UK Local Exchange Trading and Complementary Currencies
Development Agency




Oct 2012 : Solutions to the Economic Crisis

Dear Friends
The ongoing economic crisis has enabled mainstream journalism to much less guarded about the way the financial system works, and the ordinary person is less surprised when you tell them how money is created by privated enterprises called banks, and how it came to pass that the taxpayer had to bail them out in order to save the economy. News from Europe about the inevitable demise of the Euro, which failed to recognise local variations on the economies of its member countries, and encouraged profligacy amongst the rich, has now resulted in real hardship and street rioting in Greece.

Occupy gave voice to the 99%, and although less prominent in the media, continues its work, as does the Global Table, which connects with a whole range of campaigns and initiatives worldwide. Of the campaigns for mainstream reform, Positive Money stands out as coherently addressing the key issues and appealing to the younger generation whose responsiblity it will be to carry reforms forward.

In the world of Community & Complementary Currencies, the nuanced differences between the many different approaches continue to baffle the uninitiated. The hallmark of such currencies is that they are created by "mutual credit" so can exist in parallel to the mainstream economy. "Local Currencies" in the shape of nicely designed printed notes, have been hailed by the media as a great new initative, despite the fact that many LETS groups were using vouchers all along, but with these new ones you have to buy them with national currency - duh!

Many of the enthusiastic newbies of these and other new initiatives ask us to advertise them or they even approach our member groups direct, wanting them to join their project - in response to this, we will add those which appear to be genuine and viable to our links page, and mark them "new" once this news update has been put togethey People Who Share appears to be making a genuine attempt to link out to many of these initiatives.

Yes, we have neglected outreach, and so to those, who, in the absence of an updated news item wondered if we had left the planet, the answer is, no, we are still here working away in the grassroots.

Meanwhile, we continue to prioritise supporting groups who affiliate to LETSlink and follow the community based model of Local Exchange Trading, which remains the most sophisticated concept, and one which may be adapted to any situation, organisation or community. But as we have been overwhelmed with new requests for support, and are now working on changing the way we respond, to provide the support needed in a more effective way. Watch this space for details as we develop our own new initiatives.

Details of forthcoming events are HERE printer-friendly version HERE.

To keep us posted with new developments or for press queries, please call our central office on 020 7607 7852 or preferably write to:


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