Avoiding the federal reserve? Try a local currency

There are, in some cities, local currencies that can serve as alternatives to Federal Reserve Notes.

Ithica hours are the most famous example, but there is a long tradition of local and community-based currencies, some based on utopian ideals of how community members should treat each other.

These local currencies have the advantage of keeping commerce local, since the notes historically have limited utility outside the community they can be redeemed in.

Several communities were established in the early 1800s, that experimented with this concept. For example, Cincinnati Time Store notes were implemented in Cincinnati, Ohio. These were initially redeemable at one store in Ohio, but the concept spread to other communities throughout the Ohio River basin.

Cincinnati Time Store Note image

This part of Cincinnati’s history wasn’t something we studied in high school. The Cincinnati Time Store was a project of Josiah Warren, who also helped found the communities of:

• Utopia, Ohio
• Modern Times intentional community (Brentwood, NY)

So it’s been proven that these work at the community level. How would they work in the societies of today?

References:

http://dwardmac.pitzer.edu/anarchist_archives/bright/warren/bailie.html