Kauai Bucks?

Kauai

Graphic Courtesy: Jonathan Jay

Wanting to take more control over Kauai’s economy, some people are hoping to launch an Island currency.

“A local currency assists in diversifying the economy, making it more resilient and increasing small-scale cottage industries that relocalize the community while also supporting the export economy,” says Andrea Brower, of Malama Kauai, a nonprofit that promotes sustainable and environmentally sound practices.

Such currencies exist elsewhere — Ithaca Hours in a New York state college town and BerkShares in the Berkshires area of Massachusetts are two prominent ones. They are legal as long as the currencies don’t try to look like U.S. dollars and that any earned income using the currencies is reported to the IRS.

On Kauai, the systems being discussed include commodity-based scrip, electronic trading and a “solar standard,” by which businesses can barter for renewable energy. Some of the names being bandied about are Kauai Time, KISSES (Kauai Island Self-sufficiency Economic Trading System) and Solar Currency.

Proponents see a Kauai currency as a supplement to federal dollars, not a replacement, and think it would be most useful when in constant exchange. Advocates believe Kauai money would support local businesses, keep money in the local economy instead of going elsewhere, and promote a more socially interactive and equitable exchange of goods and services.

“This is about flow and use, not savings,” says Brower. The future could force greater economic self-reliance on Kauai, but, even if tourism and local development rebound, a local currency can be a powerful marketing and branding tool.

Architectural designer Jonathan Jay is drafting bills called “Kauai Time” which, he says, reflect the actual time value behind monetary units. Jay envisions printed notes featuring culturally relevant images that reinforce local values.

Local currency advocates hope to attract interest from small retailers, farmers, utility and energy providers, the visitor industry, banks, credit unions and government officials.

www.kauaitime.org

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