Apr 7, 2009 6:18 pm US/Central
In Recession, Some Cities Printing Own Cash
CHICAGO (CBS) ―
You've probably heard critics claiming Uncle Sam is printing money like it's going out of style. Now, as CBS 2's Derrick Blakley reports, some towns are getting into the act since their communities were granted a license to print money.
At a time when money's tighter than ever in Ithaca, New York, they're now printing they're own.
They call their funny money "Ithaca Hours."
In Pittsboro, North Carolina, it's much the same. Local businesses are distributing their own bizzaro dinero called, "The Plenty."
"Bring nine dollars to the bank and you get 10 Plenty's. You're increasing your local purchasing power right there," said Pittsboro merchant Mary Demare.
Jerry Roper from Chicagoland Chamber of Commerce, thinks the idea is something Chicago should consider.
"The appeal is you do get a 10 percent discount, or a 15 percent discount and for the shop owner, the restaurant, retail people, it's keeping traffic moving, keeping staffs working," said Roper.
The concept isn't a new one. During the Depression, Chicago businesses often paid their workers in privately printed money called Scrip.
Scrip was also used to pay workers who dug the Chicago, Illinois and Michigan Canal, but its use declined because workers rebelled.
"Eventually people became very angry at this and felt like it was another way to control their lives," said Peter Alter, the Chicago History Museum's curator.
Now, it's an attempt to take control as the economy slips and slides.
"Do you complain about it, wait for politicians to solve the problem or do you say if you don't have enough money, why don't we make our own," asked one shop owner.
Closer to home, business groups in Milwaukee and South Bend are considering printing their own local currency, but Uncle Sam stipulates that any form of local cash can't resemble federal money or be promoted as legal tender.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
Jewish Celebrities
Click to enlarge
Stumble It!
Reporting
