The Brooklyn Torch Project Begins!
What is the Brooklyn Torch Project?
The Brooklyn Torch Project aims to create a local currency to benefit the local area businesses and artists. The project will bring together both artist communities and immigrant communities in our area to improve integration of social groups and economies and boost our pride.
What is a Local Currency?
A local currency is a method of trading goods and services meant to supplement other means of trade while improving the community wealth. Local currencies circulate in a defined region. Money does not leave the area because trade is restricted by the currency boundaries.
Where have Local Currencies Succeeded?
In Ithaca, NY. Founder, Stephen Burke describes, “An Ithaca HOUR will generate 30 times more economic activity than [a dollar] will,” This means more money for their community. Some communities even have wages paid in the local currency because the local money is worth more in the community than Federal dollars.
Is a Local Currency Legal?
Yes. The IRS, FBI, US Secret Service, Federal Reserve and Treasury Department have all declared the printing and use of local currencies to be legal.
i’m curious:
what happened to Brooklyn Greenbacks? i remember they were tried not too long ago.
what lessons learned? how will this be different?
@olaf. I cannot personally speak for the demise of the Brooklyn Greenbacks. An article at Forbes.com mentions Craig Seeman, supervisor of the Brooklyn Greenback project during it’s circulation from 1997 to 2001. The article goes on to say that “organizing was a full-time job, and the organizers needed to pay their rent in plain old dollars.” There is certain mystery regarding the Brooklyn Greenbacks for sure. If anyone officially knows anything, please pipe up- we’d love to collaborate.
Brooklyn Greenbacks still a great idea. Recent economic events really highlight the importance of a local currency.
The demand was high, the interest (and potential growth) even greater. The challenge was that management became a near full time job for those involved.
One problem was the circulation and constant updating of a printed news letter. The other was creating tangible results (marketing) for the community businesses involved . . . we are all community businesses, each with something of value to exchange. That is key.