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Posts Tagged ‘interest-free’

Wayne Walton, founder of the interest-free local currency, Mountain Hours, made his weekly Wednesday debut appearance on Crash! Are You Ready?, on March 7, 2012.

He based his currency on Ithaca Hours, which is an interest-free local currency circulating in Ithaca, New York since 1991.

He mentioned that he was inspired by George Whitehurst-Berry’s show, Crash! Are You Ready?, after being a former goldbug.

Not only are these interest-free local currencies sound currencies, but they are also constitutional currencies. For more on why, see my article, Congress’ exclusive power to coin money doesn’t prevent private individuals from coining currency.

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A recent study of the banknotes issued by 10 different countries has found, unsurprisingly, that richer countries have cleaner banknotes.

“Researchers found a “strong correlation” between the amount of bacteria per square centimeter on banknotes and a country’s ranking on the Index of Economic Freedom, Wageningen University in the Netherlands said on its website Monday.”

What doesn’t take any study to show, and is of far greater consequence to the holders of those notes, is which ones are directly issued effectively interest-free by the country’s central bank, such as those by China.

Personally, I’d take the dirtier bank notes issued interest-free over the cleaner ones issued at interest payable to a non-producer class, since the cost of soap and water is far less than the amount of interest that will be owed over the course of the lifetime of the debt associated with the notes.

I don’t think we’ll be hearing mention of such a comparison in Bloomberg any time soon, given that they are captivated by the Wall Street banking cartel, which itself is dominated by the illegal Federal Reserve banking cartel of the United States.

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