June 20, 2007

Yes, it's great fun when it's someone else's money you're spending.

New age town in U.S. embraces dollar alternative

The concept:

[...] "BerkShares are cash, and so people have transferred their cash habits to BerkShares," said Susan Witt, executive director of the E.F. Schumacher Society, a nonprofit group that set up the program. "They might have 50 in their pocket, but not 150. They're buying their lunch, their coffee, a small birthday present." [...]

The reality:

[...] "The promise of this program is for it to be a completed circle," said Matt Rubiner, owner of Rubiner's cheese shop and Rubi's cafe. Some local farmers who supply him accept BerkShares, but he pays most of his bills in dollars.

"The circle isn't quite completed yet in most cases, and someone has to take the hit," Rubiner said, referring to the 10 percent discount. "The person who takes the hit is the merchant, it's me." [..]

Imagine that! It's almost as if it doesn't matter if he has to take a 10% loss!


Posted by Terry Oglesby at June 20, 2007 11:49 AM