The Euro is in trouble, the world's financial system is in turmoil. Is this the perfect time for cities to go it alone, and print their own money
A group of independent traders in Bristol are launching their own currency, with the backing of the council and a credit union.The "Bristol Pound" will be printed in notes, and also traded electronically.
There are other local currencies in the UK, but this is the first which can be used to pay local business taxes.
Ciaran Mundy, the director of the Bristol Pound, explained the concept behind the currency.
"Big companies just hoover up money from a local area," he told me.
"Money goes into their financial system and typically out into London and into the offshore sector."
But by definition, Bristol pounds must stay in the city. Spend a tenner in a Bristol bakery, and they must use it to pay their suppliers or staff. In turn, those companies will have to use the money within the local economy. [emphasis added]
Read it at BBC News'Bristol Pound' currency to boost independent traders
By Dave Harvey