Doug Henwood wrote to LBO:
> Joanna Sheldon wrote:
>
> >For those of you interested in local money...
> >
> >I believe my home town of Ithaca, NY was the first to develop the
> >idea, encapsulated in Ithaca Hours (each one of which is, by common
> >agreement, worth ten dollars). And Paul Glover's the madman behind
> >the "local tender" scheme. He's also the one who started the health
> >fund, mentioned below.
>
> This scheme strikes me as largely silly, though in a different way
> from Paul Virilio. The economic problem is not the lack of the means
> of exchange - it's the structure of power that the means of exchange
> represents. What difference will spreading a few pieces of paper
> around Ithaca - the total stock of which is a fraction of 1% of the
> county's personal income - make? They're bartering haircuts for
> bread, and not much more. Does it matter half a damn?
>
> Doug
-- Michael Perelman Economics Department California State University Chico, CA 95929
Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu