Wörgl: the miracle of a local currency

The Miracle of Wörgl Legend has it that in the midst of the Great  Depression, the mayor of the city of Wörgl, in Austria, issued a new currency… which depreciated every month by 1% due to the so-called rate of oxidation! That currency was a “Certified Compensation Bill”, a form of local currency best known … Continue reading Wörgl: the miracle of a local currency