What Does the Future of Money Look Like?
Jordan. Heath rawlings is the big story. Michael doyle is a freelance reporter and journalist based in toronto who examined the future of money in canada for the globe in mail. Hi michael jordan. Can you start us off. Just because it's such a useful way to think about this. At least i found it useful by telling us the story of money on the island of yap certainly Yup is a tiny island. That is now part of micronesia in the south pacific and for hundreds of years. They had a very unusual form of currency and that was these gigantic limestone rocks and the bigger they were the more valuable they were and also of course the bigger they were the more difficult they were to actually physically exchange with each other so over time they Just left the rocks where they were and In order for them to figure out who owned which rock which note of currency for lack of better term. They created basically a form of a ledger. And in the form of an oral history of who owned each rock and how the rocks transacted from person to person on the island and so that's how they effectively did business. That's how they exchanged Goods and services for hundreds of years. Now tell me how that relates to wear. Our use of money is heading certainly It's actually a really great analogy. Because in one example it sort of captures a snapshot of what money has been for hundreds if not thousands of years since the since we came up with the idea of money however long ago that was And at the same time it also short sort of shows us where technology is going to change money in the near future so the question of what money is a really weird thing. it's kind of like a philosophical rabbit hole. You go down but at it. Sort of core form money is