Are you a city tired of waiting for an effective national response to the economic recession? In desperate need of economic stimulus, but nowhere to turn? Well, Milwaukee, USA has a solution for you.
Two Milwaukee neighborhoods are considering printing their own money for local exchange.
Before the dollar rally, there was some worry about a run on the greenback. The thought was that the credit crunch, fiscal expansion, and a general collapse in confidence would undermine the dollars reserve currency status, as well as the willingness of countries like China to purchase Treasuries. But as I predicted at the time, the exact opposite has occurred: the dollar has surged to multiyear highs as investors sprint to safety, the bursting of the commodity bubble withdraws hot money from commodity currencies, and emerging markets plummet.
With foreign investors clearly content in low-yielding dollar investments, could the biggest risk to the greenback be Americans themselves? Of course not. But it is pretty amusing to think of local currencies sprouting up all over the US. Apparently, this is not without precedent, and Ron Paul would surely be happy.
My vote for Milwaukee's new currency: the "GreenPack" (
Green Bay Packers, for those of you unfamiliar with America's greatest sports franchise and Doyle family obsession).
Special note to 50% of Packers Nation- a Favre bill was all I could find. We have to get over it at some point. Right?
Are you a city tired of waiting for an effective national response to the economic recession? In desperate need of economic stimulus, but nowhere to turn? Well, Milwaukee, USA has a solution for you.
