Local Currency

I happened to see a copy of the WSU Southend the other day with a story about Detroit Cheers. These seem to be a gimmick from downtown business owners--something like Monopoly money that can be spent at their shops.

It was interesting to me because it reminded me of a email conversation I had a few years ago. Someone was telling me about Ithaca Hours, a real local currency: people agree to receive a portion of their wages in it and store owners accept it for a portion of sales. I really liked that idea and began thinking about what it could do in Detroit. Our credit rating is in junk bond status, we have more than 20% unemployment, and home values are gone.

So what could a local currency do for us? I started thinking about how it could be used. The city could create a currency that could be used in local exchange. In lieu of massive cuts in city staff, staff could agree to take part of their wages in Detroit Notes. They would then be able to use these to pay a portion of their city taxes with them (both income and property). Business who accept the Notes for a percentage of payment from customers would be allowed to pay the same percentage of tax bill in that currency. A Detroit currency could encourage a strong, self-sustaining local economy.

And for fun...what would Detroit money look like? On the 5-Note will be a skyline (such as it is) with a phoenix superimposed over top. The 10 should be a Model-T in front of, I think, a Diego Rivera factory mural. I'm thinking something about the Ambassador Bridge to Windsor, with some hint of Belle Isle and boating on the 20. I'm partial to a collage of pre-LA Motown on the 50, prominently featuring Stevie Wonder, Marvin Gaye and The Supremes. I'd have to think about what other images are important for other Notes...perhaps some image of the Ossian Sweet trial and maybe something about Joe Louis.