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Communities Begin Printing Local Currency to Weather Recession

Out of necessity comes resilience.

A very old idea recently adopted by the Transition movement is gaining traction in the US as a means of fighting the economic downturn: local currency. A coalition of local businesses in a given town agrees to accept local scrip—which consumers purchase from local banks at a discount—as a means of keeping money flowing within the community.

Like the near-overnight resource conservation that arose when gas prices passed $4 a gallon last summer, the economic crisis is forcing average people to come up with some extraordinary solutions to their problems. Here’s hoping these hard-learned lessons aren’t fleeting.

From 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.

“We wanted to make new options available,” says Jackie Smith of South Bend, Ind., who is working to launch a local currency. “It reinforces the message that having more control of the economy in local hands can help you cushion yourself from the blows of the marketplace.”

Read the whole article here.

 

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