Thursday, July 15, 2010

Local News Story: Competing currency being accepted across Mid-Michigan

These local news stories on competing gold & silver currency being accepted locally in Michigan were linked to from The Daily Paul:

Make sure you watch the short videos.

Part 1:

New types of money are popping up across Mid-Michigan and supporters say, it's not counterfeit, but rather a competing currency.

Right now, you can buy a meal or visit a chiropractor without using actual U.S. legal tender.

They sound like real money and look like real money. But you can't take them to the bank because they're not made at a government mint. They're made at private mints.

Part 2:

In part one of NBC25's special series "Competing Currencies," NBC25's Dan Armstrong showed how the government says any private business can accept or refuse any kind of payment.

In part two, Dan goes deeper, discovering why certain businesses say it's better to have private currency than actual U.S. legal tender.

There was a time in America when you could buy four gallons of gas for a dollar.

That dollar came in the form of a coin, around one ounce, made mostly of silver.

In today's market, that same coin is worth about 10 times its face value because of the silver.

Therefore, that same coin in theory, could still buy around four gallons of gas.

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