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.
Our Mission
Transition Cambridge aims to help Cambridge make the transition to ways of life that are more resilient in the face of rising energy prices and a changing climate.