Inspiring: Reimagining the Economy Media Articles
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Each year, beginning in the fall, a group of third-year architecture students from Auburn University take up residence in a small rural Alabama town to begin building a house. In the winter, when a new semester begins, they are replaced at the Newbern, Alabama, project site by another cohort of 16 students who finish up the job and prepare the house for its new occupants. The 20K Home Project began 13 years ago as a challenge to architecture students at Auburn to build a $20,000 house, with $12,000 in material and $8,000 for labor. The idea was to create the perfect house for needy families in rural areas where dwellings are often substandard and where affordable building can be a logistical challenge. To date, the student-led project has designed and built homes for nearly 30 households as part of Auburns Rural Studio, an off-campus, hands-on architecture program that has also constructed community centers, a library and other projects around Hale County, where Newbern is located. Created in 1993, Rural Studio partners with local nonprofits and uses cash and in-kind donations to cover the cost of the homes. It then makes a gift of the finished houses to low-income Newbern residents. Over the years, Rural Studio has developed design criteria for the homes, which are typically one- or two-bedroom single-family dwellings. In Newbern, a community of just under 200 people in the west-central part of Alabama, the median price of a home is about $65,000.
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The Los Angeles City Council is preparing to ask voters if they want to create a publicly owned bank, something no city or state in the United States has done in nearly a century. Council members voted Tuesday to start the process of putting a measure on the Nov. 6 ballot that would allow for the creation of such a bank by amending the city charter. The move is an early step in council President Herb Wessons plan to create a public bank, which he said could offer accounts to scores of city cannabis businesses that are shunned by commercial banks because of federal drug laws. It also could help finance affordable housing, he said. David Jette, legislative director of advocacy group Public Bank L.A., said putting the issue to a citywide vote could be a make-or-break moment for public banking, an idea that has gained steam since the financial crisis and lately seen an influx of support from the cannabis industry. Los Angeles, Oakland, San Francisco and the state of California are all in the process of studying whether they can or should start public banks, in part to serve cannabis businesses. For now, though, the U.S. has just one public bank: the Bank of North Dakota, established in 1919. Were cautiously ecstatic, Jette said after Tuesdays vote. This will be a referendum on the idea of public banking. I think this is an existential vote for our entire national movement.
Note: The measure was approved and will be on the November ballot for LA voters. For more, see this excellent webpage. Read a revealing article on how the Bank of North Dakota allowed the state to sail through the 2008 financial crisis while all other 49 states suffered. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Sherry Mendowegan has accomplished a lot in the past six months. The mother of two bought her first car and graduated with her high school diploma. Next is my college, post-secondary, and then hopefully I get some work, she says. Going to college would have been out of reach for the 41-year-old just last year. But as a participant in the basic income pilot program launched by the Canadian province of Ontario, she and her husband, Dan, can now afford the tuition fees. Our life has changed, Mendowegan says. Were not struggling. Ontarios basic income program, launched in April 2017, is currently operating in three towns Thunder Bay, Lindsay and Hamilton. The scheme has enrolled more than 4,000 low-income people living on less than CA$34,000 ($29,500) individually. This includes those who are working, in school or living on financial assistance. For three years, single participants will receive up to CA$17,000 a year and couples will receive up to CA$24,000. Those earning any money will see their basic income amounts reduced by 50 cents for every dollar they make. Universal basic income, or the idea of giving people money without any conditions, is not new. But it is gaining fresh momentum globally as inequality worsens and swaths of jobs are at risk from automation and other factors. Ontario joins a handful of other places in the world to test out some sort of guaranteed basic income.
