Professor Elam

USA Today reports that local communities are now printing their  own currencies.  ONe can buy $100 of the currency for say $95. It is accepted at the local shops. This is a depression era idea when communitties had to use scrip as no one had the ability to generate enough money to  use legal tender. It is interesting the idea has spread so quickly.

Were I Tim Geithner I would not be particularly enthused about this idea. As Jim Rogers observes on his trips round the world, when locals do not want their own currency it is never a good sign.