Prosperity - Freedom from debt slavery

Prosperity: Freedom from Debt Slavery, is a four page monthly journal on Money Reform.
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Undergound Economy:
Financing the London Tube

by David J. Weston

Prosperity, January 2002

An alternate London currency could be issued which would help to raise money for London Transport. Along the lines of the Welsh Currency idea, (See the May 2000 issue of Prosperity), the currency would be sold at, say, a 10% discount, meaning that £1 will buy £1.10 worth of '£ondons', or £100 would buy £110 worth of '£ondons'.

They could be sold through tourist centres, London civic offices, and, of course, the Underground and Transport offices. These could then be used in participating businesses in London.

'£ondons', or 'Tubes' could act as an alternate currency which would even float against the pound but which would not be allowed to be speculated on in any so-called 'money market'.

As this becomes an acceptable London currency, then workers could get paid in '£ondons', and certain local materials could be bought with '£ondons' for the rebuilding of infrastructure, including the Tube. Specifically, '£ondons' would be available for purchasing season Underground tickets.

This currency would generate productive activity within London, and could become a model for many places.

Others, such as Dr Shann Turnbull of Australia, are also advocating such local currency economies, suggesting the name 'Transits'. Also see Cities and the Wealth of Nations by Jane Jacobs, especially Chapters 11 and 12.

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PROSPERITY: Freedom from Debt Slavery
is a 4-page quarterly journal which campaigns for publicly-created debt-free money, edited and published by Alistair McConnachie. A 4-issue subscription is available for £10 payable to:
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The Grip of Death: A study of modern money, debt slavery and destructive economics by Michael Rowbotham, [Jon Carpenter Publishing, 1998] and Goodbye America! Globalisation, debt and the dollar empire by Michael Rowbotham, [Jon Carpenter Publishing, 2000] both available from the address above.