In the First Great Depression, the use of local community currencies ("script") exploded across the United States. Roosevelt sent a senior member of his Cabinet (I think it was John Foster Dulles, the Secretary of the Interior) to tour the country to find out what was going on. After a few months research, the Secetrary returned to report that the local "script" currencies were thriving and were starting to turn things around. But then he told the President that if the Federal Government lost control of the money system, it would lose control of the country. Local currencies were then outlawed and the New Deal, according to which the Federal Government borrowed and dispersed all monies, was hatched. Obama is trying the same trick in his new New Deal. If it does not succeed -- and our findings indicated that success is unlikely -- then he might be open to letting people create and trade in their own local bartar currencies, as well as give each other interest-free credits.

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