Frontiers of Commoning, with David Bollier Rachel Moriarty on BerkShares
May 1, 2020
Rachel Moriarty, the Coordinator of the Berkshires Local Currency program, dives into the fascinating evolution of BerkShares, one of the world's most successful local currencies. She highlights the importance of community-driven finance and discusses the innovative SHARE loan program that supports local businesses. Rachel reveals how BerkShares transitioned from a weekend initiative to a year-round currency, emphasizing local identity and resource reclamation. With insights on its legal framework and artistic design, this conversation is a deep exploration of economic localization.
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BerkShares As A Year-Round Local Currency
- The modern BerkShares launched in 2006 as a year-round physical currency sold at a 5% discount via community banks.
- Businesses accept BerkShares at face value and circulate them through participating banks to keep value local.
Circulation Is Measured By Recirculation Estimates
- About 130,000 BerkShares circulate and have recirculated roughly two to three times before returning to banks.
- Over 13 years roughly 10 million BerkShares have moved through the local economy, mainly tracked by anecdotes rather than digital accounting.
Give Businesses Flexible Acceptance And An Exit
- Let businesses set terms for accepting local currency to build trust and reduce risk.
- Ensure convertibility into dollars so businesses always have a reliable exit option.