Milwaukee Neighbourhoods to Print Own Money ???

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KKPSTEIN's picture
KKPSTEIN
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Joined: Oct 20 2008
Posts: 120
Milwaukee Neighbourhoods to Print Own Money ???

Milwaukee neighborhoods could print own money

2 neighborhoods consider printing own currency for exclusive use in local stores

| Tribune reporter

Source: Chicagotribune.com

http://www.chicagotribune.com/business/chi-talk_moneydec03,0,2902061.story

 

They may be talking funny money, but it's not funny business.

Residents from the Milwaukee neighborhoods of Riverwest and East Side are scheduled to meet Wednesday to discuss printing their own money. The idea is that the local cash could be used at neighborhood stores and businesses, thus encouraging local spending. The result, supporters hope, would be a bustling local economy, even as the rest of the nation deals with a recession.

"You have all these people who have local currency, and they're going to spend it at local stores," said Sura Faraj, a community organizer who is helping spearhead the plan. "They can't spend it at the Wal-Mart or the Home Depot, but they can spend it at their local hardware store or their local grocery store."

Incentives could be used to entice consumers into using the new money. For example, perhaps they could trade $100 U.S. for $110 local, essentially netting them a 10 percent discount at participating stores.

It's not a new concept—experts estimate there are at least 2,000 local currencies all over the world—but it is a practice that tends to burgeon during economic downturns. During the Great Depression, scores of communities relied on their own currencies.

And it's completely legal.

As long as communities don't create coins, or print bills that resemble federal dollars, organizations are free to produce their own greenbacks—and they'd don't even have to be green.

In Wisconsin, could that mean dough that looks like cheese?

tom.'s picture
tom.
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Re: Milwaukee Neighbourhoods to Print Own Money ???

My first thought about this is that there are already people hard at work trying to copy the money. I wonder how they will deal with coming problems .. change the design as frequently as possible?

Ruhh's picture
Ruhh
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Posts: 259
Re: Milwaukee Neighbourhoods to Print Own Money ???

I think if everybody spent all of their money within their communities instead of the wal-marts, the global economies would be in much better shape. Same goes for everyone's livelihoods and the environment. Chris talks about building communities and getting off the globalization grid is a major step. Instead of employing people to create more cheap and disposable junk halfway across the world we should employ (or train first if necessary) someone locally to fix it or build a better one that can be serviced. We all have to take some responsibility.

One big step I took personally was switching from import beers to local microbrew ; )
Cheers

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Jantjedeman
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Joined: Dec 7 2008
Posts: 7
Re: Milwaukee Neighbourhoods to Print Own Money ???

You don't even need to print the money.

 It is enough to make a small internet group en make electronic money. So every family in the comunity has a computer and some credit.

Then if you want to spend, you click in the computer "5 dollar to the account of James"

If somebody wants a loan, you type it in the computer and the money is created. Just like the normal banks create US dollars as soon as they give a mortgage to a person.

 

 

 

 

 

DurangoKid's picture
DurangoKid
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Posts: 174
Re: Milwaukee Neighbourhoods to Print Own Money ???

There are some problems with the local money idea.  One is the courts.  Only money lent into existence by the Federal Reserve is recognized as legal tender.  It's the only thing you can pay taxes with.  Try as you may, people using local currencies will still have to deal with the IRS and pay taxes in Fed money based on their income or equivalent.  Next, anyone can refuse to accept this local currency for the discharge of debts or payment for wages.  The courts will not enforce those contracts.  And no local government can accept them for the payment of taxes or fees.  To bow out of the Fed money system completely is an act of insurrection and most likely won't be tolerated by the Fed's goon squads, namely Federal Marshals, the FBI, or some other government law enforcement agency.  To get their due, they have the power to seize assets regardless of what currency in which they are valued.
 
One reason local currencies are tolerated is that they are known to be so ineffectual.  They are really no competition to the Federal Reserve.  Only when a locality decided to accept them for all debts public and private will the Fed take serious notice.  Currently, they have the status of Monopoly money.

Don't get me wrong.  I'm all in favor of abolishing the Federal Reserve System and setting up a system of currency free of debt or interest.  The problem is in the timing.  To make a complete break, the Federal Government must be so weak that it no longer has the power to enforce the tender laws.  That point in time is a long way off.  Short of that, any entity that attempts to opt out will have to be prepared to match the Powers That Be with a show of force sufficient to make them back down.  If you don't believe me, take a look at what happened to Saddam Hussein when he decided to trade oil in euros.  Axis of evil member number one.  Then there was Iran threatening to open an oil bourse in euros.  Axis of evil member number two.  Then North Korea decided to trade all its import and export commodities in euros.  Axis of evil member number three.  Do you for a moment believe that the Feds would stand by and let Podunk, Ohio quit the Union and become for all intents and purposes a sovereign state unto itself?

 

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