Comments - The Future of Money: Let’s hope for more of the same ! - Urgent Evoke2024-03-29T14:18:47Zhttp://www.urgentevoke.com/profiles/comment/feed?attachedTo=4871302%3ABlogPost%3A83326&xn_auth=noVery nice brief essay with wo…tag:www.urgentevoke.com,2010-05-09:4871302:Comment:1437622010-05-09T17:35:35.381ZJohn D. Boydenhttp://www.urgentevoke.com/profile/JohnDBoyden
Very nice brief essay with wonderful comments! +1 collabration for creating the discussion.<br />
I would add #5. Internationally accepted.<br />
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We can talk about smaller possibly being better, but what about relationships? Clearing banks that can handle huge amounts? Ways to access ity from those smaller banks.?
Very nice brief essay with wonderful comments! +1 collabration for creating the discussion.<br />
I would add #5. Internationally accepted.<br />
<br />
We can talk about smaller possibly being better, but what about relationships? Clearing banks that can handle huge amounts? Ways to access ity from those smaller banks.? AU is already a reality only…tag:www.urgentevoke.com,2010-04-11:4871302:Comment:886112010-04-11T08:46:34.855ZShakwei Mbindyohttp://www.urgentevoke.com/profile/ShakweiMbindyo
AU is already a reality only is is not yet looking at having a unified currency. Withing Africa there are other regional affiliations in Eastern Africa (EAC), Southern Africa (SADEC), Western Africa (ECOWAS). The EAC has 3 members and is already working toward a unified currency. It certainly will not be easy but IMHO it is possible.
AU is already a reality only is is not yet looking at having a unified currency. Withing Africa there are other regional affiliations in Eastern Africa (EAC), Southern Africa (SADEC), Western Africa (ECOWAS). The EAC has 3 members and is already working toward a unified currency. It certainly will not be easy but IMHO it is possible. Adding on Daniel's point, I s…tag:www.urgentevoke.com,2010-04-07:4871302:Comment:847212010-04-07T23:40:18.656ZSylvain Ratellehttp://www.urgentevoke.com/profile/SylvainRatelle
Adding on Daniel's point, I support the idea of maller banks closer to their community, That was suppose to be a strenght of the US banking system. The US is having 10000 banks, and the fact they can fail is suppose to make sure that the management will be prudent enough to avoid it. All US banks should be limited to a market share of 1%, not 10% like it is right now. Even worst, 6 banks are now close to that 10 % limit. You can some banks, with less than 1% go under, but you cannot let 60% of…
Adding on Daniel's point, I support the idea of maller banks closer to their community, That was suppose to be a strenght of the US banking system. The US is having 10000 banks, and the fact they can fail is suppose to make sure that the management will be prudent enough to avoid it. All US banks should be limited to a market share of 1%, not 10% like it is right now. Even worst, 6 banks are now close to that 10 % limit. You can some banks, with less than 1% go under, but you cannot let 60% of the system fail at the same time. And on Sarah's point, banks can, and have some business relationship with others for a fee, so that you would avoid being caught without money in a foreign place. Thanks for sharing views. Kenneth your idea about Afric…tag:www.urgentevoke.com,2010-04-07:4871302:Comment:843622010-04-07T19:47:51.676ZMichal Kliger-Spatzhttp://www.urgentevoke.com/profile/MichalKligerSpatz
Kenneth your idea about African union is very nice but I have many doubts if it will be applicable. I would like to remind you that even in the EU only specific countries had been selected very carefully based on their economical wellness. Only recently less developed countries were allowed to join under a very restricted rules and conditions. The situation in Africa is far away from it.
