What is the future of money? Let us summaries its evolution with simple equations or symbols.
(1) C <->C
C stands for commodities and M represents money.
(1) It all started with commodities being exchanged for commodities, i.e., C <->C also called barter.
(2) The next step in evolution of money was the introduction of coins as acceptable means of exchange i.e., C<->M<->C.
(3) With the coming of industrial revolution one now needs money first to acquire the means of production- land, labour etc to turn raw materials into products or commodities which are then purchased with money, i.e., M<->C<->M.
(4) M<->M is the most recent development with the commodification of money like C<->C. Money begetting money through the paper economy couched in statements like letting your money work for you. Examples are interest on pseudocredit, money markets, stock markets, bond markets, securitization, arbitrage speculation, financial innovations like derivatives. M<->M is worth more than hundreds of trillions of US dollars. M<->M is dominating the world economy, with the real and productive sectors playing second fiddle.
While subprime mortgage loan was the genesis of the 20007/8 financial meltdown, speculative trading in derivatives and other financial instruments, M<->M could seed the next financial meltdown and ultimate collapse of the world monetary system as we know it.
This collapse would usher in a world central bank. Let it be known National Central Banks( CB) are not independent bodies and are not controlled by national governments. In fact most of them congregate at Basel in Switzerland where policies and agreements are made and foisted on nations. The rapidity of Nigeria pursuing the cashless policy biometric identification in Nigerian banks is a case in point. Cashlessness evolved in other parts of the world while it is forced on Nigetians. It is going to be quite easy for national sovereignty to pass on to the CB congregation at Basel. The 2007/8 financial meltdown revealed the interconnectedness of the world financial system, and sooner than later a world central bank would be required to coordinate financial affairs. What portends for individuals by this development?
Each individual is being reduced to a number- a social security number or a national identification number, a phone number and finally an account number. Sooner than later, your various numbers, NIN-national identification number, mobile phone number etc would be collapsed into your account number which probably becomes more important than your name as in some schools. Of course it is for the convenience of entering your vital statistics into a supercomputer somewhere.
Am I stretching imagination too far? Think, why the enforced registration of phone numbers, account numbers and finally financed platforms National Identity Card. Read MasterCard platform for NIN.
Money as we know it, is already disappearing into cashlessness-no coins, no notes, just microchipped cards used in PSOs, Shoprite etc. Cashlessness is being promoted worldwide and it has arrived in Nigeria. BVN( bank verification number), biometric identification- not signatures etc are part of the infrastructure of cashlessness. Signatures are no more relevant at point of sales POS.
Do you have a choice in rejecting to go cashless? The answer has already been given. First, the CBN decides how much you can withdraw from your own bank balance. If you have no BVN, you cannot operate your existing accounts.
The question is who really owns your money, and where does your allegiance lie. Remember John was shown these things 2,000 years ago, and with uncanny accuracy, it is coming to pass before our own times ( Rev.13:13-18).
Yes, sooner or later, credit/debit cards would be done away with just as cowries were. Money is receding, and we will be carrying our account balances on our person, i.e., we shall be microchipped, tagged, marked and captured.
Yes, a fundamental change is taking place, and it is the continuation of Satan’s plan to retrieve dominance of the world after Jesus took it back. Satan’s intention is to make money as essential as Air, and he determines the flow of money. Thus Jesus said one cannot serve masters, money and God Matt.6:23;Luk.15/13). The Holy Spirit also said, love not the World. Also friendship with the World is enmity with God( Jam.4:4).
Money is the essence of the World. Brethren beware.