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Discussion in 'Off Topic [BG]' started by Relic, Apr 7, 2009.
Fascinating... but does this go against the constitution? Or is this actually legal?
Either way, I'd love to get my mitts on some of this stuff.
Disney has their own dollars - so i guess it's ok.
Its probably not illegal - you can agree to swap anything for anything, but the GOvernment would not be bound to recognise the value of the "faux dollars" which are in circulation. You are left with a risk that if you hold a bunch of this fake money, at any time, teh community could decide to stop recognising the value of that money (or it could be devalued by printing more) and you have no protection because at that point, it just becomes paper. The real value in money is that the government / federal reserve recognises its value and therefore the people (both internally and abroad) accept its value. You don't have that benefit with fake money.
Basically all this is a group of people getting together and giving a notional value to something that is otherwise worthless and then using that as a method of exchange. It is exactly the same way that real money started, but real money has government recognition. With these fake money you may as well be exchanging potatoes for a car.
It's entirely legal, but I'm not conversant with the finer details. We've had "River Hours" available here for a number of years, with kind of so-so acceptance in the community. I'll see if I can scare up a $3 bill for you...
Any time you go to a fair you buy ride tickets and food and drink tickets- and accepted as monetary payment. Then after the fair you're stuck with all these leftover tickets...
Can someone bring me some cereal?
There's actually some type of value behind any type of currency such as gold or silver. No currency, whether it is backed by a federal government or not, is worth anything unless there is something of value behind it.
For these local currencies, the value that is behind it is either a precious metal such as gold or silver, or US currency which is also backed by gold or silver. So it's not fake money, it's real, and has real value.
This used to be true. However, US currency has been fiat since we went off the Silver standard in the 1970s: "The most widely-held reserve currency, the US dollar, is a fiat currency. Federal Reserve Notes receive no backing by anything." (emphasis mine)
So, there's no inherent value other than the fact that the Government gives it a value, and people believe that the system can continue functioning as it is. Confidence is the only thing keeping the system going, not gold, silver, or any other commodity.
We have had these in our town for years. Not all that popular.
fitbass is correct.
The American Dollar has not backed by any precious metal, but rather the belief that it has value. I suppose these local bills are backed by Federal bills, but those are backed by nothing.
Feeble, I suppose, but it's been working for a while.
I'm not sure I'd call it "currency", but I've been trading sex for beer and groceries for years. Buying a car is a pain in the ass, though.
Interesting. Wasn't aware of that.
So local currencies are in essence fiat currencies in that they are backed by US currencies. I wonder if any local currencies are backed by gold or silver.
Whore Foods? (Whole Foods?)
alls I can say is that had better have been one helluva car...
The car was more a fringe benefit, me thinks.
I have relatives who call it that.
I see what you did there.... Or wait. Did I do it?
Kind of like a gift card, innit?