Ithaca Hours: Local Currency You Can Bank On
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Source: LastReplaySC
Via Next World TV
Money That Works
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An entire town changed it’s spending habits when the local currency was introduced in 1991.
The Ithaca Hour in Ithaca, New York is the oldest and largest local currency system in the United States that is still operating.
Who accepts them as payment? Plenty of people all over town. The hairdresser, the massage therapist, the bowling alley, health club, grocery store, restaurants, even some landlords. In this video, meet an employee in a retail store that happily accepts part of her salary in Ithaca Hours.
Founder Paul Glover explains: “This is money with a boundary around it. It doesn’t come to town, shake a few hands and then wander out across the globe. It stays and reinforces trade locally.”
Even the local credit union accepts Ithaca Hours! In the world’s largest local currency loan to date, Alternatives Federal Credit Union/CUSO received $30,000 in the form of 3,000 Ithaca Hours. The Hours were spent to pay 5% of contract work for building the credit union’s new headquarters.
Unlike our federal currency, Ithaca Hours are backed by real people, supported and guaranteed by real people.
The currency reverberates through the community, doing more and more good as it keep circulating in town! This system has works beautifully, and just gets stronger all the time. It’s time we all “made some money”!
–Bibi Farber
This video was produced by MNN News.
Source: http://www.earth-heal.com/videos/viewvideo/6578/ithaca-hours-local-currency-you-can-bank-on.html
