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Wednesday, April 08, 2009

So When Do We Start Printing Lebos?

USA Today had an article yesterday titled "Communities print their own currency to keep cash flowing" which reports on communities creating their own currency which is purchased at a discount and can only be used in that specific community. Could something like this fly in Mt. Lebanon?
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2 comments:

  1. David HustonApril 08, 2009 9:59 AM

    It's not consitutional for states, or "Home Rule Municipal Corporations" for that matter, to coin money:

    Article 1, Section 10 - Powers prohibited of States

    No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money...

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  2. Ron J. BlockApril 08, 2009 10:04 PM

    Actually, it is legal, provided certain requirements are met. For instance, it cannot look like federal dollars, it must be tied to a dollar value exchange rate, and must be considered taxable income. There are over 60 regions currently using community currency.
    A few of the more famous examples are Ithaca Hours, started in 1991-http://www.ithacahours.com/;Berkshares- http://www.berkshares.org/; and
    Fourth Corner Exchange in the Pacific Northwest-
    http://www.fourthcornerexchange.com/.
    It is certainly possible here, if the community is interested and willing.

    ReplyDelete

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