Among the supporting arguments for the forthcoming appearance of new currencies managed by private entities are:

  1. all financial innovations of the last ten centuries have been spontaneous
  2. the present worldwide financial and monetary system is loosing its reliability
  3. nothing will ever prevent two agents from agreeing on an exchange one leg of which is a promise of one sort or another
  4. nothing will prevent new entities from organizing and managing these promises
  5. the internet and telecommunication revolution of the last thirty years makes the emergence of such a private system possible
  6. no present day organized power will be durably able to thwart it
  7. when the governments of the US or of European countries have lost all credibility, new organizations will be more trustworthy
  8. the process is under way

Private entities are appearing which begin to wield more power than many states, and which are apparently well intentioned : Gates foundation, Google, etc.

Google's motto, for instance, is "don't be evil", and the firm is in the course of gaining sufficient power to issue a new private currency more reliable than many official ones. Google is gathering experience is the management of financial and monetary means: online payment system, adsense and google ads, controlling information, etc. We may soon witness the discreet appearance of means of managing exchanges outside the realm of official currencies, with points, tallies, or "googlars" (prediction made in July 2008).

Of course, the evolution of exchange rates -and what will drive them - between various private currencies will raise whole new and interesting problems.

History, though, teaches that most world tragedies have at their origin a mix of "good intentions" + "unlimited power to put them into applications" (church, colonialism, communism, etc.)...

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