This article fails to mention why the currency circulated so fast. It was depreciating: it was defined as gradually losing value, so hoarding didn't work, and the people with money had a strong incentive to spend it. The article makes it sound like these currencies worked because they were local. They worked because they depreciated, and it's possible to do this on a national level.

Other writings about this: A book chapter, The Currency of Cooperation: https://ascentofhumanity.com/text/chapter-7-02/

And a short piece about Brakteaten money: https://wiki.p2pfoundation.net/Brakteaten_Money

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em-bee 5 hours ago | parent | next [-]

it was defined as gradually losing value

isn't that the same as a high inflation rate?

	▲	mihaic 3 hours ago \| parent \| next [-]
		Modern inflation punishes wage earners much more than capital earners, as the second category is closer to the money printing machine, and benefit better from it. A deflationary policy would hit capitalists a lot more than wage earners, since it's basically a wealth tax.
	▲	Ygg2 4 hours ago \| parent \| prev [-]
		Free geld is a deflatory value, if you don't produce 1% of all value monthly there is less currency available, which means less currency has to cover same assets. But each month you are being taxed, on your liquid assets.

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gus_massa 2 hours ago | parent | prev [-]

> They worked because they depreciated, and it's possible to do this on a national level.

It's quite easy. Hi from Argentina!

Now the inflation is only 3% mom, but 2 years ago it used to be 10% mom.