(With apologies to “Sixteen Tons” – an American folk song)
I wrote what follows on January 20, 2009. Seems uncomfortably prescient now, except for the change of focus to smartcards.
In the Guardian, today, George Monbiot floats the idea that privately-issued currency, in the form of time-limited private scrip (i.e. the money is for spending – if you hoard it, it becomes worthless – and thus the economy remains buoyant), is one potential solution to the present crisis. This would operate alongside sterling, not instead of it.
This idea does have historical precedent Continue reading