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Jister1

New Currency

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Interestingly its pegged to the gbp - however...........if you pay in brixton pounds you get a discount!!!! - giving you more bang for your buck in the brixton pound - its already worth more than the gbp

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FUCK GO COMPARE

FUCK GIO AND ALL WHO LOOK LIKE HIM

Edited by Nikelodeon

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Guest DissipatedYouthIsValuable
FUCK GO COMPARE

FUCK GIO AND ALL WHO LOOK LIKE HIM

I'm never comparing insurance again.

In fact, I'm keeping the untaxed uninsured Jag on the drive, and woe betide the ******er who arrives in a tow truck.

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I'm never comparing insurance again.

In fact, I'm keeping the untaxed uninsured Jag on the drive, and woe betide the ******er who arrives in a tow truck.

I also find him insulting to germans in a similar way those meerkats are insulting to polish people.

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Interesting...

I assume the point about it being switched to GBP is that it will gain value against GBP, should inflation take off.

There definitely seems to be a growing movement towards alternative currencies. Now, if there was a well known bank brave enough to float a "hard" currency on the market, things would get very interesting! While there is a central bank, I expect the lucrative security provided by it will discourage such activities though. However, if it was an independent, commodity backed currency, it would be interesting to see how it was received.

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I can't see the use of it.If it's pegged to the pound, it won't protect your spending power... so what's the point?

It stops Tescos nicking it all from the local economy. There was a story doing the rounds about a German tourist who left £100 deposit while he looked at a room. Well the money went round the town and was given back to him, but everybody in the town paid off their debts to each other with it. Well if there had been a Tescos in town they would have grabbed it and everyone else could feck off.

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Whilst I commend the apparent forward-thinking of Lambeth council here, if this local currency idea takes off on a large enough scale, I can see there being 'words from the top', bringing about a swift halt to proceedings.

The american civil war was apparently faught over a similar matter, according to regular HPC poster, Bill Still.

James.

ps I love the way the Queens head has been replaced by a Rasta with a megaphone!

"Brap Brap Brap....... ooo waaan some rice and pea for their Brixton dollar!"

Priceless. :)

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Guest Parry aka GOD
Interestingly its pegged to the gbp - however...........if you pay in brixton pounds you get a discount!!!! - giving you more crack for your buck in the brixton pound - its already worth more than the gbp

Fixed.

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One of these local currency schemes is going to become a financial scandal. The next Farepak or Madoff.

There will be an accounting error or bank failure which will leave the local currency not fully backed by sterling notes and coins, followed by chaos as people frantically switch back into real pounds.

Stupid idea.

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One of these local currency schemes is going to become a financial scandal. The next Farepak or Madoff.

There will be an accounting error or bank failure which will leave the local currency not fully backed by sterling notes and coins, followed by chaos as people frantically switch back into real pounds.

Stupid idea.

I agree. Imagine some heavy counterfeiting followed by the council refusing to honour notes on the grounds it can't tell which ones are genuine. And that's assuming the council is actually issuing the notes, not some ltd company which can disappear overnight.

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I agree. Imagine some heavy counterfeiting followed by the council refusing to honour notes on the grounds it can't tell which ones are genuine. And that's assuming the council is actually issuing the notes, not some ltd company which can disappear overnight.

You mean the GBP, that has been counterfeited to the sum of 175 billion by a bunch of financial terrorists, where you can't tell the difference between a dodgy one and a 'good' one. The GBP that is issued by some government which can disappear over night. :lol:

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One of these local currency schemes is going to become a financial scandal. The next Farepak or Madoff.

There will be an accounting error or bank failure which will leave the local currency not fully backed by sterling notes and coins, followed by chaos as people frantically switch back into real pounds.

Stupid idea.

Which is why a floating currency makes more sense - they will be worth what supply and demand dictates. I assume they are banking on "real" ( :lol: ) pounds being inflated, meaning that their local currency will worth at least as much. Imagine food and goods being (more or less) the same price in this currency in 5-10 years time? I can't imagine the same thing happening in a "real" money like Sterling.

Besides, while ever people give value to the notes, it doesn't matter about being able to switch to Sterling - as long as you can trade with the note, it doesn't really matter.

I agree. Imagine some heavy counterfeiting followed by the council refusing to honour notes on the grounds it can't tell which ones are genuine. And that's assuming the council is actually issuing the notes, not some ltd company which can disappear overnight.

I would assume that the same rigour was used in preventing counterfeiting as with Sterling notes/coins. IIRC, there are private businesses which provide this very service currently - Zimbabwe couldn't afford the paper from them! ;)

A digital currency may be better at protecting against counterfeiting too, but it would take a bit more sophistication by the issuers. They could piggy back on existing POS and ATM machines too.

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Couple of questions....

1. Who on earth would swap pounds for Brixton notes? It would be like swapping gold for fiat...oh. hold on.

2. I presume the pounds get deposited somewhere earning interest. Now that would be a benefit for the community if all the notes in circulation could be earning interest at the same time as it is performing its duty as a form of exchange. Assuming the community gets the interest of course.

I'll have a go at answering! :)

1. At the start of the process, who says they need to be? If you are exchanging labour for the notes, you need not involve Sterling. You may swap Sterling for the notes if you feel they may be a better store of value or perhaps if you get discounts (or some such).

2. I would assume that this would only be the case if the notes were being lent out, at interest, by someone too. Maybe they have to store them somewhere safe (under mattress/in a safe?) currently, so I would assume they would return no interest (until a formal banking arrangement is in place - if ever).

I'm not sure whether the currency presents a good alternative or not in such a form, but I guess if people decide to use them, all is fine. I think other regional currencies do ok, but I'm not sure what the implicit reasoning is - surely it can't be just to avoid inflation?

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