I don't really understand. How does a local business benefit more by accepting a local currency over the national one? In fact, it would seem that they would be losing in the end.

As the report stated, one "potomac" is worth 95¢. So, when the business goes and exchanges five potomacs, they'd only get $4.75 as opposed to having $5 if they'd just used regular money. And they would have to exchange the money so that they can buy supplies for the business. In the end, as I see it, the store loses money; unless there is something else to it that the story didn't mention.

Also, wouldn't this be illegal, unlike the story reported, since the Constitution says that only the Congress has the power to print money?

Article 1§8 clauses 1 and 2:

To coin Money, regulate the Value thereof...

i thank all states sould do this becease we would be in alot better shape then we are now hope we in ohio one day to are own money

Originally posted by octotom

As the report stated, one "potomac" is worth 95¢. So, when the business goes and exchanges five potomacs, they'd only get $4.75 as opposed to having $5

Example:

Cup of Coffee = $5

Cup of Coffee = 5.26P

Whereas P = Potomac

Same amount of money. When the US Dollar tanks, the potomacs will not.

Example

inflation causes US dollar to virtually lose 5 cents of value.
The potomac would not lose value, and then be worth 100 cents, instead of 95.

This is my take on it.


This is a very good idea and I thought about doing something similar but I do not live in a large enough town for something like this to kickoff.


Solution:

Someone invests in graphic designers (me), accountants, printers and equipment, etc and starts a very large mint. The currency must be backed by gold, and must be able to be exchanged for the paper currency at any time. If this started in NYC or another large city, it could just be a solution.

I applaud their efforts....

Question, is it backed by anything of real value??? or are they just printing???
Thats the key to it working...

The news clip did not point this out...
Any more info???

ehh this is very interesting indeed needs more exposure, its a great idea for communities to reform and do away with depending on our government and is all legal!!!

So far i see its working in

Washington DC
North Carolina
Massachusetts

i believe there will be more including on more digging

[edit on 7-12-2009 by OpTiMuS_PrImE]

This either ends up being easy to counterfeit, or he's going all out on paper and security features, getting them inserted into the paper costing him say 50-100 dollars to make a few pages of $1 bill of his own currency? Those are basically $1 bills, they are using a few to get a cup of coffee.

If we really ever have our own currency won't it necessarily need to be either silver or gold coins of varying size? Best way to rule out counterfeiting while maintaining the true value and it being REAL. If you have so much wealth that you need it on paper to carry around at that point, tough luck, make two trips, etc.

But then if you use gold or silver it has to be taxed or it's illegal, same problem this has. Like they said it is taxed and that's basically what made it legal for him to do.

Now that could really solve the problem, a barcode system to track the bills much like inventory is tracked. You are still relying on your computers and electricity to do all the work though, and if the power went out or the network was hit by virus, you'd be in bad shape.

But I like this line of thinking as it could really lead to things being done more efficiently. Like having an economic system without it costing half your paycheck in taxes. I just worry they might be like "Hey it really works!" Knowing it has it's flaws and is not fully reliable.

5 flags noted, (i am doing research on berkshares and noting the frequency and intensity of each related post)

berkshares are being used