Finance is currently dependent on the supply of money from Central Banks, who ‘print’ money in their particular currency. This instantly becomes a debt to a National Government, who promise to repay that debt through the taxation of its people.
In the future, there will be one International Currency issued by one Global Bank, called the International Monetary Fund (IMF). The Global Currency will be a Universal Credit payable to all eligible citizens of the world; as an online debit of their monetary fund to the credit of each recipient.
In the future, banks will be replaced by online financial transactions, managed and maintained by block-chain technology.
In the future, the global finance system will be totally credit based and debt will no longer be a function of the central banking system. Artificial Intelligence will ensure that Global Financial Transactions are operated fairly, beneficially and legally. The International Monetary Fund will be credible, transparent, accountable and compliant with an International Global Legal System.
In the future, it will be illegal for the IMF to operate any financial services other than the issue and management of Universal Credit. High Street Banks will disappear and be replaced by Independent Financial Services Companies under global regulation. Global Banking and International Financial Services will become two different entities by law.
In the future, with the inability of Nation or City States to be in debt, taxation will no longer be necessary and inflation will become redundant.
In the future, a fair and equal system of how credit is earned and applied, will ensure that neither poverty nor gluttony are ever a toleration.