Read this article about a small town that printed it's own money. http://www.lietaer.com/2010/03/the-worgl-experiment/
I have seen things like this before the Liberty Dollar is an example. What happens is whoever does it goes to jail for fraud for a long time. The FED doesn't want competition.
That really is interesting. A currency with a time limit might be a better stimulus than anything else that is being tried.
This was the veryfirst experiment that took place and it worked! But then the Austrian FED , broke its neck., for beeing fraduelent Ie. Printing money.... Basterds
Any stimulus will have a negative effect on the economy whether it is timed or not. The problem is the level of output has been diminished by many factors. The main one being tax makes it hard for businesses to drop their bottom line.
1) It could "work" only on a very localized basis among a homogenous group of people who pay taxes and who are "productive". That excludes atleast 47% of the US already. :eek: 2) People may be more receptive to that "idea" after the "Final Bottom" has passed during a depressionary environment. It's too soon to get excited about it now. 3) The Fed wouldn't be expected to survive another economic meltdown. Bankers will become an extinct species.
Soon afterwards 200 townships in Austria wanted to copy it. It was at that point that the central bank panicked and decided to assert its monopoly rights. The people sued the central bank, but lost the case in November 1933. The case went to the Austrian Supreme Court, but was lost again. After that it became a criminal offence in Austria to issue âemergency currency.â
'would you take all of your wealth and exchange it for currency printed by a small town? case closed." would you exchange "all" your wealth for any fiat currency? "case closed" is a phrase that should should never be uttered by a free thinker.