Note: In the US, Stockton, California recently announced plans to provide residents with a Universal Basic Income. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
We live in a time of massive, unprecedented trade: Goods, information and money all flow across borders almost seamlessly (people, of course, are another matter). While this new era of trade has brought immense prosperity to many ... this transfer of commodities tends to benefit only a tiny sliver of the global population, and the trade system has yet to address this. Those who farm cocoa, palm oil, or soy profit little from global commodity prices or access to new markets instead, they are often forced to sell for less or be forced out of the market. This applies to workers as well, such as the hundreds of thousands working on palm oil plantations in Indonesia, the majority of whom are contract laborers who see few benefits from the multibillion-dollar palm oil trade. The Fair Trade movement started as a response to this global trade paradigm that focused too much on profits and not people. Their goal was to tilt the balance toward farmers and workers, if even just a bit, ensuring they got a decent living. The Fair Trade model proved successful, but it still only operates at the margins. Those of us living in well-off communities can afford the higher premiums of Fair Trade coffee, chocolate and tea, but the vast majority of people ... cannot. This means that, despite the growth of Fair Trade, inequality is getting worse overall. Fair Trade needs to become more than a niche it needs to grow into the norm, a true alternative. And all of us the media, companies, and, yes, the 1 percent, all need to play our role.
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Consider the Norwegians, who experienced extreme polarization at the same time as the Germans did. The Norwegian economic elite organized against striking laborers and produced a polarized country that included both Nazi Brown Shirts goose-stepping in the streets and Norwegian Communists agitating to overthrow capitalism. The politician Vidkun Quisling, an admirer of Hitler, organized in 1933 a Nazi party, and its uniformed paramilitary wing sought to provoke violent clashes with leftist students. Quisling reportedly held discussions with military officers about a possible coup d’etat.The stage was set for a fascist “solution.” Instead, Norway broke through to a social democracy. Progressive movements of farmers and workers, joined by middle-class allies, launched nonviolent direct action campaigns that made the country increasingly ungovernable by the economic elite. The majority forced the economic elite to take a back seat and invented a new economy with arguably the most equality, individual freedom, and shared abundance the developed world has known. The key to avoiding fascism? An organized left with a strong vision and broad support. Grassroots movements built a large infrastructure of co-ops that showed their competency and positivity when the government and political conservatives lacked both. Additionally, activists reached beyond the choir, inviting participation from people who initially feared making large changes. Norwegians also ... chose nonviolent direct action campaigns consisting of strikes, boycotts, demonstrations, and occupations. Norway therefore lacked the dangerous chaos that in Germany led the middle classes to accept the elite’s choice of Hitler to bring “law and order.”
Note: Explore more positive stories like this about healing social division and reimagining the economy.
Republican Mayor Richard Berry was driving around Albuquerque last year when he saw a man on a street corner holding a sign that read: Want a Job. Anything Helps. Throughout his administration, as part of a push to connect the homeless population to services, Berry had taken to driving through the city to talk to panhandlers about their lives. His citys poorest residents told him they didnt want to be on the streets begging for money, but they didnt know where else to go. Seeing that sign gave Berry an idea. The city could bring the work to them. Next month will be the first anniversary of Albuquerques Theres a Better Way program, which hires panhandlers for day jobs beautifying the city. The job pays $9 an hour, which is above minimum wage, and provides a lunch. At the end of the shift, the participants are offered overnight shelter as needed. In less than a year since its start, the program has given out 932 jobs clearing 69,601 pounds of litter and weeds from 196 city blocks. And more than 100 people have been connected to permanent employment. Berrys effort is a shift from the movement across the country to criminalize panhandling. A recent National Law Center on Homelessness & Poverty report found a noticeable increase, with 24 percent of cities banning it altogether and 76 percent banning it in particular areas. When panhandlers have been approached in Albuquerque with the offer of work, most have been eager for the opportunity to earn money, Berry said. They just needed a lift.
Note: Watch an inspiring video on this great program.
"Welcome to the Blockchain! Your voice is worth something," states a webpage of Steemit, the social network built on a blockchain that's now exploding with popularity. Steemit ... supports community building and social interaction through cryptocurrency rewards and a reputation or influence-based system, known as Steem Dollars and Steem Power. Ned Scott, CEO and co-founder of Steemit, told IBTimes: "If you think about the existing models - Facebook, Twitter, Instagram - these are platforms that invite people to come and do all this work so that their shareholders, who are not necessarily contributors make all this money. "Our platform is a cooperative version of a social network which is more intuitive, and a more shared, community-driven approach, and that's why our early user base is growing. We are completely open source." Steemit grew out of a long process set in motion by gifted developer and co-founder, Daniel Larimer. It evolved from the idea of a decentralised exchange ... to a later exploration of blockchain-based mutual aid and micro-insurance, with a forum added for users to interact and compare notes. It does away with traditional cryptocurrency barriers to entry, like having to go and buy coins at an exchange. Scott said everyone is rewarded one way or another. People who post content actually get rewarded [with Steem, a currency whose value] is split between tradability and reputation. Steem is currently the third most valuable cryptocurrency in the world.
