Tell me what you think.
Saidar Duvalier was arguably one of the most important people in the world. Or at least he had been, until his premature demise.
What did Duvalier do that was so important? He made money. Not in the sense of earning, but in the sense of creation, and destruction.
As long as currency has been used, the ability to manipulate that currency has been tightly controlled, and highly valued. The ability men like Duvalier had went beyond sheer exchange of one’s store of wealth; he could alter the fabric of the global economy on a fundamental level.
In the days of mercantilism, there was gold, and there were goldsmiths to make the gold. In the days of nation-states, there were dollars and yen, and there were policy analysts and federal reserves. Those government agencies simply printed as much money as they liked, or if they were wiser, as little as they liked.
As the power of the nation-states waned, their monetary backing lost its lure. The corporate-states, the new powers, were looked to.
Some corporations thought they could simply issue their own money. This worked well for a time, but those corporations were wrong. The lure of inflationary monetary policy is a siren’s song, and without the nationalistic notions of ‘duty to the people,’ currency is issued as fast as it could be spent. The Nikkei crashed as prime corps went under.
Wiser and more conservative corporations watched the example of their fallen brethren, making hostile takeovers and turning a bear year for the market into isolated pockets of record profits. However, all was not good for the corporation-states, for the question remained: where was money going to come from?
It was clear that corporate-issued currency lacked the network of stability to keep its value grounded, and inflationary pressure was pushing up regional currencies. The dollar, the yen, even the Euro would all soon be worthless. Financial Armageddon was on the horizon, dawning in a stream of ones turning into zeros. Action had to be taken.
Top men from the Federal Reserve, the Bundesbank, the premier corporate-states, and other financial institutions met in the Zurich Summit. There, the groundwork was laid out for the International Prime Reserve, a new kind of financial institution. The IPR would be privatized, publicly held, and owned in extremely large part by the corporate-states. The corporate-states all had their own banks, and had for decades or more, but they wouldn’t have their own recognized independent currencies. The IPR would be the lender only for the most privileged of corporations, and it would wield its monetary powers sternly, for while the potentates of the Prime Reserve Board were drawn from the ranks of the corps, and were under pressure to give their own corporation gobs and gobs of recently issued money, they were under pressure to keep everyone else’s money down. As a system for combating inflation, it was a work of art. The corporations saved the global economy, established a definitive universal currency, and took the nation-states down another peg in one fell swoop.
The representatives from the nation-states, who had been invited as heralded experts, left the Zurich Summit realizing what had happened, and feeling as though they were casualties of war. Monetary policy, as it turned out, was a dangerous business. It was more so for Saidar Duvalier.