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Extract from the article "But why print the money on wood? Why not just give residents $300 worth of federal dollars? The answer is simple: By creating its ow
by zenit-mf-1 6y ago
Extract from the article
"But why print the money on wood? Why not just give residents $300 worth of federal dollars?
The answer is simple: By creating its own local currency, Tenino keeps the money in the community. As Fournier puts it, “Amazon will not be accepting wooden dollars.”
“The money stays in the city. It doesn’t go out to Walmart and Costco and all those places,” says Joyce Worrell, who has run the antique shop Iron Works Boutiques for the past decade.
- marcusverus 6y ago[deleted in shame]
- pensatoio 6y agoThe article explains this. The business can convert the local notes to cash on a regular basis. The point is to give those in need a cash substitute that enables purchasing essentials locally. Seems like a great idea to me!
- matthewowen 6y agoThe article is very clear about this. The store can take the currency to the town government and redeem it for USD. They can then use that USD for restocking. The goal isn't some circulating currency: it's just a stimulus that has to be spent locally.