Basically it would give the city more power relative to the state and federal government. Basically I think this would be the best way to turn back the changes

Basically it would give the city more power relative to the state and federal government. Basically I think this would be the best way to turn back the changes best described in the book "Fear City: New York's Fiscal Crisis and the Rise of Austerity Politics". Economic reason: Some of cost disease of social services like the ones that were cut relates to the subsidizing of suburban America, and I think local currency with reduced purchasing power in the suburbs would help avoid that. Political reason: The structure of American governance gives non-urban areas disproportionate power, due to a variety of mechanisms. Yet cities are more inherently more productive and the engine of the economy. Granting a major city the power of semi-autonomous monetary and fiscal policy will give it more power to counter balance this. For similar reasons I think EU should go back to local currencies, but rather than getting rid of the euro could have both.