Thanks to LJuserGoodall for asking about bitcoin, which I do
not support. Bitcoin is an alternative to national currencies
which is often used for money laundering and other nefarious
purposes. It actually does precisely the opposite of what a
community-based currency is intented to do, which is increase
transparency and decrease anonymity. Community-created
currencies are meant to circulate only within local
communities, as a complement to the national currency, thus
increasing both access to and availability of money to those
who might otherwise not have access to national money.
(Search Ithaca Hours.org or Anacostia Hours for details.)
Time Banks are another complementary currency created by
people in local communities to supplement the national
money supply. These are not meant to be universal
currencies. Please see Robert Mundell’s work, which I cite in
“Shared Monetary Governance” on Optimal Currency areas.
As he said, The World is NOT an Optimal Currency Area.
Regions differ by product, output, resources, etc, and
therefore need different currencies. The USA for instance,
should actually be four currencies areas, not one, so when the
Fed raises interest rates, that change affects different regions
of the country differently, affecting inflation and
unemployment differently across different parts of the country.
Sir John Maynard Keynes proposed an international currency
in 1944 which would have solved some problems, but it was
rejected by the American delegation to the Bretton Woods
Please, Go learn more!
Meow Date Saturday, April 21, 12014 H.E.