In the meanwhile I remembered reading long ago about some alternative currencies. (Paper money; this was long before crypto.) If I remember it correctly, the money was losing value over time, but you paid no income tax on it. (It was explained that exactly because the money lost value, it was not considered real money, so getting it wasn’t considered a real income, therefore no tax. This sounds suspicious to me, because governments enjoy taxing everything, put perhaps just no one important noticed.)
As a result, people tried to get rid of this money as soon as possible, so it circulated really quickly. It was in a region with very high unemployment, so in absence of better opportunities people also accepted payment in this currency, but then quickly spent it. And, according to the story, it significantly improved the quality of life in the region—people who otherwise couldn’t get a regular job, kept working for each other like crazy, creating a lot of value.
But this was long ago, and I don’t remember any more details. I wonder what happened later. (My pessimistic guess is that the government finally noticed, and prosecuted everyone involved for tax evasion.)
In the meanwhile I remembered reading long ago about some alternative currencies. (Paper money; this was long before crypto.) If I remember it correctly, the money was losing value over time, but you paid no income tax on it. (It was explained that exactly because the money lost value, it was not considered real money, so getting it wasn’t considered a real income, therefore no tax. This sounds suspicious to me, because governments enjoy taxing everything, put perhaps just no one important noticed.)
As a result, people tried to get rid of this money as soon as possible, so it circulated really quickly. It was in a region with very high unemployment, so in absence of better opportunities people also accepted payment in this currency, but then quickly spent it. And, according to the story, it significantly improved the quality of life in the region—people who otherwise couldn’t get a regular job, kept working for each other like crazy, creating a lot of value.
But this was long ago, and I don’t remember any more details. I wonder what happened later. (My pessimistic guess is that the government finally noticed, and prosecuted everyone involved for tax evasion.)
Ah, good ol’ Freigeld