There is nothing more federal about the “Federal Reserve” than there is about Federal Express. The Fed is a private company for whom the US government is the “Legal Tender”, literally and figuratively.
We could complain about the state of this cozy relationship or we can realize that at the end of the day, the value of the currency is a social agreement among people who volunteer to trade it for goods and services. There is nothing keeping each and everyone of us from “legally tending” a currency in communities in exchange for goods and services – as long as there is a social agreement.
The Semantic Web:
The word “currency” has several meanings. It can mean a “medium of exchange” such as “bank currency” or it can mean a placement in time such as a “current edition” or it can mean the flow of mass such as the “river’s current”. Money is in fact all three; it is exchanged, it changes with time, and it moves things. Therefore, anything that does these three things can be used as currency.
Social Media space has awarded civilization with an extraordinary capacity to create social agreements. Social agreements are founded on conversations between people – that is, the things that people are exchanging are transported with the conversation. Conversation is the medium of exchange.
The Value of Value:
The value of the dollar is not changing, the value of the social agreement is. Land, Labor, and Capital are transcended by conversations about environment, health care, social justice, human rights, and global freedom. The social agreement that once supported the value of a dollar is supporting something else. The value that the dollar once held is being transferred someplace else. The people that once controlled the value of currency are being replaced other people. The social agreement is being replaced by another one.
To understand the new social agreement is to understand the currency of currency. To support the conversations that define the new social agreement is to support the value of social currency. To support the value of social currency is to support the value of money.
Humility: The New Economic Paradigm
In order to intersect the flow of money people need to be trading a conversational currency. Look at today’s economy: In order to find value, we need to ask someone else where it is. In order to find value, we need to tell someone else where it is. In order to stay “current” we must engage with others. In order to preserve value, we need to preserve the value of others.
Most importantly, especially for those who want to hold a great deal of money, Power, or control: in order to hold value, we need to give it away. In order to hold power, one must empower others. In order to control, one must give up control.