A single banking protocol.

Discussion in 'Economics' started by FireWalker, Feb 8, 2013.

  1. Problem Statement

    The T-bond system was designed in the mid-1860s by some involved with the Bank of England. It was designed as a financial slavery system. Slaves were revolting in the 1860s and the various players and bankers were trying to figure out how to keep the slaves oblivious while feeding and housing themselves. Thus, Treasury bonds were invented.


    Solution

    Essentially, all financial transactions can be described as:

    One promise for another.
    Did each side deliver?

    That is called “Promise Language” and is a protocol I designed about 5 years ago.

    Only living beings can make promises.


    Effects

    Will lower transaction costs due to common protocol. Encourages all to deliver on their promises. Eventually will end warfare (nearly all war is due to broken promises). Eventually will solve environmental issues.

    Allows the individual to be their own central bank. Economies of scale will maintain existing currencies and encourage central banks to back their currency with something of tangible value. This could be gold or silver or land or the manufacturing output of a country.


    Costs

    Nearly non-existent. A protocol is free. A website publishing the protocol would be of minimal cost.


    Implementation

    A few days at a retail organization that handles damaged goods and returns would effectively test the protocol to handle any financial transaction imaginable.


    Details on specification

    "Promise Language" descriptions of existing companies:

    Promise Assurer - examples are VISA, MC, Amex, Discover, and underwriters such as Lloyds of London.
    Wealth Storage - examples are banks, vaults, wheat silos, land trusts.
    Promise Reporter - examples are Experion, TransUnion, and Equifax.
    Wealth Translator - examples are Forex, currency exchange companies, currency exchange departments of banks.

    Similar to XML or HTML, a transaction is described below.

    [transaction]
    [promise]
    [promissor]
    John Doe
    [/promissor]
    [promisee]
    Jane Doe
    [/promisee]
    [description]
    One stick of gum
    [/description]
    [date promised]
    2/8/2013 10:00am
    [/date promised]
    [/promise]
    [promise]
    [promissor]
    Jane Doe
    [/promissor]
    [promisee]
    John Doe
    [/promisee]
    [description]
    USD $1
    [/description]
    [date promised]
    2/8/2013 10:00am
    [/date promised]
    [/promise]
    [/transaction]
     
  2. I think it was more an issue of getting money to pay for wars. Seeing as every tax had already been invented and used to the maximum they had to borrow more. This was the solution. The next thing was war bonds.
     
  3. That was part of it. More going on than the Rothchilds' opportunistic grab. Merchant of Venice and pound of flesh comes to mind.
     
  4. This appears to be a pretty Serious thread, so I'll play along.

    It's a little known fact that Hercules was the world's first central banker. His ability to strike coinage from metal replaced barter as the preferred medium of exchange. This is why Hercules is on early Roman coinage.