Local Bucks Offer the Most Economic Bang
Worried those dollars in your wallet might not buy as much as they used to? In a pretty neat report this week, the Worldwatch Institute details on how more communities across the U.S. (and around the globe) are turning to local currencies to protect their regional economies.
In “Local Currencies Grow During Economic Recession,” writer Ben Block describes how the global financial crisis is fueling renewed interest in “complementary” currencies aimed at keeping economic resources close to home.
One of the best known local currencies in the U.S. are the Berkshares, a New England-based note introduced two years ago. Berkshares co-founder Susan Witt says her phone’s been ringing a lot more lately with calls from officials in other parts looking to launch similar currencies in their communities.
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“In the last four years, there has been a renewed interest in local economy, local production,” Block quotes Witt as saying. “It just skyrocketed with the collapse of the global economy.”
Where else in the U.S. can you find local currencies? There are the North Country Notes in Potsdam, New York; the Ithaca Hours, also in New York; and Burlington, Vermont’s Burlington Bread, just to name a few. You might be astounded by the long list of local currencies identified on Wikipedia: I was.
Besides supporting local business and strengthening local economies, I can think of at least one more good argument for alternative types of money: they’re a lot less likely to be lost in Bernie Madoff- or Wall Street-fueled debacles.
Go local currencies!
