Possibility of Community Money for the Lehigh Valley Discussed
Arizona Coin Collector
On the story below.
Several places in the United States have taken
similar actions to keep local economies going
by creating their local currency.
I am not sure how a local currency would help
in the long run. The recession is still there.
I think having some control of the local economy
may ease some people mental feeling and thinking.
I am for anything that would help the economy
here in the United States. I buy American made
as often, as I can afford it. However, the
choices has become very limited.
Here in Arizona, city governments have limited
there bids on such things as "offices supplies",
"auto repair", and other services to only local
business to keep the sale tax dollars in there
area. Even if the cost may be higher than
sending a bid outside of city limits.
I do see trade barriers starting to become set
up as the global recession becomes deeper
and painful. Every country for themselves.
--------------------------------------
FROM:
http://wfmz.com/view/?id=604496
WFMZ-TV Channel 69
Possibility of Community Money for the Lehigh Valley Discussed
POSTED: 01-11-2009 08:06 PM ET
MODIFIED: 01-11-2009 08:09 PM ET
A group in the Lehigh Valley is looking at an
alternate form of currency, that got its start
in upstate New York nearly two decades ago. The
Ithaca Hour was started up in Ithaca, New York
back in 1991 as a way for that town to shield
itself from the nation's recession. Folks are
thinking of bringing it to the Lehigh Valley
during this recession got together in Allentown
Sunday to see what the community cash was
all about.
(Photo News Story)
http://wfmz.img.cdn.entriq.net/img/dp_thumbs/thumb_1231723140809_0p28267758410213756.jpg?
Each "Hour" is worth about 10 U- S dollars,
and hundreds of businesses in Ithaca accept
them these days.
The founder of the idea was at Sunday's meeting,
and sees firsthand how popular his cash
has become.
Paul Glover - Founder, Ithaca Hour: "I'm
receiving calls every day from all over the
country and from other countries as well."
If a local currency ends up going forward in
the Lehigh Valley, it won't be the first
time it has happened.
Before the Civil War, banks used to make their
own notes, since the government only handed
out coins to the public.
One Allentown bank operated in that manner
until 1843 - when the bank went bust, the
notes became worthless, and a mob chased the
bank owner out of town.
..
Jerry Dennis
wrote, in part:
> FROM:http://wfmz.com/view/?id=604496
>
> WFMZ-TV Channel 69
>
> Possibility of Community Money for the Lehigh Valley Discussed
>
> POSTED: 01-11-2009 08:06 PM ET
> MODIFIED: 01-11-2009 08:09 PM ET
>
> A group in the Lehigh Valley is looking at an
> alternate form of currency, that got its start
> in upstate New York nearly two decades ago. The
> Ithaca Hour was started up in Ithaca, New York
> back in 1991 as a way for that town to shield
> itself from the nation's recession.
The entire story is a crock of doo-doo. We beat Ithaca Hours to death
a few years ago. I made a reply to Joey Jolley about this very
subject on May 10, 2005 which clarified the entire process. I'm happy
to reproduce it here:
<quote>
As far as Ithaca Hours, you've missed the point completely. You BUY
a
book of Ithaca Hours coupons, just like some of the other "bargains
galore" coupon books that are available. You pay $20 for the book
and
they claim you get a savings of over $100. Well, IF you used ALL of
the coupons, you would save $100. BUT (and here's the rub), you get,
say 12, coupons for $1 off of Chinese food at a local Chinese
restaurant. I don't like Chinese food, so I don't get to save THAT
$12. Then there's the $5 off the $25 car wash. I wash my truck
myself. SO I don't spend the $20 on that, ergo I "lose" my $5
savings.
The free french fries at Arby's are all used. I pick up $5 so now
I'm
down $15 on the original book purchase. And what about all those
other
specialty shops that always seem to be open but nobody ever goes to?
Now the biggie. Ithaca Hours as local currency? Check this out.
You
have to BUY them with U.S. Currency! Try buying next year's issue
with
almost expired coupons. It doesn't work.
<unquote>
Still as valid today was it was back then. BTW, I haven't seen any
Ithaca Hours ANYWHERE in the area for years. So much for a local
currency.
Jerry