Integral money: The evolution of the global monetary system and what we need now!
One Sunday night in the not too distant future, one or maybe a collective, of major nations or organisations, will make a critical but seemingly unimportant and technical announcement that will signify the end of one hegemony and the beginning of another.
I believe that COVID19 may be the catalyst, the deadly snowflake, that has unleashed a tragic avalanche on the unstable ground of the debt fuelled economy at critical point in extremely long cycles of hegemony, finance, demographics, cultural values & geopolitics and the impacts will be massive and felt in all dimensions of our world.
In my recent podcast with @Alan Watkins completecuriosity, (Or on apple podcasts here) we explored how to lead as the 5 waves of impacts from the Coronavirus and COVID19 are realised.
Wave 1 - The Coronavirus and COVID19
Wave 2 - Overwhelm of the healthcare system,
Wave 3 - Massive economic change,
Wave 4 - Systemic change, including the cultural, political, & financial systems
Wave 5 - The unintended consequences, both positive and negative.
I believe the economic impacts of Wave3 will lead to many Wave4 systemic changes and may ultimately lead to the evolution of the global monetary system.
In the podcast Alan and I discuss the importance of paying attention to three principal dimensions of our world: I (being), WE (relating) and the IT (doing). I want to explore Integral Money using a slightly expanded version of the big three – the Integral 4Quadrant map.
Integral theory is the powerfully enlightening meta-framework created by Ken Wilber who is probably the world’s current foremost meta level thinker. In his insightful map of reality (see diagram below) he plots the two polarity pairs of interior and exterior, and individual and collective, to create a 4 quadrant map of reality.
These 4 dimensions are present in all things at all times in our daily lives. (see A Theory of Everything by Ken Wilber)
Just as the coronavirus has highlighted the importance of exterior physical distancing, it has simultaneously brought into our consciousness the increased need for collective social connection to ensure our ability to thrive.
In the financial markets, in businesses and in homes around the globe, the destruction of equity capital is bringing to the fore the importance of social capital in the quest for support, survival and transformation. Indeed, UK Prime Minister Boris Johnson stated recently that “there is such a thing as society”.
Not only have individuals woken up to the impact on and of the collective, we are waking up to the importance of our interior as our exterior worlds are restricted.
What has this got to do with money – well everything!
As I have shared on here and on twitter (@PADCoach) many times, there are many world leaders, informed commentators and even Central Bankers who feel the current global monetary system is nearing the end of its reign and is ripe for an evolution.
When we define money, you often hear the IT description of money alone e.g. unit of account, fungible, divisible, portable etc (see diagram below). This is true but partial.
The extraordinary steps currently being taken by the US Federal Reserve Bank (and other central banks) are simultaneously propping up the system and undermining its longevity and existence with its actions such as the FIMA repo facility and its unlimited QE.
This is because like most leaders or organisations they focus on only one or two of the quadrants in making decisions and not all 4. Often people privilege the individual or the exterior at the expense of the collective or the interior.
Central banks globally, are privileging certain aspects of the Exterior dimensions whilst simultaneously undermining the Interior, as their actions erode the store of value and energy in money, and degrade the trust and faith people have, in the units and the system. I will watch closely as the Wave5 UnintendedConsequences flow.
I set out in the diagram above my view of the core aspects of what I describe as #IntegralMoney in all 4 quadrants. These are some of the key attributes our next version of money needs in order to be more sustainable than the last. Like all healthy evolutions, it needs to transcend and include the benefits of the former but address the short comings. It must reflect and embody all these aspects in all 4 quadrants.
In an AQAL world we must look at WickedProblems (Wicked & Wise By Dr Alan Watkins and Ken Wilber) such as how to solve our need for a sustainable monetary system, at All Quadrants and All Levels (AQAL) simultaneously. So in designing a new monetary system we must also take into account the levels I described in my earlier article “The evolution of the global monetary system and what we need next”
All monetary systems in history have been transient. Even the Oxford Dictionary of English defines money as the “current medium of exchange”. It is not in my mind a question of if, it is when? So, in the meantime I will keep researching, learning and reflecting and will keep an eye out for the inevitable Sunday night announcement.
I encourage you to #GetInformed about what is happening at a deeper and a meta level. Use Integral Meta Theory as a tool to navigate through this systemic change and #GetReady. Read Trump and a Post Truth World by Ken Wilber for a recent practical application of the theory.
3 years ago @Robb Smith of Integral Life wrote The Great Release, a brilliant essay that predicted and described an imminent global, catastrophic breakdown in the “world state” as we know it.
I urge you to read and follow Rob’s new series of articles and webcasts on deeper-into-the-great-release.
I am extremely optimistic that, from all the challenges we currently face and as each Wave unfolds around the globe; together, we will find a way to recover, evolve and thrive.
Let any anxiety flow away and embrace the challenge, embrace the change. Get clarity and positivity inside and out and make good decisions for the benefit of all.
Lead where you can, and please continue to play your part constructively; individually and collectively, internally and externally, in this evolution. I would love to hear your comments, feedback and ideas on what may be true and partial in this note.
Please share this and encourage others to be part of the conversation to bring us an evolved monetary system than can be a healthy part of a more evolved world.
Thank you. 🙏