Greece alone has ‘defied the politician/banker nexus’
James Bruges writes:
The democratic decision of Greece was to stay within the eurozone, this must not be forgotten.
No other country has defied the politician/banker nexus: far from being irresponsible the Greeks are heroes.
Stamp scrip can be created by local authorities and run alongside the euro. Value is deducted from scrip on a monthly basis as an automatic tax. Since they lose value they circulates quickly around farmers, workshops, offices, bringing employment and hope (you would be foolish to keep them under your mattress or send them to Switzerland). Stamp Scrip cannot be a country’s sole currency.
Authorities’ staff could be paid half in scrip and half in euro, thus reducing the euros content of salaries; the ECB might like this.
All countries that are victims of the ECB’s market fundamentalist policies could use scrip currencies for exchange. In Ireland it was called the Liquidity Exchange using the ‘quid’. In Greece they could be grex. In Spain, spex.
Two short books by Irving Fisher can be read on the web: Stamp Scrip (1933) showed how they can be set up in a matter of weeks.
In 100% Money (1935) he said that all money should be created by the state, not by banks, echoing the advice of Abraham Lincoln (just before he was assassinated) and anticipating the views of Martin Wolf and the Positive Money campaign.
Anne (West Midlands) emails:
What about Iceland? They’re putting bankers behind bars…