Bristol Pound: sound

The Bristol Pound is a good idea and I'm glad to see that a date for its launch has now been set in May this year. Given the chaos that has ensued from creating fewer currencies within the EU, doing the opposite and creating more currencies seems good sense. The Schumacher Society state the advantages very well, saying '...local currencies are a legal, but underutilized tool for citizens to support local economies. Local currencies function on a regional scale the same way that national currencies have functioned on a national scale—building the regional economy by creating a protective “membrane” that is defined by the currency itself. Local businesses that accept the currency are distinguished from chain stores that do not, building greater affinity between citizens of the region and their local merchants. Individuals choosing to use the currency make a conscious commitment to buy locally first, taking personal responsibility for the health and wellbeing of their community, laying the foundation of a truly vibrant, thriving local economy.'

Anyone who simply does not like the idea of supporting local businesses that take the local currency doesn't have to use the Bristol Pound. Personally I object to the money I spend in Bristol not circlulating here and doing more work here, so I support moves such as local currencies

 See:

http://www.thisisbristol.co.uk/Date-set-launch-Bristol-Pound-city-s-currency/story-15145749-detail/story.html

A few previous posts on local currencies, community banking and related matters:

http://vowlesthegreen.blogspot.com/2009/01/time-for-community-banks.html

http://vowlesthegreen.blogspot.com/2010/03/voluntary-community-and-social.html

http://vowlesthegreen.blogspot.com/2011/01/bristol-local-exchange-trading-scheme.html

Euroland: grand??

The recent EU summit agreement - the UK aside - to economically integrate, harmonise and centralise is aimed at creating a fiscal union. I cant see how the agreement solves the fundamental problems with the nature of the euro zone though, either economically or politically. Can economic harmony be achieved with socio-economic systems as varied as Greece and Germany, Spain and the Netherlands, Italy and Denmark, Portugal and Sweden? Wasn't it always going to be a problem having one exchange rate over such a huge area? And what of the politics of this? Surely the attempt to bring together such diverse economies - almost creating one much larger country - is likely to cause huge political problems as the people in those countries realise the implications of what has been agreed? There's no realistic joined-up - systems - thinking here. The plan for Euroland is not grand.

http://www.telegraph.co.uk/finance/financialcrisis/8947625/EU-treaty-David-Cameron-stands-as-the-lone-man-of-Europe.html

http://www.guardian.co.uk/business/2011/dec/09/eurozone-countries-treaty-exclude-britain

http://www.bbc.co.uk/news/16131346

Euro: no

'Bailout for Greece' - but is it? Isn't it more a bailout for bankers who lent to them, a bailout for corrupt politicians who fiddled Greek national accounts, a bailout for those who have and still seek to protect their euro currency project and the closer political union across the continent...The idea of a common EU currency, the euro, was always a daft idea - poor economics and poor politics. Just look at the situation now. Greece is on the edge, perhaps already over it, economically and socially. It cannot devalue its currency as its in the euro and it is having its economic policy dictated to it by other countries. Its already very difficult in Greece and whatever they do there is going to be more pain but they would be better getting out of the euro - and it would be better if the whole euro project was brought to a controlled end or very significant scale down. But instead...

Greek PM presses EU leaders for new bailout tranche: The Greek prime minister is having a day of talks with fellow EU leaders to approve a new bailout tranche Greece needs to avoid bankruptcy in October.
George Papandreou is meeting European Council chief Herman Van Rompuy and others in Warsaw before seeing French President Nicolas Sarkozy in Paris.
International inspectors in Athens to decide whether Greece should receive the 8bn euros (£6.9bn; $10.9bn).
Protesters forced the rescheduling of a meeting on Friday morning.
Meanwhile, the expansion of a general bailout fund for the eurozone looks on track for approval...

http://www.bbc.co.uk/news/world-europe-15120696

http://www.bbc.co.uk/news/business-14418539

http://www.bbc.co.uk/news/business-14977728