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Local Currency

Also known as "time dollars," "community currency," and "complimentary currency," local currency is created by a community for use in that community only. It's value is created by agreement, similar to the trust placed in U.S. Federal Reserve Notes, but the agreement here is a voluntary one between friends, neighbors and local businesses.

This creates a much stronger bond of trust and has a stabilizing effect on strained economies. These currencies were quite common in the United States during the depression of the 1930s, and there are historic examples of how communities thrived with the introduction of local or private currency while all else was failing around them.

Although not a long-term solution in and of itself, local currency could be a way of weathering tough economic times until the 4th industrial revolution is in place. It would be worth the time and effort to introduce the idea to your local government especially if you are in one of the more rapidly declining areas. Nationwide there are approximately 200 communities currently circulating local currency.

The IRS has set forth criteria that must be met in order for a local currency to be legal: It must have a U.S. dollar equivalent (for tax purposes), it cannot look like U.S. currency, and it must be equal to at least $1 in value.

The following articles, websites and videos offer additional information that may be helpful.