WAMU report on the "Potomac" & other CCs
Can be found here:
I wrote the following back to the print article on "Mainstreetcash.org" since the article there ended with Mr or Dr. Dollarluvin's comments. Cheers.
""Mr. or Dr.Morici, of course you are right about this exchange and acceptance dynamic but seem glibly sure this is a critical problem; I’m sure it is not.
In my estimation this “glut” level can be quite high enough to avoid if the hvac mechanic, plumber and accountant, employees etc. in the communities will accept the “Potomac” to some degree. Conveniently this also leaves more FRNs unspent for those out of town vendors and tax men whom will insist upon them, for now. This opinion is supported by the success of the “Ithaca Hour”.
In a real fee market, currencies have to compete against each other in the marketplace too.
Dollars(FRNs) and other true currency systems, as opposed to bank notes or money, can facilitate trade in a community that accepts them but do not contain or denote value: it is the community that contains value, and controls it through choosing to accept these notes or not.
Can it be that Dollars and Potomacs may be more alike in nature than some would like to note?""