19. The Future Wealth of Nations

This chapter delves into the urgent need for additional liquidity to finance global commons, such as the UN SDGs and the European Green Deal, beyond traditional financing methods. It introduces the concept of 'strategic friendly triangulation' to overcome the polarities between the free market and state intervention. The author argues for a new monetary mandate for central banks to issue electronic currencies, specifically designed to finance these global goals. The chapter also highlights the potential of central bank digital currencies (CBDCs) and cryptocurrencies to provide targeted liquidity, enhance regulatory efforts, and create new jobs. It further discusses the advantages of digital ledger technology (DLT) in creating a more resilient and inflation-proof financial system. The chapter concludes by emphasizing the need for a more democratic and humane approach to financialization, which can generate wealth and well-being while protecting the planet.