Turns out, the French are late-comers. There are local monetary systems all over the world, the Chiemgauer in Germany (since 2003), the Palmas in Brazil (since 1998), even the BerkShares in Berkshire, Massachusetts. There are something like 4,000 local currencies around the world. How about the Chili Pepper in El Paso?
Here's how it works: People in the region can buy abeilles (1 abeille=1 euro) but they can only spend abeilles in the designated region. To protect the abeille from speculation (you don't want people to stockpile them, waiting for their value to increase), members of the project must pay 2% on each abeille they have on hand every six months (and apply a special stamp to the bill to prove they paid).
Local currencies have the following advantages:
- Must be used locally (and therefore boost local commerce and reduce CO2 emissions)
- Must be used fast (encouraging a economic activity)
- Can insulate regions from monetary turmoil at the national level
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I remember that one town in New York State (Ithaca maybe?) had an alternative currency. Folks worked at a non-profit (e.g., food co-op, alternative community bookstore, organic bakery) and received the alternative currency in exchange for their labor. The currency could be traded for goods at the food co-op, alternative community newspaper, organic bakery, etc. It supported the non-profit organizations and developed a stronger sense of community.
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