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Old 12-05-2008, 05:16 PM   #1
Shaeba
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Join Date: Sep 2008
Location: Northbrook, IL
Posts: 15
Default Interesting Idea: Milwaukee neighborhoods considering printing their own local money.

Found this in the Chicago Tribune:

2 neighborhoods consider printing own currency for exclusive use in local stores
By Erika Slife | Tribune reporter
December 3, 2008


They may be talking funny money, but it's not funny business.

Residents from the Milwaukee neighborhoods of Riverwest and East Side are scheduled to meet Wednesday to discuss printing their own money. The idea is that the local cash could be used at neighborhood stores and businesses, thus encouraging local spending. The result, supporters hope, would be a bustling local economy, even as the rest of the nation deals with a recession.

"You have all these people who have local currency, and they're going to spend it at local stores," said Sura Faraj, a community organizer who is helping spearhead the plan. "They can't spend it at the Wal-Mart or the Home Depot, but they can spend it at their local hardware store or their local grocery store."

Incentives could be used to entice consumers into using the new money. For example, perhaps they could trade $100 U.S. for $110 local, essentially netting them a 10 percent discount at participating stores.

's not a new concept—experts estimate there are at least 2,000 local currencies all over the world—but it is a practice that tends to burgeon during economic downturns. During the Great Depression, scores of communities relied on their own currencies.

And it's completely legal.

As long as communities don't create coins, or print bills that resemble federal dollars, organizations are free to produce their own greenbacks—and they'd don't even have to be green.

In Wisconsin, could that mean dough that looks like cheese?

eslife@tribune.com
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Old 12-06-2008, 06:08 PM   #2
joaocbm
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Join Date: Oct 2008
Posts: 12
Default Re: Interesting Idea: Milwaukee neighborhoods considering printing their own local mo

this would be a big big advancement to all who are eager to jump out the system. the examples of such home made currencies are available for anyone to study them, and, from Guernsey island, to Austria, or the LET system, the benefit was always greater than the risk.
Actually, in Austria, the municipal money was so successful that the central bank at the time made the government approve a law that made such money illegal, as it was endangering the banking system.
I would be so pleased to see such an idea in my country...
However, beware, the system has many many ways to make this money illegal.
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