Re: Local Currency Article

[Chick Hurst <chickhurst@shaw.ca>]

So, is that how the Federal Reserve get around the creation and control of
money, they are not government?

Chick
----- Original Message -----
From: "David Spitzley" <dspitzle@gw.wash.k12.mi.us>
To: <EOsubnat@cog.kent.edu>
Sent: Monday, December 09, 2002 3:13 PM
Subject: Re: Local Currency Article


> David
> >>> Mbindnerdc@aol.com 12/09/02 14:35 PM >>>
> As a private product it is perfectly legal.  However, to be clear, the
> city cannot issue scrip, because local governments exist as a unit of
> state government (even though they are independently elected) and states
> cannot print or coin money.
> ----------------------------------
>
> Ok, that's a useful clarification.  However, that begs the question of
> how involved a local government could get in establishing such a system
> of currency without overstepping the bounds of the law.  For example, at
> the end of the article, it is mentioned that the local legal system has
> ruled counterfeiting of the bills a crime.  I expect this could be
> viewed as more a matter of copyright infringement than anything else,
> but it still acts to preserve the value of the currency.  Could
> government offices accept local currency?  Require it for payment of
> fines (as a form of "privatized" community service)?  To what extent
> does local government action to establish the currency as legal tender
> overstep the lines?
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