why aren't you rich yet?

Entrepreneurially speaking, solving the issue of preserving the purchasing power of the currency represents a great opportunity, proportional to the problem. Socially speaking, the impact of a solution would also be maximal. Here are the problems:

- Monopoly, unfairness and arbitrariness in the creation and distribution of money, the process itself generating "winners" and "losers"
- Dependence of income and wealth on consumption, not on saving / capitalization
- The non-existence of the intrinsic evaluation of the production factor "nature" and its non-relation to the people who can be its users "for free" during their lifetime, based on the natural right to a share proportional to the lifetime
- Major dependence of taxation on labor income, profit and consumption expenditure
- Waste of natural resources and labor time - economic cycles (and crises) generating tragedies and arbitrary reallocations of capital
- The difficulty of keeping the purchasing power of the saved resources - the inequity in the generation and distribution of wealth
- Dependence of individuals, communities (of any kind, including states) on the banking system that generates and distributes money unfairly in the economy, generating polarization
- Decrease in the purchasing power of working time, assumed risk and savings through monetary inflation, as well as by diminishing the quality of products and their life span
- The quasi-slavery system, in which - under the conditions in which the natural resource and capital is acquired either with pseudo-capital (currency without cover) or has been seized (over time) by force - the common man is forced to work continuously in order to survive, a system that does not take into account the resources allocated to training or the period in which a person can only share knowledge with others
- In a possible theoretical future (which is gradually settling in and which should be ideal and aspirational) in which almost all of the activities useful to humans (realized now through work) will be carried out by robots (including the production and repair of robots), under the conditions of exclusively rewarding the effective "work" time of those who are not owners of "nature" or "capital" (due also to inequities in monetary distribution), on what basis will it be possible to achieve prioritization and equity of access to all resources already existing on Earth, made by and through people?
And how will the preservation of the exchange value of the results of past work be achieved?
And how will it be possible to prevent the totalitarianism of the owners of the quasi-monopoly of the use of force, of the regulation and production of vital resources and means of exchange, of the owners of the natural resource and of capital achieved including through the past work of others, but purchased with currency " fiat", previously unfairly created and distributed, in a regulatory framework that favors polarization on arbitrary bases?

The problems are even more complex than that, including from a perspective that the German teacher ec. Jorg Guido Hulsmann summarized it exceptionally in the chapter "Cultural and spiritual heritage of inflation", from his book - "Ethics of money production".
The same author, in the same book, anticipated, in a similar way that even J.M. Keynes did, almost a century ago: "The future that an economy based on "paper" money promises us ( without cover - n.n.) means Soviet-style central planning or hyperinflation, possibly a mixture of the two. The 3rd alternative consists in the complete abolition of paper money and a return to a monetary order".
Prestigious economists, such as Cantillon, Turgot, Rothbard and others, also emphasized the importance of a real currency. It's time.

"The common measure of all values ​​is Man" - Abbate Galiani ("Della Moneta")

Time is the only commodity produced / owned in a democratic and fair way. It also has monetary characteristics.

The economic model of time monetization is based on the possibility for each person interested in participating in this system to highlight, in a personal account, the accumulation of monetary representation of the time in which he actually lives (and implicitly is useful to himself), is useful others and uses other people's resources and consists in the freedom of people to engage in economic exchanges based on the account availability thus created (as a complementary currency), called "convertible minutes" (MIN).

The "Convertible Minute" is a representation of the unit of time, which has become a standard, a unit of account, a measure of value and a means of exchange, available to be exchanged for natural resources, goods, services, etc.
The total amount in the account represents what you are entitled to consume from the holdings of others, which also contain the raw natural resource component to the use of which we all have (in a proportional share) a natural right.

Specifically, individuals interested in participating, in one form or another, partially or totally, in the "time-based economy", will be able to have a Single Personal Account, attached to the CNP, in which all the "past minutes of their life" will be highlighted (TT).

The total "money supply" (MM) of a community, regardless of its purpose, form and size, will be permanently equal to the "community stock of time", i.e. to the total of "convertible minutes" (MIN) in the discretionary and community accounts of each person.

This dynamic total, updated daily, will represent the total of the monetary representation of the passage of time, the monetary representation of past and capitalized time, the individual's utility to others, diminished by the extent to which the individual uses other people's resources. In short - "net individual wealth" (AIN), "capital".

AIN = TT + TC + UT – URT, where:
AIN = net individual wealth
TT = individual elapsed time
TC = capitalized time, the monetary representation of the saved time of predecessors
UT = individual third-party utility
URT = individual use of third party resources

Coverage is in what you own (broadly speaking).

MM = sum of individual money supplies = ANC = wealth, net wealth of the community
In fact, the monetary representation of it.

