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The Role of the Individual in Localizing Money Issue and Credit Creation

Twenty-Fifth Annual E. F. Schumacher Lectures October 2005, Mount Holyoke College, South Hadley, MA

Christopher Houghton Budd, 2006

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Summary :

First, I’m concerned that the take-up of local currencies is not fast enough and not vast enough, considering the events we’re now experiencing in the financial world. I do not mean to gainsay the local currency movement, but I do worry that it may prove to be of no consequence because of the macro situation now prevailing, both geopolitically and conceptually. Second, I’m not at all sure how helpful it is to speak in antithetical terms of “us” and “them.” The third concern I have is whether the analysis of the local currency movement and therefore the remedies it is meant to bring are historically and technically accurate enough. I say this because if they are not historically or technically accurate, I don’t believe they will have the effect they could otherwise have in terms of the larger picture.