Community Created Currencies

From: Jason Howard
To: wblock@loyno.edu
Subject: local community currencies

Hi Walter,

I am mostly familiar with your work through LewRockwell.com. I am curious what you think about community created currencies. My question is do you think these currencies actually benefit the local community?

Thank you for your time.

Respectfully,

Jason

https://thehustle.co/covid19-local-currency-tenino-washington/?utm_source=pocket-newtab

Dear Jason:

In my view, all voluntary capitalist acts are mutually beneficial at least in the ex ante sense, and that would certainly include private enterprise “monies” as per your example. As to whether or not this initiative will be successful in facilitating local trade, that is an empirical question, which cannot be answered based on the pure logic of praxeology. But, based on my prudential judgement, they will virtually all fail. For a money to be a good money must be widely accepted in payment. That leaves out these sorts of “monies.”

Best regards,

Walter

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2:14 am on August 26, 2020

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