Slog

News & Arts

Line Out

Music & the City
at Night

« This Ought to Alleviate the Fears o… | Slog Happy Is This Week! »

Monday, April 6, 2009

Economy Salmon Shekels? Mt. Rainier Rupees? Moss Marks?

Posted by Eli Sanders on Mon, Apr 6, 2009 at 10:55 AM

That's all I've got this early in the morning as far as local currency ideas go, but when people in Massachusetts are printing BerkShares and Ithaca is launching its own "In Ithaca We Trust" currency and Detroit is minting Detroit Cheers—well, it seems that we who have an unemployment rate of more than 8 percent should not be so far behind on this curve.

How do BerkShares benefit the local economy?

Everyone benefits from using BerkShares. Consumers benefit from receving a 10% discount on purchases. Businesses benefit from increased patronage. Local non-profit organizations can also benefit by purchasing BerkShares at the 5% discount rate and selling them at full face value to their supporters.

It's an old idea for the new Depression. So, um, get on it, Seattle. What should we call our new local money?

Via HuffingtonPost, which provides an amazing image of the new Ithaca notes.

UPDATE: Multiple people point out that Capitol Hill already has the Capitol Hill Discount Dollar. But that's a coupon, not a currency. I'm talking currency, people. Something like Plenty in Pittsboro, N.C., or the above-mentioned BerkeShares. Something I can buy at 95-cents on the dollar (or less!) and spend from Stellar Pizza to Emerald City Smoothie.

Comments (31) RSS

Oldest First Unregistered On Registered On Add a comment

Already got 'em - they're called Star-bucks.

Posted by Henny Youngman's Colon on April 6, 2009 at 11:00 AM

Whatever the currency is based on, it should celebrate the kind of people who think play money can solve actual problems.

Posted by Ackham on April 6, 2009 at 11:01 AM

Oh goodie, local money. Sure to increase business of the photocopiers at the library.

Posted by Matt Tay on April 6, 2009 at 11:02 AM

Why not just give me 5% off? Seems even more annoying then those stupid ass entertainment books.

Posted by sgiffy on April 6, 2009 at 11:03 AM

Bearded Clams.

Posted by Joe M on April 6, 2009 at 11:08 AM

The Cap Hill Community Council did this - remember the Slog poll Boe won? They settled on Frances Farmer for now, and Cal Anderson next, etc. etc.
http://chcc.wikidot.com/

Posted by gloomy gus on April 6, 2009 at 11:08 AM

FYI - According to the comments, the Ithaca "money" has been around since the 90's. Not all of these currencies are new or in response to the current recession.

Posted by defman23 on April 6, 2009 at 11:09 AM

Nickelsbacks

Posted by NapoleonXIV on April 6, 2009 at 11:09 AM

The Puget Pound

Posted by Tobias on April 6, 2009 at 11:24 AM

WOW - Cap. Hill group has their act together - launched, all over local media - saving dollars right now and spending local are BIG pluses.

Posted by Name is NOT here on April 6, 2009 at 11:27 AM

Haglunds. "I'd like to purchase an order of clams 'n chips for Ħ5 Haglunds.

Posted by Banna on April 6, 2009 at 11:38 AM

Damn, Napoleon, you beat me to it.

Posted by Fifty-Two-Eighty on April 6, 2009 at 11:39 AM

Why not "Starbucks"?

Posted by Quite Spunky on April 6, 2009 at 11:43 AM

Although this is interesting, wouldn't counterfeiting become a huge problem? Surely whoever prints these local currencies won't have the (expensive) technology required to produce difficult-to-forge notes. Not to mention, would counterfeiting these local currencies even technically be illegal, since they're not federal notes?

Posted by Afreet on April 6, 2009 at 11:48 AM

Seabucks

Posted by monkey on April 6, 2009 at 12:00 PM

The Ithaca notes are also called "Hours", not "In Ithaca We Trust", and are generally equivalent to one hour's work of work. It's actually one of the first local currencies of this type in the US.

Posted by demo kid on April 6, 2009 at 12:09 PM

@16 Which is one of the big problems with them. Time is a poor way to value work. I know I sure as fuck would not trade an hour of my work for an hour of someones whose work is much less valuable than my own.

Posted by sgiffy on April 6, 2009 at 12:11 PM

MicroBucks

Posted by NapoleonXIV on April 6, 2009 at 12:11 PM

I believe making your own currency in the US is still illegal. Didn't those Ron Paul gold coin guys fall afoul of this law?

Posted by Sunny Ono on April 6, 2009 at 12:24 PM

I remember reading about "HOURS" currency like Ithaca's on BBSes in the early 90s. It served as scrip for labor. Thing I never got was how you could equate, say, one hour of shoveling dirt with, say, one hour of wrangling daycare kids or one hour of roofing. But I guess if nothing else it gives Ithacans the chance to see the joys of pumping out and passing unbacked fiat currency that all modern economies tiptoe on.

Posted by K on April 6, 2009 at 12:41 PM

Pickle's Nickles

Posted by The Amazing Jim on April 6, 2009 at 1:00 PM

Hasselbucks.

Posted by DOUG. on April 6, 2009 at 1:02 PM

http://en.wikipedia.org/wiki/Local_curre…

Posted by josh on April 6, 2009 at 1:13 PM

We actually just launched an alternative currency here in Seattle. It's a barter-currency for small businesses and freelancers.

It's completely free and if you're a business you get 100 credits just for signing up.

You can find it at www.dibspace.com

Posted by Dominic Canterbury on April 6, 2009 at 1:23 PM

Your neighbors to the south started Cascadia Hours 15 years ago:

http://www.cascadiahourexchange.com/

Posted by Oregon is in the NW, too! on April 6, 2009 at 2:36 PM

Plenty can also be used in Carrboro, the Paris of the Piedmont.

Posted by Ancient Sumerian on April 6, 2009 at 2:59 PM

For some reason I think this is unconstitutional. Printing currency, even "non-U.S." currency within the United States is the bailiwick of the Federal government.

Michelle Bachman has already put forth a bill making against the law to use any other currency in the U.S. except the dollar.

Posted by elswinger on April 6, 2009 at 5:04 PM

The hours thing: isn't that like the Fremont Timebank? From the... 90s?

Posted by Marv on April 6, 2009 at 11:09 PM

I would totally use a Seattle P.I. Bring it back around, people.

Posted by MDP on April 7, 2009 at 10:07 AM

Wow. Assume time and labor power are the most valuable assets a human has.

If I weren't reading it with my own eyes, I'd never guess that The Stranger is where I'd run into a conversation about the disparity in the actual value of those assets in different people. It's almost like you're saying we're not all equal and don't deserve the same accesses or something.

Weird.

By all means, continue. I'm riveted.

Posted by Rosie Greer on April 7, 2009 at 5:37 PM

Local currency keeps the dollars circulating in your community. When you spend at Wal-Mart or large chain stores, about .80 of each dollar immediately leaves your community headed back to the company and it's suppliers. Local currency is very beneficial.

Mark
editor@ccmag.net

Posted by Community Currency Magazine on April 9, 2009 at 6:07 AM