Growing number of communities print their own currency to keep cash flowing
Apr 7, 2009 at 12:00 AM
According to a report in USA Today a small but growing number of cash-strapped communities are printing their own money.Borrowing from a Depression-era idea, they are aiming to help consumers make ends meet and support struggling local businesses.The systems generally work like this: Businesses and individuals form a network to print currency. Shoppers buy it at a discount — say, 95 cents for $1 value — and spend the full value at stores that accept the currency.Workers with dwindling wages are paying for groceries, yoga classes and fuel with Detroit Cheers, Ithaca Hours in New York, Plenty in North Carolina or BerkShares in Massachusetts.Ed Collom, a University of Southern Maine sociologist who has studied local currencies, says they encourage people to buy locally. Merchants, hurting because customers have cut back on spending, benefit as consumers spend the local cash.CLICK HERE for the full report.