This monetary representation will evolve, and the ratio between this evolution and the evolution of resources (in a broad sense) in society will determine the general level of prices. And the monetary allocations of individuals will determine the evolution of markets and society as a whole.

Although it is more correct to call it "fairly distributed money during life", the conditions under which this "unconditional income" can represent the chance of a correct, quick and risk-free restructuring of the monetary, fiscal and institutional systems would be:

Even the promoters of the idea of ​​"unconditional income" refer to 4 necessary conditions:

- to be universal - absolutely all citizens, regardless of age, sex or any other criteria, will benefit simultaneously and in equal proportions from it
- to be individual - highlighted directly in everyone's possession
- not conditioned by a job or age, a limited period or any other criterion
- enough for a decent living.

Apart from these, however, in order to implement a correct construction from a monetary and even fiscal perspective, several other conditions are necessary:

- to be generated decentralized and independent of current currencies, to work in parallel with current monetary systems and to be optionally used by people as a medium of exchange
- the total of the amounts thus created to represent 100% of the money supply of the respective "currency"
- to be gradually, constantly, equitably and objectively distributed to everyone throughout their lives, in equal amounts and at the same time
- to be in the possession, in use and at the disposal of all individuals, who gradually and simultaneously produce currency, through their very existence, people becoming - in equal measure - generators and distributors of the monetary mass
- to be allocable to destinations directly from the formation / source and to have the possibility of involving citizens in the allocation of sums intended for the common expenses of the communities they belong to, including according to the principle of subsidiarity.
- the common costs in the society should be borne proportionally with the resources of the society used in excess by each one, depending (practically) on consumption, not on income, the recovery being then made - through price - from their final consumers.

In this way, the money thus created would be naturally inflated (per global) with a rate that would currently be only about 2.75% annually (not like now, when we are talking about over 10% annually and arbitrary distribution), evolving into in accordance with the evolution of the number of people and the life expectancy of the population and being related to the evolution of raw resources left unconsumed, as well as the accumulated and remaining physical and knowledge capital. There would also be some kind of reporting to the "time" standard. So we are also talking about a good "value preservation tool", an indispensable function of money (in addition to that of a tool of exchange).
More importantly - the initial distribution would also be fair, it would not produce exaggerated and arbitrary polarizations.
To the extent that production, based on demand, would increase at a faster rate, prices would likely (overall) tend to fall. And vice versa.
At the same time, this currency and the total money supply (the world stock of time) would fully represent the existing physical and knowledge capital, including the existing raw natural resources, and equity in the distribution of resource use at the individual level and over time would become the norm. The norm would also become the principle of the rationality of the use of resources - the object of study of economic science, and the actual waste of some (the net consumers of time resources of others, of raw natural resources and of capital that do not belong to them), in relation to their peers in present and from the future, it would become history.

Some might still wonder what exactly each one "produces", what is the coverage of the money received/generated/created automatically, over time?
It can also be said that we all produce "demand", without which the producers of "goods and services", the sellers of resources, would have no one to sell their surplus to, what remains after self-consumption, which has as its equivalent the money supply, for otherwise that surplus would have no value, there could only be so-called "barter", which would greatly limit the exchange.
Therefore, considering that both demand and production are satisfied, respectively realized during life, and we all have a "usefulness" for others over time, including by needing what they produce "in excess", using their time for the benefit of others, the convertible minutes (MIN) also cover the available resources of each individual and of the community as a whole. We are always demand and/or supply producers.
We offer demand to someone, so we are useful to him, and he, by obtaining the coin from us, will accumulate more, keeping the value of what he offers and will be able to buy from others in the future without having to work.
We offer something to someone, we are also useful to them, and in return we will receive the currency, with which we will purchase in the future on account of the time spent in the past for the benefit of others.
We are all throughout our lives in the situation of producing both demand and supply. One cannot exist without the other. One cannot exist without the other. The offer exists only because of the demand, and the demand could not be satisfied without the offer.

Currency becomes a relatively neutral instrument of exchange, as long as it is generated equitably (for everyone at the same time and throughout life) and is then redistributed equitably, quantifying the exchange of mutual benefits. This subsequent redistribution is what matters. The one who produces more for others and consumes less from others, will benefit from a much larger amount of currency, with which he will be able to purchase resources in the future, so he can allocate more time to others. He needs the counterparty holding the currency.
And vice versa - the one with the currency, who obtains resources from others, without selling resources to obtain the currency, will quickly become poor, he will then have to give up elements of his own capital, he will decapitalize and he will need to become fast, in turn or, a producer with utility for others. Implicitly, the process of redistribution of currency in the economy is also a fair one, it is an exchange of utilities.

