Let's Stimulate Youngstown's Economy

[irishbobcat]

Tony:

I support items like Berkshares and a local currency. I just wish I knew how I could help get things like this started in our community. It's harder for me to time share with my family schedule, but I would love being able to support local independent business while receiving a 10% or so discount. I believe my fellow Green Party members feel the same way.

Dennis Spisak
Mahoning Vallley Green Party

[tony]

It's amazing what Googling turns up, here is Tucson just starting to work through creating a local complimentary currency,
http://tucsonlocalcurrency.org/

Also you can follow their activities in their discussion forum at
http://groups.google.com/group/TucsonLocalCurrency

For us here locally the problem is the human dimension. Is there a group, passionate about our community, willing to create the service.

As for the counterfeiting,  start up costs, distribution problems etc. they have been resolved elsewhere and are model tools for replication most anywhere. However, no one has been able to copy commitment and passion and transfer those features from one person to another.

If you are reading this, and if you willing to do some work to research to investigate the possibility, get back to me at the TimeBank site in my signature. The possibility I'm referring to is, will people come forward and work to accomplish the object of creating a complimentary local currency.   

For the effort itself, I will establish a Time Dollar Bank Account and you will be rewarded for your civic labor. The issue is not is this technically possible, as there are many local currencies having been around for years. The issue is do you want it.

Cheers,
Tony Budak
www.tbmw.org

[tony]

Hey Dennis,

Here a link from a Green Party blog regarding local currencies
http://buildgreens.blogspot.com/

Cheers,
Tony

[tony]

There are different forms or definitions and uses of complementary currencies, see the link
http://en.wikipedia.org/wiki/Complementary_currencies

Here is a good overview article on the subject,
http://www.nexuspub.com/articles/2003/july2003/interview.htm

And of course I can't be remiss, there is our own local Time Dollar Bank at
www.tbmw.org

Cheers,
Tony Budak

[Towntalk]

That is script as opposed to currency. You can't take it to a bank and exchange it for cash.

Before there was a National Currency script was used, but it had no secure backing, and problems arose because there were so many forms of script that it became totally unmanageable.

Case in point. How is it destributed?

If a person works for script how do they conform to law (Social Security, local, state and federal taxes)?

As Dennis pointed out, how would you prevent counterfitting. With all the software available anyone could pump out a closet full of the stuff, and if the printers put in anti-counterfitting divices and used special paper the cost to print it would not be cost effective.

Here's the link to what Jay was referring to:

http://www.ithacahours.org/

[jay]

A photo of the local currency in Ithaca, New York

[Towntalk]

It's called cupon books. Federal law prevents you from printing currency as in cash money, but I have read about communities doing something like that, and in fact here in Youngstown each year a thick cupon book was printed thick with cupons which were redeemable at participating businesses. The cupons had no experation date other that the year the book was published.

I don't know if this book is still published, or why they stopped publishing it.

[irishbobcat]

Would you need an actual "bank" to get this started?

Who is going to give you the 10% start-up discount?

Who would produce the "currancy"?

How do you keep the currancy from being counterfit?

Dennis Spisak

[tony]

Right Jay, the local currency could only be spent at participating local businesses.

Here is a link for some background and context information should anyone here wish to look into it.
http://en.wikipedia.org/wiki/Local_currencies

Undertaking a project like this requires a small group of committed individuals to get things going. So, of course that begs the question, who would take on this as a research project. A study groups could look at the concepts and practices and evaluate whether or not to continue and attempt at organizing a complimentary currency for our own use here in the Mahoning Valley area.

Anyone have any ideas?

Cheers,
Tony

[Towntalk]

I have to agree with Dennis, and add that I need to hear from Tim Ryan.

As I said he is in a position to help Youngstown, but at this point I have little confidence that he will step up to the plate and do right by the city.

As for the Governor, at this point My confidence is zero.

It's extremely difficult to compile a wish list when you don' t have all the information.

I do know that Congress and the President told the states that they have a fixed period of time to apply for funds, and if they miss the deadline that the state legislatures would have to turn in applications.

I just hope and pray that V&M gets some of the money. We desperately need good paying jobs that aren't here today and gone tomorrow.

[irishbobcat]

I guess everybody is waiting for their stimulus response from President Obama....and Governor Ted......

Dennis Spisak

[jay]

I'm a little disappointed that so few have responded to this call to stimulate our city's economy.

[jay]

I like the concept of a local currency.  If I understand correctly, the local currency could only be spent at participating local businesses.

Will there be a formal presentation about a local currency anytime in the future?

[tony]

Hey Jay,

OK I'm willing to participate in implementing a local complimentary currency. check out this link for information about Berkshires, http://www.berkshares.org/press/tv.coverage.htm

If you or anyone else wishes to look into this I can be reached through www.tbmw.org

Best Regards,
Tony Budak

[jay]

Why should we wait for federal funds to trickle downtown to Youngstown to stimulate our economy?  I suggest that we join forces with the Buy Local movement and pick a day to intentionally spend some money in the city.  The money could be spent to buy something made in Youngstown, dine at a Youngstown restaurant, or use a service provided by another Youngstown resident.

Are YOU willing to participate?