Note: Unlike other social media platforms such as Facebook, Steemit is technically impossible to censor and is owned by everyone that uses it. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Harriet Nabukwasi is saving up. So far, shes saved up enough to pay surveyors 100,000 Uganda shillings (21) to continue the process of registering my land, she says. Now, I even pay school fees for my children. I am happy now. Nabukwasi is able to save for her goal because of her work with Solar Sister, a not-for-profit social enterprise that has created a network of female entrepreneurs. The organisation recruits women (and some men) in the most impoverished and remote areas of Uganda to sell affordable solar lamps, mobile phone chargers and fuel-efficient stoves. As well as earning money, Nabukwasi now lights her house with a solar lamp, cooks on energy saving stoves, charges her mobile phone from home, and her children no longer have to rush to finish their homework before dusk. Solar Sister has been a game changer, she says. At least 877 Solar Sister entrepreneurs now work in Uganda, more than three-quarters of whom are female. The organisation has attracted more than 2,000 entrepreneurs in Uganda, Tanzania and Nigeria since 2010. In Uganda, only 20% of the population has access to electricity while more than 50% of rural households rely on open kerosene lamps. But such lanterns are fire hazards, emit toxic fumes and strain family budgets. An entrepreneur needs initial capital of at least 200,000 shillings (42) to become a Solar Sister. We want [the entrepreneurs] to take this as their business, says [Solar Sister Uganda country manager Clare] Achola.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Dr. Jim Withers used to dress like a homeless person. On purpose. Two to three nights a week, he rubbed dirt in his hair and muddied up his jeans and shirt before walking the dark streets of Pittsburgh. Withers wanted to connect with those who had been excluded from his care. "I was actually really shocked how ill people were on the street," he said. "Young, old, people with mental illness, runaway kids, women (who) fled domestic violence, veterans. And they all have their own story." Homelessness costs the medical system a lot of money. Individuals often end up in emergency rooms, and stay there longer, because their illnesses go untreated and can lead to complications. For 23 years, Withers has been treating the homeless - under bridges, in alleys and along riverbanks. "We realized that ... we could make 'house calls,'" he said. It's something that Withers' father, a rural doctor, often did. Withers' one-man mission became a citywide program called Operation Safety Net. Since 1992, the group has reached more than 10,000 individuals and helped more than 1,200 of them transition into housing. In addition to street rounds, the program has a mobile van, drop-in centers and a primary health clinic, all where the homeless can access medical care. In the way I'd like to see things, every person who is still on the streets will have medical care that comes directly to them and says, "You matter." Having street medicine in [the] community transforms us. We begin to see that we're all in this together.
Note: Don't miss the video of Withers' inspiring "street medicine" in action at the CNN link above.
Libraries arent just for books, or even e-books, anymore. In Sacramento, where people can check out sewing machines, ukuleles, GoPro cameras and board games, the new service is called the Library of Things. Services like the Library of Things and the Stuff-brary in Mesa, outside Phoenix, are part of a broad cultural shift in which libraries increasingly view themselves as hands-on creative hubs, places where people can learn new crafts and experiment with technology like 3-D printers. Last year, the Free Library of Philadelphia pulled together city, state and private funds to open a teaching kitchen, which is meant to teach math and literacy through recipes and to address childhood obesity. It has a 36-seat classroom and a flat-screen TV for close-ups of chefs preparing healthy dishes. Libraries are looking for ways to become more active places, said Kate McCaffrey of the Northern Onondaga Public Library, outside Syracuse, which lends out its garden plots and offers classes on horticulture. People are looking for places to learn, to do and to be with other people. The Ann Arbor District Library has been adding to its voluminous collection of circulating science equipment. It offers telescopes, portable digital microscopes and backyard bird cameras, among other things - items that many patrons cannot afford to buy. In Sacramento, each item in the Library of Things bears a bar code, since the Dewey Decimal System was not intended for sewing machines or ukuleles.
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This year, [Vermonters for a New Economy] urged citizens to petition to place the public-banking question on the agendas of town meetings across the statedistributing information outlining a proposal to turn the Vermont Economic Development Authority (VEDA) into a state bank. Last week, at least twenty Vermont town meetings took up the issue and voted yes. In many cases, the votes were overwhelming. Vermont is not the only state where public banking proposals are in play. But the town meeting endorsements are likely to provide a boost for a legislative proposal to provide the VEDA with the powers of a bank. The bill would create a 10 Percent for Vermont program that would deposit 10 percent of Vermonts unrestricted revenues in the VEDA bank and allow VEDA to leverage this money, in the same way that private banks do now, to fundunfunded capital needs. The legislation would also develop programs, often in conjunction with community banks, to create loans which would help create economic opportunities for Vermonters. Among the most outspoken advocates for the public-banking initiative is Vermont State Senator Anthony Pollina, a veteran Vermont Progressive Party activist and former gubernatorial candidate, who argues that it doesnt make any sense for us to be sending Vermonts hard-earned tax dollars to some bank on Wall Street which couldnt care less about Vermont or Vermonters when we could keep that money here in the state of Vermont where we would have control over it and therefore more of it would be invested here in the state.
Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.
What if there was a way to create more community, instill a deeper sense of belonging, and begin bringing healing to the vast sense of isolation experienced in modern Western culture? The Gift Circle, as founded by Alpha Lo and spread by Charles Eisenstein, is a group facilitation format that holds great possibility as a way to match resources with needs, create community and inspire gratitude and generosity. The goals of a Gift Circle are simply to provide a warm, free, and welcoming space for community to gather and share Gifts and Needs, most often while literally sitting in a circle. The Gift Circle format [provides] a sense of psycho-spiritual belonging and connection to ameliorate the vast sense of alienation and scarcity experienced by so many. We would eat and socialize a bit, then gather sitting in a circle, and go around the circle with each person speaking what gift they’d enjoy sharing with the community. For instance someone might offer giving a massage, making a custom mix CD, giving a life coaching session, dance class, or a home-cooked meal – the gifts were generally more service-oriented, though there was an occasional item gifted as well, like a futon or pair of headphones. Most importantly, there would be a time at the end where we’d leave 20-30 min for givers and receivers to connect with one another directly and coordinate a time to meet up later to give or receive whatever it was. It was highly encouraged to schedule the gift or need session during that meeting, while the energy was still fresh.
Note: Read the full article to see how you can start a gift circle in your community! Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
When a Massachusetts woman needed help perfecting her English, she posted a simple six-word note online. Three eager fluent speakers willing to teach for free quickly responded to the call. "Hi Mary, totally willing to help via email!" a man named Chris wrote back. Thats how easy it is to get assistance, of nearly any kind, at the Bank of Happiness. Formed five years ago by Airi Kivi, an Estonian-based psychologist, the bank serves as a portal for people around the world to post services they need and those theyre willing to deliver - completely gratis. No money or credit is ever exchanged. We were inspired by the clear understanding that there is a gap in the society between humane caring and economic well-being, Kivi wrote on the Bank of Happiness site. We were then and are today convinced that the formula of happiness lies in noticing others. We feel that people want to help others, but often don't know how. But whats most bolstering to Kivi is that the offers for help, far outweigh the number of ads seeking favors. Some of the most popular services these bankers are willing to offer include, IT assistance, listening to a strangers problems, financial consulting and dog walking. Arent we just surrounded by the nicest people?, Kivi wrote on the site. Happy banking!
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Ideas for co-ops may flourish, but few people understand exactly how to make theirs real. The Co-op Academy is providing answers. Founded four years ago by Omar Freilla (who recently made Ebony magazines list of the Power 100), the academy runs 16-week courses that offer intensive mentoring, legal and financial advice, and help designing logos and websites. Run by the South Bronx-based Green Worker Cooperative, the academy guides up to four teams per session through the startup process and has graduated four organizations now thriving in New York City. These include Caracol Interpreters, which is raising the bar on interpreter wages, and Concrete Green, which focuses on environmentally sound landscaping. Six more co-ops are in the pipeline. Im amazed at how little knowledge and information is out there for the average person about how co-ops function and how to start one, says Janvieve Williams Comrie, whose mother-owned cooperative Ginger Moon also came out of the program. Thats one thing the Co-op Academy really provides, the hands-on know-how. Even money for tuition ($1,500 per team) gets the treatment. Freilla is adamant that teams fundraise to cover that costeven if they can foot the bill themselves. By fundraising for the registration fee, you are promoting the vision for your cooperative, gaining supporters, and creating a buzz before the program even starts, he says. That is just the kind of support that will propel your business forward, and while youre doing it youll be getting an early opportunity to see just how well you and your teammates work together.
