I'm trying to encourage a discussion about what money itself should be. I think without this discussion it will be very hard to make effective regulations around money and the implications this has on the operations of the banking system. Once people are more informed about these topics better regulation will be possible. Frankly I don't see people talk about the fundamentals of money much, the current monetary system is convenient enough for most people such that they don't have to think about the details of how it works in their day to day lives.
What money is in what sense though? In a centralized/decentralized sense? In a philosophical sense? Are we considering going back to bartering?
My point is, you see companies abusing bailouts and say "oh no, our fundamental concept of money is changing because bailouts". I see that same situation and say "oh no, our regulations are so antiquated that they are 50 years behind in terms of the abuses they are able to prevent, we need to update our regulations and create new ones, and create a framework for rapidly adjusting regulations going forward, because the current rate is untenable."
This problem extends well beyond money and touches every area of society. Society and technology are evolving faster than the legal frameworks that supposedly govern them. Limiting the scope of the discussion to just cover money would do just that, limit the scope of what should be a much wider discussion.
