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Politics : Politics for Pros- moderated
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To: maceng2 who wrote (6508)9/1/2003 6:49:00 PM
From: LindyBill  Read Replies (1) of 793623
 
You have a good thread here LB, and I like discussing the issues with you.

Thank you, Pearly! I will post this for you to ponder on when you come back.

I came up with a "Theory of Money" back in the 70s that is really the way the money system functions today. My basic postulate was that:

The ultimate Money is credit good for future delivery of energy.

All money today is really backed by the productivity and stability of the country that issues it. At it's base level, using the term from Physics, that means it is backed by energy. A bunch of Bond and currency traders keep the countries honest. No guns involved anymore. You run an honest currency, or you go under eventually.

To take this to a micro level, lets imagine a multinational company that is working all over the world. It is paying it's people all over the world in a variety of ways. Let's say it sets up an internal credit card company and issues "Company" credit cards to all employees. It pays the salaries of it's employees to these credit cards. The card functions as a "Debit" card. The employee knows that so much is credited to the card each period, and can spend off it in any country to satisfy any currency, or debit it out to any Financial Institution he or she cares to.

Now, the kicker is added that the employee will recieve "x" amount of interest on the credit left on the card. This could be reinsured easily. The Multinational has just become a private Bank issuing its own currency.
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