Left: Bernard Lietaer
“In Europe during the Middle Ages – the 10th to 13th centuries – local currencies were issued by local lords, and then periodically recalled and reissued with a tax collected in the process. Again, this was a form of demurrage that made money undesirable as a store of value. The result was the blossoming of culture and widespread well-being, corresponding exactly to the time period when these local currencies were used.
Practically all the cathedrals were built during this time period. If you think about what is required as investment for a small town to build a cathedral, it’s extraordinary.
The question arises: with similar currencies, what would the cathedrals of the 21st century look like?”
Margrit Kennedy famously established that 45% of prices are related to capital costs. The more capital intensive an industry is, the higher this percentage becomes and no…
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