As ever, the key to the viability of an alternative currency is for people to agree to use it! And most likely, these people are going to be ones who are close at hand. If, in a local area, the preponderance of small businesses buys in, and if the new currency quickly changes hands, so that more and more exchanges are generated, the result could be a buzzing beehive of economic activity, an island of abundance in the midst of the ever-expanding scarcity.
P.S. Did you know that, in the U.S., 20 individuals now own more wealth than half the population?
The economic experts are split over the usefulness of local currency. Germain Basile, an economist who teaches at the business school, HEC Montreal thinks counterfeiting should be a concern of creators of any new cash system. “If anyone can photocopy any alternative currency it becomes very very abundant and it loses its value.” He notes governments put a lot of resources into making their bills hard to counterfeit. Getting the benefit of that investment in security by just by cutting an existing bill in half, he calls a “brilliant solution.”