BerkShares and Detroit Cheers: Local Currencies Attempt to Keep Money in the Community

More than 75 local currency systems at work in the United States

Back during the Great Depression, many communities began circulating their own currencies in order to help local economies and keep business transactions in town. Now this trend is re-emerging as the popularity of local currency systems grows.

One of the latest attempts at a local currency is now being used in Detroit. Detroit is now creating a currency known as Cheers to be used at local businesses. Detroit is one of the hardest-hit metro areas in the U.S. due to recession, so it is little wonder that businesses are trying to encourage some sort of spending in the local economy.

Detroit follows in the footsteps of other local currencies, such as Totnes in Britain and BerkShares in Massachusetts. These communities have been experimenting with local currencies for quite some time. And, while some local currencies were started in order to combat globalism and big box chain stores, now these currencies are springing up in order to combat recession and help boost local economies.