Open Space Meeting Report: Local Currency

The fractional reserve banking system is problematic and not resilient
- witness recent Northern Rock and similar episodes
- will become increasingly so as oil depletion bites
Local currencies, not based on fractional reserves
- are resilient
- encourage local trade
- keep money circulating within the local community
Local currencies can take many forms including
- LETS schemes
- time banks
- exchange/gift economy
- all help to build relationships
GDP is not a good measure of economic success
- leaves out environmental factors, war, crime etc
- fails to recognise happiness and contentment as factors which affect the well-being of citizens
- convention that GDP must grow year-on-year is resource-intensive and unsustainable
GPI (Genuine Progress Indicator) should be devised as a true measure of economic, personal and social well-being.