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More towns seek to emulated the private currency of Ithaca, New York. News Team

There are many people, organizations, ect. that have sought to issue their own private currency over the years. The only major success story is a private currency issued by Ithaca New York. It is called the Ithaca hour, and is backed by one hour of city labor. It is accepted at local stores, and residents can pay their municipal taxes with it.

The introduction of a private currency that can only be used locally helps insulate Ithaca businesses against nationwide economic problems.

More cities may seek to emulate Ithaca in the wake of the growing financial crisis.

From Chicago Tribune…

They may be talking funny money, but it’s not funny business.

Residents from the Milwaukee neighborhoods of Riverwest and East Side are scheduled to meet Wednesday to discuss printing their own money. The idea is that the local cash could be used at neighborhood stores and businesses, thus encouraging local spending. The result, supporters hope, would be a bustling local economy, even as the rest of the nation deals with a recession.

“You have all these people who have local currency, and they’re going to spend it at local stores,” said Sura Faraj, a community organizer who is helping spearhead the plan. “They can’t spend it at the Wal-Mart or the Home Depot, but they can spend it at their local hardware store or their local grocery store.”

Incentives could be used to entice consumers into using the new money. For example, perhaps they could trade $100 U.S. for $110 local, essentially netting them a 10 percent discount at participating stores.

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