In the 1920s, the hyperinflationary times of the Weimar Republic meant that Germans created alternative economies using local currencies. The reason was that the national currency was effectively worthless, and the economy was out of control. The same appears to be happening again a century later, with more than 9000 local currency projects operating worldwide. If these local currency projects really take off, it may make banks redundant as all these schemes operate outside national tax, fiscal and financial regimes.
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