A new Greek Currency

[Goaticus]

http://www.thedailysheeple.com/greece-creates-alternative-currencies-as-economy-collapses_032012

This is an interesting bottom up currency. It isn't backed by anything and actually has a maximum amount you are allowed to own which is bizarre. I hope with all the currency devaluations and sovereign debt crisis's that more groups find ways to make their own currencies. A friend in Argentina told me that they used links of jewelry gold in their inflation crisis. Currently I'm expecting silver to be the most useful thing.

[AnCap Dave]

Sounds like a worse version of fiat currency.

Isn't backed by anything and only allowed to own a certain amount? Sounds like a socialist's wet dream.

[MrBogosity]

But as long as it isn't backed up by force, it will stand or fall on its own merits.

I like that people are trying all sorts of different things. It would be nice if they--and the Bitcoin people, for that matter--would actually learn from economics, but hey, let's have a ton of different experiments and see if maybe there is a better way of doing money. I like the gold standard myself, but I'm not so arrogant as to think there could never possibly be a better way.

[Goaticus]

I prefer a gold standard, I own silver mainly because I think it will be more useful short term. I also like the idea of people who have issues with wealth accumulation being able to simply make an alternative currency as opposed to imposing their weird ideology on everyone.

[Virgil0211]

I'd prefer leaving it up to the market. I'd expect gold to be important, but I doubt it'd be used in all cases. I'd expect other base metals (and some wacky alternative-base currencies, though in smaller amounts) to be tried. I think it'd be funny if gold, silver, & bronze came into use like they were in some fantasy games where a certain number of bronze coins equaled a silver coin, and a certain number equaled a gold coin, and you could get change in different currencies and such. Though that would require that people be allowed to establish currencies on their own first. I doubt the government would be too keen on giving up the power that a fiat money gives them over the economy, in spite of the consequences.

[evensgrey]

I'd prefer leaving it up to the market. I'd expect gold to be important, but I doubt it'd be used in all cases. I'd expect other base metals (and some wacky alternative-base currencies, though in smaller amounts) to be tried. I think it'd be funny if gold, silver, & bronze came into use like they were in some fantasy games where a certain number of bronze coins equaled a silver coin, and a certain number equaled a gold coin, and you could get change in different currencies and such. Though that would require that people be allowed to establish currencies on their own first. I doubt the government would be too keen on giving up the power that a fiat money gives them over the economy, in spite of the consequences.

Countries like Greece are particularly unlikely to be willing to give up their fiat currency powers.  Of course, if the Greek State can be ash-canned, I think the people would be on it like white on rice.  Greeks are rather peculiarly contrary people.  A friend who visited described it as being a whole country where there wasn't a single traffic light (which Greeks would ignore anyway) and everyone would park on the sidewalk and walk in the street.

[Goaticus]

Countries like Greece are particularly unlikely to be willing to give up their fiat currency powers.  Of course, if the Greek State can be ash-canned, I think the people would be on it like white on rice.  Greeks are rather peculiarly contrary people.  A friend who visited described it as being a whole country where there wasn't a single traffic light (which Greeks would ignore anyway) and everyone would park on the sidewalk and walk in the street.

That's the best part of the new Greek Currency. The Greek Government didn't give anything up, some of their citizens just decided to start a new currency on their own.

[evensgrey]

That's the best part of the new Greek Currency. The Greek Government didn't give anything up, some of their citizens just decided to start a new currency on their own.

Could be a disaster, though.  Look what Obama's Treasury Department has done to alternative currencies in the US, in spite of the law.

[MrBogosity]

Could be a disaster, though.  Look what Obama's Treasury Department has done to alternative currencies in the US, in spite of the law.

You mean, seizing the assets and prosecuting the guys for counterfeiting?

[evensgrey]

You mean, seizing the assets and prosecuting the guys for counterfeiting?

That's the bunny.  In spite of the fact that by doing so they had to claim that the documents were supposedly counterfeit currency when they say right on them that they aren't currency (for those not familiar with the incident, they're warehouse receipts for silver, redeemable by any bearer at the issuer's secure warehouse for the listed mass of silver, which is a not particularly common by quite legal type of document), and bear no significant resemblance to any bank notes.

Apparently, barter is supposed to be a criminal offense in the US now.

[MrBogosity]

That's the bunny.  In spite of the fact that by doing so they had to claim that the documents were supposedly counterfeit currency when they say right on them that they aren't currency (for those not familiar with the incident, they're warehouse receipts for silver, redeemable by any bearer at the issuer's secure warehouse for the listed mass of silver, which is a not particularly common by quite legal type of document), and bear no significant resemblance to any bank notes.

Apparently, barter is supposed to be a criminal offense in the US now.

Exactly. One of the things they said made it counterfeit was that it had the US dollar mark ($) on it! But how many coins and bills have that mark? NONE that I've found! It was a PRICE, and some of them even said MSRP. The prosecutors who made that claim should all be charged with perjury.