Local Currency Plan

[Baron von Biffo]

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.

But if the authority can just lash off another batch of 50s whenever it feels the need it's the same as you, me and Mary Kate printing our own.

[QuizMaster]

The lets currency is useful for communities helping each other, and enriching themselves (a little) in the process.

In a world where real money has collapsed, people already using lets will be at a huge advantage.

In reality, if you join a scheme right now, you can expect to give/get foot massages, eggs, your lawn cut and maybe some car pooling.

If the economy gets worse, plumbers and carpernters will join. If things get even worse, doctors and lawyers can join (the lawyers mowing lawns and babysitting). If the ecomony disappears altogether, your local county council might come knocking on the door.

Overall I'd say they're a great idea and everyone should join one at some level, no matter how small.
If nothing else, it makes you realise what skills and potential you have.

[Kensington]

But if the authority can just lash off another batch of 50s whenever it feels the need it's the same as you, me and Mary Kate printing our own.

An authority should not be allowed to create too much money. Inflation should be carefully monitored. A local currency, however, would only ever account for a small percentage of the money supply.

Also, if you print money, why would anyone accept it?

[Baron von Biffo]

An authority should not be allowed to create too much money. Inflation should be carefully monitored. A local currency, however, would only ever account for a small percentage of the money supply.

Also, if you print money, why would anyone accept it?

I'd accept a note printed by my neighbour quicker than one printed by the council.

[Kensington]

The lets currency is useful for communities helping each other, and enriching themselves (a little) in the process.

It would be great to see the Green party really push systemic monetary reform in a serious way. Of all the parties in Ireland, they are the ones to do it. Localism can only really be achieved with monetary reform. Stronger local authorities with their own money supply would do more than anything to strengthen the local economy. Combined with a proper national monetary system , this would do more to further the Green agenda than anything else.

[Kensington]

I'd accept a note printed by my neighbour quicker than one printed by the council.

But, would the shopkeeper or supermarket accept it?

[Mr.De-Regulation]

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.

Right so, I like the spirit of your idea, 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. If you and me could come up with a better way on how notes created, we may actually have something.

How about a citizen works for the community, and gets one note for every hour they do. Which they can use to exchange for someone elses hour of services? Obviously more expensive services would cost more than one note.

But, would the shopkeeper or supermarket accept it?

The general appeal on unregulated currency is that it isnt legally enforced, and individuals can decide thier value.

[eurosceptic]

Would the ECB allow this sort of carry-on?

[Mr.De-Regulation]

Would the ECB allow this sort of carry-on?

The answer is clearly yes, since it has happened before. The max the ECB could is stop the local councils taxing people on it.

[sharper]

Would the ECB allow this sort of carry-on?

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.

Anything else it just a gimmick.