If you ever were in a dirty alley and instead of a black cat you saw Wall Street white shoe boys scrapping through garbage, gobbling down junk bonds for food, you might assume that economic markets have come crashing down. Just this week "The Global Development Horizons 2011" report stated that is likely that by the year 2025, the economic world currency will be split between the Euro, the Yuan and the Dollar. This could be an optimistic forecast, and the dollar days as world fiat currency are over sooner than later. The U.S. economy is struggling to survive massive devaluation. The dollar, backed by nothing, has weekend in value, no gold at Fort Knox. The Nixon shock of 1971 dissociated the U.S. Dollar from the gold standard. Added to this, the phantom of hyperinflation has peeked its ugly head as the Federal Reserve keeps printing new money out of thin air, for years now, creating massive debt. Recently after the home buyers bubble burst the central bank together with government bailed out bankers and financial institutions worth several trillion dollars of default loans. New money is created as interest bearing debt, which means that there is never enough money in circulation to pay off the accumulated deficit, creating thus an obese monster that will eventually cannibalize itself. This implosion is built into the monetary system. Since the existing money supply cannot pay national and international debts, certain world economies are slashed and burned. Economic casualties of this money scheme include Iceland, Greece and Ireland. Who will be next? How many more families will bankrupt their livelihood? This obscene pathology does not care if millions of workers loose their jobs and loose homes to foreclosure. This granddaddy of all bubbles will burst too, at that moment we will witness the end of financial growth. This could happen gradually and or suddenly. Judging by the last run of bankers and billionaires, the end is near, and at the end of the day their fortunes will be worth nothing.
The reducing purchasing power of the almighty buck will finally wake us all up to the understanding that our old ways are over. We need desperately a new model to replace this broken pot. An ethical mixture of technology, pre-industrial knowhow and local societies based on true basic needs in new common law.
As people of the West we might revisit the past when medieval peasants did not need money to get food or clothes. Peasants were able to exchange goods and services rendered without money, much like we still do, when we do favors for family and friends. The compact scale of these communities allowed them to interdepend and negotiate in a network of mutual exchanges, work and goods. This wealth is achieved when relationships, family and community coexist and reciprocate in interdependence, in cooperative partnership with each other and mother earth. In this case and because we depend on each other on such critical levels, we enforce the perennial rule "what we do onto others we do to ourselves".
I am not suggesting we regress to medieval times with no "money" but perhaps substituting the current model with a thoroughly revised "real” values system of exchange based on higher morality. This new exchange of values will be done with community based currencies, or credit union set ups, with a record of transactions, credits and debits for services rendered, much like the system of debit cards that is already in place today. When was the last time you walked around with a wad of bills anyway, plastic is the new cash. The catch to this system is the quintessential definition of ownership. We need to understand the value of share, the have's and have not’s don't need to be two ends of the whole; it’s not a Darwinian variable, and ultimately the arrogant entitlement of who got there first. The available property and resources, like the air we breathe are a gift that belongs to all of us. But how and who will distribute evenly the goods among us? How do we adjust to this starting point, this new agreement? Who will run the land and infrastructures that will be needed to set forth this new experiment? Ownership and entitlement to infrastructure are defining aspects to this new multipolar bio-regional interdependent model where land has rights over us and not the other way around.
The local markets reset the slate to Neo Feudalism in copartnership with mother earth. Our planet is the great I am that we have forgotten, the walls that are falling among us are the walls that have kept us in prison.
Carlos Cuellar Brown