At the newly married\’s request. A new local currency (there are any number of them around the country) called the Brixton Pound.
Great, lovely idea, use whatever you wish as the intermediary in your exchange of goods and services. Cowrie shells, cows on the hoof, local scrip, whatever.
There are a few problems of course: the localism it is designed to encourage is an insane idea. We want the goods of the world at our doorstep, not just the goods of Brixton. So convertibility will be a requirement quite antithetical to those who have set up the scheme.
However, the largest problem will be, as Paul Krugman has pointed out, the absence of a central bank or of some other limitation upon the issuance of currency.
My bet is that the Brixton Pound will fall victim to either hyperinflation or simply fail altogether.
Ah, what\’s this?
nef (economics as if people and the planet mattered – Lambeth-based economic think-and-do tank)
OK, I\’ll go with hyperinflation.