ITHACA COMMUNITY MONEY _on Economic Collapse Teach-in

This show was broadcast February 15, 2014.
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Key information for the uninitiated and the initiated alike.


During the Great Depression, when banks were closed so they could be audited, over 400 currencies called SCRIP were used in the US to buy food and services. When the banks reopened, sometimes several months later, SCRIP was replaced with the federal currency. Since the beginning of the financial crisis a resurgence of interest in alternative money systems has led to many new initiatives.

The Ithaca Hours are the oldest printed paper currency in the US. Founded in 1991 by Paul Glover Hours have been in continuous use, their popularity rising and diminishing with fluctuations in the overall economy.

Each paper bill is a small piece of art and a commentary on the federal currency. At the top it says: IN ITHACA WE TRUST – rather than In God We Trust. The currency is issued for the town of Ithaca and the surrounding farms – which means that the money will benefit local exchanges and local jobs and can never go away as it does when we take dollars to WalMart.

You will hear interviews with an employee of Green Star, the Ithaca food coop, and with a woman who accepts Ithaca Hours for rent and describes traditional New England farm barter. The program ends with a long interview with a banker. Bill Myers was manager of the Alternatives Federal Credit Union in Ithaca. He explains why the bank supports the community currency, and accepts Ithaca Hours for select services. The Credit Union includes Ithaca Hours in their payroll for those employees who request that a portion of their salary gets paid in Ithaca Hours. Myers explains how the bank treats the community currency in the trays of the tellers and in the vault, in payroll reporting, and in regard to taxes – an eye opening, helpful and intriguing report.

I’m inviting you to re-visit with me one of the most important journeys I have taken as radio reporter, my 1995 visit to Ithaca. Paul Glover, who founded Ithaca Hours in 1991, is still doing community currency work. I spoke to him in February of 2014 to update the information in this program.

In 2 Parts. Part 2 immediately follows Part 1. From a TUC Radio Presentation.

The Economic Collapse Teach-in encompases upon some of the most highly controversial an crucial subjects of our day—the collapsing economy, the Federal Reserve, the Banks, Wall Street, financial fraud, foreclosures, homelessness, unemployment, workers rights, unions, trade agreements, etc. We scour the world to find and gather debates and presentations that are extremely informative and educational. Related subjects are also discussed. It provides key information for the uninitiated and the initiated alike.


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