[View the story "The currency of protest" on Storify ]The currency of protest People declare economic independence by establishing alternative currencies. Storified by The Stream · Wed, May 23 2012 14:10:53
Countries whose economies have been "under pressure" have started creating their own unique forms of currencies. That explains why
David Bowie made his way onto the 10 Brixton Pound note in the United Kingdom. This new movement of creating micro-currencies has been popping-up across local communities worldwide, where people have started making new money when they can't keep up with the form of currency already in place.
brixtonpound1AJstream
The
Brixton Pound was formed in September 2009 and can now be used at an estimated 200 businesses in the UK.
This was the scene when Brixton's Credit Union opened its doors at 11am this morning! #moveyourmoney http://pic.twitter.com/vtmP1JXBBrixton Pound
In 2003 Germany opted out of adopting the Euro and instead launched the Chiemgauer with the intention of promoting local commerce. The micro-currency is designed to lose 2% of its value every quarter in hopes to encourage spending and stiffen competition against the Euro. The Chiemgauer now circulates over an estimated 600 businesses and circulates three times more rapidly than the Euro.
There will soon be 65 regional currencies in operation alongside the EU's, but the financial authorities are not worried yet, writes Ambrose Evans-Pritchard
This map shows where micro-currencies have been popping up around the world. It also shows regions where various organisations have launched projects to promote economic well-being:
Picture 9AJstream
The practice of creating a new form of currency is legal as long as it is not tried to be passed off for another form of currency already in place.
The Berk is another micro-currency in the UK circulating in place of the Euro:
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Most micro-currencies are not taxed because they are not government-backed.
Picture 3AJstream
In 2009, Satoshi Nakamoto released the BitCoin as an alternative form of currency traded and spent solely among the online community. It is one of the world's largest micro-currency markets which is backed by peer-to-peer computing instead of a central bank or government body. This is supposed to insure financial security without the threat of a monopoly. The video below describes how the BitCoin functions:
What is Bitcoin?More information on http://www.weusecoins.comThis video is a short animated introduction to Bitcoin, made possible with donations fro...
The South African
Ran might soon face competition against the micro-currency as well. Reports say high unemployment and the large debt increase in the country are becoming problematic for the value of the rand. A Bloomberg report says the country is having trouble paying off its debt, and in order to avoid another "Greek situation" the South African Reserve Bank will need to swap-out 71 billion rand of two-year bonds for longer-dated, higher-yielding notes.
randAJstream
Between 1995 and 2002, South America
created its own micro-currency system when countries in the region started facing the same unemployment situation South Africa is seeing now. It reached several million people and earned a gross national product exceeding the equivalent of $3 billion. Then in 2001, the political crisis eventually collapsed 90-percent of Argentina's barter networks.
A revolução do Consumo - Banco Palmas - Cearáandremiani
Bartering is back among some local communities. Startups such as Collaborative Consumption formed systems of trade where people can trade their goods and services within their communities. The infographic below illustrates how the barter system is set up:
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This video shows how the barter system works and the rise of what are calling "collaborative consumption":
WHAT'S MINE IS YOURSA 'Big Shift' from the 20th century, a time defined by hyper-consumption, to a 21st century age of Collaborative Consumption, is underway...
BarterQuest is another website used to trade goods and services over the Internet.
Barter Trade | BarterQuestBarter - Trade for goods, services, and real estate. Barter for a car, swap a timeshare or apartment, exchange for design services, massa...
In Singapore, trade comes in the form of education. The following video explains how teachers are trading their services for material goods the students provide:
introducing trade school singaporetrade school singapore
In some ways, these "new" systems say a lot about the old one.. The whole point of currency is to facilitate the barter of goods and services in a marketplace, after all, so it's telling that the buyers and sellers in, for example, Volos felt their government-issue currency required replacement. It's also telling that people would adopt a time bank designed to extract different types of labor from others after contributing their own specialized labor to the economy, compensated through a medium of exchange -- isn't that what money is for? And, typically, our labor is supposed to become currency, which becomes insurance premiums, which becomes health care, so why develop a time-dollars-for-medical-care system that seems so similar? Could it be that the old systems are not functioning quite how they're supposed to?
Disneyland has been practicing this form of micro-currency for years with the creation of "
Disney D ." Legitimate forms of currency can be exchanged for Disney's currency that can only be spent within the theme park or Disney stores.
disneydollarsAJstream
Citizens in the UK are voicing their skepticism over the micro-currency movement. Some say this method will not be conducive in reviving the economy because they believe trading within local communities will not promote trade of goods and services across borders.
@openworld i think microcurrencies of every flavor are a much-needed institutional innovation, wide open space here.umair haque
I think rechargeable Debit cards would put an end to the #Berkshares debate. It would cost less too. #buylocalvwaimlessly
people are inventing their own currencies now... starting to get very interesting as technology advances! http://ow.ly/aZ2suDavid Byrne
When there is no One #GlobalCurrency for All Nations & Countries, then It's best to have for all different local currencies&National BankingJos Duerinck
@DeborahJaneOrr Only by creating networks of credit unions, local currencies & local economies can we decentralise the global banking nexusLee John Barnes
In April, 12-year old Victoria Grant from Canada spoke to the Public Banking in America Conference, explaining why certain countries around the world are in debt.
Victoria GrantMarc Armstrong
The following
flow chart explains the cycle of a nation's consumer debt, and what eventually leads to a country's credit default.
Picture 5AJstream
