June 12, 2012

SandBoxBlogs: Summit Daily News "New form of barter introduced in Summit County"

Kathryn Turner:
" A new network of currency measured in hours, not dollars, has landed in Summit County.

The idea behind Mountain Hours is that people are the money, said Wayne Walton, one of the four creators, or “revolutionaries” of Summit's new system.

“It's organic, usury-free money,” he said. “Hours are a universal unit of value.”

Here's how it works: one “mtnhour” is equal to $10 (There are four denominations: 1/10 hour, 1/2, 1 and 2). Local business owners agree to accept the currency, and are given 200 mtnhours right off the bat. The hours are then used at other businesses around Summit that accept the currency, thus encouraging local spending and keeping everything within the county. The money is debt and interest-free, Walton said.

“It's basically to show people that they are the money, and since they are the money, they don't have to rely on a private company called the Federal Reserve,” Walton said. “By virtue of controlling the monetary system, they finance the things that they value that keep us in servitude ... there's plenty of money circulating on Wall Street, but there's not enough money circulating locally.”

Once people realize they are the money, they can have abundance, Walton said.

In only five weeks of operation, Walton has 34 businesses signed up. Every one that signs on gets its initial allocation of hours — and another every three months — and a marketing video, which is displayed on the mtnhours directory online. There is no cost to join, Walton said, since the local businesses and people are the money.

“At a very fundamental level, it's completely changing the paradigm of what money really is,” he said.....
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