economy-currency mismatch in action

Data bank to address economy-currency mismatch

Research by Deloitte shows the services economy measured in a currency designed for manufacturers

economy-currency mismatch in action
Markus Spiske on Unsplash
Out of alignment…


As the global economy sharply shifts to a services-oriented economy according to Deloitte, the financial system still uses a currency designed for manufacturers. A data bank arrives to the rescue!

The economy is the sum trade of goods and services. The currency is the tool that facilitates economic activity; it is stable and desired universally.

But risks appear when the economy and currency start to diverge.

For instance, today we see this happening as a data-driven economy functions in the shadows of money… You don’t ask for a penny as Google and Facebook collect trillions of dollars off of your data.

We love hard-working manufacturing workers who were the spine of the global manufacturing economy in the 1900s. But it’s time for a reality check. Trillions of dollars worth of data – not labor – go to Google and Facebook every year. Hence the need for data banking!

Truthfully, Google and Facebook deserve applause for generating data economies larger than the size of most countries’ GDPs. However, they have created a massive economy-currency mismatch.

Today labor currencies do not measure the growing data economy and services sector. To correct the mismatch, we need a global data currency.

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