New Money

[Baron Kurtz]

So, how about it? Good idea or not?

I think it's great. Show the man you're not interested in his global economy! and support local small business . . . The good thing is it will really make businesses source their stuff locally too. One suspects that big business won't take payment in BerkShares.

http://news.yahoo.com/s/nm/20070619/lf_nm/usa_economy_berkshares_dc

bk

 

[Jack Scorpion]

I wonder what the exchange rates in Europe are like? Nothing like walking into a street exhange booth and slapping a couple berkshires down.

 

[Dagwood]

Interesting and does have a certain appeal.

However, I'm not sure it is legal if it is used to replace money. According to Article 8 of the US Constitution, only the Congress shall have the power to "coin Money, regulate the Value thereof..."

The article notes it is legal to allow "private groups to print paper scrip." Scrip is generally used as an alternative name to "gift certificate." If the "money" is being used like a gift certificate, everything is a-ok.

 

[LizzieMaine]

There were attempts to use local scrip during the worst months of the Depression, when the banking system was in a state of complete collapse -- but people wouldn't touch it. There's something about "funny money" that just makes folks nervous, I think.

 

[Baron Kurtz]

However, I'm not sure it is legal if it is used to replace money. According to Article 8 of the US Constitution, only the Congress shall have the power to "coin Money, regulate the Value thereof..."

Could make for an interesting case. (and a nice challenge to the fe(de)ral government.)

bk

 

[Miss Neecerie]

I would wager they looked into the rules and it does sound like its being used like scrip...the part where they get a 'discount' for using a certificate instead....is something I know that Grocery Scrip that schools sell....uses...

The article mentions other places that have similar 'bits of paper with value' systems to encourage local business use instead of big box retail....

 

[jamespowers]

I wouldn't touch it if it were my local business. Competition is bad enough without having "to take the hit" as Rubiner said. No thanks. Keep this stuff on communes with HippieBongShares. :eusa_doh:

Regards,

J

 

[Twitch]

...and for an all together differnent new currency how about the Amero?
http://www.ih2000.net/chembio/north american fact sheet.html

 

[jamespowers]

...and for an all together differnent new currency how about the Amero?
http://www.ih2000.net/chembio/north american fact sheet.html

Uh, no thanks to that either. :eusa_doh:

 

[Harry Pierpont]

Back in the 1800's many cities/ towns printed their own money. In the town I grew up in the bank has a frame of notes of different denominations issued by the town in the 1850's, of course that's when paper money was an actual promissory note you could exchange for gold. Not like now it's just a promise from the government with no backing. :eusa_doh:

 

[jamespowers]

Back in the 1800's many cities/ towns printed their own money. In the town I grew up in the bank has a frame of notes of different denominations issued by the town in the 1850's, of course that's when paper money was an actual promissory note you could exchange for gold. Not like now it's just a promise from the government with no backing. :eusa_doh:

Like the old silver and gold certificates.
I have an old 25 cent bill from the 1870s. The government was printing those once upon a time.

Regards,

J

 

[Paisley]

Back in the 1800's many cities/ towns printed their own money. In the town I grew up in the bank has a frame of notes of different denominations issued by the town in the 1850's, of course that's when paper money was an actual promissory note you could exchange for gold. Not like now it's just a promise from the government with no backing. :eusa_doh:

Banks used to print their own notes. Based on the quality of the bank, these notes would be discounted by consumers.

When I first saw the title of the thread, I thought it was referring to arrivistes.