Milwaukee neighborhoods could print own money...

[Marcus2Israel]

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

By Erika Slife | Tribune reporter
December 3, 2008

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...

Rest of Article: http://www.chicagotribune.com/business/ ... 2061.story

Amen! Good for them.

[anime4christ]

This has been the idea of many people such as Ron Paul (as long as the currency is backed by a commodity), but it is essentially illegal. The Fed's notes are the only legal currency in the US right now, and not because it's for the protection of the people, but it's a government protected monopoly. Mutliple currencies is a good idea, it keeps them all in check (as long as some currencies are commodity based).

And it's completely legal.

That is an arguable statement. If the currency is very successful, I'm sure the govt can figure out a way to choke it since only Federal Reserve notes are "legal tender".

[John81]

Similar has been done elsewhere. So long as it's done quietly and doesn't become too large they tend to ignore it. However, if it becomes to public or becomes too popular, the Feds pounce.

[anime4christ]

Similar has been done elsewhere. So long as it's done quietly and doesn't become too large they tend to ignore it. However' date=' if it becomes to public or becomes too popular, the Feds pounce.[/quote']
Yeah, I just edited my post before you posted.

[LAF]

I don't know how well this would work out .I would think that this "money" would be very easy to copy ,plus you can only use it at certain locations .
I would think a neighborhood gift card would be better to offer .

[JerryNumbers]

Sounds like they want to make it where people in their area can only shop in their area.

Sounds illegal to me.

[IM4given]

I prefer the barter system instead of the money system. It seems to work better that way.

[John81]

Doesn't the government consider barter to be illegal too?

The idea in some neighborhoods who make and use their own "money" is to build community support and unity. It's to help keep money in the community which helps keep businesses and jobs in the community.

There are some groups of people who operate on some form of barter system but they strive to keep it from being technically bartering. The dentist will take care of your teeth, you take care of his roof; that sort of thing.

[Marcus2Israel]

It is RIDICULOUS for the government to have ANY say in what we use for money. If I want to use sea shells (which are pretty much worth as much as the dollar) instead of money printed by a privately owned bank then I should be able to... :verymad:

[OLD fashioned preacher]

Sounds like they want to make it where people in their area can only shop in their area.

Sounds illegal to me.

Actually they can still use their bank currency in other places (exchange part, don't exchange part).

[OLD fashioned preacher]

Doesn't the government consider barter to be illegal too?

The idea in some neighborhoods who make and use their own "money" is to build community support and unity. It's to help keep money in the community which helps keep businesses and jobs in the community.

There are some groups of people who operate on some form of barter system but they strive to keep it from being technically bartering. The dentist will take care of your teeth, you take care of his roof; that sort of thing.

Barter is not illegal, but you are to take fair market value of each ($400 dental for $600 electrical) and claim the net gain (or loss) as taxable gain ($200) or loss on your tax return.(but they won't let you pay your taxes in eggs and butter)

[John81]

Barter is not illegal, but you are to take fair market value of each ($400 dental for $600 electrical) and claim the net gain (or loss) as taxable gain ($200) or loss on your tax return.(but they won't let you pay your taxes in eggs and butter)

Thank you. That sounds about like I heard someone explain it once. It had to do with the tax aspect.

[John81]

It is RIDICULOUS for the government to have ANY say in what we use for money. If I want to use sea shells (which are pretty much worth as much as the dollar) instead of money printed by a privately owned bank then I should be able to...

Considering the government itself is not obeying the Constitution with regards to money they have no moral authority to dictate to others. Our fiat money system is unconstitutional as is the Fed, which isn't a government agency.

[Marcus2Israel]

You know.. Our founding fathers rebelled partly because England was breaking its own rules..

[John81]

You know.. Our founding fathers rebelled partly because England was breaking its own rules..

That's one of the ironies in all this. The Founding Fathers rebelled against England for far less than what the American government is guilty of.

America has gone from a land of great liberty and freedom to a land under worse subjugation than it was under English rule.