BerkShares on ABC News

Berkshares is a local currency that circulates in the Southern Berkshires region of Massachusetts.

• Category

  News & Politics

[VladDaImpaler09]

If it isn't backed on anything, i really wouldn't want to gamble with this crap money..

Seriously, its like the creator is just trying to make his own FED game... Whats to stop him from printing out more money (which causes inflation) or the inflation of our money to worsen the value of his money...

Trust is a nice idea, but its better to trust something that you know wont change and has a finite value

just my 33 cents or half a berkshare! (just trust me)

[André Miani]

Hi Vlad. I agree with you that Trust is a nice idea, but the money paper is not bad too. It only is. not good. not bad, only is. The big problem that the biggest part of world doesnt understand is the INTEREST. The money paper /coins isnt the problem. For me, IMHO, the problem is the interest rate that has bad impact over money.

[velation]

It's a good idea for currencies to compete, but this isn't really a seperate currency. It's tied to the dollar. Still, it's a step in the right direction.

[André Miani]

It´s not true.

This money don't compete with the dollar.

This money isnt tied to the dollar.

This money is complementary to the dollar.

[xavster]

you are paying $90 USD for $100 BSD - it is pegged to the USD. The real value in this is localizing the economy, this hedges against the global economic influences because the money is local and cant be used elsewhere. This is a way to keep wealth within the community instead of it flowing to outside corporations.

the result is consumers get 10% discount and local stores get more business.

[gameshowguy2000]

And another alternative is the Liberty Dollar.

[Anthony Passalaqua]

"If it isn't backed on anything, i really wouldn't want to gamble with this crap money.."

You mean like the U.S. Dollar? There is nothing wrong with currency competition. Why should 1 private bank (The Federal Reserve) have an absolute monopoly over money? The Berkshares are actually tethered to the U.S. Dollar, BUT because of the recent unstable economic climate the Berkshares may be switching to being backed by a basket of commodities...The more you know!

[inkey2]

I just want to float this idea. What if this town DID back the money by some precious commodity....gold, silver, anything valuable....even buckets of vintage Rolex watches, take your pick. I suppose that initially you would have to somehow come up with the money to buy the precious metals or items to back the currency. The new paper currency would be "backed by the precious commodity" but not physically redeemable. I would like to hear peoples thoughts on this....

[Mansand900]

Actully you can make a currency backed by gold or silver it just can't look like us dollars that's why the guy who developed liberty dollar went to jail you can do it but it can't resemble us currency and it has to be taxed

[Blaque Patriot]

Perfectly legal. There are areas in Texas accepting the Mexican peso. There are other areas that have similar currencies or credits. Get used to it people, that federal fiat note is crashing. It's purchasing power is stronger than the fiat. As long as it is supported by the whole community it is here to stay. Competition ground with big chain stores is slowly leveling. They will start accepting it soon

[TheLogicJunkie]

And so, the problem with fiat currency is when the fiats never stop -- as is the case with the Fed and other Rothschild systems.

And beyond this, at bottom, money is a confidence game, always. Do you trust the people printing the money? And, better yet, are they vulnerable to you such that they always maintain a healthy level of fear over possibly cheating you by secretly printing money and giving it to select people? Healthy social systems are built on healthy social fear.

[TheLogicJunkie]

This notion of "backing" is a wild goose chase, because it's never properly defined. 

Do you know what really "backs" a currency? Noncounterfeitability -- or, at the very least, maintaining limits on increasing its volume.

The reason that gold "backs" a currency, is that more gold cannot be created except in supernova explosions, and then through actual discovering it through mining. The actual substance of gold cannot be created into existence by fiat -- hence its noncounterfeitability.

[Greg Baugher]

Your an idiot, what do you think the Federal Reserve is & does.? Educate your self then speak

[The208368]

the berkshire may soon no longer be pegged to the USD. There have been talks in the town about the berkshire being pegged to maple syrup. Maple syrup is one of the products The Berkshires is rich in, and like the video demonstrates this is totally legal.

[theswoogie]

To those who say Berkshares are not backed by anything-The US Dollar is not backed by anything-not gold anymore-just faith in the US government. I noticed by their website $95 US Dollars now gives you 100 Berkshares. So now you get only a 5%, not 10% discount. I guess they devalued their own currency. PS. It should be quality paper, in the area is the Crane Paper company, they have been making the US currency paper for over 100 yrs.

[alex derama]

What a cool idea, I wanna make my own alternative currency:O