How communities can stop money from draining away...

[Dien Rice]

Gordon Alexander's recent post pointed out one possible reason for losses of jobs...

From http://www.sowpub.com/forum/showthread.php?p=23362

There is a recession, there was and is OUTSOURCING that has had a major impact on the American economy whether you "believe" that there is no such thing or not.

I just read an interesting article from TIME magazine, which may have the solution. It's about "alternative" currencies...

One alternative currency is "Ithaca Hours". These are a local form of currency, in Ithaca, NY. (It just happens that that's where I was born!)

Each "Ithaca Hour" is worth one hour of work. You can only spend it with people who accept "Ithaca Hours". Since only locals would use and accept the currency, it keeps the money in the local community.

Of course, you can use them in parallel with regular US dollars.

The thing about alternative currencies is taxes - if they're not taxed, the government doesn't like them. Apparently Ithaca Hours are taxed and are legal... I think you have to keep that in mind when thinking about alternative currencies... (Note: This is not legal advice; for legal advice, please see a legal professional!)

I dunno much about them, but it seems to be a possible solution to the problem of the "outflow" of money. This way, you keep the money in the community.

You can read more about these at the following web pages...

TIME Magazine - Alternative Currencies Grow in Popularity - http://www.time.com/time/business/ar...865467,00.html

Ithaca Hours - http://en.wikipedia.org/wiki/Ithaca_Hours

Hope you enjoyed the post. Now, back to our regularly scheduled programming...

Dien