A sign of how bad this recession is becoming, look no further than Motor City, USA. Detroit housing values are cheaper than some of the cars they are famous for producing and the economy is in such a state of disorder that they are printing their own currency called the Detroit Cheers.
Other cities too from North Carolina to Massachusetts are issuing their own currencies as well. It’s pitched as a way of keeping currency value local so value is not transferred to other regions. It was an excepted practice during the Great Depression.
It seems like an interesting idea, however to be honest it is the last thing I would have thought could happen in our supposedly advanced economic system. Just a few years ago, people talked about M2 Capital and that we were slowly becoming a ‘credit society’. The control of the currency system was clearly held by the Federal Reserve and any attempts to create duel currency would be under serious evaluation from the top bankers and media establishment.
Now, is seems with the news being as grim as it is, CBS ran this story in its ‘Silver Linings’ section, speaking of how the lack of positive economic stories makes it easy to overlook things. They then proceeded to boldly declare, “There is good news!â€
I don’t want to sound like a pessimist or anything. I like good news as much as the next guy. That being said, when cities begin issuing their own money and revive a system used in the Great Depression, that doesn’t ring like a silver lining to me. If you’re gonna give me a silver lining, it better be something good, like the Republican Party falling into complete disarray or a guy who lost his job kicking Glen Beck where the sun don’t shine.