One October evening in 1907, behind the locked doors of a private library in an extravagant Manhattan brownstone mansion, the presidents of several American banks were engrossed in an intense but fruitless negotiation that would determine the solvency of America’s banking system. The fate of the national economy rested with these gentlemen and drastic measures were desperately required to break the deadlock in negotiation and bring the American economy back from the brink of collapse.
Under threat of being incarcerated in the library until a resolution was reached, the bankers came to an agreement, and fortunately, further disaster was averted. This event is remembered in history as the “1907 Panic” and the owner of the library was John Pierpont Morgan (JP Morgan), a titan of global industry and finance.
Fast forward a century, one could not help but feel a disturbing case of Deja-vu. There was yet another closed door and another decision was made irrespective of public opinion and the criticisms that had fueled the monetary reform movement, which resulted in the creation of the Federal Reserve System. Even our 1907 hero- or at least his legacy- lived on, but this time, he walked out of the room with a $25 billion dollar bailout. Once again, the economic fate of the nation was being decided behind (as far as we are concerned) closed doors where the financial ULTRA elite would be given concentrated power to indelibly impact global financial systems without concern for economic repercussion.
Such “closed-door meetings” punctuate human history. The proverbial Joe Bloggs is always on the outer side of the door and inevitably left to succumb to the decision made on the inside. This is not a critique of the decisions made in response to the global financial crisis. Whether the decisions were moral, ethical, or even wise, is irrelevant, but the existence of information asymmetry among the public is incontrovertible. The same group, their close friends, and their successive heirs are the only ones who will ever be allowed in the room. This type of EXCLUSION and more importantly how it is maintained is the problem.
Despite our initial espousals, this is not the socialist rant of someone dissatisfied with socio-economic immobility. This is about financial inclusion. Unfortunately, closed-door meetings will always exist. There will always be one who is more powerful or influential, and even more prosperous. Financial inclusion is not about changing such forms of government or distributing power to the masses. It is an aspiration to ensure the brass, tools, and knowledge to fabricate the “key”, for unlocking that closed door, is available to everyone regardless of any preconceived biases including, race, gender, geographic location, or socioeconomic status.
Financial inclusion according to the World Bank, is the “access to useful and affordable financial products and services”. In other words, it is endowing individuals with equal access to the tools to endeavor and have transacting ability. Whether it be in wealth management, and investment or trading opportunities, financial inclusion levels the playing field for all users to equally access the tools for realizing their socio-economic aspirations.
As proponents of equal opportunity, the founders of Auric Network believe that the disparity in economic and thus political power in today’s world and throughout history is a result of unequal access to opportunities and/or tools to convert our time, intellect, labor, and other resources into productive economic output.
Unlocking the door:
Mine Foundation aims to aid in this conversion or production process for all factors of economic production. From the investors perspective this means that Mine Foundation presents highly lucrative opportunities to participate and thus commercially benefit from the factor conversion process, whilst for the factor or project owner, Mine Foundation provides the access to capital to unlock project value
In short, the Mine Foundation is coupled with Auric Network to work in favor of all of its economic agents, regardless of their socio-economic status. The platform welcomes the participation of various and diverse economic agents, including individuals, SMBs, enterprises, and government institutions to compete based on the principles of financial inclusion, writ large. To participate, all you have to do is own AUSCM and this is hardly an insurmountable hurdle for anyone.
For those who have not yet seen our use case articles, we have already started this conversion process. Our first two use cases are:
About Auric Network
Auric Network (AUSCM) is a synthetic commodity money that is not dependent on the current world-based currency as the goal price or value. Instead, Auric relies on the centuries-old currency of all currencies, or store-of-value: gold.
Disclaimer: AUSCM is not an investment product. It is not intended in its design or distribution to be utilized as a form of investment, speculation, or a financial product. No communications from Auric Network Limited to users constitute financial advice, a solicitation for investment, or a guarantee of a financial return. Please do your own research and investigation before participating in this project.