"Tough Times Encourage Innovation
As it happens, such community currencies have a long history. They took off during the turbulent times of the Great Depression when communities decided to fight back against soaring inflation and mass unemployment. In 1932, the mayor of Wörgl, a small town in Austria made the bold decision to print a local currency. Despite the fact that unemployment dropped dramatically and investment in the town increased, the currency lasted only 16 months after the Austrian bank complained that it was undermining its power. But the enormous success encouraged many communities around the world to try something similar."