Deconstructing the pitfalls of money.
First, we fully share the concern expressed by different individuals and groups about the possibility that the establishment of an exclusively electronic money may become the trap of an electronic tyranny, under the control of a minority which does not report to anyone.
Such concern is based on the possibility that the remote network can be subject to the exclusive control of the prevailing political and economic elite. It is control, or rather the lack of it, that leads to the big trap that we fear. All the more since this trap occurs today, no need to wait for e-money.
The anonymous money was first made of coins, later of coins and banknotes. It was created 4300 years ago under the rule of Sargon I of Akkad, and it coincides with the beginning of modern imperialism that has lasted until today. That is the tool that made possible the assassination of John F. Kennedy on the 22nd of November, 1963, the coup of 11th September, 1973 against Salvador Allende in Chile or Olof Palme’s assassination on the 28th of February, 1986 in Sweden, when those leaders were engaged in or were about to take governmental actions on behalf of their respective nations.
At the study centre Joan Bardina we suggest a number of different measures in order to prevent the probable electronic tyranny that would ensue from a telematic currency controlled by a plutocracy or government. One instance is putting the electronic networks which handle the electronic money, under the exclusive control of a justice which is independent from all executive and legislative powers of the different administrations. A justice which would also be independent from finantial powers by means of an automatic assignment to justice of a fixed percentage of each State’s budgets, let them be ordinary or extraordinary. Needless to say that the budget of justice would be administered by justice itself.
An unfortunate opposite example is found in Spain, where successive governments of the alternating dominant parties have driven the administration of justice to such scarcity of resources that judges and tribunals risk to be subject to bribery and pressure from the most powerful sides in each process, even from politicians themselves. Such bribery could get paid with anonymous currency, that doesn’t leave any trace, or with wired money under private control which is easily manipulated to eliminate any evidence.
A general system like the one we propose should have a number of built-in measures that would make it easy to eliminate bribery, but also misery and poverty. With a nominative-only currency charity becomes impractical and it is much better to foresee a minimum income for anyone without a salary or pension. We are talking, of course, of a universal basic income.
We should also consider that we have an overproduction crisis. There is an abundance of products, and also of people ready to buy them, but there aren’t sufficient means of payment in the market to make it happen. Also, the ever increasing automation and robotisation is taking us towards a society in which a minority of business people own the majority of the production means, but their stocks pile up because most people are jobless and thus penniless.
The Telematic nominative currency implies a political authority with a capacity to create and destroy money, as required to keep the balance between supply and demand. Like that the creation of money will not exponentially increase the debt of the government as it is now happening in the United States with the Federal Reserve and at the Eurozone with the European Central Bank. Being debt ridden causes the bankruptcy of governments and individuals, with the destruction of many public services. Anonymous currency makes it impossible any accurate measurements of the market, but with nominative electronic currency the authorities will have the first time since the last 4300 years, statistical data reliable enough on the market, a prerequisite for any planning.
Nonetheless, nominative electronic money requires the rule of law, such that each transaction should leave a juridical trace, a prerequisite for responsibility. Furthermore, each person’s data will be accessed only by himself or herself, plus a justice only if a legal process has been started upon the person. Sure enough, it justice were endowed with sufficient resources and personnel it could handle cases more diligently, while keeping all mandatory warranties and solving judiciary conflicts that may happen without letting them rotten.
The trap under discussion could easily happen shouldn’t we have an electronic currency with the warranties we have mentioned, plus others that you can find in our website (http://bardina.org/ammsuk06.htm).
However, while we are very concerned by the likely trap of the electronic money, we are equally concerned by the current situation in which the trap is that of anonymous currency. Any attempt to change policy in favour of the Commons is quickly cancelled because the establishment has abundant anonymous money to pay bribes, assassination and all sorts of pressures, blocking once and again the required political, economic, and social evolution of mankind.
It could well happen that, same as the onset of anonymous currency triggered the beginning of modern imperialism, for the last 4300 years until today, a new Telematic currency nominative-only, with the required warranties, would see the start of a new era of peace, justice and responsibility in all fields of human activity.
Thank you very much for sharing this information.
Brauli Tamarit Tamarit.
Monday, 11 November 2013.
Translation: Jordi Griera.