Moving To A Single Currency... Or Lots Of Local Currencies?
from the or-a-combination-of-both? dept
However, just after reading that... I came across an article suggesting pretty much the exact opposite: that we're perhaps more likely to move to more splintered currencies as local regions start creating their own currencies. The article, in particular, talks about Brooklyn trying to create a Brooklyn-specific currency. Such things are hardly new. Having spent five years of my life in Ithaca, NY, I was quite familiar with Ithaca Hours, the local currency that is often held up as the model on which such local currencies can work. Of course, we've seen other attempts to do this in the past, and I'm not sure any can really get big enough to matter. But I can see how they are appealing to some during economic downturns, as they look for better ways to try to get people to focus on local businesses. Designing a currency that encourages you to spend locally might seem like a good idea, and it can work in small doses. In the end, though, I doubt either movement (single world currency, splintering local currencies) is likely to become that big of a deal in the near future. The system we have now actually works pretty well (despite the economic mess faced today).