Milwaukee neighborhoods could print own money

[Fleshdancer]

I thought this was an interesting idea...

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

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

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.

[Muttocracy]

1. Article on local currency in Ithaca, NY and in Berkshires

http://www.ithacatimes.com/main.asp?SectionID=16&SubSectionID=83&ArticleID=7825

was also an article in Newsweek last week.
on edit - found it:
http://www.newsweek.com/id/170372

[Fleshdancer]

3. I had no idea cities could do this

I find it absolutely facinating. It sounds like something my city would be interested in.

[galileoreloaded]

2. Wholly illegal, and the Treasury/SS will shut it down.

Can't collect taxes and all that.

[Muttocracy]

4. it's been done in several communities for years, no secret. nt