I have been trying to compose an email that would explain the project to someone who has not heard of a transition town, a local currency, or a credit union. I know that some of the info below is not technically accurate… but what do people think?
This is not an email asking for money. It is kind of the opposite. I want to tell you about a new type of money: Brixton Money.
The Brixton pound is a new currency. A local currency. It will be backed one for one with sterling but it will work very differently from sterling. This sounds a bit weird and a bit revoluntionary. But the model has been tried and tested and a local currency is working in Totnes and Lewes.
The purpose of the money is so you can buy stuff in local shops, can trade. It will support local businesses, jobs for others in the neighbourhood and maintain the diversity of Brixton’s high street. It will build relationships in Brixton. It will make money work for Brixton.
This is an alternative to the money of the credit crunch. Different from the sort of money that exists as an abstract figure on a computer screen that can be lent out many times over, turned into a derivative and backed by a hedge fund. All Brixton Pounds will be printed as a hard currency and circulate in the local economy. You can trade it back in to pounds if you want. But we hope you won’t – we hope you will spend it and in turn others will spend more. The more times it circulates the more benefit it has.
A local Bank.
The currency will be issued by Lambeth Credit Union. A credit union is a local bank that allows people who may not be able to open a ‘normal’ bank account access to finance and the chance to save and to borrow. It is a cooperative owned by it’s members. You will hear about credit unions more from Mr Brown as they have emerged from the credit crunch as the safest way of banking.
I want you to show your support for this project which I think is really important by signing up to our Brixton Pound 1000 club which will help us raise awareness and funding for the project. Please see our website for more information: www…. [web page will have links to Totnes an Lewes Pound].