By Thomas H. Greco

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It could conceivably be a global network. This would then obviate the need for impersonal systems entirely. It has been the stated goal of centrally controlled monetary systems to match the money supply to the needs of the economy, but the "needs" have never been well defined in monetary terms, and, as pointed out above, the mechanisms of control have never worked to benefit more than a relatively small privileged class. The supply of money or credit available at any given time should accurately reflect the wealth of material wares and services available for purchase in the near term.

6, respectively, show the face and reverse sides of one of the Woergl notes. To my knowledge, there is no current law which would prevent such initiatives as local scrip from being implemented today in the United States. The application of local exchange media could provide results every bit as dramatic as those obtained in Schwanenkirchen and Woergl. Lessons Learned Many of the scrip issues of the Depression era were defective in some way, and they should not be directly emulated, but the thing to be learned from this chapter in the history of money, is that it is possible for effective media of exchange to be issued at the local level and that the centralized control of money and finance need not limit the ability of a local economy to preserve its own health.

The second fact is that the inflation is deliberate. It was planned. It is in actuality a sort of conspiracy entered into by nations and those who represented and participated in the International Monetary Conference held in Bretton Woods, New Hampshire in 1944. It is an on-going conspiracy still being carried out by all the nations which are members of the International Monetary Fund. The dishonesty involved is therefore deliberate. 3. The third is that it is unnecessary. None of the so-called reasons, none of the excuses and rationalizations of those who are responsible for inflation or who condone or justify it, have any real validity.

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