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The E-Sylum:  Volume 3, Number 52, December 17, 2000, Article 6

THE SIMEC STOPS THERE 

   Chuck Shepard's News of the Weird reports: "Wealthy retired 
   Italian law professor Giacinto Auriti began in July to circulate a 
   private currency, called the "simec," among citizens (and about 40 
   shopkeepers) in the town of Guardiagrele (about 125 miles from 
   Rome), to "prove" his longstanding theory that any currency, if 
   put in the hands of consumers instead of banks, yields more 
   purchasing power. 

   Auriti prints the simecs, sells them at par with the lira, and then 
   guarantees to merchants that he will redeem them at double their 
   value (by paying out from his family fortune), thereby encouraging 
   merchants to lower their prices. The simec has caused an 
   explosion of consumer sales, but the government believes the 
   whole idea is ridiculous and will collapse as soon as Auriti stops 
   guaranteeing simecs' value."   Here are a couple of web pages 
   with more information on Prof. Auriti's venture and theory: 

      http://utenti.tripod.it/dinogranata/fotointerviste.html 
      http://www.gdrc.org/icm/owner-money.html 

  Wayne Homren, Editor

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