Answer:
1 Jay said: 'I think it´s a wonderful idea to have an independent local currency'.
1 'Is that so?' said Arnold with a feeble smile. 'Have you considered the consequences?
2 'Of course I did! On a local level there will be no problems at all and...'
2 'On a global level?' interrumpted Arnold with a snear.
3 'That´s precisely the point! There will be no more ¨global level¨.'
3 'Sorry? Please explain that one.'
4 'Well, think of the old days in which tribes or ancient civilizations exchanged commodities with the help of one commodity that functioned like a currency.'
4 'Yes, but wake up Jay! There is no isolated community anymore; everything is interconnected. every local thing you do is global at the same time.'
5 'And we can do without these global economic ties.'
5 'The good and the bad?'
6 'Now it is my turn to ask for explanation.'
6 'Well, how about import products that you enjoy but which would be more difficult to get by?'
7 'If these are so enjoyable I would make them myself. Real independency.'
7 'Hmm, maybe some you could, but others not.' Anyway, you risk isolating yourself as a community.'
8 'That´s a good point. But it depends, the U.K. has been a long-time member of the European Union conserving its own currency.
8 'But the U.K. once ruled the waves and all the countries that were found at the end of these waves.'
9 'True, but again I try to accentuate the local and independent part of the story. For it is my belief that economic history cannot be repeated but it sure can be changed.'
9 'Are you talking about an economic idea or an economic revolution?'
10 'Neither idea nor revolution, I´m talking about the possibility to use a currency in a trustworthy community without the negative side-effects of global currencies.'
10 'Back to coffee beans as a way to pay your plumber? I don´t think he would like the idea?'
11 'Nop, back to a time where currencies were only used for what they were invented for. Back to a time were every American town had its local Bank that worked for the interest of the local people.'
11 'As you said yourself: ¨you shouldn´t try to repeat economic history but change it¨.'
Step-by-step explanation: