> The Wörgl Experiment
> One Schilling note with demurrage stamps from Wörgl
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> Wörgl was the site of the "Miracle of Wörgl" during the Great Depression. It was started on July 31, 1932, with the issuing of "Certified Compensation Bills", a form of local currency commonly known as Stamp Scrip, or Freigeld. This was an application of the monetary theories of the economist Silvio Gesell by the town's then-mayor, Michael Unterguggenberger [de].
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> The experiment resulted in a growth in employment and meant that local government projects such as new houses, a reservoir, a ski jump and a bridge could all be completed, seeming to defy the depression in the rest of the country. Inflation and deflation are also reputed to have been non-existent for the duration of the experiment.[citation needed]
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> Despite attracting great interest at the time, including from French Premier Edouard Daladier and the economist Irving Fisher,[3] the "experiment" was terminated by Austria's central bank Oesterreichische Nationalbank on September 1, 1933.[4][5]
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> In 2006 milestones were placed, beginning from the railroad station through the downtown, to show this history.[6]
@hororizon44575
This was nothing in front of Keynesian manipulation during 2008 economic crash
