Comments on: B£ backed by gold? http://brixtonpound.org/2010/b-backed-by-gold/ Money that sticks to Brixton Tue, 08 May 2012 14:44:52 +0000 hourly 1 By: Sabine K McNeill http://brixtonpound.org/2010/b-backed-by-gold/comment-page-1/#comment-122 Sabine K McNeill Tue, 11 May 2010 18:29:52 +0000 http://brixtonpound.org/?p=1185#comment-122 I don't see the point of mixing a "real economy based currency" with the gold standard as one of the options in the "financial economy". The only thing that is required is an exchange rate with a normal currency and a "common yardstick" across "mutual credit currencies". This would be an hour of time rather than a gram of gold. So the exchange rate with an hour of time is required rather than a "backing" by time. And that hour of time does NOT need to (but could) be the minimum hourly rate that should be paid for any service. The whole point of LETS money as an "accountancy unit" is that it does not have value in itself, but only records the value of a product or service exchanged. Thus it is truly a "medium of exchange" rather than a "store of value". The value is the real product and the real service. Not the "real gold"! I know it's difficult to distinguish between 'money' and 'currency' and we tend to extrapolate from existing economic thinking rather than think outside the box and establish our own rules. More on www.bartercard.wordpress.com. Sabine, Organiser, Forum for Stable Currencies and founder of the first LETS in London in 1989 http://forumforstablecurrencies.info I don’t see the point of mixing a “real economy based currency” with the gold standard as one of the options in the “financial economy”.

The only thing that is required is an exchange rate with a normal currency and a “common yardstick” across “mutual credit currencies”. This would be an hour of time rather than a gram of gold. So the exchange rate with an hour of time is required rather than a “backing” by time. And that hour of time does NOT need to (but could) be the minimum hourly rate that should be paid for any service.

The whole point of LETS money as an “accountancy unit” is that it does not have value in itself, but only records the value of a product or service exchanged. Thus it is truly a “medium of exchange” rather than a “store of value”. The value is the real product and the real service. Not the “real gold”!

I know it’s difficult to distinguish between ‘money’ and ‘currency’ and we tend to extrapolate from existing economic thinking rather than think outside the box and establish our own rules.

More on http://www.bartercard.wordpress.com.

Sabine, Organiser, Forum for Stable Currencies and founder of the first LETS in London in 1989
http://forumforstablecurrencies.info

]]> By: KingofthePaupers http://brixtonpound.org/2010/b-backed-by-gold/comment-page-1/#comment-121 KingofthePaupers Thu, 06 May 2010 15:50:57 +0000 http://brixtonpound.org/?p=1185#comment-121 "The Brixton Pound featured at an Islamic Finance conference in Norwich yesterday. B£’s Josh Ryan-Collins was invited to speak about the currency to the local Muslim community who are interested in developing a complementary currency in Norwich backed, not by sterling as the B£ is, but by Gold and Silver." Jct: I think basing one's currency on a scarce metal isn't as bright as basing one's currency on an hour of neighbor's labor and must point out that the Islamic Party of Great Britain's members not only supported LETS time-based currency but also helped start interest-free LETS banks in the UK. So not only is yellow and silver rock-based currency compliant with Islam but time-based currency too. And though few have any yellow or silver rock to pledge at the bank, all have plenty of time to pledge at the timebank. “The Brixton Pound featured at an Islamic Finance conference in Norwich yesterday. B£’s Josh Ryan-Collins was invited to speak about the currency to the local Muslim community who are interested in developing a complementary currency in Norwich backed, not by sterling as the B£ is, but by Gold and Silver.”
Jct: I think basing one’s currency on a scarce metal isn’t as bright as basing one’s currency on an hour of neighbor’s labor and must point out that the Islamic Party of Great Britain’s members not only supported LETS time-based currency but also helped start interest-free LETS banks in the UK. So not only is yellow and silver rock-based currency compliant with Islam but time-based currency too. And though few have any yellow or silver rock to pledge at the bank, all have plenty of time to pledge at the timebank.

]]>