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[The Future of Money: Learn] Electronic Money: The Future
I started out writing my article about international money. After thinking about this more in detail, I realised that this would actually be horrible for the international economy. So I got back in my metaphorical thinking chair, and came up with this little brain nugget. :P
ELECTRONIC MONEY
I know what you're thinking. Electronic Money? Is she crazy? Well, no. I know you are worried about hackers going nuts with the bank's money, causing all sorts of chaos. But in reality, we would have some sorts of checks and balances. Here's how.
THE MONEY YOU CARRY ON YOU
This can be completely electronic, where it would function like a debit card. You would simply visit your local bank on the internet or in person, and charge up the device so that you could use your money on the go. Should this device be stolen, just contact the bank and they will make sure no withdraws are made from that device until you get it back.
THE MONEY IN THE BANK AND ON THE INTERNET
After getting paid, your check would go straight to the bank, where the bank would put those numbers into your virtual account. You could withdraw at any time to the device you carry on your person.
THE "MONEY" NOT ON THE INTERNET
Just in case of hackers (Which wouldn't happen often, as security would be craaaazy), banks would keep a record of your money on a sort of offline bank database. This database would be completely hacker free and would have it's own backup power source in case out power outages. Whenever a withdraw or deposit is made, it goes into this local database, and another copy goes into this sort of "bank net" just to make extra sure your money stays secure.
So basically, that's how I believe electronic money would work. Make of it what you will and be sure to give me your input in the comments section. Thank you for reading! :3
Views: 51
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Comment by Iron Helix on April 1, 2010 at 4:16pm
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Honestly, although it will in all likelihood actually happen, electronic money has the potential to be extremely dangerous. Off the top of my head, hacking, EMP/CME events, loss of the electric grid, and national security (China, anyone?) are big reasons why heavy conversion to electronic money is a bad idea. That being said, the vast majority of money is already electronic. The only "physical" money in today's society is coins and cash, which comprise the M0 money supply.
Take a look at this graph: http://upload.wikimedia.org/wikipedia/en/thumb/9/95/Components_of_t...
The total money supply (M3) far and away exceeds physical currency. M0 is less than $1 trillion, whereas M3 most likely exceeds $13 trillion, of which $12 Trillion is all 'digital'.
Money problems are not commonly understood. The largest problems facing money today is not its form or underlying confidence measure, but rather the creation of money based on debt (every dollar created is borrowed into existence with added interest) and the inherent exponential system a debt based currency creates.
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Comment by LunarLight on April 1, 2010 at 6:16pm
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Wow! Such a well thought out post!
I suppose the reason so much money is digital is because of how much easier it is to transfer.electronic money over great distances, instead of having to actually carry it there. I didn't know that so much money was already digital, and I find that really interesting.
Perhaps money could be protected from EMP and CME by a magnetic shield of some sort? Here's something I found with a quick google search about the subject.http://www.physlink.com/education/askexperts/ae512.cfm Loss of grid power could be solved through backup generators and such. We all know electronic money has it's problems, but in my opinion it has a lot less problems then paper money.
Could you expand on the debt thing? Are you talking about credit cards, or bank debt?
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Quote: "Could you expand on the debt thing? Are you talking about credit cards, or bank debt?"
If you live in the United States, the money you use is created in 2 ways: First at the Federal Reserve and second at banks through the money multiplier effect. When money is created, at the national level, the government 'borrows' money by issueing Treasury Notes (which must be payed back with interest). The treasury notes go through a roundabout process of being sold to other countries, banks, or other entities, but eventually the treasury notes will be bought by the Federal Reserve, which then issues the amount for the treasury note. The end result is money being borrowed into existence. Since it is a debt, paying it off within that system requires more borrowing (with more interest). In the end, the money supply must grow by a percentage each year to cover the interest (an exponential growth function), which makes the wh*** thing inherently unsustainable on a finite planet. The money multiplier effect done by banks is the second process in money creation. When a deposit is made at a bank, that the banking system can then lend out 90% of that deposit. The depositor still has 100% of his money on the bank's books, but in reality, only 10% would actually be available to him. If that 90% which is lent out is again recycled into the banking system by being spent and deposited, then an additional 90% of the 90% loan can be again issued as a loan. This cycles down until the original money supply balloons into something like 10x the original supply. the vast majority of that money just so happens to be 'digital' (whereas it used to just be notes on the books of the banking system).
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Huh. Well, that doesn't sound good.
What do you think should be done to solve this?
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