Chrissy Teigen is not known for her financial advice, but in this case, she could lead millions of people into a whole new economy.
Teigen recently went on Twitter in search of some lettuce. She has plenty of money, but for whatever reason, she wanted to pay for it with banana bread. This small choice could lead to a revolution.
The outspoken artist started her night looking for some romaine lettuce.
That quickly got the attention of YouTuber Chris Klemens, who responded with his romaine.
Long story short, Teigen told Clemens that she would trade him the banana bread plus some pie for the lettuce. Teigen’s husband, John Legend, was a little upset about losing the bread, but they continued with the plan.
Shockingly, they actually met up and exchanged the goods via a toy car.
In the end, both parties made a pretty fair deal based on needs rather than money. They even seemed to become new friends.
Let’s face it. A lot of people are getting fed up with the way the economy works. Most people don’t understand the stock market. And a lot of other people are tired of paper cash and money in general.
The stock market will likely continue to tumble. People are also losing their jobs at record rates. On top of that, common goods are becoming more challenging to access. All of this perfectly sets up a move to a barter system.
Why do we need money when we just use it to buy goods? Can’t we just cut out the middleman and trade the goods? As Chrissy Teigen shows us, this can easily be accomplished through technology.
While it would be a massive adjustment for the western world, a slow transition into a barter economy could be a viable option. After all, America has dabbled with it during other recent financial collapses.
According to Investopedia, there was a massive increase in barter exchange membership following the 2008 crisis:
Barter exchanges reported double-digit increases in membership in 2008. The exchanges enabled members to find new customers for their products and get access to goods and services using unused inventory. The exchanges also used custom currency, which could be hoarded and used to purchase services like hotel stays during vacations. The barter economy during the financial crisis was estimated to have touched $3 billion.
Greek residents made a move to more bartering following their country’s financial collapse. Some countries have even explored bartering to avoid Donald Trump’s sanctions.
The economic implications of the coronavirus pandemic could exceed the 2008 crash. As cash flow dries up for millions, they’re going to have to utilize their skills in new ways. We all still need goods and services, and we can still provide them. Money is not always necessary.
Sometimes, we just need banana bread. Thanks for showing us the way, Chrissy Teigen.