The Redefinition of Money

From my TED X talk:

The real singularity will offer us some great advances–including a redefinition of what money is, and how it will flow, propelled by a computerized awareness of nearly every significant financial transaction. Paper money will be obsolete and thus money will be thoroughly trackable. As things stand now, money is treated like meteorology. Its mysterious ebbs and flows are predicted rather like the way weather is; people forecast recessions and bubbles. The new computing power will make it possible to track almost every movement of monetary units in the world and will bring a complete rethinking of not only economic probability but also the usage of money. Money is purely conceptual but we act as if it’s got a life of its own. We forget that it is the creation of humanity and it can be made to serve humanity as a whole. When that system is enabled there will never have to be another recession. The connectivity that put the Eurozone at risk from the Greek economic meltdown can also protect it IF we incorporate complexity theory and computer modeling, so we’re told be Len Fisher a physicist at the University of Bristol. “Cascades of failure may be controlled by changing the nature and strength of the links between various parts of the networks,” says Fisher. I envision a computer that would have access to a pool of funds that it would use to prevent crises.

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