> Clearly, allowing local scrips is inflationary. Or, at the very least,
> creates money where money would not have been. This is of course very,
> very bad for central fiscal policy. No matter what the Fed does to
> reduce inflation, anyone with poker chips (or the capacity to make poker
> chips) may add to the money supply at will.
Every few years someone around here tries to start a barter system
mediated by some kind of local scrip, these days maintained on
computers. The latest was called the "monarch" for the butterflies which
migrate through here. All of these systems failed, either for lack of
interest or inflation. Most of these systems get filled with offers of
unsalable items and services, and grind to a halt....
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| Hara Ra <harara@shamanics.com> |
| Box 8334 Santa Cruz, CA 95061 |
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