Local Currencies Aren't Small Change

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The Ithaca Hours program continues to grow today. It now includes a local credit union that provides an optional Hours account and a health insurance program -- Ithaca Health Fund -- that relies on a simple $100 yearly payment. The Hours maintain a strong value independent of federal dollars because they are backed by future productivity in the community. Over 50 communities throughout North America have adopted local currency programs using the Hours framework.
Go there>>Ithaca HOURs Online

Time Dollar

The Time Dollar -- conceived by Edgar Cahn during a long illness during which he was dependant upon the services of others -- is used to recognize the caring actions of others. The young, old, handicapped, and disenfranchised may not be able to find work but they can certainly contribute to the community and are therefore worthy of earning Time Dollars. Cahn, speaking about his reasons for creating the Time Dollar, said, 'We can create a way of valuing those things that define us as human beings.'
Go there>>Time Dollar USA

JAK Bank

One conference attendee, Per Almgren, designed the interest-free savings and loan system used by the JAK Bank in Sweden since 1973. Almgren notes, 'In the money economy there are only two types of costs, labor costs and interest costs.' He believes that the interest costs are part of what makes growth unsustainable. As Margrit Kennedy said, 'The debt that has accumulated can't be paid back.' The debt is an earth debt, an impossible pressure on natural resources. Eliminating interest would alleviate pressure and put more wealth into the hands of local economies.

The idea of interest-free loans is, perhaps, one of the most revolutionary discussed at the conference. The bank starts with a bulk of capital placed into non-interest earning savings accounts. Eventually members can withdraw their money as the bank becomes sustainable. This happens as people looking for loans build up savings in their account, thereby earning points -- similar to a credit rating. When enough points are earned the bank issues a loan. Instead of paying interest to the bank for the loan the borrower puts money into a savings account that cannot be accessed, building capital for the bank to issue other loans. When the borrower has paid back the entire loan they can then access a significant amount of built-up savings. The bank does not earn interest but does take a slightly above-average bank fee for the process.
Go there>>JAK Medlemsbank

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