Kenneth your idea about African union is very nice but I have many doubts if it will be applicable. I would like to remind you that even in the EU only specific countries had been selected very carefully based on their economical wellness. Only recently less developed countries were allowed to join under a very restricted rules and conditions. The situation in Africa is far away from it. Building on what Daniel has s…tag:www.urgentevoke.com,2010-04-07:4871302:Comment:835032010-04-07T06:12:03.731ZSarah Shaw Tatounhttp://www.urgentevoke.com/profile/SarahShawTatoun
Building on what Daniel has said, I don't think it has to be 'either or'. On a world-wide level, for international trade we have to have some version of the current system. I would argue for smaller banks, with strict international regulatory standards and a great deal more transparency-- but I would hate to go back to the bad old days of the 1980's when I found myself stuck in Brussels without money because the check I had was drawn on an English bank that didn't have a correspondent in…
Building on what Daniel has said, I don't think it has to be 'either or'. On a world-wide level, for international trade we have to have some version of the current system. I would argue for smaller banks, with strict international regulatory standards and a great deal more transparency-- but I would hate to go back to the bad old days of the 1980's when I found myself stuck in Brussels without money because the check I had was drawn on an English bank that didn't have a correspondent in Belgium. There were no international ATM's in those days, and the banks were so unused to international transactions that the bankers had no idea how to help me. It took a disabled GI who had experience getting his US pension check cashed in Europe to explain how to go about it.<br />
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On the other hand, there are a lot of advantages to having a variety of local systems operating in parallel to the 'main' money system. In the US, Credit Unions (essentially banking cooperatives, where you become a 'member' of the bank) usually provide much better and cheaper services than commercial banks. Barter, gift-circles, work-credits for food coops, and other less formal systems of trade are often much more satisfactory than money payment when you're operating on a small enough scale that people can meet and get to know one another-- and build up reputations.<br />
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The alternate systems allow you to do something much more complex than simply trading services-- they allow you to build up networks reflecting the multi-dimensional nature of people's skills and talents. These kinds of networks are soul-satisfying to use-- but they are also fragile and intricate. To expect them to do the heavy lifting of international trade would be unfair. Great point Cynawynn. "Root o…tag:www.urgentevoke.com,2010-04-07:4871302:Comment:834832010-04-07T05:27:56.773ZDaniel LaLibertehttp://www.urgentevoke.com/profile/DanielLaLiberte
Great point Cynawynn. "<a href="http://en.wikipedia.org/wiki/Root_of_all_evil" target="_blank">Root of all evil</a>" explains it pretty well.<br />
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Thomas, I'd have to say that many smaller banks, closer to where the people are, is a good idea for many reasons, even if it ends up being less efficient. We need the redundancy to avoid the "too big to fail" problem, especially when it comes to money. We need the local banks to invest in local communities by their loans and interest on money in the…
Great point Cynawynn. "<a href="http://en.wikipedia.org/wiki/Root_of_all_evil" target="_blank">Root of all evil</a>" explains it pretty well.<br />
<br />
Thomas, I'd have to say that many smaller banks, closer to where the people are, is a good idea for many reasons, even if it ends up being less efficient. We need the redundancy to avoid the "too big to fail" problem, especially when it comes to money. We need the local banks to invest in local communities by their loans and interest on money in the bank.<br />
<br />
We also do need several higher levels of coordination all the way up to the global level, but mostly in the form of monitoring and keeping things in balance. The higher the level, the more people should be involved in the process making extra sure that things are done right. What we have instead is the higher levels are controlled by fewer and fewer extremely wealthy corporations and individuals. We are essentially upside down, with the powers that be shaking all the spare change out of our pockets. "For the love of money is the…tag:www.urgentevoke.com,2010-04-07:4871302:Comment:834802010-04-07T05:20:52.343ZMichal Kliger-Spatzhttp://www.urgentevoke.com/profile/MichalKligerSpatz
"For the love of money is the root of all evil"<br />
Fully agree… however the big question is can we make a change?
"For the love of money is the root of all evil"<br />
Fully agree… however the big question is can we make a change? One of the most misquoted say…tag:www.urgentevoke.com,2010-04-07:4871302:Comment:834472010-04-07T04:05:23.921ZCynawynnhttp://www.urgentevoke.com/profile/Cynawynn
One of the most misquoted sayings: "Money is the root of all evil". The actual quote begins "For the love of money is the root of all evil". Big difference.
One of the most misquoted sayings: "Money is the root of all evil". The actual quote begins "For the love of money is the root of all evil". Big difference. I would have to agree, to be…tag:www.urgentevoke.com,2010-04-07:4871302:Comment:834432010-04-07T04:01:34.746ZThomas Carlislehttp://www.urgentevoke.com/profile/ThomasCarlisle
I would have to agree, to be honest. Local banks and currency seems to be a step backwards, towards local marketplaces. It is world-wide trade, currency exchange rates, and supply and demand that dictate the current economy. It may not be the best system in the world, but abandoning the system is not the answer.
I would have to agree, to be honest. Local banks and currency seems to be a step backwards, towards local marketplaces. It is world-wide trade, currency exchange rates, and supply and demand that dictate the current economy. It may not be the best system in the world, but abandoning the system is not the answer. Hi Daniel, I fully agree with…tag:www.urgentevoke.com,2010-04-07:4871302:Comment:833652010-04-07T01:45:15.183ZSylvain Ratellehttp://www.urgentevoke.com/profile/SylvainRatelle
Hi Daniel, I fully agree with you, I will have another look at your blog, Thanks
Hi Daniel, I fully agree with you, I will have another look at your blog, Thanks