For the second time the world is put on the brink of financial collapse due to the dealings of a few nations. It seems the same characters were involved once again in almost single-handely sinking the entire world economy through duplicitous banking sector practices; selling dubious financial instruments and bad debt as AAA+ rated financial opportunities to foreign nations seeking to hedge their bets in US debt during the 2008 Financial Crisis. Even the US Obama Administration sued Standard and Poor for nearly 5 billion dollars for its reporting. These agencies it seems, downgraded and endorsed debt arbitrarily or based on special interests. Unfortunately, many forgot that it was also the Asian Miracle economies of the 90s that were also sunk by dubious external manuevering, purportedly by Economic Hitmen during the Asian Bubble. Once again a sector of the world had to rebuild.

The instability of the world economy seems to be predicated on the adherence to one system of trade and exchange managed by a tiny selection of international actors. Without the participation of the world in the management and creation of future systems, instability may easily derail everyone’s economy when only a few nations clash or disagree. The world and human progress cannot afford to continue down the same path. Einstein once said, the definition of insanity is doing the same thing over and over again, expecting different results. The Nobel Prize winning scientist also said that a problem could not be solved on the same level it was created. The quagmire of the failed capitalism system must be fixed; but solutions by the old players and architects of the current financial reality mist be abandoned. Many in the East have showed us that new workable models are possible and successful–perhaps even more efficient than what the world grapples with today.

Essentially, it seems the invention of the OilRuble in 2022 has made it possible for other economies to truly protect their interests in a similar manner. As we edge toward creating systems for a new reality, it seems a multi-polar economic world is emerging with the possibility for greater stability. Hence, diverse systems tear ultimate hegemonic control from “economic hitmen” and dark money interests groups.

In the creation of a new more efficient world, where producers could create currencies backed by their more precious resources or production capacities. Both investors and buyers would be more protected from the uncertainty of bloc politics and economic piracy. Hense, there might be the LNGRial or the AgraNaira. These currencies could be backed by both resource and production. We see with the invention of NFTs and Cryptocurrency that almost anything can be commodified or used as a means of exchange–why not resources and production?

This would also put greater strength and capacity in the hands of nations and their producers to control prices and reduce instability and speculation. Economic bullying and isolation tactics might become a thing of the past. Each nation would have the capacity to grow its own fortunes and increase production permitting more room in an industry or commodity for growth and added value. Local companies would flourish offering trade partners financing and insurance.

Cash may not be king anymore, but the new method of exchange is already here. It could even protect nations and companies seeking to create trade areas and continue business uninterrupted by the capitulations of aggressor economies and greedy traders seeking to tamp down the economic rise and cooperation of others.

In fact, the more trade conducted by a nation and its production/physical resources would define its currency value more than arbitrary Forex numbers based on outdated international hierarchies that no longer reflect the true output, size and production of states.

So how might this work? Obviously fintech will play a prominent role, but also new systems to calculate “currency value” based on commodity, resources and production. The new world includes mechanisms that allow nations to be independent, support their population and conduct trade interdependently without losing autonomy. Such a trade system might reintroduce quid pro quo transactions and major trade areas facilitated by #fintech and blockchain-based natural resource and production transactional software.

Nations on the brink of collapse could use these technologies to do business without the use of an intermediary currency. Such development could prevent many economic crises we have seen in the past 30 years.

Changing world reserve currency should not be the primary goal, as that could be done overnight. If China alone required all of its buyers to purchase in its currency, the Renminbi would instantly become the dominant currency in the world. However, a new market of commoditiy-based currency and trade could emerge under a new economic framework that allowed members to participate at their own behest.

As the future continues to transform, we will see the innovators of the future emerging from diverse nations. Offering solutions to meet the needs of a new world, required new ideas and people ready to accept the challenge.