Last week I wrote about the Chancellor’s autumn statement and I tried to express the anger I felt about the continual pursuit of austerity by this government.
There are voices speaking out against it in ever increasing numbers, Russell Brand being simply one of the better known in the UK at least. I am a small voice in the multitude but I’m in good company not only famous comedians but also heavyweight fiscal institutions are lending their voices to the argument against further cuts. May be, just maybe, the whole thing will blow up in the government’s face and an opportunity will be seized by bankrupt local authorities, struggling families and radical activists who want an end to the corruption and greed that is free market capitalism.
My friend John Rogers has for many years been engaged in the development of and the economic theories behind alternative local currencies. The truth is that much of the problems we are suffering are the direct result of the Banking industry’s creation of and speculation in imaginary money to generate inflated profits and massive bonuses. Local currencies return money to its original function as a medium of exchange rather than a commodity in which you can speculate and thereby cause economic instability.
Local currencies also keep wealth circulating in the local area since they are not backed by the national government then they cannot be used outside the area. Multi-national business cannot, therefore, send their money off to whatever tax haven the have located their head office in to avoid paying their taxes. Needless to say this type of business sees no benefit in participating in local currency areas!
Local currencies are an interesting idea and I’ll be exploring it further in future blogs. In the meantime for anyone who wants an introduction to the subject John blogs on the subject and I recommend a read of his recent posts http://valueforpeople.co.uk/spark-blog/