Detroit printing its own money?
By kingparker
@kingparker (9673)
United States
February 16, 2010 9:03pm CST
I heard a co - worker commented about Detroit printing its own provincial money, called "Cheer", is it a truth? I never heard that before, and I don't know how they gonna do it. Due to this economic chaos, some place use the idea to do self - support, such a small community or a region; as long as they recognize this new currency. And it is not against the law if it is different from the nationwide U.S. dollar. It was quite interesting to me. Have you heard of this?
1 person likes this
3 responses
@bobmnu (8157)
• United States
19 Feb 10
I have heard of communities using it for services. You babysit for my kids and I pay you in local money which can be used to purchase other local services. It allows you to exchange labor and save the cash and it is easier to use the money than keep of who you owes you hours or who you owe hours to. It is a good way to avoid taxes.
@gogierm4ge (398)
• United States
24 Feb 10
But, only the federal government is the only government allowed to print money. If this is true, then it's highly disobeying our constitution.
@spalladino (17891)
• United States
17 Feb 10
I haven't heard about the situation in Detroit but there is a community down here in Florida that prints it's own money...but it can only be used to purchase items from local merchants. If I remember correctly, you trade real currency for the community money and the exchange rate actually gives you more to spend. It helps the local merchants to keep customers coming into their shops.
@kingparker (9673)
• United States
17 Feb 10
I was surprised when I heard my co - worker discussed about it. And how do we balance between Detroit currency and U.S. dollars that is my question. The Detroit currency only good for its local community for purchasing, but not outside though.
@spalladino (17891)
• United States
18 Feb 10
I looked it up, kingpacker, and there are only a handful of merchants in Detroit who are dealing with the local currency. I'm sure they accept real U.S. dollars as well since they want to attract as many customers to their shops as possible. According to what I read, customers using the "Cheers" money will receive a 10% discount on their purchases. This currency is only good at specific businesses that have agreed to accept it. BTW, community sponsored money is an idea that has been around for a while.
@laglen (19759)
• United States
2 Mar 10
It is true and other cities are printing their own.
http://www.usatoday.com/money/economy/2009-04-05-scrip_N.htm
