Saturday, August 11, 2012

We Need More Currencies

It should be clear from previous posts that from the other side of capitalism, we see that there are not enough currencies available to implement the correct economic policies for so many diverse types of economic persons. In the sense that we mean on the other side, this has never been tried before because the technology was not available. Always in the past, the vast majority of people used physical tokens of some kind to represent units of money. Whoever possessed the tokens had the money, and anyone could possess any token.

It is different on the other side. On the other side of capitalism, not everyone can possess the currency tokens. Transactions between persons in different markets take place through a central clearing house set up by the government. If the buyer uses currency A, then the clearing house takes payment in currency A. If the seller uses currency B, then the clearing house pays in currency B. Generally, it would be illegal for the buyer to possess currency B and illegal for the seller to possess currency A.

This mechanism prevents those in more-competitive markets (richer persons) from using the currency to jerk around those who are in less-competitive markets (poorer persons). If the rich use the same currency as the poor, then the currency acts as a chain controlled by the rich and wrapped around the poor.

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