To a blogger who wrote an article on financial regulation that was so complex that I doubt whether more than 1 in a 1,000 readers could understand it, I wrote the following:
If only money were real money again with its own intrinsic value then we wouldn’t have all these grotesque bureaucracies in nation-states. Despite all the attempts at regulation all we are waiting for is yet another monetary crisis. Greek and Chinese sea traders independently invented money as such at around 900BC and were the first to develop successful trading economies which adequately lasted for nigh-on 2,800 years until WWi.
There ought to be nothing simpler than money because it depends on a basic instinct of fair exchange. Thus doesn’t preclude any amount of trickery but real money soon re-imposes self-correction.
I can’t help feeling that when the next crash comes — when perhaps the most insane monetary authority of them all, the Eurozone, collapses — the economic disarray will be so profound that business will once again have to re-institute a sound trading currency. Many large firms are now giving Bitcoin’s block-chain technology serious consideration. Given what could quickly become a world-wide paralysis, Google and only half-a-dozen more large multinationals could initiate a new currency that could spread fan-wise into the smallest food stores in days and for which governments would have to rapidly fix their own tokens in order to exist for more than a day or two longer themselves.