The Transformative Power of Money
Good morning, everyone. Today, I would like to invite you to reconsider your relationship with money, because how we view and use currency could fundamentally change our world.
Imagine a world where money and the economy become tools for positive change—where transactions and spending are acts of love, rather than cold, lifeless exchanges. I understand that this might seem a bit idealistic, but bear with me. I believe—and hope to persuade you—that we can transform our relationship with money. Indeed, we must.
Let me start by asking: How do you feel about your relationship with money? Do you feel as if you're always at the mercy of it, rather than it being in service to you? Do you often sense there's never enough for your needs or the causes you care about?
What if that feeling of scarcity isn't inevitable? What if it's by design? We're in the midst of a global cost of living crisis, making our perception of scarcity quite real. But what if it could be different?
A Historical Perspective on Money
Over 200 years ago, Thomas Jefferson warned us that the issuing power of money should be taken from the banks and restored to the people to whom it properly belongs. Today, banks create and control the vast supply of money through loans, motivating profit-driven money creation, which often enters circulation as debt. Over time, this system has concentrated wealth into the hands of a few.
But what if we could reclaim some of that power? What if we could increase the supply of money in our local economies to provide for what truly matters? Across the globe, there are already 300 places where communities are answering this call, issuing their own money through local currencies. Intrigued by this collective effort, a small group of U.S. artists and economists joined the movement in 2022.
The Silver Wattle Experiment
Our local currency, the Silver Wattle, was born out of this inspiration. For one month, we conducted an economic experiment and facilitated a creative conversation in Castlemaine, a small town electrified by the possibilities and joyful engagement of this initiative.
Before I explain more about the Silver Wattle, let's explore how a local currency functions. There are three critical features to share with you today:
1. Celebration of Place
Local currencies often start as colorful notes—and now mostly digital—adorned with artwork celebrating the unique identity of each locale. Perhaps the most famous example is the Brixton Pound, featuring hometown hero David Bowie.
2. Complementary Currencies
Local currencies do not aim to replace national ones but offer an alternative system of exchange, working alongside them.
3. Localized Spending
This feature is paramount: local currencies can only be spent in the specific town or region they serve. Why is this crucial? When money circulates locally, it prevents economic "leakage" to enrich global corporations and helps build local wealth instead.
"When money can only circulate locally, it doesn't leak out of economies but, instead, supports build wealth locally." –Unknown
Here's how it operates: Suppose you're a pie maker in your town. If half of your customers pay using a local currency, you'll likely purchase ingredients from nearby farms or grocers. This strengthens local food systems and reduces carbon footprints through shortened supply chains.
Your suppliers may then use the currency to pay local expenses, like council rates or energy from local wind farms—or perhaps buy more of your pies! This reflects the circular economy, where money acts as a nutrient cycle, supporting systems that sustain us.
Embodying Values Through Currency
Returning to our experiment with the Silver Wattle. This currency is two ceramic coins valued at $10 and $50, which circulated for a month in Castlemaine—a town located on Dja Djurong people's traditional lands of Central Victoria, Australia. The currency embraced the profound cultural respect integrated into First Nations wisdom, emphasizing cooperation, not competition. In this mindset, prosperity is about wealth distribution rather than its accumulation.
Using the Silver Wattle, we aimed to align money with what we value—beautifully represented by the plant illustrating community connection, the Wararrak (Silver Wattle) in the Dja dja Wurrung language. The symbolism extends to the physical coin itself—made with stoneware and local clay to remind us of the earth beneath our feet and social connections.
Overall, we minted $10,000 worth of coins, usable in select local businesses known for sustainability. Community participation was encouraged, both in spending and creating the currency, fostering a larger conversation on economic paradigms and community values.
A Call to Action
From this foundation, I extend an invitation for everyone to engage their creativity: What would a currency for Jarrah country look like? What values should it uphold?
Jarrah country is one of Australia's 250 First Nations, stewarded by the oldest living culture on earth. Its ancient wisdom understands the human economy as fundamentally circular—an economy rooted in relationships, much like our ecology.
Working with the Dja Jurong people, we could build something uniquely inclusive, listening to their wisdom—a true alternative to an economy designed exclusively for the wealthy few.
Let's Shift from Scarcity to Abundance
The economic experiment of the Silver Wattle, though retired, sits proudly in the Melbourne Museum's coin collection. Yet, this represents merely the beginning—as part of a global movement gaining momentum.
I invite you to join us. Connect with the Castlemaine Currency Project Facebook page to share and learn within this global community of practice. As you earn or spend money, reflect on how it makes you feel: Does it strengthen your connections to place, community, or relationships?
If so, you might find that your transactions have transformed into acts of love.
Conclusion
In a world increasingly dominated by vast inequality and limited resources, reimagining our economic systems is both necessary and possible. We can take cues from those already paving the way—proposing systems of local power, sustainable exchange, and community enrichment.
Become the agency of change by viewing money not just as a means to an end but as an opportunity to manifest love, connection, and shared prosperity. Thank you.
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