The Way Money Could be Managed

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:

  1. 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.
  2. 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.
  3. Regulating the banks (a big problem now) would be easier if their internal records were also made public.
  4. The amount of money in circulation would be adjusted to keep the price of money the same.
  5. 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.
  6. 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.
  7. Each time a coin is used (usually with many other coins) a new record would be made for that group transaction.
  8. Banks would be clearing houses for all transactions (as they are now). Bank accounts would be the only storage places for money.
  9. Drug transactions would have to be legalized – which would greatly reduce the level of drug-related crime.
  10. 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.

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