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Greening the Gold Standard in the Age of Cryptocracy
As the world moves towards a cryptocurrency-based economy, many are questioning whether reverting to the gold standard would be wise. However, a closer examination reveals that there is no need for extensive mining and excavation of new gold reserves to support a revamped gold standard. In fact, it’s possible to redefine the concept of the gold standard in a way that prioritizes environmental sustainability and ecological responsibility.
While some might argue that any attempt to revive the gold standard would be equivalent to perpetuating the destructive legacy of colonialism and environmental degradation, others see it as an opportunity to reimagine the relationship between money, growth, and the planet. The reality is that the gold standard has contributed to ecological devastation throughout history; however, this doesn’t mean we can’t rebrand it for a more environmentally conscious era.
Firstly, let’s debunk the myth that the gold standard requires extensive mining. In theory, if the world’s existing gold reserves were centralized and certified, shares could be issued allowing countries to hold “gold” without having to extract any new resources. This approach would eliminate the need for further environmental degradation and allow us to decouple economic growth from the destructive mining practices that have ravaged our planet.
Furthermore, by anchoring currency to the value of existing gold deposits rather than extracting more, we can potentially mitigate the devastating impact of metal extraction on ecosystems. The alternative, if you will, is not between being pro-mining or anti-gold-standard; it’s about greenwashing an outdated system and giving it a new lease on life.
The argument that resurrecting the gold standard would create jobs and boost economic growth has some merit, but we must be mindful of the ecological cost. In this context, it’s essential to emphasize that any form of environmental degradation is not worth the economic benefits. Therefore, I propose that we focus on rebranding the gold standard in a way that aligns with current environmental awareness and sustainability goals.
One approach could involve issuing shares for existing gold deposits, allowing countries or investors to hold “gold” without having to mine more. This would not only reduce our ecological footprint but also address concerns regarding the social and environmental implications of extracting new resources.
In conclusion, it’s crucial that we rethink the relationship between money, growth, and the planet.
Source: www.forbes.com
