Teign Estuary Transition

Free screening of the film Money as Debt II.

All of a sudden, bankers have no money and we the taxpayers have to rescue them! Bailouts, stimulus packages, debt piled upon debt…Where will it all end?

Money As Debt II – Promises Unleashed explores the baffling, fraudulent and destructive mechanisms of the money system that holds us hostage to ever-growing debt… and how we might evolve beyond it into a new era.

Following on from Teign Estuary Transition’s successful screening of Money as Debt I last year, this event will provide an opportunity to consider the importance of a thriving local economy. We will view Money As Debt II and excerpts of Money as Debt III: Evolution Beyond Money followed by discussion and development of an action plan for a sustainable local economy that is not based on a traditional model. Suggestions made last year included the use of Credit Unions, LETS schemes and developing our own local currency.

Please join us at TAAG’s Arts & Community Centre, Northumberland Place, Teignmouth on Tuesday 24th January 7.30pm.

Free entry; donations welcome. Refreshments available at a small charge.

Please download the poster here if you are able to display a copy:

Skillsmart Retail and the National Skills Academy for Retail are teaming up with local  retailers across the country on 4th July to celebrate Independents’ Day.

The public are encouraged to buy at least one item from a local independent retailer and celebrate diversity on the high street.

They are also championing the skills independent retailers have to show the public that their local shopkeeper is not only a vital service, but someone who wears many hats: accountant, sales assistant, buyer and everything in-between.

See their web site for more info.

The last of our Film into Action screenings, Money as Debt was well attended by approximately 40 people. The post film discussion highlighted the importance of a thriving local economy and spurred us into setting up a subgroup to think about sustainable ways to boost the local economy. We talked about the challenge of typical loan systems that charge compound interest and discussed the potential benefits of belonging to a Credit Union (Association of British Credit Unions). The Credit Union model does not depend on debt like other models but rather on commitment and a level of trust; this led us into a discussion about the importance of community building as we work together to develop a sustainable local economy that is not based on a more traditional model.

There was discussion around the benefits of a zero interest currency and we heard about the JAK bank in Sweden which has been operating an interest-free savings and loan system since 1970. A member of the no longer running Teignmouth & Dawlish LETS (Local Exchange Trading System) group described the challenges and benefits of the scheme and we wondered whether now could be a good time to restart LETS in the Teign Estuary. We then learned a bit about the Totnes Pound, a local currency set up in Totnes to encourage residents to spend more money in the town. There was a lot of enthusiasm for learning more about all of these ideas and we were keen to include more local traders in further discussions.

It was fantastic to have invited guests Fraser Durham, Robin Currie, Rychard & Will with us to share their knowledge and experience during the discussion.

We plan to arrange a meeting in the next few weeks to think about taking some of these ideas forward. Please check this website for further details, or join our free membership by emailing info@teigntransition.org.uk so that you can receive updates on all our Transition activities