Locking in the Promise to Buy Local
by Claire Greene
Communities & Banking - Federal Reserve Bank of Boston
BERKSHIRE MUSEUM BEGINS TRADING IN BERKSHARES
BerkShares, Inc. is pleased to announce that the Berkshire Museum, among the region’s oldest cultural institutions, has begun using the region’s newest currency, BerkShares.
Black Flag's former frontman Henry Rollins came to the Berkshires with the crew from the History Channel 2's show Ten Things You Don't Know About to learn about BerkShares. He visited Tune Street, a locally owned record store in Great Barrington, to buy an album with local currency, and interviewed BerkShares Coordinator Alice Maggio at the library and offices of Schumacher Center for a New Economics. The video will be available until October 19, 2014 on the History Channel's website, and after that on iTunes.
OZY - The financial crisis has brought Spain to its knees. The economy is all anyone wants to talk about, cities are papered with “For Sale” signs and the staggering increase in unemployment — 26 percent overall and nearly twice that for young people — is pushing Spaniards to think financially outside the box.
Several schemes have been set up to try and minimize the effects of the crisis on people’s purchasing power. The most popular so far is Time Banks.
TruthAtlas.com - GREAT BARRINGTON, MASSACHUSETTS – The mountainous Berkshires region of western Massachusetts is making money the old-fashioned way–by minting its own currency. This local scrip, called BerkShares, isn’t part of a secessionist movement or a nose-thumb at the federal government. Instead, it’s an unusual, successful, and perfectly legal way to encourage local spending.
Washington Times - Cheryl K. Chumley - It started at five community banks and has now spread to more than 400 local businesses. One small county in Massachusetts has created its own system of money, currency called BerkShares that’s accepted by a large portion of the establishments in the community.
And $100 will get you 105 BerkShares — a 5 percent discount for money that’s good at most of the local stores, PBS NewsHour reported. Conversely, trading in BerkShares for greenbacks calls for a 5 percent fee — so 105 BerkShares only buys $100 at the banks.
MSNBC's Your Business - Great Barrington, MA is a beautiful town tucked away in the Berkshires, and shopping small is at its core. Just two hours away from both New York and Boston, the downtown area has an active buy local movement, its own currency, and plans to kick off the holiday shopping season with a bang on Small Business Saturday.
Al Jazeera America - GREAT BARRINGTON, Mass. — Whenever Alice Maggio opens her wallet, she never hesitates about how to pay. It’s always cash, and it’s rarely dollars.
“They’re beautiful,” she coos as she shows off the colored bills, which are unlike any other. “You can take pride in spending them.”
Maggio frowns on dollars, preferring something else, called a BerkShares. The currency is available only in the Berkshires region of western Massachusetts.
American Booksellers Association - Sydney Jerrard - BerkShares, a local currency designed to foster a stronger community by keeping commerce local, launched in 2006 in western Massachusetts with more than one million BerkShares circulating through 100 area businesses in the first year. Almost seven years later, the program has grown to include more than 400 businesses in the state’s Berkshires region as well as some towns in New York and Connecticut, and more than four million BerkShares have flowed through participating businesses.