With Detroit confronting a staggering unemployment rate and continuing economic hardship, some area businesses are taking economic recovery into their own hands: By printing their own money.
But don’t expect to see Detroit-area issued greenbacks anytime soon. Instead look for the new “Cheers” bill, which comes in a $3 denominations.
From The Detroit News, Billy West, a co-owner of a furniture design company called Dormouse, had this to say about why his company is involved:
“I can get a good meal, I can get a beer, I can help another Detroit business. That is money to me. To keep commerce in Detroit, I totally support that goal.”
The local currency movement is growing, according to The News. Seventy-five local municipalities across the country are already printing their own currency, including Traverse City, were Bay Bucks are exchanged.
Local currency was used in the Great Depression as a way to address the lack of employment opportunities and are considered legal, as long as they do not resemble federal currency.