Thursday, January 23, 2020

Following up on "European Towns Creating Own Currencies"

It was posted on September 25, 2012 so you are excused if you don't remember where you were when you heard the news:

European Towns Creating Own Currencies
We'll probably have to do one of those impenetrable "What is money?" posts one of these days.
Not today though. 
From CNBC:
QE Goes Local: Towns Coin Their Own Currencies....
....The amount of local currencies across Europe has now reached 104, all of which are listed on Last week Bristol, a city in southwest England, launched the latest of these — the Bristol Pound....MORE
And yesterday at CapX:
The demise of the Bristol Pound shows the folly of local currencies
  • The only obvious beneficiaries of the Bristol Pound are the people who run the project
  • The economic argument for local currencies is feeble - and was debunked in the eighteenth century
  • Local currencies like the Bristol pound confuse wealth with money - and make their areas poorer as a result....
Okay, but other than that...

In 2013 it was: Alternative, Community and Private Currencies

Even earlier we had:
BANK RUN: "Second Life Closes Banks"
From MIT's Technology Review:

Credit: Prokofy Neva (a.k.a. Catherine Fitzpatrick)

Bank run: After Linden Lab’s Tuesday announcement that it was banning virtual banks in Second Life, some residents rushed to withdraw their virtual Linden dollars, while others (above) protested the company’s decision.

And many more. Including: "Bacon as Currency: Testing the Limits of What It Can Buy"