Notes of Note from John F. Ince

Money and Power

I’ve had the good fortune to see how the system works from the inside working in four major power networks:

• The Wall Street financial power network
• The Fortune / TIME Inc. media power network
• The Harvard / Cambridge academic power network
• The Silicon Valley / Tech power network.

Through all this I’ve learned one thing:  while personal integrity is the ultimate source of our power, societal perceptions shift  our thinking to another basis:  money.  The acquisition of money, whether that be in a personal or corporate context, becomes a convenient measuring stick for us to gage stature.  So if we are to change our thinking about integrity and power, we need to change our thinking about money.  Conveniently, technology is pushing us towards a new basis of money, for today almost all the money that circulates has no physical form.  It’s just digits … software.

Lately I’ve become fascinated by the history and technology of money.  I’m convinced that we’re on the cusp of a major transformation as we move towards a complete digitization of our money system.  Bitcoin, mobile payments, social networks, social media, fin tech, cloud computing are all converging on this space which I called New Moneeey.  I put an three “e’s in the word money because I believe new Moneeey will enable us to build a more efficient, effective and empowering money and banking system,  In other words,  when we go the final mile towards a world where all money is just software we start to see “Money as a Software Service” as a kind of MaaSS movement.  It’s  an unpredictable kind of transformation in which technology companies start to assume some of the money creation powers of banks (ie Bitcoin, Open Coin, Ripple, Amazon Coin, Facebook Credits) … and banks increasingly become tech companies … because they know that “trust” in the money system becomes a function of the robustness of technology and security systems that support their basis of power.

All this has become such a fascination to me that I’ve written not one but four books about this coming transformation:

The Money Question
Meaningful Money
The Code of Common Cents
The Credit Commons

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