this post was submitted on 02 Jul 2024
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Doug Rushkoff had a talk where he called out local currency as a thing he’d like to bring back from the medieval.
Exclusive to the community, and only valid for a short period of time, so you can’t hoard it or siphon the wealth to another community.
Edit:
Found a blog post about it: https://archive.rushkoff.com/articles/local-money.html
It doesn't say anything about it being temporary, although he does mention that in his talk here: https://www.youtube.com/watch?v=rRWzOdUiqQE
Good luck having global trade with that.
I think Rushkoff's notion was that new local currencies would be in addition to central currency. It just allows businesses to give a discount to transactions that will keep the wealth inside the community.
It's a neat idea, I just don't know how you would protect it from financial services turning it into yet another abstract tradable asset that undermines the original purpose.