American cities/neighborhoods printing their own currency

[Makalakumu]

http://articles.moneycentral.msn.co...struggling-towns-printing-their-own-cash.aspx

Last year, two Detroit tavern owners were sitting at the bar, sampling their beverages and bemoaning the local economy -- no one in the city had cash, and when they did, they spent it in the suburbs. Then the pair hit on a solution: Print their own money.

It is, after all, perfectly legal for anyone to issue currency, as long as it doesn't look too much like a U.S. dollar. Thus was born the Detroit cheer, a local scrip accepted by a handful of city businesses, including a pizzeria, an electrician and a doggy day care center.

Interesting article. The idea is pretty old actually. Ithaca New York has been using scrip for years. Two points.

1. This is a public service announcement. If our government keeps abusing the dollar, people are going to have to take care of themselves somehow. Here's one way of doing it.

2. If people have something to offer society and cannot get legal tender to represent that transaction, then we are looking at a market that has obviously been tampered with. The banks control the money supply and have contracted it on purpose, against market forces.

I have a friend who is creating a local scrip for an economically depressed part of the Big Island. Puna produces lots of food and they are always looking for people to help on the various organic farm. The problem is that none of the farmers can pay with dollars because they don't have any or many. This is a good solution for that problem, IMO.

 

[Ken Morgan]

There are barter services around that do similar things. http://tradebank.com/
Used like a credit card, its imaginary currency put in and out of your account, and you can only use it at the businesses that are members. Works great IMO.

While I think you may be able to issue your own currency, I don’t think that stops the government form wanting its taxes on the good and services used. To be paid in national currency.

 

[CanuckMA]

Canadian Tire has been doing this for decades. :bangahead:

 

[Carol]

Intriguing idea!

However, it seems inefficient...

Minting money isn't easy, of course. The Detroit bar owners spent $2,000 to print $4,500 in cheers, thanks in part to an initial run on flimsy paper. ("It costs money to make money," co-founder Timothy Tharp says.)

 

[Bob Hubbard]

Then theres the risk that the SS will steal, I'm sorry, "Confiscate" all of your assets if you actually get large enough to effect change.
http://www.libertydollar.org/

 

[Bill Mattocks]

I know someone who has one of these, before they all got taken away by the US government. I'm just sayin'.

http://www.libertydollar.org/ld/ronpauldollar

 

[Ken Morgan]

Then theres the risk that the SS will steal, I'm sorry, "Confiscate" all of your assets if you actually get large enough to effect change.
http://www.libertydollar.org/

So what is this? Some guy minting gold and silver coins on his own? and pissing off the government for doing so? Whats the governments agrument?

Curious why not just sell gold and silver "blanks"?

 

[Makalakumu]

So what is this? Some guy minting gold and silver coins on his own? and pissing off the government for doing so? Whats the governments agrument?

Curious why not just sell gold and silver "blanks"?

Our Constitution limits the minting of gold and silver coins to the state. So, technically, he was violating the Constitution especially if they were being used for commerce. Prosecuting him for it is very hypocritical, however, because the government basically ceded out its authority to "coin" money to the Federal Reserve - a semi-private cartel. It's a case of do as I say and not as I do...

 

[Ken Morgan]

Ahh. Gottca.

So it’s legal to sell gold and silver, but not legal to sell gold or silver coins you’ve minted yourself?

What about farming it out to other mints? I know the Canadian mint, mints coins for dozens of other countries. http://www.mint.ca/
I doubt they’d have a problem doing a run for anyone.

Also what’s to stop him from issuing gold or silver “buttons”, or “coasters”, or souvenir collector “spoons” If they all happen to be in various increments of an ounce…..

 

[Carol]

Ahh. Gottca.

So it’s legal to sell gold and silver, but not legal to sell gold or silver coins you’ve minted yourself?

What about farming it out to other mints? I know the Canadian mint, mints coins for dozens of other countries. http://www.mint.ca/
I doubt they’d have a problem doing a run for anyone.

Also what’s to stop him from issuing gold or silver “buttons”, or “coasters”, or souvenir collector “spoons” If they all happen to be in various increments of an ounce…..

Where the folks at the Liberty Dollar run afoul is because they are impersonating U.S. currency. If they took of the "USA" and the dollar amount and called it something different ("One Podunk") then they wouldn't be in trouble at all.

Bullion dealers in the U.S. will sell "silver blanks" or "silver rounds", which are round 1.00 ounce disks of .999 silver, which is a better way to seriously invest. You get the tangible effect of a silver "coin" (only it can't be called a coin because it is not currency and is not imprinted ) without the machining costs.

 

[dbell]

Then theres the risk that the SS will steal, I'm sorry, "Confiscate" all of your assets if you actually get large enough to effect change.
http://www.libertydollar.org/

Is it just me, or does this link not work anymore?

 

[Makalakumu]

Ahh. Gottca.

So it’s legal to sell gold and silver, but not legal to sell gold or silver coins you’ve minted yourself?

What about farming it out to other mints? I know the Canadian mint, mints coins for dozens of other countries. http://www.mint.ca/
I doubt they’d have a problem doing a run for anyone.

Also what’s to stop him from issuing gold or silver “buttons”, or “coasters”, or souvenir collector “spoons” If they all happen to be in various increments of an ounce…..

All of these are good questions and I don't have all of the answers. All I do know is that the more laws we make, the more hypocrites we make.

 

[Bob Hubbard]

Link should work, thought the site is under attack by the US government and has been gutted by court order.

 

[dbell]

Link should work, thought the site is under attack by the US government and has been gutted by court order.

Worked today, must have just been busy yesterday... Thanks!

 

[sandanbob]

I believe that most of the citizenry here in the USA are unaware of when and how the Federal Reserve was created, and some still think that our Federal Reserve Notes (they truly are not "dollars") are backed by gold at Fort Knox.

I don't know all of it, but what I do know scares me. I am VERY worried for this country, in my lifetime, not even waiting until the time my kids grow up.