But that, the magazine noted, is "a historical footnote." As Shlaes wrote in her book, economies don't exist only within a neighborhood or a city. "Even vallars could not keep mortgage holders from losing their homes. ... The hour of the vallar was merely that — an hour."

In general, local scrip is harmless. Gift certificates and coupons are nothing more than forms of this. But any serious movement toward printing local currencies ignores the fact that trade, to be successful, has to be as wide, broad and free as possible. There is a hint of anti-globalism to the idea, dooming it to a limited appeal in a world that has grown accustomed to shopping for whatever it wants online. In short, there is no substitute for getting the global economy moving again — unless, perhaps, you have the delusional genius of Joshua Abraham Norton.

Not only did his own currency allow him to dine at some of San Francisco's finest restaurants, it began to gain actual value after his death in 1880, as did everything else associated with him.

As I write this, a framed copy of his signature is being offered on eBay for $9,999, in real dollars.

Jay Evensen is editor of the Deseret News editorial page. E-mail: even@desnews.com. Visit his blog at www.deseretnews.com/blogs.