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The monetary theories come from E.C. Riegel and Thomas J. Greco. Both models are fine. Private currencies have historically come from a variety of institutions

The monetary theories come from E.C. Riegel and Thomas J. Greco. Both models are fine. Private currencies have historically come from a variety of institutions. You could have a particular mutual credit bank issuing certificates convertible to a valued commodity as an incentive for locals to trade in and coordinate infrastructure renovation or other projects. You could have labor vouchers redeemable for some hourly or other unit of work, as Josiah Warren tried them. Right now there are models like CES and time banking that are somewhat active but highly limited as a result of jurisdictional constraints. There's no particular limit to level of subsidiarity or type of currency. Local currencies have a history: https://en.wikipedia.org/wiki/Local_currency#Characteristics https://en.wikipedia.org/wiki/Local_currency#Characteristics

anon1385 11y ago
They also have another history: https://en.wikipedia.org/wiki/Truck_Acts https://en.wikipedia.org/wiki/Truck_Acts
notahacker 11y ago
I'm still struggling to see how free banking or local currencies actually addresses many people not having enough access to resources to be able to fulfil their potential or even to eat, which is the principal problem social democrats aim to solve. It doesn't really matter whether my landlord wants payment in dollars or also accepts Bitcoin, gold, valuns or blue chip company scrip if I don't actually have anything to offer him at the end of the month and am not considered creditworthy. A corollary of Gresham's law is that currencies or currency-like trading arrangements built to extend credit to society's most unfortunate (and least productive) are the ones that people will be least willing to accept. Private trading circles or backing currency with commodities (usually natural resources mined by oligopolies) would seem to veer towards making society more unequal rather than less.
- vezzy-fnord 11y ago
  The local money is the lubricant that would drive various plans to use the local capital stock. Municipal governments would certainly play a discretionary role in the short term precisely so as to negotiate with existing property owners.

anon1385 11y ago

They also have another history: https://en.wikipedia.org/wiki/Truck_Acts https://en.wikipedia.org/wiki/Truck_Acts

notahacker 11y ago

I'm still struggling to see how free banking or local currencies actually addresses many people not having enough access to resources to be able to fulfil their potential or even to eat, which is the principal problem social democrats aim to solve. It doesn't really matter whether my landlord wants payment in dollars or also accepts Bitcoin, gold, valuns or blue chip company scrip if I don't actually have anything to offer him at the end of the month and am not considered creditworthy. A corollary of Gresham's law is that currencies or currency-like trading arrangements built to extend credit to society's most unfortunate (and least productive) are the ones that people will be least willing to accept. Private trading circles or backing currency with commodities (usually natural resources mined by oligopolies) would seem to veer towards making society more unequal rather than less.

vezzy-fnord 11y ago
The local money is the lubricant that would drive various plans to use the local capital stock. Municipal governments would certainly play a discretionary role in the short term precisely so as to negotiate with existing property owners.