QUESTION: On the WEC, you mentioned because the nation breaks aside, the almost definitely plan of action would be the creation of native currencies. You additionally mentioned you’ll submit a catalog of Despair Scrip. I’ve not seen that. Are you able to submit that, please?
Thanks for an incredible WEC. All the time studying one thing new.
GJ
ANSWER: Sorry. I’ll have forgotten to publish that as a result of I searched Amazon and couldn’t discover it. It was revealed again in 1984. As a result of Despair Scrip will not be an enormous discipline of collectors largely as a result of most have by no means heard of the existence of personal forex in the course of the Nice Despair, this e-book is sort of uncommon. You could discover some used copies that go for $125 or extra.
I’ve studied the topic from the standpoint of economics. Through the reign of Tiberius (14-37AD), he was very frugal and as such there was a scarcity of cash which led to a Financial Panic in 33AD. Throughout such durations, non-public cash surfaces as a necessity. For this reason historical past repeats as a result of human nature by no means modifications. It would at all times reply the identical approach.
Right here is non-public cash from the Panic of 1837. The denomination reads 12 1/2 cents. This was issued by a Espresso Home. Here’s a half-penny issued by the New York retailer of Macy’s in 1876 following the Panic of 1873.
All through historical past, we see the exact same response every time. I’ve collected numerous non-public currencies overlaying the assorted monetary waves of panic since Roman instances. It has been a vital a part of with the ability to forecast what takes place throughout these occasions. The widespread denominator is at all times humanity since we by no means change for hundreds of years. We solely progress when it comes to know-how – not our human feelings.
Right here is non-public scrip issued by the San Francisco Clearing Home the place transactions have been settled within the bond and inventory markets. The backing was the non-public shares in corporations. This was the Panic of 1907.
Right here is one other issued in 1908 in Augusta, Georgia. It was the Panic of 1907 that basically we started to see widespread inventory exchanges issuing cash that started as a result of if there was a scarcity of money, you may not conduct any enterprise in anyway because it was not possible to pay.
Right here is the Chicago Clearing Home which issued non-public cash in the course of the Nice Despair in 1933. We discover numerous inventory exchanges issuing non-public forex in instances when there was a scarcity of cash as a result of folks have been hoarding their money in instances of uncertainty.
This was the very first Despair Scrip I ever noticed and instantly bought it. This opened the door in economics for me to grasp how issues operate throughout an incredible crash. What occurred in the course of the Nice Despair was that there was such a scarcity of money, over 200 cities started to difficulty their very own currencies simply to allow transactions to happen. Companies couldn’t rent folks as a result of there was no out there money to pay them
There are catalogs out there in German in regards to the NotGeld, non-public problems with forex, in the course of the Hyperinflation of the Twenties. As soon as once more, it doesn’t matter what nation or tradition. The identical human response will unfold each time.
As america breaks up, as is the case in Europe, we are going to see currencies seems on a regional foundation. That is the way it will at all times work. I spent greater than 20 years investigating these traits and gathering scrip from all monetary crises going again to historic instances. With out entry to those examples, there’s simply no financial historic account that has ever tied all of this collectively. I needed to discover this all alone.
