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By Marisol Bello, USA TODAY
A small but growing number of cash-strapped communities are printing their own money.
Borrowing from a Depression-era idea, they are aiming to help consumers make ends meet and support struggling local businesses.
The systems generally work like this: Businesses and individuals form a network to print currency. Shoppers buy it at a discount — say, 95 cents for $1 value — and spend the full value at stores that accept the currency.
Originally posted by OZtracized
Firstly that doesn't really work as printing more money tends to devalue a currency and actually make the problem worse.
Secondly, isn't that highly illegal?
I would like to have bank notes backed by gold.
I know places like e-gold.com, and others, use digital gold bartering in exchange for goods/services, but it would be even better if there were a local bank note that did the same, traded like fed notes.
At least then, it wouldn't be worthless paper. It would be a receipt for gold! What's even nicer, is gold has done nothing but gone up -- so your money will naturally appreciate over time.
Originally posted by ElectroMagnetic MultiversThere is barely any 'gold' left to buy (ignoring jewellery etc), if you try to buy any gold now, you will get a certificate telling you that you own gold (how funny is that?!?) which will be worth just as much as paper money and it wouldn't surprise me if a thousand other people owned the same bit of gold, lol.
[edit on 6-4-2009 by ElectroMagnetic Multivers]
Originally posted by Kaytagg
There's plenty of gold left, mate. Randgold (LON:RRS)(ADR:GOLD) just discovered 3,000,000 ounces in a new mine they own, in west Africa. And that's just the gold that's "profitable" to recover. As gold supplies thin out, the price will naturally increase, which means mining companies will be able to afford recovering even harder to reach deposits.
So there's plenty of gold to go around -- in fact, the IMF is selling some of it's gold supplies, which is the third largest holder of gold in the world. So there's going to be even more to go around, for the common man, like us
Gold is always a good investment, for the long run, btw. It doesn't matter if you get a receipt backed by gold, like on the futures market, invest in a gold backed ETF, collect gold coins (least profitable of the ways to obtain gold), or just buy bars of it from a gold shop.
What's even nicer, is gold has done nothing but gone up -- so your money will naturally appreciate over time.
As gold supplies thin out, the price will naturally increase
Gold is always a good investment, for the long run, btw