25 Jul '11, 10am

What Greece can learn from Brazil | David Boyle

What Greece can learn from Brazil | David Boyle

Communities across Greece will be the same after national bankruptcy, after all. There will still be things people need and others willing to do the work, but there will be a serious lack of money to bring the two sides together. That is where we need new, local means of exchange. This is a lesson forgotten since medieval times, when alongside the gold and silver coins circulated a whole range of tin coins – worthless in international times, but providing the means of exchange around cities and cathedrals. Argentina plunged into new kinds of money more than a decade ago, and in a similar situ­ation – their currency was tied to the dollar. The IMF was horrified at the notes issued by regional government and stamped them out. But people power came up with its own solution.

Full article: http://www.neweconomics.org/blog/2011/07/25/what-greece-c...

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