6 Responses

1. John Palmer says:

   September 26 2014 at 5:51 pm

   The Bristol currency is an interesting development and should be foolproof. I thought you might like this link, Richard. While much simplified, it does explain the banking process in easy reading and where it inevitably leads.

   http://viracocha.tripod.com/Salvation.htm
   • Richard Murphy says:

     September 26 2014 at 7:38 pm

     I post this without looking at the link – sorry
   • Graeme Woodhead says:

     September 27 2014 at 1:22 pm

     excellent link. but how do you decide how much each person gets to start with? and what happens to the person who spends every last penny on women and beer? does he have to go to the other islanders for a ‘loan’? or does everyone get a minimal additional amount every week, thereby taxing the wealth of the community to ensure everyone gets a second chance?
     • John Palmer says:

       September 29 2014 at 12:43 am

       Interesting thoughts. No doubt there could be a Monetary Policy Committee who could decide how to “help” those who had sunk into the world of women and drink. It would not be too difficult to set up package tours to this island!
2. louis says:

   September 29 2014 at 2:11 pm

   In this story, http://viracocha.tripod.com/Salvation.htm, doesn’t the banker have to spend the profits (interest) with the islanders or else starve to death?

   The thing is the system can work if we view interest as simply the cost of maintaining it. Any currency has costs, for instance to print the notes etc. Of course, if the interest (cost of the currency) is too high then others should be free to step in with a less expensive one. So maybe the real problem is that currencies are monopolies, run by banks in cahoots with governments?

   Still, could that be about to change with the advent of the likes of bitcoin?
   • Richard Murphy says:

     September 29 2014 at 2:25 pm

     I have not viewed the story

     But it sounds off beam