Funny Money

Who says progressivity (is that a word, by the way?) and business don't mix?  Ithaca, N.Y. certainly doesn't.  In fact, quite the opposite; they've gone and created their own money!  Well, more accurately, they've had their own money for almost twenty years.

Ithaca HOURS, as they're called, are worth $10 per HOUR, which is roughly the living wage in Tompkins County.  The system is premised on the assumption that anybody's time is just as valuable as anybody else's, but there's nothing to prevent professionals from charging several HOURS per hour of work.  (In fact, several Ithacan lawyers accept HOURS for their services!)

Paul Glover, the system's founder, explained that the idea for the currency came about because "we watched Federal dollars come to town, shake a few hands, then leave to buy rainforest lumber and fight wars."  (Quoted from here.)

Today, over 1200 individuals and businesses in the city accept HOURS.  I've personally paid for movie tickets and groceries with them when I was an undergraduate at Ithaca College, and there are a multitude of other things they're good for as well.  The HOURS system has significantly benefited local businesses and has really promoted a sense of community in the city.

This is a great example of what can happen when people decide to really work together for the benefit of their community, and there's absolutely no reason why a similar system couldn't work in Buffalo!  Maybe we could call our local currency "Bills".

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