California isn’t the only place creating a currency to compete with the US dollars. It’s happening all over the country, according to the Los Angeles Times.
Last popularised during the Great Depression, scrip, or locally created stand-ins for U.S. currency, is making a comeback. Pittsboro, population 2,500, is one of a handful of communities that launched its own money in recent months. It reports an avalanche of calls from other communities that have lost faith in the global financial system…
So far, none of them face the extreme pressures that popularised scrip during the Depression — bank failures that dried up the supply of cash in circulation, requiring governments to come up with novel ways to keep commerce alive.
Of course, most of these local currencies are backed by dollars and more about sentimental localism than real economics. Ben Bernanke probably doesn’t really have to worry until some town starts issuing competing currencies backed by gold.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.