chapter  14
Currencies of transition
Transforming money to unleash sustainability
WithJem Bendell, Thomas H. Greco
Pages 22

This chapter describes how a new movement and a new profession are emerging in the area of alternative currencies and exchange systems, and the key role of mutual credit clearing. Money has continued to evolve; it is neither a 'thing' nor a promise to deliver a thing. It is credit in a system of accounts, which manifests mainly as 'deposits' in banks, and only secondarily, in small amounts, as paper currency notes. The currencies on the system are therefore backed by a promise to supply local goods and services. People on the different systems can now trade with people on another system in another part of the world, and community exchange system publishes exchange rates between participating currencies based on the recommended minimum wage in each country. Currencies and exchange systems can be designed to connect communities to their own abundance. The organisation of mutual credit clearing exchanges is an essential first step in the transition to sustainability.