What if we had our own unique local currency for Djaara Country? | Jodi Newcombe | TEDxBendigo

Key Concepts

• Local Currencies: Complementary currencies operating alongside national currencies, spendable only within a specific local area.
• Circular Economy: An economic system where money acts like a nutrient cycle, reinvesting in local systems and resources.
• Scarcity vs. Abundance: Shifting from a mindset of limited resources to one of plentiful possibilities through community-driven economic models.
• First Nations Wisdom: Incorporating indigenous principles of cooperation, resource respect, and wealth distribution into economic design.
• Care Economy: An economy prioritizing care, community, and social well-being over profit maximization.

Reconsidering Our Relationship with Money

The speaker challenges the audience to rethink their relationship with money, suggesting it can be an act of love and community building rather than a cold transaction. The core question posed is whether we feel in service to money or if it serves us, and whether the feeling of scarcity is inevitable or a manufactured condition.

The Problem with the Current Monetary System

The current global cost of living crisis highlights the issue. Referencing Thomas Jefferson, the speaker points out that banks, driven by profit, control the money supply through loans, leading to debt and wealth concentration.

The Solution: Local Currencies

The speaker introduces local currencies as a way for communities to reclaim control over their economies. There are 300 communities worldwide using local currencies.

Three Key Features of Local Currencies:

1. Celebration of Place: Local currencies often feature artwork and designs that reflect the unique identity of the community (e.g., David Bowie on the Brixton Pound).
2. Complementary: They operate alongside national currencies, offering an alternative system of exchange.
3. Local Circulation: They can only be spent within a specific local area, preventing wealth from leaking out to global corporations.

How Local Currencies Work: The Pie Maker Example

A pie maker using local currency is more likely to purchase ingredients from local suppliers. This strengthens local food systems, reduces carbon footprint, and creates a circular economy where money reinvests in the community. This circular flow can extend to council rates, local wind farms, and other local businesses.

The Silver Wattle Experiment in Castlemaine

In 2022, a group of artists and economists created the "Silver Wattle," a local currency in Castlemaine, Australia, to explore these concepts.

Designing the Silver Wattle with First Nations Wisdom

The currency design was deeply influenced by the Judgerong people, the First Nations people of Central Victoria. Key principles included:

• Cooperation over competition.
• Distribution of wealth over accumulation.
• Respect for resources as relatives, not commodities.

The silver wattle plant (warak in Judgerong language) was chosen as a symbol of connection to each other and to the land. Its sap was traditionally used as glue.

Implementation and Impact

• $10,000 worth of silver wattle coins (ceramic, valued at $10 and $50) were minted.
• The coins were made of stoneware clay with a wash of locally sourced wild clay.
• They were available at select businesses with sustainable practices.
• 10% of all exchanges went to "Castlemaine Pay the Rent" for Judgerong elders.
• The coins served as a touchstone for conversations about the economy and its potential for change.
• Community members were invited to participate in making the coins.

Moving Towards an Economy of Abundance

The speaker proposes creating a unique currency for all of Jara country, incorporating First Nations wisdom and values. This would serve as an alternative to an economy designed by and for the wealthy few.

Conclusion and Call to Action

The Silver Wattle is now part of the Melbourne Museum's coin collection, but the movement for local currencies is growing. The speaker encourages the audience to:

• Join the "Camin Currency Project" Facebook page.
• Reflect on how their spending makes them feel and whether it connects them to their community.
• Consider whether their transactions are acts of love.