Does compliance with these previously mentioned conditions seem utopian? It seems, but the (legal) abolition of slavery also seemed utopian and not only that. It's time to quote from the economist Murray Rothbard ("A plea for a healthy currency"):
"I cannot deny the fact that many people will categorize the idea as excessively radical or unrealistic. Any change in the actual situation, regardless of the impact, risks being considered radical.
The only way to avoid these criticisms is to avoid proposals for change. However, such an approach would mean abandoning human reason, which would reduce us to the condition of plants or animals. We should develop policies so that they show full conviction in the way forward, so that we then try to convince others of the importance of that goal, not to design them according to what others think would be acceptable .
We must cultivate the truth, not political opportunism.
If they fail in the attempt to expose their conceptions in relation to what they think would be correct, the intellectuals will abandon the truth, therefore their fundamental mission. We would lose all hope of social progress, because no new idea would be advanced and no one would bother to convince others of its validity."

The individual uses his time to transform nature into the process of creating goods and services for self-consumption and exchange. Therefore, "money" can be nothing but the equivalent of surplus, savings, capital, of what remains after self-consumption. Implicitly, the most appropriate currency is "time" itself (an equitably distributed resource), since if we highlight in writing, in banknotes or digitally, the 1,440 minutes of a day, they can only be allocated to be used either according to one's own desires, or for to satisfy the needs, desires of others. In fact, throughout their entire earthly existence, people exchange "time" with each other, mutual utilities.

Wealth is nothing more than the amount of time a man can spend as he pleases. If in the 1,440 minutes we only manage to pick 1 kg of wild apples, we have nothing to offer in exchange, as we will consume everything. But if we collect 3 kg, the 2 kg. additional will represent "capital", so "time" will really have capital coverage. At the level of an individual, the 1,440 convertible minutes = 2 kg. wild apples picked and left uneaten. Plus nature. By default, either the man gets the result of someone else's time in exchange for them, or he will use his time the next day to rest. Practically, the total money supply will have full coverage in the amount of nature, goods and services left unconsumed, in capital, as is normal, this being the essence of money. Of "nature", since raw nature initially has the value of the time of the people who use it, the Creator theoretically leaving the Earth at the disposal of all people, proportionally, to use it using their time, throughout their lives. Mathematically - there are theoretically about 300 MIN for each m2 of the Earth's surface.

People (not banks) must become the primary generators and distributors of currency, gradually, fairly and equally. Each individual automatically receives in his account (or theoretically in cash, to the extent that he would bear the cost of printing) the total of minutes representing the previous duration of his life, to which 1,440 minutes of MIN ("Convertible Minutes") are added every day, since this is the number of minutes in each day. Only individuals can have the respective "Convertible Minutes" allocated to their single account, and they can allocate them to the different types of communities they belong to, regardless of whether they are public or private. One can also imagine a formula by which, from these 1,440 daily convertible minutes, a part (maximum 50%) of the monetary resources is previously automatically allocated to cover the costs of the "common spaces" in society (the so-called taxation, charging and contribution) , but according to the principle of subsidiarity, with most of the resources remaining at the local level, where time is spent.

For example, a one-day-old baby will have 1,440 MIN available in the account, and a one-year-old could have (through individual accumulation, without transfers from others and without expenses) a number of approx. 526,000 MIN. An 80-year-old person could have about 42,000,000 MIN, to the extent that (purely theoretically) during her lifetime she would not have used anyone's resources against cost and would not have been useful against anyone's cost. Normally, the man who consumes as much as he produced should end his life with an account balance representing the duration of his life, which effectively remains after him and was not before representing the surplus value created by him throughout his life.

Each individual who has something to sell, buy or rent, can request the price of the respective good or service in "Convertible Minutes" and each individual interested in buying can pay the respective price or another negotiated price from his account. The same can be done by those who wish to purchase shares or lend to someone willing to enter into a commercial relationship based on "Convertible Minutes".

There is no other monetary mass than that made up of the total convertible minutes of all those who have agreed to participate in a trading system based on "Convertible Minutes". Therefore, there is theoretically a global money supply limited to half the average life expectancy multiplied by the total population. Or at the average age x population. Implicitly, the inflation (increase in the money supply) from the time when the entire population would be participating in the system, would be approx. 2.75% annually. Compare with the increase in the volume of "fiat" money (about 6 times in the last two decades and about 60% in the last 4 years) and with the inequitable way of their distribution in the economy and you will notice the difference. One of the objectives of the Minute Bank is for people to stop losing the value of their money and for everyone to spend as much as they can at any time.

In this way, the money thus created would be inflated at a rate of only about 2.75% annually, evolving in accordance with the evolution of the number of people and the life expectancy of the population. Evolution related to the evolution over time of natural and capital resources. So the preservation of purchasing power would be secured, the preservation of value being one of the essential characteristics of money. There would also be a reporting of resources to the standard "time" - the resource of people, the only ones who use money.

