Need Money? Print Your Own!
Written by: Kim Sawyer
Now, I know from the title, it seems like I’m an advocate of counterfeiting. That’s not the case at all. With the economy the way it is, everyone is doing what they think they need to do to survive. In fact, it’s not just on an individual basis. Across the country, communities are actually doing what they need to do to survive in this economy also. And if that means printing their own currency, well, so be it!
USA Today printed an article focusing on this particular subject. Here’s a little excerpt from the article:
“A small but growing number of cash-strapped communities are printing their own money.
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.”
“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.”
Ed Collom, a University of Southern Maine sociologist who has studied local currencies, says they encourage people to buy locally. Merchants, hurting because customers have cut back on spending, benefit as consumers spend the local cash.
At first, when I read this, I immediately thought it was illegal. I mean, it is a form of counterfeiting, right? But as I read the article in depth, this idea really makes good sense. If you can help the community you live in stay afloat by way of “community money”, why not? It’s also helping the economy in some form of fashion too! Maybe, more cities and communities should do something like this. I would do it, would you?
Do you think this is a viable solution to “stimulating” our economy? Should more communities look into doing something like this? Or do you think, it’s another “chasing the wind” type of idea?
Tags: depression-era ideas, local currency, print your own money, stimulate economy
April 7th, 2009 at 11:11 am
I dont think this would work, because somehow someone would find a loop hole and start making it rain. But on the illegal side, I seen some fake money not too long ago and it looked super real. People was actually giving this guy $20 real dollars for $75 fake. I would just hate waiting for my money to dry.
April 7th, 2009 at 12:30 pm
I guess if a community can make it work, and it is not illegal, there can't be any harm in it. I'm not sure I fully understand the concept, but whatever helps communities thrive in these times has to be a positive thing.
April 7th, 2009 at 3:29 pm
Hi Kikolani,
If you've ever been in an area where people sell food stamps to get cash, the concept is the same. For example, some people will sell $50 worth of food stamps for $25 cash. That's what these communities are doing. Instead of selling food stamps, they are printing their own currency and selling it.
April 7th, 2009 at 3:30 pm
Hey Kendall,
I betcha there's more counterfeit money floating around than we realize.
April 7th, 2009 at 8:44 pm
I think it is an interesting idea, but I don't know how effective it is. The net gain is $5 and I don't see how that makes that much of a difference. If someone came to me and offered me $100 worth of “credit” for $95 I would say OK, but it wouldn't make me feel like I got a huge gain.
April 8th, 2009 at 5:43 am
If you look at it in the sense of only spending $95 if might seem like a minimal gain, but if you were trying to go buy a high priced item it may very well be worth it. To me this is just like saying at any time you can have a %5 discount coupon to anywhere that will accept this currency.
April 20th, 2009 at 8:38 am
The other day I called an online ladies clothing company to talk about an order I had placed. The customer service rep. offered me, for that day only (yea right) a $100.00 gift card for $75.00. Now that was a bargain! Only thing is, I rarely, and I mean rarely shop with them. And the reason I was calling them for a second time is because the little lightweight top I had ordered from them, a month prior, still hadn't arrived to me. It was only a $14.99 top. Had I been an avid shopper and spent lots and lots of money with them, I probably would have taken the deal. Times are tough!
I love this town’s plan and I love people understanding we are in the season of: By Any Means Necessary when it comes to making the economy work!
April 20th, 2009 at 11:04 am
Kathy,
I'm not sure what kind of information you had to give them, but do you
know businesses profile? If you were an avid shopper with them they
probably wouldn't have offered you that deal. They run all kinds of
metrics and use their databases to determine who is a good customer
and who they need to attract.
Profiling also happens at companies we deal with on a regular. If Joe
has a Citibank card and Marsha does to, they may not get the same
customer care rep. Depending on many variables, the red carpet might
be rolled out for Marsha and Joe could get the ordinary treatment. It
happens.