Note: For a treasure trove of great news articles which will inspire you to make a difference, click here.
The milieu at Shantivan, a garden in Mumbais tony Malabar Hill area, on February 17 was like a hangover from Valentines Day. Placards displaying messages like Love is all we need were tied to tree branches. The occasion was the second monthly lunch hosted by Seva Caf. Omnipresent at the venue was a bespectacled man [named] Siddharth Sthalekar, who was orchestrating this generosity enterprise. About three years ago, he was the co-head of the derivatives trading desk and the head of algorithmic trading at Edelweiss Capital. [One] morning in 2010 [he took the decision] to throw it all away. For some time, the 31-year-old Mumbaikar had been contemplating quitting his cushy job to explore if there is an alternative to the premise of accumulation that seemed to drive individuals in the corporate world. When he finally took the plunge, he set out to travel across India with his wife Lahar. Over the next six months, as they visited several non-profit organisations, they woke up to the concept of gift economy where goods and services are extended without any formal quid pro quo. This motto formed the cornerstone of Moved by Love, an incubator at Gandhi Ashram in Ahmedabad, which carries out various projects. One such project, Seva Caf, was in hibernation. Sthalekar ... and his wife became its core volunteers and helped reopen it in September 2011. Seva Caf practises giving, the antithesis to accumulation. At the caf, volunteers cook and serve meals every week from Thursday to Sunday for free. What is Sthalekars takeaway from the experiment? The idea, he says, is to trust the assumption that every individual, irrespective of his economic standing, can be generous. [He] hopes that people will develop the habit of being generous even outside the cafin all environments and circumstances.
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Four years after the country let its debt-ridden banks fail, and as the country's growth looks set to far outpace the eurozone, [Iceland's president Olafur Ragnar Grimsson] said the decision not to save the banks was "the most difficult I ever had to make," but maintained it was the right one. "Allowing the banks to fail is one of the fundamental reasons Iceland is now in a strong recovery with respect to other European countries," he said. Now, according to Grimsson, "Iceland is better placed to benefit by maintaining our present position, rather than to let the EU speak on our behalf." The 69-year-old president pointed to Norway and Greenland -- two other Arctic economies and non-European Union members -- as role models. However, Grimsson said he was not sure whether Iceland's strategy with its banks could have been replicated by other countries with similar problems, such as Ireland. "Being part of the eurozone, they couldn't devalue their currency. But they could have adopted our policy with respect to the banks," he said. The Icelandic krona fell sharply as a result of the financial collapse, helping the country recover by increasing demand for exports. "There are still scars," Grimsson said, "but on the whole, the will of the Icelandic people has enabled us to recover and move confidently towards the future."
Note: Watch a great video interview of Iceland's president discussing this matter. Iceland has gone through tremendous transformation that has greatly supported both the people and the economy of this nation. Why is this getting so little press coverage?
Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the countrys economic and financial collapse are reaping the benefits of their anger. Since the end of 2008, the islands banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association. You could safely say that Iceland holds the world record in household debt relief, said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen. Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that. Most polls now show Icelanders dont want to join the European Union, where the debt crisis is in its third year. The islands households were helped by an agreement between the government and the banks, which are still partly controlled by the state, to forgive debt exceeding 110 percent of home values. On top of that, a Supreme Court ruling in June 2010 found loans indexed to foreign currencies were illegal, meaning households no longer need to cover krona losses.
Note: The amazing story of the Icelandic people demanding bank reform is one of the most underreported stories in recent years. Why isn't this all over the news? To see what top journalists say about news censorship, click here. For blatant manipulations of the big banks reported in the major media, click here.
