As one studies history, we learn that basic questions about money define the politics of previous ages. In pivotal periods of American history the questions about who has the power to create, issue and redeem money became the burning issues of the time … Indeed these questions helped define the legacy of legendary American figures like George Washington, Thomas Jefferson, Alexander Hamilton, Andrew Jackson, Abraham Lincoln, William Jennings Bryan, Woodrow Wilson, FDR and Richard Nixon. Their legacies have left us with a some big open questions about how we will negotiate the financial challenges of our time: which I call – The Money Question.
Our current answer to The Money Question takes the form of our money and banking system, but there is nothing but trust backing up the trillions of dollars that are the lifeblood of our economy. Because the system is inherantly unstable, we’re operating with a flawed answer to The Money Question. At some point, a reckoning awaits us. With the emergence of digital currencies like Bitcoin, Ripple, Amazon coins, points, rewards and numerous others, we are seeing a way to democratize and decentralize the power to create money. This if built into a parallel, digital money system has the potential to “awaken” the economy. With a parallel network of entities, using a Money as a Software Service platform, “social banks” like universities, foundations, retailers and other non banking entities can become empowered to create money. Such a new digital money system could attach a tangible value what we need to create a sustainable, equitable and stable future.