Vision for a Prosperous City

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Together, we can create a city where anyone who wants work can trade their skills, knowledge, talent, and services for a local currency, prosperity is accessible to everyone, and poverty is ended (currently 19% in Fairfield).

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Purpose of Production

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The purpose of production is consumption. When we compare America the manufacturer with America the shopper we find that the manufacturer can produce but the shopper cannot buy.

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Why Can't the Shopper Buy?

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​If suppliers, manufacturers, and farmers have goods and services that go unsold because there is insufficient money in circulation, both suppliers and consumers suffer. The economic system should deliver goods and services as needed for consumption.

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Bernard Lietaer, designer of the European currency, said: "We can produce more than enough food to feed everybody, and there is definitely enough work for everybody in the world, but there is clearly not enough money to pay for it all. The scarcity is in our national currencies. In fact, the job of central banks is to create and maintain that currency scarcity. ..." Beyond Greed and Scarcity

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The Remedy: Increase the Currency

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People thrive through the exchange of their skills and services. The abundant FairFunds currency will reemploy idle individuals, allowing them to trade their skills, knowledge, and services, for tangible currency. Producers will have no shortage of customers, and anyone who wishes to work will have the opportunity to do so. This approach aims to eliminate poverty in Fairfield. ​

 

The FairFunds currency is local and promotes Buy Fairfield First before buying from big-box stores.

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Consider a shopping mall stuffed with goods, but there are not enough customers with money to buy the goods. With insufficient money, suppliers can’t sell their goods, and customers can’t buy them – they both lose out.

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The solution is to increase the money supply to consume all the goods, so that either the consumer’s demand is satisfied, or the producer’s capacity is exhausted, whichever happens first. This will link unused resources to unmet needs.

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To facilitate this and to "prime the pump", a free dividend in local currency will be paid to the citizens of Fairfield, effectively increasing the money supply and thereby enhancing consumption. This strategy will balance production with consumption. Scarce dollars will be hoarded for necessities; abundant FairFunds will look for places to be spent - people will trade their skills, knowledge, and services for it.​​

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How the Currency Works

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For comprehensive details, please download the Design Document.

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As explained by Irving Fisher in his book Stamp Scrip, FairFunds functions as a stamp-scrip. At the end of each quarter users must purchase and attach a stamp to each scrip to renew it. This process pays for the scrip, increases circulation, prevents hoarding, and is essential for the currency's effectiveness. It will look something like this:

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The stamp can be purchased from any merchant selling stamps, costing 2% of the face value of the scrip (paid in dollars). This pays for the scrip. Scrip will be available in denominations of 1, 5, 10, and 20. Between the first of each quarter, using the scrip incurs no additional cost.

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​It is recommended that sellers accept at least 20% of a sale in scrip, with the rest in dollars. Scrip can be redeemed for dollars at a cost of 5%.

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How to Get Your Free $10 (or $50) Dividend

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A dividend is a distribution of profits by a corporation to its shareholders. All citizens of Fairfield are eligible to receive a regular dividend payable in FairFunds. The purpose of the dividend is to increase the money supply until production and consumption are in equilibrium. 

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It is also like the game of Monopoly in which every player gets $1,500 to start, and an additional $200 each time you pass Go.

 

The program will commence with scrip valued at $10 (or $50 TBD), and will continue monthly until the monetary balance is restored.

Major C.H. Douglas explains this in A Dividend to All.​​​​

 

Some Possible Applications

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1. Kids Art: School kids will be encouraged to draw art on the back of each scrip before it is circulated. This creates a unity among the community.

2. The Renaissance Store: We can open a store (the “Renaissance Store” or "FairFunds Store") similar to the Good Will store where donations, old items, art, and collectibles are sold for Currency. This will give additional value to the Currency, and fund the currency management.

3. Local Farmers: When farmers accept a portion of FairFunds for their crops, people will buy their crops instead of buying at local markets. It will provide an outlet to spend FairFunds. Farmers can convert any excess FairFunds they can't spend, into dollars for 5%.

4. Volunteers: FairFunds can be used to pay volunteers to do community service; e.g., teach elders computer skills, teach youth special knowledge, e.g. civics, law, engineering, grow food, .... pay kids to clean up trash on the streets. These projects that would not fit in the city’s budget, can now fit with the FairFunds.

5. Support of Charities: We can make donations to charities. This is one way to increase the quantity of FairFunds in circulation.

6. Home and Car Maintenance: The numerous worn out houses and cars in need of maintenance can be repaired by skilled workers willing to accept almost all payment in FairFunds. This will increase house property values. Cars need regular maintenance without which the owners will lose their transportation.​