Last time, I focused on the thousands of corporate currencies that would be created if we decentralized credit by allowing corporations to issue their own currency, and how the value of all the currencies would be measured against one another through a new unit of account called the Universal Dollar, but there's a flip side to this coin, and it's a much better way to explain it.
Instead of seeing the thousands of currencies, there would actually be only one worldwide currency called the Universal Dollar, but every Uni would be denominated in someone's name as a legally binding instrument of purchasing power that anyone could create to whatever extent the market would allow. This is the solution to our repeating cycles of debt because it uses the power of choice in a free market of competing currencies and decentralized credit that has accountability.
Everything would be priced in Universal Dollars, but instead of trying to figure out how many Apple Unis are worth compared to Google Unis, the value would be worked out by the market and be reflected in the price of their products and services, so instead of seeing 1 Apple Uni is worth 2 Google Unis, the price of an iPhone would be 1,000 Unis vs the comparable Galaxy at 2000 Unis. While the price of one product is not a perfect reflection of the value of the currency, that's how the value of the currencies would express itself in the marketplace of goods and services that use the same unit of account that doesn't itself change in value.
The idea of having one world currency would be a really bad idea if we used a government-issued currency and centralized institutions of debt creation that have no accountability because there's no legal liability attached to the currency they create, but the best way to think of how the Universal Dollar system would look is to imagine if the entire world used US dollars to price their products and services and pay their employees, EXCEPT every dollar was in the person or corporation's name that spent it into existence, which legally obligates them to redeem those dollars they created with their labor, product, or service. The market sorts out how much currency each person or corporation is allowed to create through its willingness to accept the currency. This is how we eliminate the ability of politicians and bankers to manipulate the money supply and continue to repeat the booms and busts of endless debt cycles.
I haven't figured how I'm going to make this a documentary yet, but I'm going to do it because this is not only the ideal monetary system - made possible by our technology - and beneficial to everyone except bankers and politicians - but I think it's inevitable. So rather than ask how it's possible it could happen, the better question is how is it possible this doesn't happen? Boom.