A small but growing number of cash-strapped communities are printing their own money. Borrowing from a Depression-era idea, they are aiming to help consumers make ends meet and support struggling local businesses. Businesses and individuals form a network to print currency. Shoppers buy it at a discount say, 95 cents for $1 value and spend the full value at stores that accept the currency. Workers with dwindling wages are paying for groceries, yoga classes and fuel with Detroit Cheers, Ithaca Hours in New York, Plenty in North Carolina or BerkShares in Massachusetts. Ed Collom, a University of Southern Maine sociologist who has studied local currencies, says they encourage people to buy locally. Merchants, hurting because customers have cut back on spending, benefit as consumers spend the local cash. Jackie Smith of South Bend, Ind., who is working to launch a local currency, [said] "It reinforces the message that having more control of the economy in local hands can help you cushion yourself from the blows of the marketplace." During the Depression, local governments, businesses and individuals issued currency, known as scrip, to keep commerce flowing when bank closings led to a cash shortage. Pittsboro, N.C., is reviving the Plenty, a defunct local currency created in 2002. It is being printed in denominations of $1, $5, $20 and $50. A local bank will exchange $9 for $10 worth of Plenty. "We're a wiped-out small town in America," says Lyle Estill, president of Piedmont Biofuels, which accepts the Plenty. "This will strengthen the local economy. ... The nice thing about the Plenty is that it can't leave here."
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Most of us take for granted that those rectangular green slips of paper we keep in our wallets are inviolable: the physical embodiment of value. But alternative forms of money have a long history and appear to be growing in popularity. It's not merely barter or primitive means of exchange like seashells or beads. Beneath the financial radar, in hip U.S. towns or South African townships, in shops, markets and even banks, people throughout the world are exchanging goods and services via thousands of currency types that look nothing like official tender. Alternative means of trade often surface during tough economic times. "When money gets dried up and there are still needs to be met in society, people come up with creative ways to meet those needs," says Peter North, a senior lecturer in geography at the University of Liverpool and the author of [a book] on the subject. He refers to the "scrips" issued in the U.S. and Europe during the Great Depression that kept money flowing and the massive barter exchanges involving millions of people that emerged amid runaway inflation in Argentina in 2000. "People were kept from starving [this way]," he says. Closer to home, "Ithaca Hours," with a livable hourly wage as the standard, were launched during the 1991 recession to sustain the economy in Ithaca, N.Y., and stem the loss of jobs. Hours, which are legal and taxable, circulate within the community, moving from local shop to local artisan and back, rather than leaking out into the larger monetary system. The logo on the Hour reads "In Ithaca We Trust." Alternative (or "complementary") currencies range from quaint to robust, simple to high tech.
Note: Read the entire article at the link above to learn about the great range of uses and benefits provided by alternative currencies.
Jessica ... lives what some might consider the perfect alternative lifestyle. She makes enough money to pay for rent and food (from the farmer's market) by teaching classes at the Solar Living Institute and selling her self-published zine about alternative fuel. She grows much of her own food and raises chickens and bees in her backyard. As a child, her family life centered around growing food and cooking meals together. Her parents never emphasized money. She hasn't strayed far from her upbringing. When asked about her views on money, she said: "It's better to be happy than to worry about your credit card bill or working a lot." One of the key points of being happy, for Jessica, is to bank at Cooperative Center Federal Credit Union. Jessica's made it a point to convert her friends to using credit unions, which are nonprofit banks. "I say to people: So you shop at a farmer's market. You use alternative fuel or bike or take public transportation. But you still bank at Bank of America?" She laughed at the paradox of the small-is-beautiful crowd supporting a global corporation. "With banks, it's a business and all your money goes to make someone you don't know rich -- but with credit unions, all the money goes back into the community," Jessica explained. "It's people banding together to share the abundance." Credit unions -- also called cooperative banks or people's banks -- have origins in Europe. They were first started by German farmers in the 1860s who felt private banks were charging unfair fees. These rural people pooled money together in order to make loans within their tight-knit community. In North America, the idea of credit unions was first embraced by Canadians. These days in the United States, there are over 8,000 credit unions; 536 of them are in California.
Note: To locate a credit union near you (in the United States), click here.
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