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I just disagree on how you plan to regulate. I dont see how a Dublin Central Bank would be any better at than the ECB or an Irish Central Bank.
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Ok, first of all, the Central bank would be the only institution that could create money. They would have exclusive direct control over the money supply.
When it comes to local currency, it would work simmilarly. The local council would have exclusive direct control over the local money supply. Maybe, we could elect the leader of the local central bank as we do a councillar. A local currency would only ever account for maybe 20% to 30% of the money supply. It would benefit the local community, but if it worked, would show that that system could work on a national level. The ultimate aim is a national government-issued money.
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If you and me could come up with a better way on how notes created, we may actually have something.
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Well, notes and coins are created by the Government debt-free as it is. The problem is that they only account for maybe 2% of the total money supply. The other 98% is simply digital created as debt by banks. I want the 98% digital money to be created just like the 2% currency is now created- debt-free by the Governemnt.
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There's not a lot that needs to be done so long as two things hold true:
1. The businesses still accept legal tender (i.e. Euro)
2. You have to pay your taxes in Euro.
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Would it be acceptable for local taxes and charges to be paid in local currency?
What if these things were called vouchers? Could a local council not give out vouchers for local taxes, and then allow the vouchers be traded on the open market?