Computers often have so-called 'firewalls' to protect them from damage that may be caused by computer viruses. The U.S. economy should also have firewalls in it, these economic firewalls should protect us from inflation, recession, depression, and other economic problems. How can these firewalls be created,and how will they function to protect us and our investments? Let's explore the idea of economic firewalls as a theoretical concept.
There would be three levels of firewall protection: 1.Local firewalls, 2.National firewalls, and, 3.International firewalls. First of all, let's examine the idea of local firewalls. An economic firewall may be a set of procedures that are agreed upon before an economic emergency actually happens, and these procedures may not be enacted until the emergency actually occurs. One aspect of a local firewall may be a plan to create scrip currency. Scrip currency may be used as a substitute for real currency, in the event of an emergency. The idea of scrip currency is not new. Scrip currency was issued in some instances in the great depression of the 1930's. In the great depression, some factory workers were paid in scrip, instead of being paid in real money. Local grocery stores agreed to accept the scrip currency as payment, instead of real money. In an economic crisis of the future, scrip currency may take the form of a digital currency that is created on computers. If workers in a factory have a digital time clock that keeps track of the hours they work, the scrip currency could be based upon their time clock. A digital scrip currency established by electronic signals that originate in a digital time clock would be a truly proletarian currency. Another aspect of an economic firewall may be a boycott. People in a community may agree to boycott certain products or services if they decide that these products or services to not serve local interests, or do not directly support the local economy.
Economic firewalls at the national level may take the form of boycotts. The idea of national boycotts is not new. For several years, there was a boycott of South Africa. This boycott was inspired by protests against apartheid. The boycott was lifted when apartheid ended. When Cuba became a Communist country in 1959, the U.S. government imposed an economic boycott against Cuba, and the Cuban boycott remains in effect, more than fifty years later. These boycotts may be thought of as firewalls that prevent investment in corrupt regimes. In our present situation, we need a firewall that protects us from Chinese products. Cheap Chinese products that are dumped on the American market at low prices have a negative effect on the American economy, so in the future, we will need to build an economic firewall around China, to keep cheap Chinese products out of American retail markets. Another type of firewall invloves limitations on mergers. If certain companies merged, the result would be monoplies so large that they would have a negative effect on consumer choice. Lobbyists and politicans in the future would have to try to build firewalls around big corporations to keep them from getting bigger.
Finally, economic firewalls will have to be created at the international level. There should be international agreement that certain countries have been involved in practices that have had a negative effect on the world economy. For example, international traffic in narcotics has become a major problem. Countries like Bolivia and Columbia have been involved in the production of cocaine, and despite complaints from law enforcement agencies around the world, they have done very little to solve the problem. Bolivia and Columbia should have economic firewalls built around them, until they start making progress towards eliminating the production of cocaine. The firewalls should prevent international investment in Bolivia and Columbia until something is done about the cocaine problem.
Recently, there have been protests in New York, the protest movement is called 'Occupy Wall Street'. Certainly an economic firewall must be created around New York, to prevent any more investment in New York banks. While the greed of the New York banks is apparently limitless, the banks have given back very little to the communities they exploit.