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07-30-2009, 06:27 PM
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Senior Member
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Join Date: Oct 2006
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local currency in Pittsboro?
Maybe this has been discussed, but I just saw on Inside Edition that Pittsboro has its own money to support the local economy. Very cool progressive idea. I guess you go to the local bank and exchange money for local currency that can only be used in Pittsboro. The incentive is that you get 10% extra. Has anyone dealt with this in Pittsboro? I kinda like the idea if it gets people spending cash in their city.
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07-30-2009, 07:19 PM
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Real Estate Agent
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Join Date: Aug 2006
Location: Wake Forest
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This is the second time they have tried it (I think the last time was a couple of years ago) and it didn't take off the first time. I believe, because they have more shops, etc downtown who are participating in the program, they may have more hope for it working. It is definitely an interesting concept!
Leigh
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07-30-2009, 07:28 PM
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Senior Member
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Join Date: Oct 2006
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Interesting... they made it sound like it was in response to the bad economy. I'm interested to see if it will work.
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07-30-2009, 11:29 PM
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Senior Member
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Join Date: Dec 2008
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In the original constitution it was the duty of states to actually coin money. Here's the rub though, what sort of value is attached to pittsboro's money? Is it backed by precious metal? If not it might as well be monopoly money.
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07-31-2009, 01:21 AM
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Junior Member
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Join Date: Jul 2009
Reputation: 10
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Quote:
Originally Posted by wheelsup
In the original constitution it was the duty of states to actually coin money. Here's the rub though, what sort of value is attached to pittsboro's money? Is it backed by precious metal? If not it might as well be monopoly money.
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The only problem with your gibberish here is that the US dollar is no longer backed by gold, rendering the USD also worthless. The US dollar hasn't been backed by gold since Nixon slammed the gold window in 1971. The safe bet with a local currency, such as the one in Pittsboro is that I seriously doubt the Town of Pittsboro has a deficit of several trillion dollars. If Pittsboro would allow their Plenties to float against the USD, I'm almost certain the local currency would appreciate against the USD. |
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07-31-2009, 01:26 AM
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Senior Member
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Join Date: Sep 2007
Location: Cary, NC
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How do they levy taxes (in USD) on transactions in "local currency"?
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07-31-2009, 09:23 AM
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SoDurham
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Join Date: Sep 2006
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Quote:
Originally Posted by DanielChang
How do they levy taxes (in USD) on transactions in "local currency"?
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I'm not sure. But most towns that try to set this up use Itacha Hours Local Currency as a model for their own city. This program has been sucessful in Itacha, NY for several years now. But I have no idea if Pittsboro used Itchas as a model. |
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