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Hyper Sonic Offline
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Struggling US towns print their own currency - April 9th 2009, 02:38 AM

The Telegraph

Quote:
Communities across America are bypassing the dollar and creating their own currencies in an attempt to help both consumers and businesses struggling in the recession.

The idea, borrowed from the Depression era when the currencies were known as "scrip", is designed to boost local spending and keep money circulating within the community.


One has to hand it to them but will stimulating the local economies divide the national economy in the days of corporations?
   
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Re: Struggling US towns print their own currency - April 9th 2009, 04:49 AM

You can't create wealth by creating money. If that were the case Zimbabwe would be a global economic superpower.
   
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Re: Struggling US towns print their own currency - April 9th 2009, 04:50 AM

Doesn't that lower American Dollars?


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Re: Struggling US towns print their own currency - April 9th 2009, 04:54 AM

Is that even legal in the US? I don't think it is.. or at least, I've never heard of it being legal. It's creative, though.


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Re: Struggling US towns print their own currency - April 9th 2009, 05:29 AM

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Originally Posted by EDGE View Post
Doesn't that lower American Dollars?
To an extent I'd say, because the value of the US dollar is related to supply and demand, and this is lowering demand for the US dollar in terms of goods, as they are being traded for scrip instead.
   
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Re: Struggling US towns print their own currency - April 9th 2009, 01:02 PM

According to the article
Quote:
Under US law, small communities can produce their own currency so long as it does not include coins and does not resemble federally-issued money.
I agree with Frosty on this one, I'd be worried about inflation
   
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Re: Struggling US towns print their own currency - April 9th 2009, 09:27 PM

its creative but wouldnt it only go so far because they could only really buy stuff from stores in their community and what if they need stuff from outside places then wouldnt they need normal dollars?


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Re: Struggling US towns print their own currency - April 9th 2009, 10:05 PM

I don't get it. If you can just create any money you need, then why isn't everyone doing so? :confused:
   
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Re: Struggling US towns print their own currency - April 9th 2009, 10:09 PM

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Originally Posted by x_nicola View Post
I don't get it. If you can just create any money you need, then why isn't everyone doing so? :confused:
Inflation.

If you print more money in the economy then people will have more cash and so the price of everything will increase which is the definition of inflation
   
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Re: Struggling US towns print their own currency - April 9th 2009, 10:09 PM

Because it lowers the value of money.


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Re: Struggling US towns print their own currency - April 9th 2009, 10:15 PM

Then how can these towns do it?
   
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Re: Struggling US towns print their own currency - April 9th 2009, 10:16 PM

They put a limited supply into the town which is traded in town but doesn't leave town
   
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Re: Struggling US towns print their own currency - April 9th 2009, 11:45 PM

I don't think thats legal.

Even if it is, you can print money all you want, it does nothing: it's worth nothing.


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Re: Struggling US towns print their own currency - April 10th 2009, 03:57 AM

Quote:
Originally Posted by Alex View Post
Even if it is, you can print money all you want, it does nothing: it's worth nothing.
The idea is it's worth nothing outside of the town. It basically sounds like they're own barter type of system. Like a mini-society. I think it's a cool idea. Not sure how well it'll be in practice.. but..

Though I have no idea if it's legal or not. If it's a different type of money than the blatant look of a dollar it's okay right? There's no rules about printing, nearly "fake" money
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Re: Struggling US towns print their own currency - April 10th 2009, 10:16 AM

Quote:
Originally Posted by Alex View Post
I don't think thats legal.
No more illegal than vouchers, surely? That's pretty much what they are: they're only being used by participating shops, and no-one is trying to pass them off as dollars.
   
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