Tuesday, September 9, 2008

Sterling being seen as a dodgy currency

Totnes Pound, Brixton Brick challenge Sterling

Local communities are starting their own currencies as they are worried about the stability of Sterling. In Totnes they are even considering issuing their own credit cards based on their local currency. A sign of things to come ? 'The next step is find someway to back the currency with something other than sterling ' Perhaps Gold ? one for the gold bugs out there. I can see this taking off . Wonder what the exchange rate to the Euro will be ? Any jokes about the Brixton Brick going up in smoke will be quashed ..

Posted by timbuk3 @ 01:56 PM (468 views)
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3 thoughts on “Sterling being seen as a dodgy currency

  • This almost seems beyond belief – does it signal a major disintegration of trust in sterling and government?

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  • I heard this report on the telly this morning and thought it was really quite important. Surprised it hasn’t encouraged more comment today on HPC. I see this as communities expressing a fundamental distrust in the GBP. It would indeed be interesting to watch a community using gold coins as currency – the reason being that it would avoid the major fault of these local currencies i.e. having a fixed exchange rate with GBP. Effectively they are just like GBP but potentially more worthless!! Trading in gold would not suffer from this as it would be impossible for a local community to fix an exchange rate outside of the existing gold markets.

    I must admit though I don’t really understand how these currencies are ssupposed to work or what they are supposed to achieve – despite living in the channel islands where we have our own currency in each bailiwick.

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  • People have tried local currencies before, and they have failed.

    The Totness Pound is tied to Sterling, so it has all of the disadvantages of Sterling without any of the advantages.

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