In these tough economic times and the ones that have come before, many communities suffer, waiting for large corporations and government to invest in their businesses and provide jobs. Some of these same communities have chosen to invest in themselves and their communities.
Rather than to wait for others' investments they’ve created their own local trade and currency systems. Many of these communities have been successful at building community strength and resources, saving money, building up their local economies, and building a stronger, more cooperative community.
There are over 40 such communities (1) using their own local currencies in the US right now.
Should we do the same in our own Black community?
Let’s look at some communities who have implemented their own currencies over the last two decades for some answers. Ithaca, NY offers one example. This small community was one of the first in America, since the great depression, to implement their own currency. Starting in 1991, the people of this small college town created "Ithaca HOURS," where each "HOUR" is equal to one hour of work or 10 U.S.
(2) dollars. This monetary system, which functions much like an expanded barter system, brings people and their services closer together and makes sure this money never leaves the community.
During times eerily like those we are experiencing today, the people of Ithaca created this system when the economy was down, money was low and many were underemployed or unemployed. This system
allowed Ithacans to get many of the things that they needed from each other, instead
of having to pay for a service or product with U.S. dollars that they didn't have.
This community currency also brought people closer together since they were trading
with each other – person-
