Free shillings

Fgx6...uzJY
3 Sept 2026
11

Free shillings" is an experimental currency that was used in the Austrian city of Wergl in 1932-1933 to stimulate the economy during the Great Depression. Its creation and work were based on the ideas of the German-Argentine economist Silvio Gesell.
As a result, the city quickly got back on its feet. We have managed to implement many infrastructure projects on... The adventure was quickly covered up by the central bank.
Gesell believed that traditional interest-bearing money distorts the economy, as it becomes a privileged commodity that can simply be stored without incurring costs, unlike other goods. His idea was to make money the same "perishable" commodity, for the use of which the owner must regularly pay a small tax (demurrage). This was supposed to encourage people to spend money faster rather than hoarding it.
How did this adventure end?
The Central Bank of Austria (where this experiment was conducted) saw this as a threat to the monopoly of money issuance: the court immediately ruled in favor of the central bank.
Would this concept work in Russia?
Would this concept work in Russia?
The short answer is probably no.
Firstly, it will cause inflation, and secondly, it is contrary to the code of the central bank. Even if you remove the second one, it is only suitable for resuscitating the economy (single-industry towns, for example).
But no other way!!!
Thank you so much for reading the article, good luck.

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