A future without money

 

The Technology of Money

Nairobi – Some years ago, DFID – the UK Department for International Development – partnered with Vodafone to develop a secure software platform for performing a number of basic payment functions on mobile phones.

Reading money

One starting point for thinking about the future of money is to consider its past. For those interested in the history of money, there is no better place to start than the works of economist Barry Eichengreen (University of California at Berkeley).

The growing influence of Islamic law and its economic rules:

It is evident that the practice of Islamic banking is growing, not only in the Moslem lands but also in some European capital cities, principally London, where Sharia–compliant commerce is a growing factor in the modern banking sector. 

 

The Rise of Private Money

The internet has a funny way of producing outcomes that disrupt traditional businesses, a fact widely seen in fields as diverse as communications, retail, journalism, supply chain management and increasingly finance.

 

Government debt to be monetised?

Almost certainly the “unlegislated tax”1 of inflation will be the consequence of the debts that the governments of Europe, Japan and the US have accumulated. Inflation is a very regressive tax and it is dishonest and divisive, but it usually is more politically popular than the alternatives of cutting spending or raising explicit taxes.

Rethinking central banking in the 21st century:

From “behind the scene” secretive rulers of the world (Plaza accord in 1985), to the period of great moderation, attributed to monetary policy, when central banking was called “boring” (until 2007), to the recent almost celebrity status of some central banks and governors.

The role of payment card networks and the dangers of imposing price controls

Electronic payments in general and payment cards in particular are rapidly replacing cash and checks as the preferred means of making consumer as well as many business purchases. By enabling faster, more secure, traceable transactions, payment cards have been a key element in promoting greater integration of the world economy. 

 

 

The Omega Point of economic life (or how to end the Keynes vs. Hayek...

However, there is an irony in our attitude towards our forebears’ belief systems, for we consistently fail to consider that such limits of perception may apply to ourselves. True, such limits may be at a different order of complexity than in the past and thus the old signposts often have very little to offer in terms of where to look.

Why gold?

In 1971 President Nixon delinked the dollar from gold, putting an end to the Bretton Woods System that had ruled the world’s monetary systems since the end of World War II.
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