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How OpenCurrency can save Detroit

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Opencurrency.com – Detroit was one of the epicenters of the 2008 financial collapse. While its economic problems were decades in the making, the failure of two of the three largest automakers and the largest financial and housing crisis since the Great Depression combined to make a perfect storm, leaving the city in ruins. Unemployment is rampant, housing prices have gone subterranean and the city just announced that it will file for bankruptcy.

The news is not all bad. Like any other economy, the bottom formed by a depression represents an opportunity for assets to be purchased cheaply and managed better by new owners. Local writer Karen De Coster has kept a record of the many new projects underway, including an urban agriculture project, building preservation projects and even private police forces. These and a hundred other grassroots efforts are slowly rebuilding the city.

In order for the recovery to take hold, Detroit needs what every economy needs to grow: capital accumulation. That’s where Open Currency can be a game changer. Instead of accumulating U.S. dollars that are losing value, Detroit’s recovery could accelerate geometrically if built upon sound money.