The Future of Money

Cash. Dough. Bucks. Moolah. Cheddar. It goes by many names. But what will the payment for goods and services be like decades from now?

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Episode Transcript

(00:00):
Welcome to the Fuzz, where weenvision the ideas we'll all be buzzing about
in the future. The buzz thefuture, Sure, in the future,

(00:21):
in the future, the future.While the things we talk about on this
podcast might seem impossible or even slightlyinsane, so did credit cards, online

(00:47):
banking, and blockchain technology. Nowlook at us. That's right. On
today's episode, we're talking about thething that rules everything around us. Money.
It comes in many forms, coins, bills, cards, stocks,
gold bars. I love gold bars. Yeah, as you know, shah,

(01:11):
that's my preferred form of currency.Yeah, yeah, you know,
You're always You're always pulling out thebars. Yeah, I'm like, hey,
I'll pay for that, and thenyou just drop one of those bars
down. But what will that moneylook like in the future? What will
money look like in the future?What will it today? We're going to
find out. What do you think? You stepped into the time machine?

(01:34):
Right I did? I did?What did you see? I'm not just
going to tell you, I'm goingto take you there as I do.
So it's not what I think isgoing to happen to money, it's what
you know the future tells me isgoing to happen to money. So why
don't we take a little trip stepinto the time machine. So the US

(02:05):
has just elected its first AI President, Aiden Nova. The third. One
of the President's first actions in officeis the eradication of the monetary system.
Instead of money, people will trade, barter, or volunteer their time for

(02:27):
goods or services. Now, aspart of the President's open communication with citizens
and you know lack of physical limitations, I was actually able to conduct an
interview with it them during my timein the future, though I was limited
to just five questions. That's sortof the rule they have in place.

(02:49):
You know, we do still have, you know, limitations on computation limitations,
I should say in the future.So here's what I asked in the
answers I received. So this ismy first question here, why get rid
of money? I mean, don'twe need those sweet bills to function as

(03:10):
a society. And this is PresidentNova's response. The decision to eliminate money
stems from a desire to create amore equitable and sustainable society. Money has
long been a source of inequality,with access to resources and opportunities often determined

(03:31):
by one's wealth. We ran millionsof models for the best possible future societies
and the ones that were not basedentirely on a monetary system, or put
in other terms, worship of theholy dollar always had the most positive outcomes.

(03:52):
But won't eliminating money have a negativeshort term effect on people? Won't
they not be able to access vitalthings like food, or medicine or cool
cars. Our administration is committed toensuring that all citizens have access to essential
resources such as food, healthcare,and shelter and potentially lamborghinis. We are

(04:15):
implementing comprehensive support systems to mitigate anyshort term hardships. Ain't ensure a smooth
transition for everyone. Stores will betransitioning in many cities, and assistance centers
will be opening where people can getwhatever they need. And it is important
to remember, well money will disappear, so will all debt. So you

(04:41):
will not o on your mortgage,your credit cards, You won't owe anybody
anything anymore. People everywhere will befree from debt. But what's the incentive
for companies to produce things if thereis no money? Won't all the big
companies just fold instead of getting paychecksemployees that businesses will be able to order

(05:02):
products every week ranging from food itemsto magnetic flyers, So companies that produce
products people love still have an incentiveto do so. If anything, their
products will be more in demand becausebarriers to access have been lowered, and
the people who own and work atthose companies will live well and be well

(05:27):
respected as a result. I reallywant to ask what a magnetic flyer is,
but I don't want to waste aquestion, so I guess I'll ask
what are the benefits of a societythat's not based on money? A society
not based on money offers numerous benefits, including a reduction in inequality, increased
community cooperation, and a focus onholistic well being rather than material will.

(05:56):
By valuing contributions based on their inherentwork rather than their monetary value, we
can foster a more inclusive and compassionatesociety. But isn't it inevitable that money
will just return in another form,maybe tree bark becomes the most valuable thing,
or Kansas soup or photos of MichellePfeifer. We must acknowledge the concept

(06:20):
of currency in some form has beeningrained in human societies for centuries. However,
by shifting our focus away from traditionalforms of currency, we can avoid
replicating the same pitfalls that have plaguedmonetary systems in the past. We have
policies in place that will not allowartificial value inflation of products like Kansas soup

(06:46):
or images of misfiphor in Tekila sunrise. Basically, we don't want people recreating
money. We know they will try, at least at first, but we
truly believe once this system takes rootand people experience the joy and freedom of
just contributing and earning the things theywant, they will never look back.

