Brooklyn Artists Create New Currency

Leave it to starving artists to create a new kind of currency! The Brooklyn Torch Project consists of a group of creatives whose aim is to "create a local currency to benefit the local area businesses and artists" and "bring together both artist communities and immigrant communities in our area to improve integration of social groups and economies and boost our pride." The Daily News reports on the idea today, noting the Treasury Department is totally cool with people printing their own money in the U.S.; it will be subject to the same taxes as the dollar, and the exchange rate will be one to one (though "businesses might provide incentives for shoppers to spend money locally, ultimately raising the Torch's value"). The artists point out that there is a similar program in Ithaca, which began in 1991; “An Ithaca HOUR will generate 30 times more economic activity than [a dollar] will," meaning more money for the community. Expect to see Torch bucks being passed around Greenpoint, Williamsburg and Bushwick by the Fall; currently the group is looking for a design to grace the bills, and you can help!