A Revolution in Money?

Wondering for some years–and more now than ever–if our current model of what money is will become obsolete. The US Govt plans to “borrow 3 trillion dollars” from April through June, eliciting: “how to pay it back?” and “are we clear on borrow from where”?

It has seemed to me that international development of a monetary AI system could offer revamp of how money is “created”. That is, an artificial intelligence would decide its flow as needed. Yes most would still need to be earned though I think a guaranteed minimal base income would be involved…The main idea is that we can redefine money as a flow both to be earned but also distributed by the putative system with an individualized and currently hard-to-imagine exactitude that would not have to bring about inflation–a devaluation of buying power–or lack of motivation. Someone has told me recently that trillions of dollars are being “hoarded” by a relatively few individuals. I said, one odd thing though is that this hoarding is mostly just digits in an efile or in some series of computers, computers that agree. Piles of agreed-on non-gold…That in turn suggests that money, being a consensus agreement, though theoretically stabilized by valuation to objects of value and units of effected labor, is far more flexible and socially manageable than we are admitting to ourselves.

Essentially I’m suggesting is that an optimally designed *global* AI system would issue payments in accordance with work done, purchases made, and so on, with a constant reference to projected possible negative effects. It would, in real-time, instantaneously make adjustments in money flow that mitigate or eliminate what would otherwise beĀ  negative effects–recessions and ruinous inflation and so on–while carrying out all socially functional financial operations. It would be a universal bank, with no allegiance to any one nation or group. under which all legitimate banks would still be operable and incorporated. It would be backed up by another, insulated system in case of, say, solar flare damage of global electronics. This all assumes an enormous leap ahead in computing power, but I have no problem assuming that. It also assumes a global will to make it work. It would probably have to be modeled and tried on smaller scales first…

Tags:

Comments are closed.