Transforming Money: From Debt to Empowerment
by Susmita Barua 3/31/05
ABSTRACT: This paper discusses some ideas about transforming
money from its current unconscious state that produces increasing
poverty, inequality and debt burden on people to a state where
money becomes a conscious debtfree and taxfree medium that
allows free flow of all human labor and creative energy from
community level upwards to global level.
This non-dual non-competitive publicly adopted decentralized
form of trust money, as opposed to centralized inaccessible
debt-money would foster
- unprecedented cooperation and true empowerment of all
individual and communities irrespective of economic and
- peaceful participatory democracy
- sustainable use of both the natural resources and indigenous
The value of money will be secured democratically by the
natural and human capital and collective productive capacities
of the people in the community, region or nation. The perennial
problem of distribution and allocation of basic goods and
services can be eliminated with adoption of Universal Basic
Income (UBI) for all.
Changing perception of money from a "store of value"
to only a "measure of value" in the same way a coupon,
ticket or accounting entry is going to minimize or eliminate
all volatility arising out of disparity in principal issued
and interest accrued, speculative activity using money (perceived
as a store of value) as a commodity, over-building of excess
capacity, pollution and abuse of labor and resources due to
profit maximization agenda of corporations. Also transforming
the perception of money from a "medium of exchange"
to energy like "medium of flow" is going to solve
the problem of fair allocation of money for both the consumers
Under such system human energy and free enterprise will increasingly
self-organize itself into all manner of creative, cooperative
and human-scale enterprises and all businesses would be service
oriented rather than profit oriented. Job creation by corporations
and government bureaucracy is a necessity only for long term
debt servicing and tax-based welfare system.
With true economic empowerment of the bottom half of world's
population, many secondary social benefits including substantial
reduction in population growth, ecological destruction, and
gender-race based inequalities are bound to follow.