Would moving to a single global currency save money in the long term?

Yes

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by Marc Kramis

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I am a theorist, which means I don't know anything for certain. I only suspect what is probable. You, however, are the judge. Whatever you decide, is law. Adopting a global currency would determine the future of mankind. It would effect every person of every country in the world. Would you be willing to take that responsibility? Although our views of history differ by political and religious persuasion, certain key economic events are common to all people. They provide the references necessary to understand how choosing one currency might effect society. I will try to describe those references as generically as possible. Our global economy is not a complicated system.

To understand it, you only have to remember three things: Ten thousand years ago you could only buy one thing with money. Money is a promise. Church and state were created to enforce the promise. Our economic system began when one man and one woman conceived the idea of mutual care. Man would feed, clothe and shelter woman. Woman would bear his children. Based on their common needs, they created a promise to serve their mutual interests. When they recorded that promise, it became a contract. The earliest known record of that contract is about 10,000 years old. Human society (and our global economy) stands on a foundation of recorded promises. Prevailing economic theory interprets "promise" as an obligation to satisfy the terms of a contract. The reciprocal of obligation is entitlement. When one party is obligated, the other party is entitled. The institution of church was conceived to formulate moral codes in support of this interpretation. State evolved to enforce those codes.

As society grew, currency was created to eliminate the necessity of creating a new contract for each new transaction. It provided a blanket contract under which the laws of a land applied to all contracts that used its currency as their medium of exchange. Today every internationally traded currency is based on the assumption of entitlement. They are regulated by more than 10 major governments which derive their laws from the moral codes of at least seven different religions. The economic theory of entitlement, however, ignores the other equally valid definition of promise which is hope achieved through reciprocal trust and effort. Both interpretations lead to a common future, only one of them insures mutual benefit. In computer parlance, our current economic turmoil stems from a kernel level branch point. The branch point in question determines how the members of human society deal with daily decisions, specifically: which is more important, what I want, or what we both want? That branch point governs the benefit to private interest or common interest.

Entitlement theory biases economic transactions toward private interest because church and state were created to enforce the obligation interpretation of promise. Neither are concerned with a contract's hope of mutual benefit, or the eventual outcome of ruling in favor of one private interest or the other. They subordinate those concerns to the principles named in the contract. The biggest obstacle in selecting a single global currency is all existing currencies are based on entitlement economics. If you select one for use as a global currency, you give that currency (or more specifically the laws and codes behind it) dominance over the whole human race. Islamites would never stand for a world ruled by the laws of Buds, Juice or Catheters, or vice versa. The fate of mankind lies in the balance of your decision. When and if a single currency attains dominance, all other currencies (and the laws and codes that support them) will vanish. The good news is you could create a new currency that obviates entitlement, and taps the source of voluntary participation. That choice lies behind door number three. The only intrinsic value behind any currency is time.

In the final analysis the only thing of real value to you, me or anyone else is our time. We each have the same unknown amount, and it is worth precisely the same to you as it is to me. Entitlement theory merely argues my time worth more than yours. Creating a currency based on time could shift the contractual bias back to common interest, if you created it on a foundation of global understandings that included: Time is of equal value to all human beings Time is divisible by seconds, minutes, hours, days, weeks, months & years Each person's time is their own. It may not be attached, taxed, tithed or otherwise encumbered by any person, or institution of commerce, church or state The value of all products and services are governed solely by supply and demand Vendors may accept any measure of time offered by a consumer as adequate payment for his/her product or service, but they are never compelled to supply their product or service to any consumer unwilling to pay the vendor's price Consumers may purchase any product or service offered by any vendor, including church or state, but they are never compelled to purchase any particular product or service from any particular vendor, including church or state Time currency is not printed, it is exchanged electronically on a single central database, a Global Time Bank (GTB) Every individual monitors their own GTB account as well as any other account that interests them to insure system integrity All GTB accounts are visible to all GTB account holders.

There are no hidden accounts or hidden data. This includes all personal, commercial, church & state accounts Every individual may enter feedback on any account to which they pay time currency or from which they receive time currency. Feedback may be edited or deleted only by the person who entered it. GTB denies all obligations and entitlements. All transactions are voluntary and based on mutual trust with the assumption of reciprocity. In the case of misplaced trust or failed reciprocity, consumers and vendors have no recourse but mutual resolution and/or public feedback on the GTB database. Time currency would likely become self sustaining when the GTB reached initial funding of 7 billion dollars US. This magic number represent approximately one dollar for every man, woman and child on Earth.

It wouldn't have to come from each of them. It could from as few as 2,000 persons who wanted to create time currency and GTB enough to pay for others besides themselves. Those funds would buy back your freedom of choice (and give you an equal voice in the course of human events) by funding the hardware and software necessary to make the GTB reality. But, it's all just a theory unless you decide it's what you want. After all, I am just a theorist. You are the judge. Incidentally, over 40% of all your income currently supports either collecting or defend against entitlements?

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