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Complementary Currencies

Around the world there are currencies used as "legal tender" and thus approved for the payment of taxes and other transactions. Those currencies are the focus of the Single Global Currency Association as they will gradually be replaced by a single global currency.

In addition, there are currencies being used to transfer value. but which are not accepted as legal tender. Such currencies include barter arrangements, time-dollars and travel-mile coupons.

The use of a single global currency is compatible with the continued use of various types of complementary money systems. One type is called ‘corporate scrip’, such as those maintained by retailers. In Canada, the most famous is the Canadian Tire Company’s use of Canadian Tire Money with denominations similar to those of the official Canadian dollar. Frequent flier miles, maintained by most of the worlds’ airlines, are a type of complementary currency.

Bernard Lietaer’s Theory of Money (summarized on web) has an exhaustive review of the various types of complementary currency systems. The review has numerous links to other relevant sites.

In Ithaca, New York, USA, the complementary currency called Ithaca Hours was started in 1991. Each hour is valued at $10.00 U.S. and Ithaca Money is printed in denominations of two hours, one hour, one-half hours, one-quarter hour and one-eighth hour.

For information about other systems, click on Kuro5hin, which includes information about Bernard Lietaer and his book, The Future of Money, which extensively discusses complementary money systems.

For the view that private banks should be utilized more for the creation of money, see Why Private Banks and Not Central Banks Should Issue Currency, Especially in Less Developed Countries by Lawrence White and George Selgin.

See a list of resources on Free Banking and Monetary Economics for the view that money systems should be governed more by free market principles, such as having money systems compete with ech other like other goods and services.

For an alternate view of a global banking system based upon natural wealth, see the Global Resource Bank.