Print your own money?
(Reuters) – A small town in central Italy is trying to go independent and mint its own money in protest at government austerity cuts.
Filettino, set in rugged hill country around 100 km (65 miles) east of Rome, is printing it’s own money to get around the austerity cuts. I like this idea! Localised quantitative easing and why not? If central bankers can do it, why not local people. Money is just paper, you can print anything to represent money, notes, vouchers, stamps; you don’t even have to print it with computers and smart phones, it can be just numbers on a computer screen; bits transferring from computer to computer. It just has to be credible. It has to mean something. The town council could issue notes or whatever with the town hall as security; that would be more solid and have more backing than the bank notes we use every day! (more…)