Ithaca Hours
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| Ithaca Hours | |
|---|---|
| Oprichter(s): | |
| Hoofdkwartier: | USA |
| Trefwoorden: | geld, LETS, dienstverlening, gemeenschapsgeld |
| Opgericht: | {{{Is opgericht in jaar}}}"{{{Is opgericht in jaar}}}" contains an extrinsic dash or other characters that are invalid for a date interpretation. |
Ithaca Hours is a local currency system that promotes local economic strength and community reliance that will support economic and social justice, ecology, community participation, and human aspirations.
- Are Ithaca HOURS real money?
- Yes. At present, no monetary systems are backed by an actual commodity (such as gold), but instead notes are simply declared to be money by an authority ("fiat money"). In the case of U.S. currency that authority is the national government. In the case of Ithaca HOURS that authority is the board of the corporation. As such, Ithaca HOURS are taxable, and it is illegal to counterfeit them.
- What is one HOUR worth?
- When the currency was formulated in 1991, the average hourly wage in Tompkins County was $10. So it was decided that one HOUR would represent $10. All portions of an hour are worth equivalent subdivisions of $10. E.g., 1/8 HOUR = $1.25
- Why is our local currency called an HOUR?
- The name HOUR is meant to remind you that, in addition to being a medium of exchange for commodities, currency represents someone's labor, the time taken to provide a skill or perform a service. Your time is worth something to someone else. When yo ugive someone an HOUR, you are telling them: "I did this much somewhere else. Please give me the equivalent here."