Chelsea Green Publishing

Chelsea Green Blog

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.

 

Related articles:


How to Make Biochar

Doing some spring cleaning around your property? By making biochar from brush and other hard-to-compost organic material, you can improve soil—it enhances nutrient availability and also enables soil to retain nutrients longer. This excerpt from The New Farmer’s Almanac, Volume 3, explains how to get started. To make biochar right in your garden, start by […] Read More

The 10 Steps that Establish Your Baby’s Microbiome

Research is emerging almost daily on the role of the microbiome in human health. But how do we acquire this mysterious community of microbes and more importantly how do we make sure the good bacteria outnumber the bad? According to a new book by Toni Harman and Alex Wakeford, Your Baby’s Microbiome, it all starts […] Read More

Prepare! Keep a Grab-n-Go Survival Kit Handy

Are you prepared in the event of a sudden emergency? Blizzard, earthquake, insurrection after the inauguration? We know a lot of people are wondering what’s coming next in the US, as well as the world, given terrorism, politics, and global warming, among other threats. In this excerpt from When Technology Fails, a popular book on […] Read More

Yes, America We Can Make It … Really

Uncertainty got you down? The political world may seem like it’s crumbling around us, but this we know: We can make it, America. Literally, we can make things. Houses. Gardens. Food. Below we’ve selected some of our classic how-to and DIY books (and some new favorites) to help you sustain your self, family, and community. […] Read More

Chelsea Green on Instagram: Our Most Popular Photos of 2016

What a year for Chelsea Green on Instagram! We began the year with 500 followers and are now fast approaching 4,000 photo-loving brewers, gardeners, cheesemakers, permaculturists, foodies, seed-savers, homesteaders, foragers, and more. Our most popular posts of 2016 say a lot about what makes you happy: mushrooms, innovative garden designs and techniques, tiny cabins, and […] Read More