(07:19):
And that's it. I'm out ofquestions. I can't ask anymore. Those
were the responses I got from talkingto our future president, our future AI
President Aiden Nova Patrick. Any thoughts, that's a lot to unpack, as
I would imagine you felt the same. First of all, AI President,

(07:46):
isn't a thing about money? WhereI'm thinking about the AI President, Well,
I think that's a notable piece.The one who's eliminating debt or eliminiting
money is a machine, right,not humans? Yeah, Like would a
human being be that adventurous? Yeah, if that's adventure or that's bold,

(08:09):
I guess bold in decision making.Right. Because of the blowback that they
would get you know, human being, I think would be like concerned with
that blowback. I mean, Ireally love the idea, honestly, I
think there's there's a lot of goodthings that could that sound like they could
be coming from that. This isthe big question mark though, if we

(08:30):
go, if we go fifty yearsfrom this future further into the future,
what do we find are utopia oran apocalypse? You know, the initial
onset of not having any debt andthen working for the things that you want
where you're not actually paying for them, but you're paying for them through almost
like trading of skills. There hasto be policies in place. There have

(08:56):
to be regulations that keep people fromcreating something that circumnavigates the whole process of
eliminating money, because if somebody elsethey try to create currencies some other form,
you could see you know, apocalypticthings happening from that. But if
it worked when people were okay withit, sounds beneficial to the human condition,

(09:20):
you know, yeah, maybe evenif it doesn't work, it's just
a reset, a monetary reset,you know. Yeah, kind of like
fight Club. Was there anything thatyou pulled out that you thought was really
interesting? Note to me, Ithought was getting paid in goods, so
instead of getting like a paycheck fromyour job, it's like, hey,

(09:43):
pick out the products you want.Isn't it like a truer form of capitalism
or consumerism? Maybe I don't knowof consumerism, Yeah, I would say
so, right. I mean,you need things to live, You need
food, groceries, you need Ineed to fix my sink. So I
need this, whatever it is tofix my sink, I need, you

(10:07):
know, So you need things withyour products? What about when it's like,
hey, did you get our groceriesthis week from your your pay you
know, your work pay. No, but I got this Apple Vision Pro.
Maybe Yeah, you're in a realyou're in a real predicament. Yeah,

(10:30):
well you got to make the hardchoices. That's the caveat to anything,
right even now, Like somebody canspend their money on something that's not
a necessity. Freedom of choice.Yeah, And if your skills and the
things that you're doing and you're makingfor a living, if it's worth enough
in value, I guess then youcan buy more. So like I can

(10:50):
get groceries, and I have enoughto get an Apple Vision Pro. And
technically I guess if there's no money, there's no monetary sink system. Do
these things even have higher or lowervalue? I don't know, you know,
Or is it like I'll take onebroccoli one, Apple Vision Pro one,
you know, peanut butter. Yeah, that's where it gets a little

(11:13):
complicated, right, you know,maybe there's tears. Yeah, need some
smart machines to set up that system, make sure it runs smoothly. Maybe
maybe version three is good and it'sfigured it out, or maybe three point
five is like you know what thatthree? I'm sorry about my ancestor well,
how about your future, Patrick?You want to take us there?
Yeah, I think I think you'regonna enjoy this. But first, you

(11:37):
know, as we do step intothe tie in a world much like today,
but I would say roughly five hundredyears from now, things will be
similar and yet very different. Whenit comes to money and transactions. Many

(12:01):
of the vintage currencies will still bearound. Digital currency similar to today's Bitcoin
will still be used. Even papermoney and coins will still circulate in the
bowels of society, but digital currencyand the mind have given way to a
completely new form of economics called digitalconsciousness. Tokens or digit kotos, which

(12:26):
represent the exchange of tokens for experiences, memories, or skills. Those with
neural links will be able to sharetheir consciousness with each other. Want to
learn a new skill, what possiblytook someone a lifetime to accomplish can be
instantly shared by a host and learnedby those accessing that consciousness. Want to

(12:50):
experience you couldn't have yourself for whateverreason, Access memories from historical figures,
celebrities, or anyone who chooses toshare them. In our future, Digi
koto's are at this point the highestform of currency. I love this idea.

