During the Great Depression there were thousands of local, organic currency systems created because the national money was in short supply. That has occurred again today as there are record foreclosures, and bankruptcies in the US, and internationally. While Wall St may be getting bailed out, Main St. is struggling with a shortage of currency. If currency does not flow, then the local economy is sluggish, and stops.
Today there are dozens of organic money systems in the US which are entirely legal. For example Durango, CO has Durango Dollars which is issued by the local chamber of commerce. Different towns have different systems as to how the value of the money is calculated. Taxes are to be paid on all transactions which would occur with national money. An Hour is equal to $10. mtnHours has four denominations:
1/10Hr=$1 1/2Hr=$5 1Hr=$10 2Hr=$20
mtnHours is denominated in time as this is a universally known measure. “Time is Money” and it is backed up by our labor. Unskilled labor typically will make about 1mtnHour for an hour worked. Semi-skilled, and highly skilled will earn as much as two parties agree on just as they do now. Obviously, a doctor or any brick and mortar business will have much more training, and overhead to cover.
Before money existed societies bartered their time, services, and products. The People could get what they needed by trading. Money was invented to make these transactions much easier. View mtnHours as barter receipts. Imagine we have 20 local businesses which all agree to accept Hours as money. Each business would be given $40 equivalent in Hours. $800 in Hours was equally distributed among each business in the co-operative without cost.
Now, the currency begins to flow and as each local business accepts Hours. People get what they need without the national currency(Federal Reserve Notes). After all, the Fed is just a private company just like Federal Express. We have just as much a right to create money as the Federal Reserve. Of course we will need FRN’s for products which originate outside the county, and to pay bank debts, and most utilities. However, over time mtnHours will become more widely accepted. mtnHours is a complimentary currency which helps the overall system function with more fluidity.
For example, in Ithaca, NY the local credit union borrowed $30k equivalent from the currency co-operative. That’s right. The bank borrowed money from the People without interest for a building expansion. The contractors who bid on the work were required to accept Hours for a portion of there work. Not a problem for the contractors as Hours are accepted all over town. Ithaca, NY has been doing this for 20 years, and mtnHours is modeled after their very successful system. For more information on the Ithaca, NY hours system go to ithacaHours.com.
What are the benefits of organic money?
1. Main St. needs more money. Many people don’t have enough to pay their bills.
2. Hour money listens as it is issued by the people for their benefit.
3. Hour money stays in Summit and does not take wealth away from us.
4. Hour money is debt, and interest free so it is sustainable and not subject to compounding debt which causes scarcity, foreclosure, and bankruptcy.
5. Hour money fails at the multi-national Big Box stores by design. By using our money we practice stewardship of our community, our independence, and our neighbors. Summit County is one of the most beautiful places on the planet with unique history, character, and charm. Hour money is a staunch line of defense to keep it that way.
Here’s a quick history of organic money from the Great Depression.