Scrip times

It seems that when money gets scarce, new forms of money emerge to fill the gap. One town in Greece has developed a local currency called the TEM to help them maintain their economic systems against the tide of collapse in that country; I would expect many other towns to follow. Although scrip systems are more common in depressions, there have been other systems (such as Ithaca Hours in Ithaca, New York) that have been developed and used more to support local business than to weather economic storms. Supporting local businesses provides a “multiplier effect” for circulating local dollars: as they pass from citizens to businesses and back to citizens, each dollar does more “work” locally (if you will) than if national or multinational businesses are frequented (while the labor is local, the profits are sent elsewhere and rarely invested locally). The EPA put out a great manual over 20 years ago on this issue, and it is still relevant today.

If you had to (or wanted to) develop a local currency, what would it be called?


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