This page has been archived and commenting is disabled.
The Real Definition of Money in a Modern Economy
This article continues the corrections introduced in The Central Banker's Definition of Money is Obviously Wrong, And That's Not Taking Into Consideration Veritaseum Technology. Yesterday at the New York Blockchain conference conference I told those in the financial and fintech communities that banking as we know it is done. As a result, banks as we know it are done. One very important aspect of this observation is that banks define money as debt... Which it is not....
Money is a proxy for one's labor, and not debt. Here, I break it down in detail...
Even gradeschool students in Brooklyn, poverty stricken children in Port au Prince, Haiti and my children know this. Is it the educational system that causes this confusion over such a very basic economic concept such as money?
For those who don't want to watch the whole video, forward to the 9:50 marker and tell me why I'm not giving this presentation to the Bank of England instead of gradeschool kids in Brooklyn.
Meet the new banking system and the new defintion of money...
- advertisements -
labor is a commodity, and not more or less important than any other commodity. information is also a commodity. so money is a proxy for information. and sure banking is obsolete because labor is obsolete, or automated. money is essentially electricity, the flow of which is managed into data packets, if you have the right data packets in your banks server then you are rich. money as it pertains to individuals is obsolete, but this data packet concept still defines corporate activity which is how the poor folks can get along, which is why people like bill clinton and jimmy carter work on their projects to indemnify these under developed neighborhoods. there is no hope for them as individuals. you can also make the case that labor is a proxy for your birthright, and money is a proxy for labor. in simpler terms the wealth should be distributed to the people who built the economy we have, it all rests on their historical contribution.