How to Start a Community Currency “Banking institutions are more dangerous to our liberties than standing armies...The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." - Thomas Jefferson “Let me issue and control a nation’s money and I care not who writes the laws.” - Banker Mayer Amschel Rothschild The centralized creation of money and credit has a profoundly negative effect on local economies, sovereignty, and social cohesion. Bankers value profit at all costs, while locally-controlled institutions tend to hold other values - like community, justice and sustainability - more highly.
Time-based currency In economics, a time-based currency is an alternative currency where the unit of exchange is the person-hour. Some time-based currencies value everyone’s contributions equally: one hour equals one service credit. In these systems, one person volunteers to work for an hour for another person; thus, they are credited with one hour, which they can redeem for an hour of service from another volunteer. Critics charge that this would lead to fewer doctors or dentists. Other systems, such as Ithaca Hours, let doctors and dentists charge more hours per hour. MI Alliance of TimeBanks - How It Works At its most basic level, TimeBanking is simply about spending an hour doing something for somebody in your community. That hour goes into the TimeBank as a Time Dollar. Then you have a Time dollar to spend on having someone doing something for you. It’s a simple idea, but it has powerful ripple effects in building community connections. Each TimeBank has a website where you list what you would like to do for other members. You look up TimeBank services online or call a community coordinator to do it for you.
Can Local Currencies be the Foundation for the Sharing Economy? A relatively new financial tool is emerging that could greatly strengthen the sharing movement. The tool is local currencies, which are popping up in cities across the globe. The Boston Bean is one of the newest U.S. examples. The local currency in Bristol, U.K., can even be used to pay local business taxes. Excitement is spreading, in part due to desperate economic conditions and the potential of local currencies to boost local economies. Time banking Time banking is a pattern of reciprocal service exchange that uses units of time as currency. It is an example of a complementary monetary system. A time bank, also known as a service exchange, is a community that practices time banking. Mutualism (economic theory) Mutualism is an economic theory and anarchist school of thought that advocates a society where each person might possess a means of production, either individually or collectively, with trade representing equivalent amounts of labor in the free market. Integral to the scheme was the establishment of a mutual-credit bank that would lend to producers at a minimal interest rate, just high enough to cover administration. Mutualism is based on a labor theory of value that holds that when labor or its product is sold, in exchange, it ought to receive goods or services embodying "the amount of labor necessary to produce an article of exactly similar and equal utility". Mutualism originated from the writings of philosopher Pierre-Joseph Proudhon. Mutualists have distinguished mutualism from state socialism, and do not advocate state control over the means of production. Mutualism, as a term, has seen a variety of related uses.
Do local currencies work? November 27, 2012 Six years on from its launch, a local currency in the United States continues to inspire others. But what can it tell us about their potential to nurture vibrant, distinctive local economies? Austin Macauley reports Paying with 'kisses' as Brazil’s social currencies spread 2 January 2013Last updated at 04:05 ET By Manuel Toledo BBC, Vitoria, Brazil Heraldo Rodrigues da Silva has taken two loans from a community bank Shopkeeper Heraldo Rodrigues da Silva, 55, owns a small store in Sao Benedito, one of the poorest neighbourhoods in Vitoria, the capital of the Brazilian state of Espirito Santo. On the wall behind his counter, a sign announces that besides the real - Brazil's legal tender - he accepts the "bem", an alternative currency from a local community development bank, Banco Bem. Continue reading the main story “Start Quote
Euros discarded as impoverished Greeks resort to bartering It's been a busy day at the market in downtown Volos. Angeliki Ioanitou has sold a decent quantity of olive oil and soap, while her friend Maria has done good business with her fresh pies. But not a single euro has changed hands – none of the customers on this drizzly Saturday morning has bothered carrying money at all. For many, browsing through the racks of second-hand clothes, electrical appliances and homemade jams, the need to survive means money has been usurped.
How to Print Dollars in Your Own Backyard and Keep Them Away from Wal-Mart BerkShares are the local paper currency of Berkshire County, Massachusetts. Photo courtesy of Lauren Fuller Photography. What if you used a different currency to buy a sandwich from your main street deli than you did to make a purchase at the Wal-Mart 10 miles outside town? “BerkShares,” the local paper currency of Berkshire County in Massachusetts, lets you do that. The popularity of BerkShares has ebbed and flowed, but with about $130,000 worth of notes currently in circulation, the number of businesses accepting the currency has jumped to about 400 from the 100 that initially participated in 2006.