The BNote: A Local Currency for Baltimore

The Baltimore Green Currency Association wants to start your commitment to buying local in your wallet.

I wrote about the BNote in today's business section. The group has launched a Kickstarter.com campaign to raise money to print BNotes, a local currency that more than 25 local businesses, mostly in Hampden, have already pledged to accept. (Click on the link to get to a video that answers some of the common questions about the effort.)

Once it launches in mid-April, consumers will be able to exchange $10 in U.S. dollars for 11 Bnotes. Supporters say it will help keep value circulating through local neighborhoods and make people more mindful of where they spend their money. They're starting small in Hampden but hope to expand it to other areas in the future.

So why are they doing this?


The organizers, such as executive director Jeff Dicken, say they are motivated by a desire for sustainability --- both in terms of the local economy, and the environment. At some point it's going to be too expensive to burn fuel trucking in goods from far-flung locales, so it's better to ensure our local supply chains are strong, he said. Someday they'd like to offer no-interest loans to support businesses.

There are a number of communities that have had local currencies, including BerkShares in Massachusetts and Ithaca Hours in Ithaca, N.Y. And others have harnessed the power of barter through "time banking" and other systems of recording the value of services rendered.




Several economists I spoke to yesterday said that although the discount might attract some people, the inconvenience will drive people back to the U.S. dollar eventually. But Susan Witt, a co-founder of BerkShares in Massachusetts, acknowledged that it is tough to get people to change their habits, but said that eventually that becomes part of the experience. It may be inconvenient to get food from a CSA membership (community supported agriculture) but eventually it becomes part of the experience, she said

Category:

News & Politics

Tags:

• Bnote
• Federal Reserve Note
• Baltimore
• Local Currency
• Alternative Currency
• New World Order
• Gold
• Silver

[AgdrAgon999]

At least the accompanying article correctly states, "BerkShares in Massachusetts and Ithaca Hours in Ithaca, N.Y."

[AgdrAgon999]

@MrJARichard - thank you, Mr Richard!

[MrJARichard]

Someone needs to do some research... the BerkShares is a currency in the Berkshires of Massachusetts... not New York state.