The way we handle money now is a mess – but could be fixed fairly easily if would just scrap what we have now and start over. Here is a list of what would have to be done:
- All money would be artificial money, each unit of money (each coin) having its own serial number – like paper money, which is also artificial money. A good place to start would be a coin worth $100. Existing price lists could be used – as they are now. Smaller transactions could use the same money as is being used now.
- This new money could be interchanged at any time with conventional money – using standard exchange rates. I do the same thing now – I use my American debit card at an ATM down here to get American Dollars changed into Costa Rica Colones.
- Regulating the banks (a big problem now) would be easier if their internal records were also made public.
- The amount of money in circulation would be adjusted to keep the price of money the same.
- The transactions for each coin – where it is, and where it has been – are recorded for everyone to see. It would be in a public database anyone could query. This would be a big database – but something Big Data and the Computer Cloud could handle easily.
- Spending money (and earning money) could be easily handled by any smartphone – or any computer. This is already being done – but a universal system would make this much easier.
- Each time a coin is used (usually with many other coins) a new record would be made for that group transaction.
- Banks would be clearing houses for all transactions (as they are now). Bank accounts would be the only storage places for money.
- Drug transactions would have to be legalized – which would greatly reduce the level of drug-related crime.
- Everyone and every organization would have to be clearly identified and located. This would make big money the equal of small money.
This would make all illegal activities more difficult – because they would be difficult to finance.
The general idea is that we should control our money – instead of letting our money control us.