Who gets to print this paper and hand it out?
If the new Bristol notes are linked to the FIAT Pound, this means the value of the Bristol note will diminish along with the quantitative dilution of the pound.
How can you link a new paper FIAT note to the FIAT pound "sterling" and call it an "alternative"?
All it does for decentralization is transfer the twisted idea that money can be created out of thin air to a local level.
But the value of these new notes has to come from somewhere...
By linking them to the pound they effectively draw their value from the pound (and every other community that uses them), if the pound loses value, so does the Bristol note.
Those in the local community who are politically connected to the distribution of these freshly printed notes will get a boom, but unfortunately as the process of inflation works it's way through the market, it will be at the expense of those who receive the notes (after the initial injection) later on in the market process.
Lord Mayor Peter Main of Bristol seems awfully keen on this project, could it be that he will get to direct it?
Yes, "Spending your money in your own community, keeps the money in the community".
But freshly printed notes are not your money, they (and the NEW value they represent) belong to those who have the power to create them and guide their distribution.
Allowing an obscure entity to increase (out of thin air) the amount of units (measured in FIAT notes) the community uses for accounting will only localize the transfer of wealth it represents.
The Cantillon Effect.
Austrian Business Cycle Theory: A Brief Explanation:
by Frédéric Bastiat
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