The base concept is good. Whether the majority of people will hold to it is another question.
There are a couple of places that have done the same thing. It basically allows people in the area to be in direct control of prices, inflation, deflation, and the alike. It's like that Bank of Dave program. Moving away from big businesses, and more towards a community lead project.
I wish it all the best, but also see that the widening area could also catch on, and inevitably cause a huge dispute and a fall in the strength of the British Pound, in the international markets. It one of the major cities in a country starts printing it's own money, based on a fall of faith in the national currency....that ain't going to look good to potential, or current, investors!!! Which, could inevitably speed the collapse of the currency.
Or then again, it might be a superstar and make Bristol very rich. However, it might just be a fad, and everyone just laughs it off and makes it into a giant flop for Bristol.
Scythe, This has been around for years and can do none of the things you suggest about inflation. They work on a 1 GBP = 1 BSP basis because the instant they deviated someone could make money from trading the pounds themselves and make a mint while if your GBP could buy more in Bristol people would go there to buy which sounds good but they have to resupply and suppliers won't be keen on BSP.
(20 October 2012, 10:02)Skean Dhude Wrote: [ -> ]Scythe, This has been around for years and can do none of the things you suggest about inflation. They work on a 1 GBP = 1 BSP basis because the instant they deviated someone could make money from trading the pounds themselves and make a mint while if your GBP could buy more in Bristol people would go there to buy which sounds good but they have to resupply and suppliers won't be keen on BSP.
Seriously?!?!?!? That's just retarded!!!
I remember being told that some villages used an internal currency and used it to standardise pricing and pay. Having it as a £1 = £1 is just stupid, same as the Scottish Pound. It's just a British Pound in disguise, and is acceptable in all shops. What says the Bristol Pound would be any different to the Scottish Pound in that sense? The reason the Scottish pound hasn't vanished is simply because it's not only useable in Scotland, but everywhere in the UK.
It'll be interesting to see how a major city copes with the 'new currency' (or a new shape of the countries currency).
I still think that a major city changing the currency could damage the reputation of the GBP in the international markets. But then again, who knows.
In regards to people trading the Bristol Pound for GBP's.....that's to be expected. It'd just be Forex Trading. But if they maintain the £1:£1 ratio, then it wouldn't work.
The more I read about the Bristol Pound and other places doing the same, the more I think it's a funny idea, but not really of much use.
I am surprised about the £1:£1 ratio being maintained. I thought it was just a temporary holding value.
I feel so foolish now.
It does what it is meant to do; keep money in the local economy. I still have Disney dollars which I swapped real dollars for. I then kept that and thus Disney made some money. there is the risk I will want to swap it back but as it is a memento of my trip I won't be doing so.
Now do I want to have a memento of Bristol, not as much but for every Bristol Pound I bring home where it is not accepted Bristol have kept £1 in their economy so it works. Plus there are collectors who collect these things. It may not do what you expect but it is still a +ve move to the local economy.
Why are you feeling foolish? There are many things I don't know about. Did you feel foolish when you first discovered 2+3 was the same as 3+2? Of course not.
(20 October 2012, 18:03)Skean Dhude Wrote: [ -> ]Did you feel foolish when you first discovered 2+3 was the same as 3+2? Of course not.
What?!?!?!? They're not the same!!! I never did trust you SD!!! haha, I'm kidding.
The Disney thing is a very good point. I have a few myself, and use the Disney Dollars as great presents for people with kids. They buzz off those things.
It's just the concept, looked at in a macro economical view, does suggest that it will damage the reputation of the GBP. However, as a way to keep money in the system of Bristol, that does make sense too.
I think I might be over analysing things.....as usual. haha.