Abstract
Our economic environments have become more volatile and financial tools ever more sophisticated. This chapter presents a disruptive idea in a different direction. Fiat money in the past never lasted for more than 4–5 decades before related systems collapsed. Prof. Schneck presents a thought-provoking alternative—a world without money, therefore without rating agencies and related problems. Five scenarios are presented and critically discussed, questioning assumptions and drafting alternative futures.
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Notes
- 1.
There are two different discussions in the banking world: One is to chance the whole financial system, and the other is to add complementary money currencies to the current system. We want to discuss the second approach. An overview of the system’s critics can be found www.ijccr.net.
- 2.
The discussion of fiat money started with Silvio Gesell in 1916 and was further developed from Selgin George, cf. Selgin (1988).
- 3.
Faber, Berlin 1979. Gloria-Palermo: 1999.
- 4.
Cf. Hayek, 2012; Mises, 1924, 2005 (engl. 2013); www.hayek.de; www.mises.org
- 5.
Bank Charter Act, 1844, Bank of England Archive, Retrieved 2010-10-27.
- 6.
Detailed descriptions and overview of “Local Money” in: Bernard, 2002. Based on: http://www.complementarycurrency.org/ccDatabase/les_public.html
- 7.
A very good differentiation between the Austrian and the Chicago schools appears in: Skousen, Washington 2005.
- 8.
Aron (2011), S. 23 ff.; original website to BITCOIN: www.bitcoin.org
- 9.
Cf. the homepage of Michael Lintons at http://www.gmlets.u-net.com or http://www.gaianeconomics.org/linton.htm
- 10.
- 11.
An overview of bartering systems in: Oberländer, 2008.
- 12.
WIR-Bank, Annual Report 2012; www.wir.ch
- 13.
Douthwaite 2011; S. 432 ff.
- 14.
The original plan after the Second World War for a new worldwide currency in: Keynes, 1980;
- 15.
Cf. Lietaer, Belgin, 2011. All ideas for a worldwide currency from Lietaer in: http://www.lietaer.com/
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Schneck, O. (2016). A World Without Money Needs No Banks and No Rating. In: Azarmi, T., Amann, W. (eds) The Financial Crisis. Springer, Cham. https://doi.org/10.1007/978-3-319-20588-5_5
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