Tuesday 13 January 2009

How to resolve the Credit Crisis

Web of Debt: Ellen Brown writes "The credit crunch could be avoided by ???going local??? not just in the United States but around the world. Countries that have been seduced or coerced into funneling their productive assets into serving foreign markets and foreign investors could become self-sustaining, using their own credit and their own resources to feed and serve their own people."
Interesting idea: a parallel banking system based on community commons -- South Bruce Peninsula puts up 8% of some arbitrary figure, and then loans it out (at fair rates) as community scrip for local infrastructure, homeowners and improvements, community development projects, and voila! jobs galore, eco-economically self-contained! Of course, it gets better (more practical for everyday use) if it is Provincial or even, dare I say, a National scrip -- hmmm ... isn't that where the Bank of Canada came from?