European Salon de News, Discussion et Klatsch - 3 January | 89 comments (89 topical, editorial, 0 hidden)

Nothing like a hopeless recession to get people to undust the past.

Last December 28, Die Zeit published the following piece about a topic dear to our hearts...

Historisches Experiment: Das Wunder von Wörgl \| Wissen \| ZEIT ONLINE		Historical experiment: the wonder from Wörgl
Wie bekommt man das Geld zum Zirkulieren und in hoffnungsloser Rezession die Wirtschaft in Schwung? Ein österreichischer Bürgermeister wagte 1932 ein erstaunliches Experiment		How does one get money to circulate and the Economy going in a hopeless recession? An Austrian mayor carried out an astonishing experiment in 1932.

Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010

by Carrie (migeru at eurotrib dot com) on Mon Jan 3rd, 2011 at 06:34:26 AM EST
[ Parent ]

The Wönderful Wörld of Wörgl (none / 1)

wörglwiki:

Despite attracting great interest at the time, including from French Premier Edouard Daladier and the economist Irving Fisher, the "experiment" was terminated by the Austrian National Bank on the 1st September 1933 on the basis of the "Certified Compensation Bills" being a threat to the Bank's monopoly on printing money.

You can't be me, I'm taken

by Sven Triloqvist on Mon Jan 3rd, 2011 at 06:59:16 AM EST
[ Parent ]

European Salon de News, Discussion et Klatsch - 3 January | 89 comments (89 topical, 0 editorial, 0 hidden)