Notes by David Levesque at 2009 Harvest Fest, Parting Glass Saratoga Springs, NY.

Berkshares presentation by Jasmine Stine on the benefits of Local currency. A case study of the Berkshares program.

Below are my simple notes on highlights from Jasmine's presentation. Please feel free to comment below.

 

Berkshares are a tool that anyone can use.

Money is complicated, feel free to ask questions during the presentation.

We can make money do the things we want it to do.

There are about 92 people in attendance at the Harvest Fest.

Local currency works in a geographic region or a specific economic footprint.

These regions are created through social connections.

Almost 80% of money spent at box stores leaves the community.

Each plan needs a starting point, Jasmine shared a quote by E.F. Schumacher.

What can we do as citizens, not just as voting or activism?

Currency used to be based on natural resources like crabs, wood, wheat grass.

Local currency in Switzerland is key to their success.

180,000 printed documents, circulated 2 million times. Therefore $2 million has been kept in the region through the Berkshares program. In out of circulation through the banks.

This does not count the informal circulation.

Berkshares organizers work with 5 different local banks.

Selling point to banks, we are not asking you to compete with large banks. We are asking you to do what is in your charter, work for this community.

$95 dollars buys you $100 Berkshares.

This brought on a lot more businesses than the $90 for $100 of Berkshares.

Local businesses say they value the exchange.

Services offered through Berkshares:

 

Financial tax, advertising, engineering, heating oil and more.

Encourages small business to shop in other local stores.

Some businesses look at it as a form of advertising.

Businesses can adjust their level of participation. They can accept 50% in Berkshares and 50% in federal dollars.

Get to know your neighbor

 

Ecology

350.org

Sustainability

Future plans – interesting slide.

Loans for import replacement businesses. Taking China out of the equation.

Local food processing.

Social entrpenuers.

Questions

 

Concerns of counterfetining?

Serial numbers on the side –

Currencies based on labor hours.

How does complimentary currency relate to systems where labor hours are exchanged?

This system allows you to work with banks and small bus. right away.

Ithaca hours – helped unemployed and underserved.

But these systems are hard to connect with stores.

Can the government accept Berkshares for taxes?

Local state rep is supportive comes to all the events.

Can use now for non tax payments at town hall.

How do you account for taxes on the exchange?

Accounted for the same way.

Who tracks how many have been purchased and spent?

Through the banks

How many others are doing this?

100s