Ladies and Gentlemen, I give you the Brixton pound

Discussion in 'Current Affairs, News and Analysis' started by Contrarian, Sep 18, 2009.

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  1. Following in the footsteps of Totnes, Lewes, and Stroud, Brixton has become the fourth urban centre to launch its own currency -- the Brixton pound (B£). The Brixton pound comes in denominations of B£1, B£5, B£10 and B£20. The Brixton pound will be pegged to sterling and will only be accepted within Brixton, and will be convertible into sterling at a designated issuing point.


    I wonder if this could take off elsewhere. Nothing illegal in it. May even have a go at launching my own currency, which I'll happily exchange for that cumbersome and barbaric gold and silver that you may have lying about. Looking at it, it should be reasonably easy to counterfeit and, as the Sovereign is not involved, might it actually not be illegal, apart from copyright infringement, to print counterfeit Brixton pounds?
  2. The Telegraph does satire?
  3. Am I missing something?

    "Brixton will become the first urban area in Britain to launch its own currency in an effort to help local shopkeepers during the recession."

    "Brixton will become the fourth town to have its own currency after the Totnes Pound in Devon, the Lewes Pound in Sussex and the Stroud Pound in Gloucestershire."

    So Tones, Lewes and Stroud aren't urban areas?

    "The idea is for people to pay local suppliers for goods and services - this includes people like plumbers."

    Wouldn't they rather be paid in the coin of the realm? - With which they can pay their debts outside Brixton?

    While I think that the whole idea is stupid, I also wish that I'd thought of it - because whoever is printing and issuing these notes must be making a mint. Literally.
  4. This is more interesting than may at first appear. Britain and many parts of the world are potentially on the cusp of a currency crisis (though this may not happen anytime soon). I suspect the Bank of England would hate for this idea to spread. As a sole currency it will never take off as it would never be granted any kind of real monetary legitimacy by the state. However, there are many theoretical issues raised by this launch, not least that it could raise into the public's consciousness the status and validity of the debt based monetary system that is the pound sterling. It wouldn't be hard for people to begin to ask: just what legitimacy does the pound sterling have? Or about the legitimacy of the euro or dollar for that matter. Of course, the pound sterling is backed by government guarantee and, ultimately, by future revenues from British taxpayers.

    Ultimately, and this would really worry the authorities, if this idea were to spread into the consciousness of the wider public, people may soon begin to discover that every pound put into circulation creates more than a pound of debt. If new local currencies were to spread, this could make the masses conceive that it's possible to circulate money freely and without debt (without selling gilts) and without the involvement of a central bank. Though I feel that the complexities of monetary science would bamboozle most in society, and thus ignorance would be the biggest obstacle to a successful change in the monetary system. The current money makers have it stitched up. And I'd put money on the Brixton pound becoming nothing more than a useful novelty and probably becoming obscure within a few years.

    Still, there could conceivably be big profits for those who control the distribution of the B£ at the beginning.
  5. Yep, my mistake. First should have been fourth. Corrected.
  6. Not yet - you still need to change your text in the Telegraph, Jamie. :)
  7. Why not? They have already introduced a local form of taxation. The Tulse Hill Tax, as it is known, is a local revenue, usually collected at knifepoint by a homeless crack addict.
  8. And, to control the balance, others must make losses. Being in a small geographical area, those who make the profits are going to be known to those who make losses, unlike with sterling, where the money-makers are faceless.

    As soon as the novelty wears off and people realise that their notes are valueless pieces of paper, the shootings are going to start. It's Brixton, remember.
  9. Load of waffle Contrarian but amusing.. :lol: Anyway just consider the problems of trying to spend NI/Manx/Scots currency in England/ an idea...!!!
  10. Yes, an amusing thought experiment. But, I would argue it's theoretically possible. Don't underestimate where we are economically and where we are in the pound's history. The pound has lost (taking into account the Retail Price Index) 77.5 per cent of its purchasing power since 1970 and 98 per cent of its value since the 19th century. To purchase goods that cost £1 million in 1970 would take over £11 million today. On average fiat currencies have 18 - 20 year life-spans. Once currencies collapse they must be replaced by another medium of exchange, be it barter or another currency. When currencies collapse, societies collapse soon after. Someday the pound will collapse, and that is a mathematical certainty.

    Amusing thought experiment, yes. Impossible, no. Though unlikely in our lifetimes. :)
  11. It was done in Pimlico, if I recall, many years ago. They even issued their own passports. And look what happened to them.

  12. Go on, what did happen?
  13. Just to be clear, are we talking 'Ladies of negotiable virtue' here or recreational chemicals.(1)

    (1) I've led a sheltered life, see?
  14. Can't see it being done with £1 tokens but there is a place for £50s. £50 for x number oof wraps, £50 for CIM bj, £100 for uas from croydon, or liverpool or plymouth or sheffield. This will be an understood currency dependent upon the goods quaility, but as any addict will tell you the best price is right here right now.
  15. Afraid this is only the visible tip of a particularly looney iceberg.

    I give you the latest Eco-Socialist Dreamland Bandwagon that is Transition Towns:

    "Central to the Transition Town movement is the idea that a life without oil could in fact be far more enjoyable and fulfilling than the present "by shifting our mind-set we can actually recognise the coming post-cheap oil era as an opportunity rather than a threat, and design the future low carbon age to be thriving, resilient and abundant – somewhere much better to live than our current alienated consumer culture based on greed, war and the myth of perpetual growth."[9][10]"

    Q. The main agricultural cash crop of Brixton is what?

    Q. Do the the Terrorism Act, the Anti-Terrorist Crime & Security Act, the Proceeds of Crime Act and the Money Laundering Regulations apply to the Brixton Pound?