Theophilis Goodyear: After Currencies Collapse?

03 Economy

The MetaCurrency Project: A Designer of Vital Open-Source Systems

One of my main questions and concerns continues to be: what will happen if currencies around the world collapse? Considering that China (and therefore Asia as a whole) is now showing signs of approaching the same kinds of currency dilemmas that Europe and America are facing, it’s looking more like a case of when than if.

In my mind I’ve always thought of post-crash governments organizing a kind of international summit to try and reestablish currencies should they collapse. But let’s face it, they’re yoked to tradition and power and obsolete systems. They’re not likely to have any more chance of agreeing than the recent Supercommittee in Washington, whose careers are tied to too many interests for them to be flexible or innovative.

But it sounds like the people at The MetaCurrency Project have ways around that problem, as well as providing alternatives so that the problem need not even arise, as such. They envision creating open-source systems that can replace traditional currency systems. Imagine a system like Ebay, where Oil companies, farmers, clothing manufacturers, and every other kind of producer of goods and services can make their exchanges without ever having to use a bank. This is exactly the kind of technology that the MetaCurrency project is working on. They have an impressive team, although I’m sure they could use help.

Considering that currency is what keeps the global economic system up and running, this could be the most vital open-source project of all. Currency to the world economy is like blood to the human body. Without it, or some alternative to it, all the other systems start to wither and die. Whether open-source democracy plays a role in facilitating open-source currency systems, or whether open-source currency systems play a role in facilitating open-source democracy, no one can tell. But one thing’s for sure: If and when currencies collapse, there will need to be alternatives, and quick! If there’s any group that’s more forward-thinking and focused in this regard, and more prepared to offer concrete solutions, I’d like to know who. The MetaCurrency Project certainly seems to be among the vanguard.