Comments on: Scrip Currency Can’t Save the Economy

By: no third solution » Blog Archive » Is Wealth Being Destroyed? (Economic Myths, Dispelled)

Tue, 27 Jan 2009 14:23:30 +0000

[...] previously chided The Guardian, another British paper, for propagating the same falsehood. Money proper is accumulated weatlh, it is a tangible store of value or a legitimate claim thereto. [...]

By: David Z

David Z — Mon, 26 Jan 2009 21:05:13 +0000

No problem at all, Matt. I’m glad I could help.

I’ll post a follow-up to your new question sometime soon (my definition of “soon”, not the real definition). Stay tuned!

By: Matt C.

Matt C. — Mon, 26 Jan 2009 20:26:13 +0000

Thanks for reviewing the article, much appreciated! Part of why I sent it to you is that, on the surface, some of what he was saying rang true to me: i.e. the idea of circumventing the central bank system and working at a community level. However, as I mentioned, I have no skill at economics to find the holes in the idea, so I appreciate your break down of it!

Question in follow up: would you say that a system based not on some State imposed valuation of scrip, but on a local agreed upon valuation, would work better? (I’m grasping for the correct terms here but…) in other words, would a system where local communities agreed on their medium of exchange within that community (say setting their own ‘gold standard’ so to speak), thus getting around the central bank system, suffer the same issues?

Again, I apologize to anyone that views this as an “Econ 101″ type of question.

Thanks!

Matt C.