Inspiring: Reimagining the Economy News Articles
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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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The chain of command at PV Squared, a solar panel installation company in Massachusettss Pioneer Valley, is admittedly convoluted. Technically, Im Kims boss, says general manager Jonathan Gregory of bookkeeper Kim Pinkham. But Kims on the board, and the board oversees my position, so technically shes my boss. As members of a worker-owned cooperative, the 40-plus employees elect their own board of directors and make decisions based not on majority rule, but by consensus. When theyre not holding the microphone, members at meetings express themselves with hand signals: a flat palm for a question or statement, a raised index finger for direct response, and a hand cupped in a C for a clarification. Currently, worker-owned entities employ about 17 million people, or 12% of the U.S. workforce. Such business can take a variety of forms, from equity-sharing plans like those found at Publix super markets, Land OLakes, and King Arthur Flour, to more radical models, like at PV Squared. By far the most common are employee stock ownership plans, or ESOPs. On the other end of the spectrum are workers collectives ... where there is no hierarchy. Collective Copies, a copy shop with 11 workers and locations in Amherst and Florence, Massachusetts, operates according to this model. After a trial period of six months, new hires are invited to become owners. Everyones on the board of directors, says Matt Grillo, a worker-owner who has been with Collective Copies for 20 years.
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Jennifer Drouin, 30, headed out to buy groceries in central Amsterdam. Once inside, she noticed new price tags. The label by the zucchini said they cost a little more than normal: 6¢ extra per kilo for their carbon footprint, 5¢ for the toll the farming takes on the land, and 4¢ to fairly pay workers. The so-called true-price initiative, operating in the store since late 2020, is one of dozens of schemes that Amsterdammers have introduced in recent months as they reassess the impact of the existing economic system. In April 2020, during the first wave of COVID-19, Amsterdam’s city government announced it would recover from the crisis, and avoid future ones, by embracing the theory of “doughnut economics.” The theory argues that 20th century economic thinking is not equipped to deal with the 21st century reality of a planet teetering on the edge of climate breakdown. Instead of equating a growing GDP with a successful society, our goal should be to fit all of human life into what Raworth calls the “sweet spot” between the “social foundation,” where everyone has what they need to live a good life, and the “environmental ceiling.” By and large, people in rich countries are living above the environmental ceiling. Those in poorer countries often fall below the social foundation. The space in between: that’s the doughnut. Amsterdam’s ambition is to bring all 872,000 residents inside the doughnut, ensuring everyone has access to a good quality of life, but without putting more pressure on the planet than is sustainable.
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A Danish bank has launched the worlds first negative interest rate mortgage handing out loans to homeowners where the charge is minus 0.5% a year. Negative interest rates effectively mean that a bank pays a borrower to take money off their hands, so they pay back less than they have been loaned. Jyske Bank, Denmarks third largest, has begun offering borrowers a 10-year deal at -0.5%, while another Danish bank, Nordea, says it will begin offering 20-year fixed-rate deals at 0% and a 30-year mortgage at 0.5%. Under its negative mortgage, Jyske said borrowers will make a monthly repayment as usual but the amount still outstanding will be reduced each month by more than the borrower has paid. The mortgage is possible because Denmark, as well as Sweden and Switzerland, has seen rates in money markets drop to levels that turn banking upside-down. Hegh said Jyske Bank is able to go into money markets and borrow from institutional investors at a negative rate, and is simply passing this on to its customers. In Denmark, interest rates on savings deposited in Jyske ... have already fallen to zero. In reality, the Jyske mortgage borrower in Denmark is likely to end up paying back a little more than they borrowed, as there are still fees and charges to pay to compensate the bank for arranging the deal, even when the nominal rate is negative.
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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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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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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.
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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.
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.
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.
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.
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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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