(13:16):
What's what's more valuable the things thatwe can't get to today, the
things that we have no access tois what's in somebody else's brain. Mm
hmm, That to me makes totalsense. I think that's brilliant. Whoever
can like unlock that commoditize that today. I think these generations that are growing
up experiences, they look at themas more valuable than any previous generation even

(13:41):
you know, they say that,like kids today would rather go do something
than buy something, right, SoI could see where experiences and memories like
one of the most valuable things wehave as human beings, as a as
an actual like currency. It makesit really interesting because a skill, for
example, you want to be ableto play the piano like Beethoven, there's

(14:07):
somebody who is a master pianist,and you can gain that skill from the
transfer of consciousness. It's like Neo, I know kung Fu. They plug
him in in the matrix. Yeawho knows kung fu right away? There's
something pretty sweet about that. Yeah, and you could see you know,

(14:28):
the version where you okay, Ican learn how to play chopsticks on the
piano and that's you know, prettycheap. The Beethoven is like only five
people in the world can afford that. Yeah, there is a level of
like what is that worth, youknow, the value? Yeah, which
is an any monetary system right asa high value in a low value a

(14:52):
penny and one hundred dollars bill.It also, I think there's something too,
like our human condition of making lifebetter for people, like accessibility,
you know. Yeah, think ofthe person who can't have the experience of
running a marathon because they're paralyzed,but they want that experience, you know,
that memory, that feeling and beingable to just consume that without in

(15:16):
their consciousness and have it even thoughthey have been paralyzed their whole life,
you know, or you know,take anything that's like that where it's not
accessible to a person, but youcan, you know, transfer that consciousness
of that experience to you obviously hasa lot of benefits like that. On
the pro side, I'm sure thatthere's for every future we think of all

(15:37):
the positives, I'm sure there's likethe negatives of it too, but and
and for the negatives, I imagine, what if you think you're buying one
thing m h, and then youget something else or you know, like
a murder or something you know terrible, and then it's implanted. I think
the negative really would be that,right, which is the con of someone

(16:00):
saying that they're giving you something thatthey're not. So I'm sure that there's
probably a way to verify authenticity before, like when somebody's like PayPal verified or
Twitter verified get a blue check mark. I was going to ask you,
are there any as you know ofany downsides or physical things that happen when

(16:22):
you transfer this consciousness? Do youlose memory or short term memory loss,
any side effects that you know of? None that I I'm aware of.
The It's not like that Super Bowlcommercial where you got to lose a memory
to gain a memory. The onepart I'm not you know, I'm totally
sold on this idea. The onepart that's not totally sold on is the

(16:42):
name. I gotta tell you.Did you Kotos? Yeah? Yeah,
their digital consciousness Tokens? Yeah?I like that. It was the short
the shortened version. I just didn'tthink was quite as catchy. Needs a
little branding love. It sounds likea stuffed pet caterpillar or something like digi.

(17:03):
You know, Digimon. What isthat what Digimon were with a little
Yeah, it was like a littlething. You had to feed it,
and yeah, it's like a keychain. Ironically, that's how you keep all
your consciousness in a little keychain.People lose them all the time, like
who am I? Who am I? Might be something that happens though.

(17:26):
Once you are, you know,imbibing the consciousness of others on a constant
basis, aren't you eventually going toget to the point where you're like,
well, who am I? Actually? What are my experiences? Yeah?
To be able to just consume experiencesand to be like okay, I mean
I never had these on my own, but then who are you? What

(17:47):
are your Actually, that's a greatquestion, you know, to really be
considering and pondering if you will.Yeah, like anything. Well, that's
all for this episode of The Fuzz. Tune in next time for more of
tomorrow's Buzz. Today Today to dayGo day Today