Dot Money (2014)
Reviewed by Susan Violante for Reader Views (2014)
“Dot Money” by Eric Majors is a refreshing view at macroeconomics. Spending a year as an intern in the systems and procedures department of a bank in Venezuela while completing my BA in Political Sciences and Business Administration back in the late 80’s; I had been interested in the process of money creation and circulation in the world. Opportunity took me away from finances and into different aspects of business management, but not my curiosity about how money circulated with the virtual transactions we are all fond of, due the convenience of banking online and shopping through debit cards. Majors begins by recounting how things work currently, and exposing the current flaws. The conclusion of his analysis is, in short, that people not born into wealth are being victimized even before birth as the system has already taken away properties and benefits which they are entitled to, and which people born into wealth enjoy. He continues that the unbalanced wealth worldwide exists because not only there is not enough money to go around; the existing money system is also based on the wrong values system.
Majors continues by showing readers examples of the system failures by presenting past and current financial crises that nations around the world have had and are still facing. He then proposes a solution: “Dot Money.” I am not going to give away the book but I will say that his solution is definitely one that will promote conversation and thought, as it makes the reader question the current structure. Readers will wonder why nations have not seen what Majors presents candidly and with no ulterior motives or agendas within this book. This book is by no means a quick and easy read. But it is a read in which everyone should invest time and thought.
“Dot Money” by Eric Majors is a must read for all who handle money, but should be read for sure by all financial institutions and leaders of all countries. Today’s financial structure is so complicated that many of us don’t question it. I am glad that Majors decided to use his experience not only to come up with a system that could improve socioeconomics but to share his knowledge and views and open readers’ eyes.