Stephen David Mauldin
5 min readNov 12, 2020


“Zero Money”: First Principles Thinking About Monetary Value

Change the Money, Change the World (7)

Introduction (3) Governance” and “Trustlessness”

A criminal ideology fails to maintain monetary value from natural scarcity:

Consciousness, manifested in multiplicity, brings from the sovereign register of absolute subjectivity the reflected sovereignty of individuals in objective reality. Their actions lead to to the determination of what degree of monetary value is manifested. The word proposed for this determination is “governance”. The phenomenological intuition of scarcity in the context of the subjective idea of money is the first principle needing our allegiance for a true substantiation of the epiphenomenon of money value in objective reality. The first act of governance is the selection of a medium of money. This selection should adhere to choosing a medium providing a maximum degree of value as an epiphenomenon of scarcity. Historically, the best example of such true governance has been choosing gold. There is no question of having to trust nature to provide gold’s scarcity, its quality of maximal value to people. The word proposed for this is “trustlessness”, which has a unique meaning in the monetary context.

Gold best approximated trustlessness in the determination of the medium by governance. Consequently, this was a positive outcome in a choice of medium for a unit of account. This function of money has trustlessness as its first principle in performing evaluation. Trustlessness in a sound medium, saved as a store of value, means it maintains value at that register when congruent with a trustless medium used as a unit of account. Using that trustless medium at the register of market exchange results in evaluation of exchange transactions as the employment of sound money. Governance at the register of the medium of exchange, however, has eventually, it seems, especially for the USD, demonstrated outcomes of degeneration of value. A violation of trust in governance by expansion of the medium supply causes a loss of scarcity, and so devaluation, resulting in unsound money. The expansion of the money supply, such as printing the USD based on nothing since the end of the gold standard, no longer reflects the idea of scarcity as a first principle for manifesting true value. Printed fiat dumped at the register of monetary exchange is a false substantiation of value, a reoccurring and accumulating problem. Then storing that fiat money is creation of a stored medium congruent with what is employed in the market, abandoning congruence with a medium that should be originally established as the unit of account. The total money supply, money circulating in the market, plus stored value, essentially became a false unit of account. Then a transition from “Zero Money”, to some degree of “Negative Money”, has ensued:

In the early history of transactions by individuals, before using “money” at the medium of exchange, was a peer to peer barter of natural goods. It was a trustless exchange that evolved for obvious reasons to use of tokens — a medium used at the time of exchange of goods and services, such as shells or beads for example, whose scarcity was often derived from difficulty in obtaining them. This medium of money had, in the immediacy of exchange, reasonable trustlessness. More reliable money as a store of value emerged with precious metals, leading to the establishment of gold as the most trustless medium. Still, having a medium with scarcity value and its attending trustlessness was not completely safe from degradation from individuals’ choices. Weight cheating in all its forms emerged. Then when currency trusted as redeemable 1:1 for gold was mandated, eventually more of it got printed by authoritarian governance than could be redeemed. Then printed fiat money followed: this currency was decoupled from a scarce medium altogether.

Essentially a cultural conditioning eliminated the efficacy of trustlessness from the minds of the populace. Debased currency became the “normal” medium of money. The final monetary reserve status now belongs to the USD. Printing money based on nothing became the norm under what is often called the “Keynesian economic paradigm”. We can unpack this historical development easily and awaken to what has happened. Cultural conditioning has obscured a general understanding by the populace. Either by greed or stupidity or both, individual subjectivity, through most unfortunate governance, usurped the sovereignty of nature. This in a nutshell is our modern predicament. This poor governance manifests from an entrenched criminal ideology maintained by a partnership of dominating political parties entrusted with governance by the populace. Instead of serving the populace, political parties collaborate with a private institution, the Federal Central Bank working for its shareholders. Such shareholders are in turn the donor class funding the politicians. This same donor class includes the oligarchy of successful capitalists who have created the massive financial power of legal entities called corporations. These are the same corporations who are the greatest benefactors of bailouts by the Fed because they are “too big to fail”, but who are facing failure simply because they are failures for having no store of value sufficient to meet black swan events. This is where true capitalism is degraded to socialism for the rich.

Peer to peer transactions evolved from face to face encounters exchanging tokens or currency for goods and services. A new level bringing a loss of trustlessness emerged with the advent of banking, despite the obvious benefits of the banking services. Aside from reasonable fees for services, the cost to individuals is also a loss of sovereign control of their wealth and even their privacy. The P2P transaction had then added a third party. Once you deposit your money you are trusting you can spend it when and as you wish, but meanwhile banks can do what they wish within the regulatory framework — a framework of nationalist government governance, called fiscal policy, actually a fourth party to all transactions. Banks may be helpful in verifying that there is no “double-spending” by individuals in P2P transactions, but at the same time they are lending the money of depositors in order to gain a return on investment. This is in fact leveraging the scarcity of the medium for a false supply. It works only as long as this risk taking creates “return on investment”, and depositors demands on deposits do not exceed the remains after use of what has been determined as lendable. This is the determination allowed and defined by fiscal policy created by politicians. Politicians, as we all know, can and do have monetary problems solved simply by allowing and encouraging their private entity cohort, the Fed, to fire up the presses. This is monetary policy: an already valueless fiat currency is expanded as the Fed exacerbates its already false pose of managing monetary trustlessness for a brainwashed populace. The populace are thinking banks and leaders of a “Keynesian” regime are concerned about their hard earned wages. The regime is concerned about using those wages to run what in essence is a pyramid scheme.

Change the Money (5) Introduction (1) — Zero Money & First Principles

Change the Money (6) Introduction (2) Subjective/Objective Recursion

Change the Money (8) Part 1 (A) The technological solution



Stephen David Mauldin

DOB 1946 Retired Counseling Psychology M.S. Consciousness Studies — Interests: Citizen Diplomacy, Digital Currency