Spread the Miracle of Woergl in the time of phobia

[영감 김영식]

The world is divided and conquered by nothing other than phobia. Within a quarter of a century from the 911 incident, we are experiencing a whole new world where nothing is normal and comprehensible. Our core values of order, justice, freedom, dignity, truth, and love are being overshadowed by fear and phobia. Together, we must work towards overcoming this divide to find a way forward.

I struggle to accept the official explanation about the collapses of those 3 buildings of WTC in 2001. If I were a billionaire, I'd like to buy one of those skyscrapers built in the 1970s as the twin towers and do the same experiment to see how it collapses and compare with the scene of 'ground zero' which my other half believes as controlled demolitions. This, a sort of social experiment, might be worthy of spending to break the concealment of the truth and bring the light to guide us to overcome our phobia on another half.

Recently, I found the video titled "The miracle of Woergl" to be very impactful. (To watch click here.) I think it was a historic mistake that stopped the great social experiment too early without deliberative discussions.

I have always considered national legal tender important for long-term financial planning, including retirement, raising children, and business growth. So, the idea of local money was hard to accept at first because it might harm the homogeneity of money. However, money homogeneity is a global issue. In order to make money homogeneous globally, we need to cultivate the local currencies more democratic and sovereign, and then to be pegged to national currency, then could be pegged globally.

I understand this topic might be complex and controversial. I am curious to hear your perspective on this matter and would love to discuss this further.

Here is my idea about the pegging of local currency to national money inspired by Woergl story:

- Name (Denomination): Use the same name with local community name attached. Ex) Chicago Dollar.

- Pegging Rate: Fixed same rate of bonus for inflow and fee for outflow. Ex) 100 USD => 110 cUSD => 99 USD when 10% bonus and fee is applied. This 1% fragments could be the supporting resource for system operation.

- Encourage spending and discourage hoarding: Reward 5% on monthly spending at local vendors and charge 5% hoarding fee on increase of month-end balance. This scheme might lead to inflated total balance of the system compared to the net inflow accumulated which means the original 90.9% reserve is broken. System reserve requirement to be reviewed regularly (minimum 50%).

- Governance: Any local institution- public or private, residents or business, visitors or travelers can hold and use local currency through voucher, plastic card, or digital account on a platform designed and managed by and for the local communities. Establishing a public local bank to facilitate and operate this system could be considered.

- Support from the national monetary authorities: Local currency is complementary, not competing with the national currency. It will help enhance the dynamism of macro economy. Make sure not to repeat the historic mistake of Woergl.