Ineffective government breeds ineffective demand
The launch of the Bristol Pound on 19 September was the subject of international media attention, and rightly so. The decision by a whole city to reject the pound sterling and take charge of its monetary affairs is an exciting and unique one. However, the most important aspect of the Bristol Pound went widely unreported: the local council is prepared to accept it for payment of local taxes. Once a political authority underwrites a local currency in this way it can become a viable alternative, and the Bristol Pound is the first currency that has been accepted in this way in the UK.


