Stimulating Business and Economies with “Speed” Money: Enabling Euro Zone Nations like Greece to Regain Monetary Sovereignty

“Speed” money that circulates many times faster than official money because of its negative interest rate is more attractive than official money or Bitcoins, either to provide liquidity in a crisis or for stimulating businesses. Speed money in the form of Stamp Scrip was privately issued in the Great Depression to stimulate businesses in Europe and the US. Digital speed money transacted on debit cards and cell phones would allow Quantitative Easing with voters instead of with bankers. Unlike Bitcoins, speed money can be given away and redeemed at a profit by the issuer from the interest payments received. Bitcoins have to be purchased at market value or mined with substantial transaction costs arising from the energy required for a majority of computers holding Bitcoins needing to verify every transaction. Privately issued speed Euros have been circulating in Germany since 2003. To provide criteria for governments and their regulators on how to compare and regulate official currencies, or the new types of digital currencies emerging, a hypothetical sustainable $Z reference currency is described with its institutional arrangements.