Thanks to Mr. Gary Burge for forwarding me this news. Check out Gary's outstanding blog here.
Is the greenback no longer good enough? In my opinion, if we keep increasing the US Government debt we may find out the hard way.
A couple of Milwaukee neighborhoods are considering printing their own money which would be good at local stores. The practice is perfectly legal as long as the new money does not resemble US currency too closely.
Here is an excerpt from the Chicago Tribune article:
The idea is that the local cash could be used at neighborhood stores and businesses, thus encouraging local spending. The result, supporters hope, would be a bustling local economy, even as the rest of the nation deals with a recession.
"You have all these people who have local currency, and they're going to spend it at local stores," said Sura Faraj, a community organizer who is helping spearhead the plan. "They can't spend it at the Wal-Mart or the Home Depot, but they can spend it at their local hardware store or their local grocery store."