In 1991, a man named Paul Glover introduced what would become the most successful Community Currency to date: Ithaca Hours, which are based on one hour of human labor. A single Hour is valued at $1…
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Well the "Don Quixotes of Money" are back with a new run at the fiat currency call the "dollar" aka "Federal Reserve Banknote". Derogatorily called a "FRBie" in the hard money & survivalist communities. If you remember the original episode, then you'll remember that when their idea of an alternative currency began to get traction, the politicians and bureaucrats came down on them with a "heavy hammer". (To bad, I was not on that jury. How anyone could confuse a big silver coin or a strange sized colorful bill as a "greenback" was beyond me.)
Having dodged a long prison sentence for “counterfeiting”, I thought that this would fold like most “community currencies”. But I was wrong.
Now they have still repeated the original mistake of using the word "dollar". Of course, the current FRBies bear as much resemblance to the original "dollar" aka Thaller as I do an Olympic Athlete in any sport. Well maybe sumo.
I’ll probably buy a few as a conversation starter. Maybe even for a 1K oz of silver, (15.07 * 1,000 = 15,070), I’ll have some “Kendall Park”, “South Brunswick”, or maybe even “Tyne Court” dollars printed. Laugh!
I really admire the tenacity of these “hard money champions”. Like the “Charge of the Light Brigade”, “Custer’s Last Stand”, Stalingrad, Agincourt, history is littered with historical examples of the hopeless and hapless casualties of stupidity.
All that being said, I hope that they can impact the discussion of "hard money" versus "fiat money" that we have now. To see the human cost of the unConstitutional "money", we just have to look at the welfare / warfare state, the national debt that will never be repaid, the unfunded liabilities of Gooferment promises & "pensions", as well as the destruction of savers and investors. Hard to itemize all the bad things that happened when Jackson, Lincoln, Wilson, FDR, and Nixon got involved in "money". Argh! — 30 —