A successfull local currency example

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Brainless's picture
Brainless
Status: Silver Member (Offline)
Joined: Dec 9 2008
Posts: 150
A successfull local currency example

I witnessed the use of this currency a few years ago and i am surprised and happy that it stood up against the test of time.

Read about it in this article:

http://online.wsj.com/article/SB123128312320458913.html

Blind Joe's picture
Blind Joe
Status: Member (Offline)
Joined: Oct 17 2008
Posts: 11
Re: A successfull local currency example

Why surprised? It's surprising to me that this sort of thing would show up in the WSJ... maybe they're not as foolish as they seem?

They're absolutely right that the world is going to see an explosion in complementary currencies as people start to realize that their national currencies are hopelessly flawed and are not serving their needs. And as it turns out, having a diversity of currencies can actually provide a great deal of resilience and stability for the economy as a whole, as opposed to relying on a single centralized currency that no one has any control over.

You can see some illustrative charts and graphs of this concept in the recent essay by Bernard Lietaer: http://www.lietaer.com/images/White_Paper_on_Systemic_Bank_Crises_Decemb...

There are very many examples of successfull complementary currencies in the world. I don't know how often WSJ runs these kinds of stories, but a village in Thailand is a strange example to choose..... Why not run a story on the Swiss WIR? Not only because it's the oldest and largest, starting in 1934 and now transacting 2 billion annually, but because it started as a busines to business mutual credit system (B2B) -- which is even more critical right now. Starting a local currency is relatively easy -- starting a B2B network that can finance much larger supply chains is a little more challenging.

But they do exist: http://www.businessweek.com/smallbiz/content/nov2008/sb20081111_235070.h...

ccpetersmd's picture
ccpetersmd
Status: Martenson Brigade Member (Offline)
Joined: Oct 12 2008
Posts: 799
Re: A successfull local currency example

Salt Spring Island, in British Columbia, also has a local currency, one that is fully backed by the Canadian dollar, and their own IMF (Islands Monetary Foundation).  For more, visit:

http://www.numismondo.com/pm/ssi/

http://www.saltspringdollars.com/

http://www.vancouverisland.com/regions/towns/?townid=257 (look about 3/4 down the page) 

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