WHAT IS MONEY AND WHAT WILL IT BE?
Money is simply an instrument of debt. It is an IOU. It is a claim against the future production of society.
In an industrial system....we were able to borrow money based on the reasonable expectation of OUR future production. Essentially, when we borrowed money we were exchanging our future work/output for the present use of others' production.
When lending money, the banks created new IOUs essentially out of thin air. The banks job was to identify the members of society who were deserving of loans and increase the productivity of the industrial economy through the increase of IOUs/money.
If the banks made loans which couldn't be repaid, both the borrower and the bank suffered.
The problem was as technology kept improving, the need for people to work decreased. So did the people's ability to borrow money and expand the industrial economy. This was especially acute after the dot.com crash in 2001.
So in order to keep the system going, the banks started lending money to housing in many different ways...and often without regard to the borrowers ability to pay the loan back. Trillions of new IOUs/money were created and for a few years the economy boomed as everyone accepted these IOUs for their production.
In addition, some crazy Arabs conveniently terrorized America which just happened the create an unprecedented boom in military and security spending forcing our government to borrow/spend and create even more IOUs. Much of this spending didn't show up in a government deficit because lending to housing generated incredible amounts of new tax dollars which consumed any budget surplus. This kept going....
...until the banks slowed lending to housing and the whole system collapsed in 2007/08. Instead of forcing the banks to suffer along with the borrowers...WE THE PEOPLE bailed out the banks and let the people suffer. We also bailed out all of the Wall Street companies and their executives.
The collapse caused tens of millions of people to lose their jobs and made it impossible for them to pay back loans. Millions of homes were foreclosed and taken by the same banks that made all of the fraudulent loans in the first place.
Since the banks weren't lending very much to the people, to keep people in jobs the government started borrowing WE THE PEOPLE's money to pay people to work. Crazy if you really think about it...government is borrowing the society's money to pay a relative few in society to work...while others get little or nothing of their own money.
AT THIS POINT, THERE REALLY IS NO MORAL WAY TO ALLOCATE SOCIETY'S IOU'S/MONEY AMONG THE SOCIETY FROM WHICH IT IS BEING TAKEN
And to make a convulsive problem even more volitile...efficient technology is replacing millions of jobs around the world making it impossible for more and more to get IOUs/money to maintain their survival...unless of course you work for or benefit from taxpayer bailed out Wall Street or bailed out government.
As the technology gets better and better...fewer and fewer will need to work.....and our system of IOUs to each other will collapse as too few will control too many...and the many will reject the few and their fraudulent IOUs either through violence or some other means.
We are now seeing it all around the world....civil and not so civil unrest is spreading rapidly as everyone is trying to figure out what will get them production. As more and more production is technologically driven, the need for money/IOUs will decrease as money/IOUs are simply something humans need to control the production of other humans.
Hang on..the change from an Unsustainable Industrial Economy to a Sustainable Knowledge System will be a very interesting. It will be a world where we don't need to control each other anymore and everyone can be free. It will be a www.udderworld.com