Can We Create Our Own Currency?

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Ben Cohen
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By Ben Cohen

George Monbiot suggests a completely different way to mitigate the effects of the financial crisis:

In his book The Future of Money, Lietaer points out - as the government


did yesterday - that in situations like ours everything grinds to a


halt for want of money(1). But he also explains that there is no reason


why this money should take the form of sterling or be issued by the


banks. Money consists only of “an agreement within a community to use


something as a medium of exchange.” The medium of exchange could be


anything, as long as everyone who uses it trusts that everyone else


will recognise its value. During the Great Depression, businesses in


the United States issued rabbit tails, seashells and wooden discs as


currency, as well as all manner of papers and metal tokens. In 1971,


Jaime Lerner, the mayor of Curitiba in Brazil, kick-started the economy


of the city and solved two major social problems by issuing currency in


the form of bus tokens. People earned them by picking and sorting


litter: thus cleaning the streets and acquiring the means to commute to


work. Schemes like this helped Curitiba become one of the most


prosperous cities in Brazil.