Really fascinating article about how many cities and communities in Greece have already moved on from the euro to bartering as well as alternative currencies. The city of Volos, 200 miles north of Athens with a population of 170,000 is highlighted in the article due to the size of its alternative money market centered around a local currency call the Tem. This sort of behavior will be the wave of the future in all countries, as Central Bank currencies are debased into extinction. It’s interesting because while I was in Crested Butte over New Year’s I noticed they have a local currency going there called Crested Butte Bucks and I was really surprised to see that you can spend them pretty much anywhere in town. I also highlighted this trend in my post earlier this year English City of Bristol Launches its Own Local Currency.
Now, from the Guardian:
It’s been a busy day at the market in downtown Volos. Angeliki Ioanitou has sold a decent quantity of olive oil and soap, while her friend Maria has done good business with her fresh pies.
But not a single euro has changed hands.
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My Two Cents: Fascinating article here. It seems the semi-underground Greek gold market is booming and expanding at such a rapid pace the authorities have no idea what to do about it. This is what I expect to happen in all countries as they experience collapse one by one and the people themselves gradually move to their own barter system/gold standard.
Some key quotes: “Even so, the number of licenses issued by the police in recent years in no way justifies the number of stores that are operating in the country, with a recent survey showing that in Attica alone there are currently more than 4,500 establishments trading in gold.”
“Meanwhile, police reports are increasingly featuring cases of large shipments of gold and silver being intercepted as they leave Greece for other countries without being accompanied by the proper documentation.” (Hmmm…I wonder if Central Bank gold is part of those large shipments!)
Gold trade in financial squad cross hairs
By Evgenia Tzortzi
The hundreds of gold traders and pawn shops that have sprung up across Greece over the past three or four years are rapidly making it into the police’s crime bulletins on an almost daily basis.
Behind many of the garish store signs advertising “I buy gold,” found on almost every main street in every neighborhood in the country, what is abundantly clear is that laws and regulations stay at the door, as authorities in Greece find themselves stymied by the massive trade in gold and unable to get a grip on the number of such stores that are cropping up or the manner in which they go into business.
Read more here