The last time this small town in Washington State was printing local dollars from wood during the Great Depression. Now, the city of Tenino, with fewer than 2,000 people living near Seattle, has launched printing presses 90 years later to deal with the virus-induced decline that has devastated the region.
Tenino residents who can prove economic hardship caused by a virus pandemic are eligible for $ 300 a month in wooden dollars, subsidized by a local government grant program. So far, the city has printed $ 10,000 in local currency for residents to be used only in urban areas.
The currency is not made from cotton / linen or 0 or 1 on the blockchain, but rather from wood, as this is the latest example of the growth of “microcolots” in local communities.
Mayor of Tenino Wayne Fournier told Hustle Wooden coins were used during the pandemic to recover collapsed consumption.
“We talked about grants for business, microloans, trying to merge with a bunch of different banks,” said Fournier. “The big problem was:“ How can we directly help families and individuals? “
And then it dawned on him: “Why not start our currency?”
The plan quickly took shape. Fournier decided that Tenino would allocate 10 thousand dollars to distribute to low-income residents affected by the pandemic. But instead of using federal dollars, he printed money on thin sheets of wood intended exclusively for use in Tenino. Its mint? 130-year-old newspaper typographer from a local museum.
Fournier’s central idea stems from the history of Tenino. During the Great Depression, the city printed sets of wooden dollars using the same newspaper printer of 1890. Throughout the year, wooden currency helped bring the economy back from the dead.
Having restored the old currency now, Fournier accidentally became part of a much larger movement. While businesses are worried about turning the lights on and people are trying to find money to spend, communities are trying to keep their local economies afloat.
Therefore, they revived the old strategy: if in doubt, print your money. – hustle
Not so long ago, we noted the small southern Italian town of Castellino del Biferno, printed their local currency to support the local economy during the pandemic.
Amid the current recession, barter was on the rise – back in April it was noted that online traffic exchange sites experienced a rapid increase in traffic.
And what does all this mean? Well, the Federal Reserve is not saving small communities, but stabilizing too large and bankrupt Wall Street banks and hedge funds, which means that after the crown, local currencies can come to a small community near you.
The trend of Google searches for “microcurrencies” has emerged in recent months.
Tired of the status quo? Launch local micro currency in your small town.