When you have experience of rea word come back and give your take on it.

I think the town of Ballinasloe introduced a similar system in recent months. The LETS system is what its called.

<LETS.html>

Yes, that sounds like a LETS scheme. They are good, but overly complicated. People will always use what is more convenient, therefore we should make a convenient alternative. Local councils issuing their own currency is about as easy as you can get.

I have. It has problems. Instead of partaking in the general Irish whinge, i have decided to look at ways of fixing it. You should try it some time.


I cannot see how this will make a huge difference. One just swaps a Euro for a LETS token. It is not increasing the purchasing power of the local economy. It may encourage people to shop more in the locality, but what is the incentive? Unfortunately, i think that it will just prove to be a novelty. Though, i do wish them the best of luck.

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"...Money exists not by nature but by law." Aristotle (Ethics, 1133)

I'd really have to agree with you. Its seems like an awful effort to go to considering there is no huge incentive to use it.

i dont quit get the example with Guernsey.
Guernsey is in the sterling area and like Scotland and NI can issue their own money but its sterling
In the case of Scotland can be used in England (however in practice this isnt the case)

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"We know what to do, we just dont know how to get elected afterwards" Jean-Claude Juncker on how to fix the European economy

Yes, but the important point is how the money is created. 98% of all money is created as debt. Guernsey, however, could not get a loan. So Guernsey simply printed the money themselves and spent it.

Now, notes and coins are created debt-free by all Governments, but they only make up a tiny percentage of the total money supply.

For example, if the British Government needed 2 billion pounds, they could, and probably would, sell bonds to that amount. In other words, they would take out a loan for that amount. They could also, instead, print it in notes and just spend it. They would not have to take out a loan, they could just print the notes.

That is what happened in Guernsey.

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"...Money exists not by nature but by law." Aristotle (Ethics, 1133)

Yes, incentive is key. People will make an effort to use it at the beginning, but for a system to be sustainable, people have to have a good reason to use it and accept it.

If it was accepted for payment of local taxes and charges (one local currency unit = one Euro), people would see that it has value and would be more likely to accept it.

If it was new money and increased the local money supply, it would lead to a genuine increase in local business.

If it utilised a Credit Card, people may find it more convenient than fumbling around for coins.

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"...Money exists not by nature but by law." Aristotle (Ethics, 1133)

Why not eliminate the middleman and let us print our own money?

When did America have a socialist government?

The amount of money in the economy has to be regulated and money has to be universally accepted so as to perform its function as a medium of exchange. It, therefore, has to be regulated by some authority.

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"...Money exists not by nature but by law." Aristotle (Ethics, 1133)