The story of Banco Palmas in Brazil is a great example of how local currencies can stimulate the local economy. With the help of NGOs, people in Palmeiras, an impoverished district in Fortaleza, Ceara, Brazil organized and set up a community credit bank. The currency of this bank is called Palma and it is in this currency that inhabitants there sell, buy and stimulate the local economy. 1,200 new jobs have been created with a lot of dignity.
Source: http://www.lietaer.com/2010/05/bancodipalma/
Jct: These are guys who did it right. Lent new chips out interest-free. Just like a good casino bank should to keep the value of chips stable. Kudos to Banco Palmas from the banking systems engineer.
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