The interesting part comes at about 4:50, when Susan Witt corrects the host. The U.S.S.A. requires local currencies to be exchangeable with federal fiat notes so that government may more easily confiscate a share of economic activity.
What excites me is that despite the requirement of backing local currency with federal fiat notes, this is still a step toward freedom.
Local US currency strengthens community “For years now, citizens of Ithaca have been able to solve a growing dilemma: people had needs, time, and skills, but a shortage of dollars, so the Ithaca hours solved this problem. Today, the Ithaca hours have moved from businesses to banks and even the Alternative Federal Credit Union in Ithaca finds ways to incorporate these paper hours. Local currencies gained ground during the Great Depression and then became less popular, but with the economy in a tailspin, local money is once again gaining momentum.” (Read more from inteldaily.com)
Communities print their own currency to keep cash flowing “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.” (Read more from usatoday.com)
The PLENTY Relaunch! Tuesday, May 12, 2009, 9-5 (theplenty.org)
there’s a group in nyc just starting a time based currency… apparently it will eventually be exchangeable with ones already up and running in boston and… somewhere else…
Local community currencies are becoming very popular in America. We report each month on new issues and this month I believe we are showing at least 6 new currencies. Local Exchange Trading systems and Time Banks are also booming. Don’t depend on big government, lean on your neighbor and boost the local economy.
Check out our Community Currency Magazine each month for more news and info.
Mark
editor@ccmag.net