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Since in our globalised world there is no citizen representation on a transnational level, today’s situation could be compared to a nation that has no national government but only city mayors. In such a nation governed by mayors, many topics of national interest could hardly be organised (transport, education, health, environment...). To represent transnational citizen interests, an additional instance responsible only for transnational matters needs to be created: the United Transnational Republics.
In order to assure the independence of the United Transnational Republics from the nation sates and in order to establish money as the “fourth power”, the Central Bank of the United Transnational Republics is issuing the transnational citizen currency Payola. The Payola is backed by Euro reserve funds and at the same time pegged to the Euro with one Payola being equivalent to one Euro. With other words: the Central Bank of the United Transnational Republics is buying national currencies at a fixed exchange rate, effectively replacing these with the transnational currency Payola. Currently, the Payola is both available as bank notes and as coins, with the planned introduction of electronic Payola for monetary transactions in the internet. For this discussion it is necessary to understand, that currencies are not only used as unit of account, medium of exchange and to accumulate assets but are also important means of power. Already Aristotle considered the power to enforce the use of a currency as a pre-requisite for an empire (quoted after B. Lietaer). This function of power becomes especially clear in the example of the US dollar: the economic and military expansion of the USA was only made possible due to the role of the US dollar as global key currency. |