Title: Berkshares: The Berkshire's money

" Welcome back to the briefing room how focused this time is on a nonprofit called -- shares since 2006. They have been printing their own money in western Massachusetts. How does it work in what other benefits to businesses that accept the money. Joining us this time is Sharon Palmer executive director of Berkshire's share going to have here it's great to be here when I read about this at my interest was immediately piqued you are making your own money and edit so how does this system and I got some of the -- here we'll show over the second how does it work basically what's the thumbnail sketch."

" Derek shares. The local currency that can only be spent in the -- shares of Massachusetts and only in business as a sign up to accept them. When you say only that mergers and it is it one county to counties where it would it's Berkshire County is the whole western part of the state. Right now were primarily in the southern part and we're slowly moving north. Right so how."

" it work I mean how does that someone get this money how does a business use this money what what's -- work."

" A consumer will go to one of the local banks that trade in these they have to come from banks. And right now the exchange rate is 10%. So if you want to get a hundred Berkshire shares you would take ninety federal dollars to the bank and you walk away with -- 100 Berkshire's. OK so it and the -- businesses then who accept this money yes yes we have probably about 360 businesses right now -- officially signed up to accept them. And when you go to these businesses to spend your -- you spend them dollar for dollar so the consumer gets the discount want to go to the bank. The merchant sells the merchandise just like they're getting cash. And then the idea is to keep the bills circulating in the communities so the merchants are encouraged to spend them at other places that accept them."

" So what why I mean why what's the benefit of doing this does everybody get it at 10% off basically everything that buys that however is that the benefit --"

" Simmering it's at 10% off when they purchase the bills from bank but the real why the discount is not the main focus -- why is to support the local economy and to support our local businesses. We have a lot of small great businesses in the Berkshire's. And want to support them and encourage people to patronize them rather than going online. We're going to the malls and spending their money out of the community and want to keep it in the community and."

" So it is that the first question is when when I was talking to people about the senses this legal help you -- your own money. It is obviously asleep you've got well over to how many banks participating there twelve branches of five local banks okay see -- banks are -- so it's obviously a legal thing why is this legal pressure on money it."

" Say it's legal because it's backed by federal dollars it's something that's been done a couple of places in this country and done around the world. But it's definitely the the only thing we cannot do is make points."

" The court's okay now you have had I know interest. In this is something that tends to be more popular. When the economy is not doing as well I understand there were dozens of communities around the country that that this during the depression -- for example. So you what kind I know you've been getting interest you guys with a forerunners of this."

" We weren't the first ones to do it but as far as I know our system our model is the most sophisticated. Of any of them that are out there."

" And you have had calls from other communities and all of our first followed about it that there is what they say they're calling you look than what they say they'd say this is a great idea."

" How did you do it we want to we want to follow your model. They're very excited about it who's been calling it. Oh we've had municipalities. We've had. Old trying to think who else. Just for Massachusetts Martha's Vineyard was very interested. Probably smaller communities where would work something like this would be it would be difficult in Boston I think -- in New York City but smaller communities Nantucket. Key West in Florida was another one that was very interested."

" We're -- to show some of the money right now we did show some pictures of it before but. That the money it's interesting is made with paper from the crane company in western Massachusetts which is a company that has for many years and there's the one dollar bill. Provided. The paper for the American the bureau of the great right right. Now the people you have chosen to put on these bills. They all have significant say no to western Massachusetts -- as you take a look at who's this right here."

" This is Robin van and and she lived in the Merck shares and she co founded the first. Community supported agriculture project project in the country."

" And they you have heard and also -- great author yeah right in my favorite here this is the highest denomination these are all the denomination yesterday have. Right who's this everybody knows this guy right arm around Norman Rockwell fitness trainer who wears the museum is museum at the stock purchases Stockbridge. Right it boosters also I think a little bit of this is understand it. Is that this -- your statement against globalization. Right so well how does that what is the feeling."

" I mean when I keep going back to local local is my mom track and that we want to support our local economy -- local businesses all the people we know all the things that we create in the Berkshire's. We want to support it we want to keep our economy. Viable and vibrant and and encouraging people to use Merck shares to shop locally. It is and -- just a no brainer to."

" Where can use overseas at how many businesses except that they're about 360 that are signed up to officially accept them and probably another couple hundred anyway. Who'll accept them informally. Now how about the supporters of work to take it that -- local grocery stores do we have two of them engraved brick -- in the do and one and in my next. And just if the local is the thing because. When you spend your money locally it stays in the local community if you spend at a large chain supermarket. Except for the people who work there and get paid. The rest of the money go somewhere else and you don't know America."

" Now the retailers who have agreed to participate. Are they seeing. Were more profitable because we do this."

" And they are saying we are there because that's the reason right we want -- they want to make more money you might want your money."

" But they they want to acknowledge. The the local aspect I keep going back to that I don't want to sound like a broken record but I I think I do and I need to. They. Want to support the economy that they. Appreciate there there and knowing their patrons knowing -- their people are."

" Now you were a person who live in camps said that Paulson right here we'll be back here next week who's involved the chamber of commerce your career will as is a professional person was with the Berkshire County chamber of -- particularly if so how does that mean it. How does someone like you get involved with something like this."

" He founder of the actually that the brains and the bronze behind Berkshire -- is Susan -- who's the executive director of the EF Schumacher society. And season would come into my office. A couple of times a year for years on end with new news about research that she had been doing. On local currencies and I was always very excited that I loved the concept of it so when she finally got the funding. To make this happen she said we'd love to partner with the chamber of commerce and I -- where there."

" So the leader who who are your backers then you have backers outside of into the local businesses of people who participate in -- yeah than just that."

" Yes there is eight kind and I mean I get the -- because -- complementary currency. Fund. From the Rudolf Steiner foundation. And I I apologize of them haven't quite right. That they are very supportive of this effort and the funding so far has been coming from them."

" In parts of allowing you to speak doing this. I don't Mississippi and it's got I find out what really for -- so yes well we'll see how much we get spent over the Christmas holidays in the holidays in -- in -- of -- years thanks or for being here and driving here and in good luck with your program at my pleasure thank you welcome. Up next though the does this speak with Peter how more on the Bank of America layoffs plus another first in this economic crisis consumers cut back on their debt. Is that good -- crossed the Tribune Co. goes bankrupt as all types of media seem to be taking a hit from this poor economy."