That is one of the things I will consider in this paper. But I will also follow Callon’s advice to “…explore the diversity of calculative agencies forms and distributions, and hence of organized markets. … [the market] is a many-sided, diversified, evolving device which the social sciences as well as the actors themselves contribute to reconfigure.” The central question is how are calculative agencies equipped, by economics and otherwise to carry out their calculations and thus establish the markets we see every day?

All private and business bank accounts retain the exact same amount of cash, but by placing individual serial numbers on these electronic dollars they become “real” in the same sense that paper ones are. Trillions of “derivative dollars” currently present on large investment banks Off Balance Sheet books become worthless because they are derived and by definition, not real. The remaining pool of money is clean, reliable and transparent. Since this new pool of money is much smaller, the value of each individual dollar is greatly increased.

In order to protect the purity of this new pool of money, the Federal Reserve will no longer be able to arbitrarily create money. The majority of Americans would be outraged to learn that the Federal Reserve Bank is actually a private corporation, owned and operated by twenty one, MOSTLY FOREIGN banks. These banks currently use the Fed to create cash for themselves while paying interest to themselves. The Fed operates cloaked in secrecy, with total autonomy, creating money with no oversight from the Federal Government. Serial numbers would make the 7.7 trillion dollars the Fed fabricated out of thin air for their 2008 bailout disappear, restoring the value of the dollar to its pre-crash levels. Serial numbers wrest control of the American Dollar from the clutches of unregulated foreigners and places it back in the hands of the American people whom it is supposed to represent. When banks need more cash they would now petition Congress. Bankers would present their case for a cash auction and it would be put to a vote. Banks would now pay interest to the government for their cash, lessening the burden of the American Taxpayer. The economy will be well served by having a static amount of cash to represent the goods and services it has the ability to produce. As the capacity of the economy grows, more money would be injected into the system by Congress reflecting an increase.

Banks’ secret electronic trading platforms now would be replaced by open outcry trading pits, effectively ending backroom market manipulation. A system of three main pits where brokers openly trade equities, debt and commodities would be outfitted with cameras broadcasting real time, worldwide for free. This will ensure all market participants equal access to information. Imagine the world’s greatest reality show that everyone can bet on from home.

Politician’s campaign dollars serial numbers will make all of their allegiances instantly visible. Regardless of where on the
political spectrum they lie, every American has a right to know what his candidate is going to do once elected. A politician’s true agenda is shaped in the interests of their contributors, not their constituency. Democracy is muddled into a sham when it lacks this transparency.

Serial numbers will cripple the finances of terrorist and criminal organizations by stopping electronic black money flows. Any illegal activity would become an all cash business. While this would not end crime, it would destroy enterprise criminal corruption, while at the same time making money real for honest people who really work for their money.

This new form of naked capitalism will insure pure liquidity through pure transparency. Regulation will come about organically, based on the simple fact that everyone can see what everyone else is doing. Serial numbers enable the American economy to work the way it was intended, honestly, transparently and with equal access to information.

The American Dollar is based on accountability whether it is on a computer server, or printed on a bill in your wallet. No institution should have the power to create, manipulate and devalue the dollar bill for which millions of people have put in an honest day’s work. A true American, capitalist democracy demands its financial, political and criminal framework to be illuminated by serial numbers.

The intent of Dodd-Frank was to prevent the occurrence of these sorts of events again, but the key driver of the effectiveness of the Dodd-Frank Act will not be known until there is another financial disaster. To at least have an idea as to its effectiveness, it is important to examine some key features of the law including: orderly liquidation authority; the Volcker rule; data standardization; derivatives; and international regulatory impacts.

Even if all of the rules are implemented in accordance with the law, it would not likely prevent another crisis as there are areas not addressed by the law, such as: housing; tri-party repos; cyber-security; and high speed trading, which need to be addressed.

The backing for this currency will be Euros collected based on the creation of taxes on regional financial transactions. We put forth a similar proposal in a previous article but our concern in that text was to collect funds in order to put in place a minimum income program for those people affected by unemployment; currently the focus is another, as the social currency is intended to reactivate the economy as well as to fund a minimum income. The second essential component in our proposal is the creation of a minimum income for those affected by unemployment; this minimum income would be funded by social regional
currencies, issued in accordance with each country’s needs; this would not be inflationary for two reasons: recent events in the United States have raised a query on the expertise of defenders of the quantity theory of money (significant emissions do not result in significant inflation); frugal emissions give rise to product increases (consumer goods in this case).

The second essential component in the proposal is the introduction of regional financial transaction taxes, because we have found that countries such as England will veto the creation of a Tobin tax for the whole of Europe; this tax, as found when implementing the CPMF (provisional contribution on financial transactions) tax in Brazil, has an excellent collection potential depending on the tax rate, and may provide funds to partially remedy problems with budgetary deficits, reducing the debt / GDP ratio to satisfactory levels. The Brazilian experience shows that there is nothing destabilizing about enforcing this tax.

Implementing this tax should form part of a broader proposal to regulate financial resources in European countries (the most
appropriate expression would be regulation of financial resources), as the very much commented solution for the social welfare state did not occur.