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Local currencies, the weak US dollar and our future

May 20, 2008

Local currencies, the weak US dollar and our future

Competition is normally good for a market- does this also apply for currency? Why now is this trend in currencies going local seemingly happening? What does our weak USD have to do with it?

Hundreds of years ago, countries often had local currencies, not just one national currency for all matters. Each Baron or Lord very well would have had his own coins and mint. Naturally, having one agreed upon promissory note to pay with is much more agreeable. Yet why then are "local currencies" popping up, seemingly all around the world.

From Massachusetts to the United Kingdom, we see this happening. Is it a trend? Here is a nice video report from May 19, 2008 on this very subject:

A very local currency

"A small English town wants to experiment with its own currency to boost the local economy." What is wrong with the weakening British pound (Weaker against the euro)?

Nothing however has been tanking like our US dollar. The worlds oil currency (USD) has lost more than 30% to the euro. And as the dollar goes south, the price of raw oil rises, giving us a double whammy, for we must purchase oil in these very USD's that are weakening. Not that starting local currencies in the United States would help- heck, this "trend" would take us back in time- but would it? The fact that communities are doing it, says something and maybe it is more than just a marketing gimmick.

Some argue and honestly it does make a lot of sense, that local currencies are the way to go. Take this paragraph from a local currency conference report titled, "Local Currencies in the Twenty-First Century: Understanding Money, Building Local Economies, Renewing Community";

"The most sustainable economy would be one in which the goods consumed in a region are produced in the same region using local resources and local labor. Ernest Fritz Schumacher referred to such a system as “an economy of permanence.” His 1974 book Small is Beautiful: Economics as if People Mattered, remains the most compelling case for building vibrant regional economies as a counterpoint to our increasing reliance on far flung global production systems." - Susan Witt and Christopher Lindstrom
SOURCE: The E. F. Schumacher Society

We work to make money to feed our family and to save for a rainy day. We are people. It makes sense that we work for the betterment of people within our family and our immediate community. Working and getting paid in a currency that has a lesser and lesser value does not make long term sense.

Local currencies aside, for not all of are ready to abandon our life's savings in US dollars-
Dr. Ron Paul, U.S. Republican, has some excellent and very interesting views on our monetary policy, the Federal Reserve and the best way to back our nations currency. There are some great videos and comments in this article on this very subject, posted here. Paul is one of the few presidential candidates taking a tough stance on this and calling a spade a spade.

A weak USD is the biggest problem and the MSM (main stream media) seems to want to blame everyone and everything else but this fact (Blame the oil companies, blame oil producing nations, blame China, etc.). Why? Well, listen to Ron Paul (search YouTube for "Ron Paul") and I think it will become clear.

Ron Paul does not belief that a joint American, Canadian and Mexican currency that is called the AMERO will solve matters. That's right, many of our political leaders are preparing to sell out the USD and thus our United States Constitution if monetary matters are not solved quickly. Dr. Paul will fight to solve these problems and much more in America

You can visit Ron Paul's web page here:

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Comments on this item:

Duane Ruiz
30-11-2016 14:20:16
According to what I learn from affordable dissertation writing services, America is the super power of the world that’s why we use American dollar for trade on international level. But its value fluctuates due to some reasons in different countries like in Pakistan, India or any other. In future we wish that value of dollar should decrease in our country.
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