Friday 22 October 2021

komplementärwährungen

Introduced in Erfurt in October 1929, nearly coinciding with the US stock market crash Black Friday that set off the Great Depression world-wide, the alternative currency known as Wära, invented by Hans Time and Helmut Rödiger its name derived from the words Währung (money) and währen (lasting, stable), was freely exchangeable with the Reichsmark at parity.

As legal tender and a store of wealth, however, each banknote carried a monthly penalty (demurrage, the carrying cost) of one percent its face value which could be offset with stamps and had a expiry date so people and businesses were motivated to spend and not hoard their liquid assets, thereby countering inflation. Gradually other businesses and workers began to accept Wära and there was even a coal mining operation fully financed with loans, salaries and discounted consumer sales in the alternative currency. Marked improvement in the region’s economy attracted the attention of the finance ministry, which after deliberation ordered the experiment to be suspended, fearing this parallel form of payment would ultimately undermine rebuilding Germany’s industrial sector, which by that time in 1931 had spread to a network of fourteen cities and were accepted in several national banks and stores.