New Pandemic Solution: Just Print Your Own Money
The small town of tonight Washington population just below two thousand has been hit hard by the covid nineteen pandemic, and has come up with a unique solution printing their own money. With local businesses nearly abandoned and lines at the Food Bank, winding around the corner, Mayor Wayne for near had to act fast to bolster the economy and help. Residents stay afloat. Quoting the hustle, and then it hit him. Why not start our own currency? The plan came together fast for near decided that tonight nine would set aside ten thousand dollars to out to low income residents hurt by the pandemic, but instead of using federal dollars he'd print the money on thin sheets of wood designed exclusively for use into nine. Oh his mint, a one hundred thirty year old newspaper Printer from a local museum for new, Year's central idea is pulled straight from tonight does own history during the Great Depression? The city printed sets of wooden dollars using that exact same eighteen ninety newspaper printer within a year the wooden currency had helped bring the economy back from the dead and quotes. You can see that newspaper Printer in action in a five year old youtube video I stumbled across when I was looking up how to pronounce the town's name. The new currency, which has a really cool design including, George Washington's face, some Latin that translates to we've got this handled and a bat symbol is worth twenty five dollars per wooden bill. The currency works. Quotes. Residents below the poverty line can apply to receive money from the ten thousand dollar fund that nine has set aside for near, says they also have to prove that the pandemic has impacted them, but we're pretty open to what that means. Once they're approved, they can pick up their stipends printed in wooden notes worth twenty five dollars each the city is capping the amount. Each resident can accrue at twelve wooden notes or three hundred dollars per month. Spending comes with a few restrictions. Residents can't use the money to buy cigarettes, lottery, tickets or alcohol. The currency is designed for the essentials including food gas in daycare. Almost every business in town accepts the wouldn't notes and twice a month they can submit redemption requests to the city to turn the notes into cash and quotes. The big thing you may be wondering though is why not just give out real federal cash? The answer quotes by creating its own local currency. keeps the money in the community as four near puts it. Amazon will not be accepting wooden dollars. The, money stays in the city. It doesn't go out to Walmart and Costco and all those places says Joyce Worrell, who has run the antique shop ironworks Boutiques for the past decade closing down businesses these last few months. World says a catastrophe for a lot of us, but she has rallied around the wooden currency as a way to revitalize the local economy after all that worked out for the city once before and quotes. Tonight wasn't the only town to make its own currency during the great. Depression, although it may have been the most famous quote during the Great Depression, local currencies saw a golden age hundreds of municipalities, business, associations and worker co OPS started issuing scripts. One estimate suggests as much as one billion dollars worth of scripts circulated in the US in the nineteen thirties and quotes. So, might we see this trend bubble up again? It's actually already started happening around the world towns in Italy Brazil and Mexico have created various forms of local currency to bolster their economies during the pandemic. Does it really work to help. Businesses and residents stay on their feet, though quoting again take the Austrian town of verbal, which launched its own schilling in nineteen, thirty, two to keep residents, spending verbal appended a one percent monthly fine when residents held onto the notes by nineteen thirty-three, each vertical schilling had circulated four hundred sixty three times more than double the circulation rate of Austria's national currency mortals unemployment dropped by twenty five percents, even while unemployment continued to balloon throughout the rest of the country end quote.