As a guide, the total monetary mass of a community of about 10,000 users would be about 200,000,000,000 MIN, of one of about 20,000,000 people would be about 400,000,000,000,000 MIN, and one of a community of about 8,000. 000,000 people (total world population) would be about 150,000,000,000,000,000 MIN. The amounts would have full coverage in all the resources of the respective users.

To the extent that production, based on creditable demand, therefore resources, would increase at a higher speed than the growth of the time stock and implicitly of the money supply, prices would probably have a general downward trend. And vice versa.
At the same time, this currency and the total money supply (the world stock of time) would fully represent existing capital, including existing raw natural resources, and equity in the distribution of resource use at the individual level and over time would become the norm. The norm would also become the principle of the rationality of the use of resources - the object of study of economic science, and the current waste of some (the net consumers of time resources of others, of raw natural resource and capital) in relation to their peers in the present and in the future, would become history.

- Freeing the state, communities, natural and legal persons from dependence on the banking system, people becoming the only generators and distributors of currency, gradually and fairly, throughout their lives
- Justice, equity, stability, balance, all perceived as such, easing social tensions
- Stimulating the birth rate, actually not inhibiting it through economic constraints
- The absence (or reduction) of the need for a mandatory system of pensions, child allowances or health contributions
- Maximizing equal opportunities for all individuals participating in the system, regardless of the place, time and families in which they are born
- Fair liquidation of all capital (including natural) existing on earth
- Minimizing economic cycles, monetary crises
- Solving the debt problem and related negative effects
- The minimization of social conflicts generated by the perception of equity
- Minimizing wars, under the conditions of minimizing the chances of their significant financing
- Maximizing efficiency in the allocation of resources, according to the principle of subsidiarity
- Elimination of waste, minimizing the consumption of natural resources and working time
- Limitation of excessive polarization of legal and natural persons
- Real democracy, with financial resources in the possession and at the disposal of individuals
- The disappearance of the natural temptation in the current system to eliminate the weakly unproductive members of society
- Individual freedom and financial responsibility
- Minimizing arbitrary allocations (allowances, subsidies etc.)
- Increasing competition based on the criterion of utility, increasing the quality and durability of products, minimizing prices
- Moving from a consumption economy to one based on saving
- Decoupling the incomes of companies, communities and the state from the need for unlimited growth of consumption according to desires, not according to needs
- Direct link between wealth (the ability to consume in the future without using your time according to the will of others) and saving resources
- Maximizing the time used according to your own wishes
- Correctly rewarding those who produce something useful and durable, discouraging consumerism
- The institutional and administrative-territorial restructuring will be done naturally, centered around the individual allocation of the currency, which expresses the solvent will of the citizens
- Preserving the purchasing power of money, the value of working time and savings
- The measure of individual and collective wealth will be proportional to the money supply (MM), with savings capitalized over time
- The limitation of monetary expansion, the evolution of the monetary mass proportional to the evolution of the world stock of time and the ratio of the existing capital of the community to the total of its monetary mass
- Minimizing the costs of money production
- Re-evaluating the role of central and commercial banks, limiting their powers
- Uselessness of current resource-consuming social assistance systems
- The disappearance of problems related to the "minimum wage"
- Minimizing the issue of establishing and collecting taxes, making it fair and direct "from the source"
- The release of significant resources of time, skills and knowledge, remaining at the disposal of employees in the public system in particular, with the possibility of reallocating them, according to their own will, without the danger of the disappearance of financial resources
- The emergence of an "equilibrium" banking system, any "community aggregator" being able to form a bank, but the resources are limited to the time stock of the community, to the conditioning of the uniqueness of the CNP and limited to their own available resources
- The increase of individual power and responsibility, each person having the opportunity to set both the "price of time" (together with the skills, competences and physical capital possessed), on a free market, as well as the time, destination and price (interest) of resources on which makes them unavailable (postponement of consumption) and risks them, the development of new entrepreneurial projects or the development of the company's infrastructure, being limited to and conditioned by them, prices to evolve, stable, accordingly.
And there may be others, collateral...

We are aware that the current quasi-slave monetary system will not be easy to replace. For many it seems unimaginable. To those who think this way, we remind them of the following biblical passage, appropriate in context:

Pharaoh was approaching. The children of Israel looked up and behold, the Egyptians were coming after them. And the children of Israel were very afraid and cried out to the Lord for help.
They said to Moses: "Were there no graves in Egypt, so that there was no need for you to bring us to die in the wilderness?" What did you do to bring us out of Egypt?
Did we not say to you in Egypt, 'Let us serve as slaves to the Egyptians, for we would rather serve as slaves to the Egyptians than to die in the wilderness'?"
Moses answered the people: "Do not fear anything, stay put and you will see the deliverance that the Lord will give you this day, because these Egyptians that you see today, you will never see them again. The Lord will fight for you, but you stay quiet."