Share the power of money making
Money is a social relation based on trust. It is an IOweYou in paper bills or electrons.
If money is a social relation one can see that the ones owning the literal ability of money making have the ability to create a lot of wealth and power in relation to others. They can create You Owe Mes.
Many think this money making machine is in the hands of the state, shouldering the former responsibility of despots, when they print paper bills and coin coins but most money are made by commercial banks when creating interest-loan like a loan for a non-productive asset such as a house, They create a You Owe Me and it is almost (as banks are only required to back the lending with 10% of reserves) (money for nothing) This setup becomes problematic from a distributional and an environmental perspective. Money made by a few for nothing contributes to the systemic trap of “Success to the successful” by rewarding the ones already fortunate and interest-based loans demands continued economic growth which is impossible in limit space as the earth.
Considering that money can be thought of as a public good (it is not excludable as it only has value if other use it and nonrival) there is no reason against handing the money making to a city or state-owned banks. They could democratically take care of our public money and distribute it fairly for the public good.
Another less centralized way is to create your own money. As described it is only a social relation and you could basically set fair prospering-within-limits requirements to it. Think it is impossible? Think Bitcoin. and Bengla Pesa.
If creating your own money seems overwhelming you can together with others in your community start a bank. As seen we need to diversify the ownership of money making by handing money making power to the people and the community banks French SPEAR, Unified Field Corporation and the development of credit unions are working examples of this.
So if we drop the enclosure of our minds and use imagination and the practical ideas already in place we will find there are ways to share the power of the money to make it work for all and within the limits of the planet.
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