Grove Bucks; will they work?
I saw this report on NBC News awhile back. I thought of the Grove, but then dismissed it. A reader brought it to my attention again. It's about making your own currency. In this report, you'll see a small town, Great Barrington, Mass. has created Berkshares, their own currency.
It's our Code 33, but gone a step further. What do you think? Could it work here? It would be more of a gimmic than anything I think.
It's our Code 33, but gone a step further. What do you think? Could it work here? It would be more of a gimmic than anything I think.
posted by Tom Falco at 1:30 PM
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8 Comments:
Oh, yes this is actually the way of the future in America. After our government gets done financing our future, this is how we will all conduct local transactions. The dollar will be of no value.
It is no wonder Brazil and China are looking to extract their reserves currencies in USD. Would you invest in a guy who owed $11 trillion?
when i was in college, there was a company that ran something similar. corner meal plan, which gave you a debit card redeemable at local restaurants (with a discount of course).
this was in charlottesville, virginia. could work here since its a limited number of merchants. the code33 could operate it, and earn interest on the balance (debit system)
Ive been to Great Barrington a few times. Its a small, middle-of-nowhere town way out in western MA. I think something like this potentially works for them because the citizens of the town really conduct all of their business there. There arent many other options, if any, within a close distance. Here in Coconut Grove, its much different. The Grove is part of the City of Miami and citizens have the option of easy access (or not so easy during traffic times) to the many sections of this city. Having a "Grove currency" wouldnt really work because people wouldnt want the hassle of having to have different money to pay for something they could easily get across US1 in Coral Gables.
Its a different, out-of-the-box idea but I dont think it would work for Coconut Grove.
The problem as I see it, would be getting the banks and businesses to back it and play nice with each other; and as we know, this is historically difficult. With the Berkshires that you mention there is great incentive $90 USD buys $100 Berks and then users of Berks get another 10% when they use them at participating merchants. Savings could be substantial. But I don't see that level of cooperation happening here. Do you? You also have to design and pay for a pretty technologically advanced form of currency that would be counterfeit proof. That will take some big bucks laid out prior to the launch of the program. I suppose that you could use some sort of plastic debit card system, but again, you have programming costs and the costs to tie into the computerized system. Are you guys ready for all that? And all in all, I gotta say... I wouldn't use it.
Brian - when I was in college we had "OCMP - Off Campus Meal Plan". All it was was a credit card that had $5.50 "credits" on it so your folks could load it up with credits for you to spend when you werent on campus and relying on campus mess halls for nourishment (or cleaning out your bowels as most of that stuff went right thru you). I dont see how that could apply to adults that live in the Grove though...
On the level of Great Barrington, no it probably won't work, but as a promotional tool for giveaways, prizes, events, etc. it will be a great way to ensure that funds which are meant to be used to promote grove businesses are actually used that way. BID simply produces and business accept it. Then the businesses return it to BID for actual dollars. The prizes for the Bed Race or other events, and particularly future promotions such as the great $70k pow wow debacle could and should be handled in such a way.
Nobody carries cash anymore. it would have to be a card
I know of a few towns in Vermont and Massachusetts with their own local currencies. I lived in a ton with a local currency up in Vermont and my mom would always get me local cash as a gift.
They are all college towns with a strong sense of local community. It will not work here: period. Don't event try it because it will flop. Not the right kind of community. Maybe something along the lines of an all Grove gift certificate would be better.
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