Opting Out of Wall Street and Building Sustainable, Resilient Communities: Remaking Finance, Pt. III

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Opting Out of Wall Street and Building Sustainable, Resilient Communities: Remaking Finance, Part III

Wednesday, 08 May 2013 00:00
By Margaret Flowers and Kevin Zeese, Truthout | News Analysis

Here are links to Part I and to Part II.

This article is the continuation of a series on remaking our financial system so that it serves and protects people instead of the "too big to fail or jail" banks, collectively called big finance. More and more people see that the current financial system rewards those who hoard their money and invest in risky or damaging ventures such as derivatives and other forms of speculation and are asking: how do we opt out of Wall Street now?

They do not want to be part of big finance practices that keep money out of the economy and place us all in danger of losing our bank deposits if an investment goes badly. Almost all Americans experience the predatory practices that have put the population in debt in order to meet basic needs for housing, education and health care.

This article points to steps you can take in your community now to escape this corrupt system. Previous articles looked at longer-term changes that require government action, such as public banks. In this article, we focus on communities taking action to create alternative currencies and ways they can be integrated into a financial system that connects people with each other, builds dignity and community, and reduces dependence on big finance.

On Clearing the FOG, we spoke with three people who are actively engaged in building alternative economies. Edgar Cahn, author of No More Throw-Away People: The Co-Production Imperative, is founder of the concept of time dollars. Paul Glover created the first local currency based on hours, or labor, in Ithaca, New York. Glover has written many books, including Hometown Money: How to Enrich Your Community with Local Currency. And Jeff Dicken directs Baltimore Green Currency, a local currency backed by federal dollars that has a larger social mission. .................(more)

The complete piece is at: http://truth-out.org/news/item/16233-opting-out-of-wall-street-and-building-sustainable-resilient-communities-remaking-finance-part-iii

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1. du rec. nt

[AnneD]

2. A financial wonkette...

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