Black People : Our own Fiat currency? Possible UJAMAA solution?

Discussion in 'Black People Open Forum' started by Putney Swope, Jul 19, 2009.

  1. Putney Swope

    Putney Swope Well-Known Member MEMBER

    Jun 27, 2009
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    When the dollar does fall, and the economic levy breaks, could our internal means of exchange to purchase and by services from each other be a possible solution?
    The dollars we use are not based on gold or silver, therefor would our own internal fiat currency be aplicable for Our survival, when the market crashes and drowns?


    National News
    Towns print money to help local merchants
    By Matthew Cardinale
    Updated Jun 19, 2009 - 3:26:22 PM

    ATLANTA, (IPS/GIN) - In the face of an economic system in full crisis mode, a handful of communities across the U.S. and the globe have begun experimenting with alternative forms of local currency as a pathway to sustainability.

    Local currencies existing today in the U.S. include the Humboldt Community Currency in Eureka, California; Berkshares in the Massachusetts Berkshire region; Bay Bucks in Traverse City, Michigan; Ithaca Hours in Ithaca, New York; Cascadia Hours, Corvalis Hours, and RiverHours in Oregon; Equal Dollars in Philadelphia, Pennsylvania; and Madison Hours in Madison, Wisconsin, according to the E. F. Schumacher Society, which runs Berkshares.

    These currencies all represent an effort to respond to the pressures of globalization, like the advent of massive chain stores competing with local merchants.

    People in Great Barrington, Mass., can go to one of five participating local banks to trade 95 cents for one Berkshare, at a five percent discount to the dollar. They can then spend Berkshares at over 400 participating local stores as a direct replacement for dollars, thus saving 5 cents with every Berkshare they spend.

    Even though store owners lose the 5 cents whenever they trade Berkshares back for dollars at a bank—which they have to do to buy something that can't be produced locally—they are still typically happy with the loyal, local customers they keep instead of losing them to chains like Wal-Mart, Starbucks, and Barnes & Noble.

    “Local currencies are part of what educate people about the importance of their small, independent businesses,” Susan Witt, founder of Berkshares, told IPS. “It's bringing people off the internet back to Main Street, for the face-to-face exchanges. Once they're there, they like it.”

    A local currency can help create a more sustainable economy in several ways, leaders in the local currency movement say.

    First, since using a community currency forces people to buy locally, fewer goods have to be imported.

    “By having economic transactions so focused locally, that's definitely, for one thing, reducing use of fossil fuel. If it's a local farmer's market ... food (is) produced 30 miles away instead of 3,000 miles away,” said Steve Burke, executive director of Ithaca Hours

    full article;