USA Today has a piece on local currencies here.
“Borrowing from a Depression-era idea, they are aiming to help consumers make ends meet and support struggling local businesses.
“The systems generally work like this: Businesses and individuals form a network to print currency. Shoppers buy it at a discount — say, 95 cents for $1 value — and spend the full value at stores that accept the currency.”
The E.F. Schumacher Society has been promoting this idea for some years and with good results. See more here. Could local currencies play a role in our economic recovery? If this idea caught on, how would it change the global economic system? Can the majority of Americans imagine an economy not based on government-issued money?
h/t to Rob Gingerich.