Gogo (economics)
Gogo is a local, stable and convertible means of exchange proposed for use in Grand Forks, British Columbia, Canada.
Circulation of the Gogo is limited to the area of Grand Forks in southern British Columbia. Its value is based on the value of the Canadian dollar in 1980, and is forever stable at that level. This means that prices in the Gogo will never change.
Acceptance of the Gogo dollar in Grand Forks is minimal, and its success is not comparable with other local currencies, such as Ithaca Hours.
Convertibility
The Gogo is convertible with the Canadian dollar, based on the Consumer Price Index at the time of the exchange. For example, in 2001, 1 Gogo cost $2.20 Canadian, which reflects the decline in value of the Canadian dollar of 2001, related to the value of the Canadian dollar in 1980.[1]
The Gogo is a means of exchange and is not made for storing; this is achieved by setting a 5% charge on a yearly basis. Moreover, it can only be exchanged into Canadian Dollars at a rate of 95%.[2]
Success in the local economy
The Gogo has seen very little success in the local economy, with few businesses accepting the currency as a form of tender. The 'Gogo Dollar' is mostly unknown to the residents of Grand Forks. As far as most of the residents of Grand Forks are concerned, it hasn't passed the conceptual stage.
Idea
The Gogo is basically a realization of Freigeld ('free money', [ˈfʁaɪɡɛlt]) used in the theory of Freiwirtschaft introduced by Silvio Gesell. It has some special properties, such as cash flow safety.