In 1932 the whole world was confronted with the political and economic chaos of the Great Depression. In the small town of Wörgl, Austria, councilman Michael Unterguggenberger developed a new type of paper money that would have an expiry date.
In order to avoid the expiration date, the bills had to be stamped at regular intervals for a fee. Without a new stamp they would become worthless. In this system, saving would cost money. In other words, savings would have a negative interest rate. It is only by spending or investing that one can avoid the stamp duty. The system worked against all economic dogma, and with these new instruments he got the town of Wörgl out of its misery and successfully fought exploding unemployment and business closures. The city used the money to pay the unemployed for public works, creating prosperity like never before.
This phenomenon was dubbed the “Miracle of Wörgl” and became evidence of the paradigmatic potential of currency reform. Although this currency experiment was halted by the banking monopoly, it continues to inspire many other leaders and movements seeking to create a healthier economy.
In our digital age, we can now evolve and scale the Gesellschaftian and Unterguggenbergian systems to create positive incentives for cash to be spent rather than hoarded, not through the paid stamping of paper bills, but through the use of distributed ledger Technology.
Those who are aware of this are already on the way there. Blockchain is a technology that makes this possible and we already have it. Communities around the world are choosing fair, just and 100% transparent systems that, unlike fiat money, are immutable, immutable and accessible to anyone with internet access.
We are presented with an opportunity of historic proportions to collectively choose alternatives to replace the monoculture of mass consumption that makes us all complicit in market failures of Anthropocene proportions.
From that place of empowerment, it becomes a peaceful struggle because power over others becomes redundant. Just as Unterguggenberger has made clear through his living legacy.
The path to real prosperity in times of converging crises is to build thriving and resilient communities. Empowering local communities around the world to take charge of their own future is critical.
Translated with www.DeepL.com/Translator (free version)
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