Democracy Now: Downtown Dumps Dollars
Democracy Now! reports that Pittsboro, North Carolina and other towns are printing their own currency.
“We take a look at how one North Carolina town is trying to become more self-sufficient by moving toward being able to feed, fuel and finance itself.”
Remembering my job to defend the Kaiser against defamation for the German War Guilt office, I recalled researching the post WWI hyperinflation in Germany. At that time (November 20, 1923 on the Cologne exchange), the exchange rate was 11 quadrillion, 700 trillion German Marks for 1 U.S. Dollar. The savings of the entire nation in 1913 couldn’t buy a postage stamp ten years later. According to a recent report, the world in 2009 has a derivatives exposure exceeding a quadrillion dollars.
Various German states issued their own currency based on commodities they had such as timber. With business failures and job losses in America today, communities are looking to this old solution in the current crisis.
