for with guru code speak like: “grim”, “takes a toll”, “morale”, “reputation”, “embitterment”, “terminated”, and “engaged”. And, all the financial currency verbiage is accounted for with pop-terms like: “double dip-recession”, “under-reported aspect”, “the numbers”, “downsizing”, “remaining employees (assets)”, etc. The call to action statement, of course, is that the situation “Forces Companies to manage….” or, to act in some new way that will,… uhmmm, well,….. what is it? ….minimize, balance, exploit, empower, update the Facebook page….what?.
Really, it’s time to get real:
Nobody is willing to say that for every dollar of financial capital saved, X amount of Social Capital is Lost. Obviously, nobody in their right mind would say that social currency is acting as a hedge on financial currency. Nobody has the guts to say that to cultivate social currency is to gain financial currency. Nobody is willing to acknowledge that if there are riots in the streets of America, the US currency will crash. Certainly no politician is willing to admit that it does not matter if that happens, it only matters “when” that happens.
Turning point of civilization
We are at an extremely important phase in World History. Will social media provide the fabric that society has lost from the domination of financial morality on social priorities? If so, then then keep your eyes on the ideas of a social currency conversion factor to drive Social Capitalism as a replacement for Market Capitalism.