In this time of popular discontent with the 1% that controls most of the world's wealth, a small nonprofit in Ashfield, Massachusetts has a solution. Common Good Finance announced this week its plans for a revolutionary new money system that it claims could lead quickly to an economy that benefits everyone.
At the heart of the design for a Common Good Economy is a local money system called R Credits - . The R -- stands for Regenerative, Revolutionary, and taking Responsibility for our local economy.
R Credits combines features from successful alternative credit systems, adding technology innovations and procedures to ensure a secure, profitable experience for everyone. R Credits is designed to serve as the framework for a new democratic economic system that puts people and planet first -- a model easily adopted by individuals and businesses in any community, so that everyone can have healthy food, a home, health care, satisfying work, and a livable world.
Common Good Finance plans to launch R Credits in Greenfield, Massachusetts in March 2012, expanding quickly to other communities in the months that follow.
R Credits is designed to be able to flourish as a stand-alone system. But the Common Good Finance plan also includes a way for participants to use major credit cards, ATMs, checks, and other bank services, connecting locally-created money and local democratic control with the infrastructure of mainstream society.
Any chartered bank or credit union will be able to offer Common Good Accounts as an option to its members, subject to regulatory approval. This design overcomes the restrictions on credit unions -- combining the spirit of a credit union with the power and flexibility of an FDIC-insured stock savings bank.
With Common Good Accounts, just as with R Credits, any geographic community can have its own democratically-guided piece of the bank, simply as a depositor group. Deposits, loans, and profits will be tracked separately for each community. Deposits can be made in either R Credits or US Dollars and exchanged automatically, one for the other, as needed.
In October 2011, Common Good Finance signed an agreement with e3holdings, Inc. to work together to design bank products and services that will fulfill the missions of both organizations.
e3bank has full regulatory approval to acquire an existing federally-chartered community bank. All that remains is to complete the funding within the next few weeks. The name e3bank, is shorthand for a focus on the triple bottom line, a focus that goes beyond green. The bank plans to build prosperous and sustainable enterprise through sound investments in people and the planet, protect the health of the environment which supports life and the economy, and increase social equity by being fair to all people and communities affected by the decisions of the bank.
The collaboration with e3holdings along with the design for a revolutionary mutual credit system provide the ingredients for a major shift in the way people understand and use money and has the potential to transform people's lives for the better.
To learn more about Common Good Finance, visit: www.commongoodfinance.com , write Email address removed or call 413-628-3336.
For information about e3bank, visit www.e3bank.com .