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Private "Community" Currency in Circulation in the USA - Ithaca Hours

Ithaca Hours is a private currency -- referred to as a "community currency" -- that has been in circulation and used in the City of Ithaca New York, home of Cornell University, for 20 years now. Backed not by gold but by labor hours, it is an example of how communities can choose to leave the dollar standard and start their own currencies.

http://www.paulglover.org/hours.html

Please refer to the above link for more information on Ithaca Hours. This is an alternative private / community currency of the type that Ron Paul discusses as a possibility for a competiting currency that is actually in use and circulating in the USA today.

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Check out the Pittsboro Plenty.

Lyle Estill wrote a book called "Small is Possible" about his experience with helping to create a grassroots economy.

Would someone explain to me how these are different

than buying a Walmart gift card that can only be used at Walmart stores, or an Applebee's gift card that can only be used at Applebee's restaurants. Aren't these just gift cards that can only be used as certain local businesses? If they are anything else, they are just another form of counterfeit paper money.

When these local currencies come into existence, are they exchanged for Federal Reserve Notes, spent into existence, or loaned into existence?

"Bend over and grab your ankles" should be etched in stone at the entrance to every government building and every government office.

local currency

Local currency circulates among local businesses, individuals, nonrprofit organizations, even some government agencies. They add to local spending power, creating jobs, new businesses, and increasing sales tax collection. Millions of dollars worth have been traded in Ithaca NY.

They're issued to those who agree to be listed as published backers; as interest-free loans, and as grants to nonprofit groups.

I've written the book "Hometown Money: How to Enrich Your Community with Local Currency" http://paulglover.org/hours

local currency

Local currency circulates among local businesses, individuals, nonrprofit organizations, even some government agencies. They add to local spending power, creating jobs, new businesses, and increasing sales tax collection. Millions of dollars worth have been traded in Ithaca NY. I've written the book "Hometown Money: How to Enrich Your Community with Local Currency" http://paulglover.org/hours

Operates the same as Best Buy Cards or Travelers Checks

Yes, it's fiat backed by fiat but it's restricted to circulating within the local community (how liquid it remains in the community after initial introduction seems to be the tricky part).

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There is a stricter approach to printing.

A finite number of currency is produced. Unfortunately , the aesthetics of the currency added to its limited production have also made them attractive to collectors and art dealers thus forcing them out of their local circulation.

The thrust of my question is not how they are printed

but how they are issued into circulation.

If they are printed and exchanged to someone for his Federal Reserve Notes, then monetarily, they are just gift certificates that can only be used locally. The only distinction from Federal Reserve Notes would be the limitation that they can only be used locally and possibly that vendors might, as a promotion, give users a small discount.

But they will depreciate right along with the depreciation of Federal Reserve Notes. They hardly form a new monetary system, and are in essence a promotional gimmick, more illusion than a solution to the present monetary system where banks create credit money out of thin air and loan it into existence.

If the US dollar goes belly up, so will these local currencies because they are based on (~equal to) Federal Reserve Notes.

"Bend over and grab your ankles" should be etched in stone at the entrance to every government building and every government office.

Gimmick for some, possibility for others

If you were to move to competing currencies, logistically it would be best if you already had a parallel local currency in place that you could re-peg to something else (precious metals?) when necessary.

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Turmel: Why has Ron Paul never promoted community currency?

Jct: Ron Paul leads the fight to End the FED but Dennis Kucinich's bill HR2990 to End the FED by using US Treasury Dollars for paychecks to create jobs rather than FED bank dollars is a workable alternative. When you End, what alternative does Ron Paul propose to provide paychecks for jobs other than a Royal Commission audit while the market corrects itself? Sure End the FED, but have an alternative?

Ron would keep his hands off and let free market run

On at least two separate interviews I heard Ron say that he would not end the fed immediately and his pick to run it would be an Austrian like economist, Jim Grant.

Having said that, if you know about HR2990 then you should know how Ron's older bill HR1098 would address the currency situation. The key is, you have to get rid of the bad laws and put in good ones. This would allow competition to takeover and get the government out of the way.

And if you know the difference between Ron and Dennis, you would not be asking how his type of presidency would be creating "paychecks" for the masses. Ron Paul wants to downsize the Federal Government and use the two types of taxes the constitution allows for to pay its much smaller bills - an indirect and a direct tax. Tariffs on imports should not be excluded and would be helpful in the beginning, at least, to help bring manufacturing back to our shores - my idea.

Here is an excerpt from an article I found on HR1098 - http://globaleconomicanalysis.blogspot.com/2011/04/ron-paul-...

"In March, Paul introduced , the Free Competition in Currency Act of 2011, which would repeal legal tender laws in order to prohibit taxation on gold, silver, platinum, palladium and rhodium bullion. The bill has been referred to the House Committees on Financial Services, Ways and Means, and Judiciary.

A staunch critic of the Federal Reserve, Paul said that instead of arguing his case for the Fed to close down tomorrow, he’s arguing the fact it should not hold a monopoly. “They have a monopoly on a type of money that isn’t even constitutional,” he said.

A common assumption is that Paul is calling for a return to a gold standard. He clarified, saying he is not so inflexible. “I wouldn’t be overly rigid and say, ‘you must have a gold standard, you must go back to what we had.’ Our gold standard was imperfect, even though it worked better than the paper standard,” he said."

Repeal the Federal Reserve Act of 1913 and the 16th amendment - sound money for our communities and out of Washington, DC.
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Here's another link

Berkshare is world's largest

The Berkshare of Eastern Massachusetts is the largest local currency in circulation with over $2.3 million in circulation with 5 participating local banks.

http://www.berkshares.org/

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We have a SeedLETS Time Bank in New Haven, CT

We have a SeedLETS Time Bank in New Haven, CT. This article discusses a unique experiment of urban alternative currency adoption. Adam Wascholl, one of the participants in SeedLETS, is a member of the Ron Paul Meetup for CT, and that's where I learned about all this. Wascholl especially is interested in the whole time bank issue, and has taken a leadership role in expanding it from his neighborhood acrosst the city and beyond.

http://www.newhavenindependent.org/index.php/archives/entry/...

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"

Foundational idea

of sovereign money

"It does not take a majority to prevail but rather an irate, tireless minority keen on setting brushfires of freedom in the minds of men."

--Samuel Adams