12-29-2008, 03:24 AM
I imagine a local currency would be subject to taxes in the same manner everyone dutifully pays taxes on the "points" they receive from the grocery store, or their "air line miles," both forms of currency and income.
The most important aspect of a local currency is that wealth generated within the community stays in the community. If I build a chicken coop and get paid in local script--the employer is assured that their money stays here, and they're actually to some degree enriched for the building of the coop. This may well be interesting to them if they want to sell eggs at some point. When you pay in mainstream currencies, you have no such guarantee. In fact, if you pay in the US dollar you know that a good percentage of it will go to support policies that do not have yours, or Hawaii's, best interests at heart. The personal choice to use, at least in some part, a local currency, is a bone fide offer of real faith in a local community.
As well, local community currency is inherently non-inflationary in structure. One might find that aspect interesting also.
The most important aspect of a local currency is that wealth generated within the community stays in the community. If I build a chicken coop and get paid in local script--the employer is assured that their money stays here, and they're actually to some degree enriched for the building of the coop. This may well be interesting to them if they want to sell eggs at some point. When you pay in mainstream currencies, you have no such guarantee. In fact, if you pay in the US dollar you know that a good percentage of it will go to support policies that do not have yours, or Hawaii's, best interests at heart. The personal choice to use, at least in some part, a local currency, is a bone fide offer of real faith in a local community.
As well, local community currency is inherently non-inflationary in structure. One might find that aspect interesting also.