What will happen when the pound de-values again?

Because the national currency is backed by debt and is controlled by the big multi-national corporations it can easily be devalued the minute it stops being flavour of the month - after all a pound in 1960 bought 12.7 times more than a pound will today.

Local currency is flexible, however, and a number of possibilities exist. We could have:

  • Raised the exchange value of the local currency to match the pound’s current buying power and a new acceptable minimum wage.
  • Declared the local currency a permanent millennium pound. This would mean that the local currency would buy labour and goods at year 2000 values forever.
  • Recalculated all prices in local currency as agreed after negotiations between all segments of the local economy, making the local currency completely independent of the pound sterling.