The Power of Community Currency

Paul Glover, founder of the Ithaca HOURS local currency system (begun 1991), on the power of community currency. He passed around hemp- and cattail-paper HOURS notes and described issuing money to businesses that agreed to be listed in a directory, interest-free loans of up to $30,000 in local currency (including one to a credit union), and grants to community organizations. He argued that local currency meets local needs, models replicable alternatives, shifts power to the grassroots, and could help rebuild civilization. Audience questions covered UC SMILE, a local currency effort in Champaign-Urbana, and access for people with felony convictions.