The community doesn't have the power to make the scrip legal tender. However, if enough people within the community will accept the scrip and the community is large enough, it is not worthless. In addition, the corporation has to accept its own scrip in payment for its services and the local government can also accept it. Finally, if the community is invested in this scheme, businesses can attract customers by advertising that they accept the scrip, and local businesses that don't accept the scrip may be punished by customers who want the scheme to succeed even if there isn't an organised boycott.

Then again, it need not work. But it has happened here and there in the course of history.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

Why aren't we talking about Dubai? It seems to be the latest ohshitohshitohshit!-situation, though I can't say I feel very bad for those who extended credit to those idiot projects.

   

Peak oil is not an energy crisis. It is a liquid fuel crisis.