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Ridiculous History

The Rise and Fall of Local Scrip: Alternative Currencies of the Great Depression

Ridiculous History

iHeartPodcasts

History, Society & Culture

4.24.7K Ratings

🗓️ 16 May 2019

⏱️ 47 minutes

🧾️ Download transcript

Summary

Have you ever been so broke that you ended up creating your own currency? It may sound like a crazy idea today, but during the Great Depression multiple communities actually created and circulated their own forms of local currency. And this wasn't a lark -- it was a matter of survival. Listen in to learn more about some of the precedents for the (world-famous) BenBucks.

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Transcript

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0:00.0

On Queen Charlotte, the official podcast, we're stepping behind the scenes and the drawing boards of this team to experience the life breathes into the Bridgerton prequel, listen to the Leap's executive producer and series director Tom Verica took to capture the feeling that puts that lump in your throat.

0:18.0

And you've got to catch creator Shonda Rhymes.

0:21.0

She's dropping gems, diamonds, and mics. You can listen to Queen Charlotte, the official podcast every Thursday on the iHeart Radio app, Apple Podcasts or any where you listen to your favorite shows.

0:35.0

What do a flirtatious gambling double agent in World War Two? An opera singer who burned down an honorary to kidnap her lover and a pirate queen who walked free with all of her spoils, haven't comment.

0:49.0

They're all real women who were left out of your history books.

0:53.0

You can hear these stories and more on the Womanica podcast. Check it out on the iHeart Radio app, Apple Podcasts or wherever you listen.

1:18.0

I remember as a little girl being groomed to be his concubine, that's how I was raised. It is not wrong if you take your clothes off for the Apostle.

1:28.0

Listen to Sacred Scandal on the iHeart Radio app, Apple Podcasts or wherever you get your podcasts.

1:34.0

Ridiculous history is a production of iHeart Radio.

1:48.0

You know whether you're reading the news headlines in 1963 or 2019, you quickly realize the world is ending for someone somewhere every day.

2:13.0

That's a heavy way to start, but we're going somewhere with it. Hi, I'm Ben.

2:17.0

Hey, I'm knowledge. True, Ben. I mean, we think about the great depression, right?

2:21.0

But if there's a great depression, surely there must be dozens, if not hundreds of minor depressions, many depressions, micro depressions.

2:29.0

Recessions is a word that's often bandied about and you know, depending on where you grew up, you probably heard various pundits in your country, your province or your state claiming that a depression is a great depression.

2:42.0

Revealing that a depression rivaling the great depression was looming imminently on the horizon, looming indeed like our own super producer, Casey Pagrum.

2:54.0

Who looms large? The man has swag. And speaking of swag, let's talk a little bit about the 1920s in the United States, also called the Roaring 20s, right? The Gilded Age.

3:08.0

That's what it sounded like all the time. Because at this time, there was a woeful divide between the halves and the half-nots in the US.

3:19.0

And everything seemed like to pay on your position in society. Everything seemed like it was growing at this frenetic, hectic place until that is the stock market crashed in October of 1929.

3:33.0

What's the thing? I mean, there was this sense that everything was just hunky-dory. The well-to-do would spend their money hand-over-fist on luxury goods and dancing and all of that stuff. And the people that had less money, credit was relatively easy to come by, they were spending hand-over-fist with money they did not actually own.

3:49.0

And as you can see, this situation was unsustainable. Eventually, the bubble, as bubbles do, went and our country entered what is called today, the Great Depression.

4:03.0

By 1932, the economy contracted by 31%, and an estimated 13 million people were left unemployed for comparison. That's like 25% of the workforce.

4:18.0

Franklin Delano Roosevelt took office in 1932. He started something called the New Deal, which was designed to boost federal spending, create government jobs for people who couldn't get private sector jobs.

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