  Detroitpetanque Member Username: Detroitpetanque Post Number: 196 Registered: 09-2006 |
I just read this (excerpt attached): Milwaukee neighborhoods could print own money 2 neighborhoods consider printing own currency for exclusive use in local stores By Erika Slife | Tribune reporter December 3, 2008 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. Whole Article here: http://www.chicagotribune.com/ business/chi-talk_moneydec03,0 ,2902061.story I think 2-hour free parking in Detroit for shoppers is in the right direction and the $5 Kwame-Bucks was okay - but really way too miniscule of an effort. What if a company which operated in Detroit had to pay a small amount (like a bonus)to each employee in Detroit-Currency? | ||
Crumbled_pavement Member Username: Crumbled_pavement Post Number: 623 Registered: 08-2007 |
What would back this currency? Doesn't currency have to be backed by something of real value? | ||
Alan55 Member Username: Alan55 Post Number: 2447 Registered: 09-2005 |
Not really, Crumbled_pavement. When you get down to it, most chain stores print their own money - they're called gift cards, which are sold by the tens of millions. When you get a $50 gift certificate to Barnes and Noble, for example, you are going on faith that B & N will honor that card for $50 worth of books and other merchandise. Places like Kroger, Speedway, and Whole Foods also have a discount script program, where non-profits buy $100 gift cards for $95 and re-sell then to their members for $100, and pocket the 5 percent mark-up. I would presume a merchant's association could do either one of these scenarios. | ||
Detroitrise Member Username: Detroitrise Post Number: 3980 Registered: 09-2007 |
Sadly, Detroit doesn't have ANY of those places (except the random Speedway downtown). | ||
Bearinabox Member Username: Bearinabox Post Number: 1060 Registered: 04-2006 |
quote:No. As long as enough people in a society agree to accept a currency as payment, it has value. The US dollar isn't really backed by anything either, but it functions as a currency because the vast majority of people are confident that it will still function as a currency when they go to buy stuff with it. | ||
Townonenorth Member Username: Townonenorth Post Number: 450 Registered: 10-2007 |
It has worked in Ithaca NY for a while. They also have their own health system too. http://www.ithacahours.org/ http://www.ithacahealth.org/ | ||
Crumbled_pavement Member Username: Crumbled_pavement Post Number: 624 Registered: 08-2007 |
Alan55, that makes sense. But wouldn't it be easier just to have discounts, coupons, or as you said "gift cards" rather than printing up currency? | ||
Detourdetroit Member Username: Detourdetroit Post Number: 446 Registered: 10-2003 |
We've talked about Detroit Dollars before. It would be fun to try. | ||
Goose Member Username: Goose Post Number: 83 Registered: 02-2005 |
its similar to the barter system with paper IOU's that can be transfered to others, if they are willing to accept, with the IOU being a printed dollar amount that is common among the participants..... this would be similar to getting paid with gift certificates unless a large portion of the businesses agreed to participate.... lets say you do 3 hours worth of work and your usual charge is $20 an hour, would you rather have the cash or say a $70 gift certificate (detroit money) to a limited number of participating stores located in detroit.... sorry, give me cash.... i can already forsee a large forgery fiasco happening...... | ||
Andylinn Member Username: Andylinn Post Number: 1106 Registered: 04-2006 |
I think the idea is great in theory, the concerns I would have relate to who would get punished in the event of failure? Keep in mind that we don't really have any chains here... the businesses that would have to accept the "detroit dollars" would be small mom and pop institutions and pioneer enterprises that we all adore (like bureau, avalon, etc...) The program could be detrimental to these places of business as well as the city coffers if shit went down... -What if the program failed? Who would get stuck with all the "dead currency" after they bought / earned it? Stores? The city? Citizens? -What if the currency was easy to counterfeit? -How much would it cost the city to print it up? | ||
Alan55 Member Username: Alan55 Post Number: 2456 Registered: 09-2005 |
I have read about shopping center administrations, such as Oakland Mall or Westland Mall, issuing this type of a script program for their entire shopping center. This takes the burden off of the individual store owners from printing and administering the program. The script is good at any store in the Mall. | ||
Sean_of_detroit Member Username: Sean_of_detroit Post Number: 2350 Registered: 03-2008 |
Downtown gift certificate; Please support it next Christmas...  (Message edited by Sean_of_Detroit on December 06, 2008) |
