Nelson's newest currency hits the streets Wednesday.

Nelson currency ready to launch

As complementary currencies sprout up all over the world, Nelson becomes the newest community to make its own money. 



As complementary currencies sprout up all over the world, Nelson becomes the newest community to make its own money.

Columbia Community Dollars, a community initiative two years in the making, represents a growing trend of communities finding their own solutions to ailing economies.

”Creating community currencies is perfectly legal,” said Michael Sheely, coordinator for the community dollars. “Probably because it seems too good to be true is why most communities haven’t taken this step. However, this trend is changing fast.”

Complementary currencies have been shown to create resilient local economies and build community interdependence, reducing the effects of national and global recessions.

”We’ve taken the experiences from Barter Bucks, Nelson’s previous currency and customized a proven system used around the world to implement in our region,” said Bradley Roulston, certified financial planner and key player in the Nelson’s movement to make local money.

“The vast majority of the money we use is created when we take a loan from a bank,” explained Sheely. “The bank creates the money we borrow, but not the interest they charge. That creates an inherent shortage in the money supply. We compete for the always scarce resource of money. Bankruptcies and economic recessions are an inevitable consequence of this system.

”Nelson’s new money is different. We print the money and give it to non-profits and community groups that help make Nelson a better place,” said Sheely. “The businesses that have agreed to accept the currency help secure the value of the currency, so we let them decide which groups we give it to.

”Then people who want to support those groups can buy it off them. Rather than making donations people trade currencies so they don’t lose spending power. And it encourages them to support local businesses because that’s where they can spend it.”

”The banks are lucky because the federal government requires us to pay taxes with the money banks create,” said Roulston. “That ensures the money’s value. Starting a new currency requires a lot of education to build acceptance. Especially since people have spent their entire lives believing that only one model can exist.”

A live demonstration of how this all works will happen as part of the launch on Wednesday.
To be part of this historic moment come to Ward and Baker Streets at 10 a.m. and watch Nelson’s new money hit the streets.

 

Just Posted

VIDEO: Happy birthday Kaslo

Village marks 125th birthday with reopening of city hall, sealing of time capsule

B.C. declares state of emergency as more than 560 wildfires rage

This is only the fourth state of emergency ever issued during a fire season

Nelson council gives next council a raise

Size of increase disregards advice of appointed committee

Four-storey development slated for Hall-Front intersection in Nelson

Building will be mixed commercial and residential

Interim GoFundMe payments approved in Humboldt Broncos crash

$50,000 to be given to each of the 13 survivors and each family of the 16 people who died

Altidore nets 3 as Toronto drubs Whitecaps 5-2

Vancouver falls 7-4 on aggregate in Canadian Championship final

Ottawa intervenes to get B.C. ball player, 13, to Little League World Series

Before immigration issue was resolved, Dio Gama was out practicing the game he loves Wednesday

Pet goldfish invades small B.C. lake

Pinecrest Lake is located between Whistler and Squamish

Mounties deployed to help B.C. communities affected by wildfires

RCMP officers heading to places particularly within central, northern and southern B.C.

Chinese medicine practitioner in B.C. facing historical sex assault charges

71-year old Kit Wong practiced acupuncture from his home during the time of the assaults

Quebec sets aside $900 million for companies hurt by U.S. tariffs

Premier Philippe Couillard says his government will make $863 million available over five years

Ex-B.C. teachers’ union leader among latest pipeline protesters to get jail time

Twelve people have been sentenced for violating court order to stay away from Kinder Morgan terminal

Most Read