Tuesday, April 7, 2009

U.S. Cities Printing Their Own Currency

"A small but growing number of cash-strapped communities are printing their own money."[1]

Cities like Detroit and Ithaca and states like North Carolina and Massachusetts have turned to printing their own money.
"We wanted to make new options available," says Jackie Smith of South Bend, Ind., who is working to launch a local currency.

"It reinforces the message that having more control of the economy in local hands can help you cushion yourself from the blows of the marketplace."

Under the Massachusetts system, 12 banks have printed some $2.3 million worth of BerkShares, which can be spent at over 370 businesses. Legally, money can not be printed that looks like federal bills or be represented as legal tender in the U.S.

That didn't stop federal agents from raiding the business of a man in 2008 who was printing Liberty dollars and minting Ron Paul coins for collectors. [2]

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