Bristol Pound Currency to Boost independent traders
The Euro is in trouble, the world's financial system is in turmoil. Is this the perfect time for cities to go it alone, and print their own money?
This is pretty much the Transition Money - eg the Lewes Pound - approach which is thoroughly neutered so as not to be a threat to the system.
The outcome of this model - where local currency is issued against reserves of the 'real thing' (hollow laugh) - is that no new money is created, but existing money is effectively pinned to an area.
front-paged by afew
Now if money does stay local, at least profits do not get hoovered out to our friend's buddies in the City, which is something.
But on the face of it, the benefits are minimal and unlikely to begin to cover the costs of putting the scheme together, although a small amount of interest will accrue in respect of the reserves.
This income may be increased if the notes are pretty/collector's items etc - then they will never get cashed in at all, resulting eventually in a windfall.
That sort of tourist money such as Saltspring Dollars
is not a bad idea, but it's a completely different beast to the Bristol Pound, which is intended to be the 'real thing'.
Anyway, there are three elements to the Bristol Pound which means it probably has more chance of success than any earlier UK experiment
(a) Automation - ie it is not just bearer notes, but also has an accounting system;
(b) Professionalism - it is being run by a credit union;
(c) Municipal Involvement - Bristol Council will accept the currency in payment for business rates.
In fact, I have just learned that the Bristol Pound is the second prototype of a New Economics Foundation initiative with a Dutch software provider Qoin, and they are issuing invitations to Join the e-money revolution