Rewiring Western Massachusetts with local capital
V.1, N.13
One of the 20th Century’s most important regional economists, Jane Jacobs, envisioned a world with thousands of neighborhood currencies, city currencies, regional currencies, and, yes, national currencies, all creating multiple, overlapping systems for keeping capital local. These were important tools, Jacobs argued, for maximizing local economic multipliers and growing income, wealth, and jobs. There are many local currencies in the world today, but most are small and fledgling, and nearly all of them focus on local purchasing rather than local investing. But if there’s one local currency in the United States that could evolve into a local investment vehicle, it’s BerkShares, which was started by the Schumacher Center for New Economics. Millions of dollars of local sales have been transacted in the local currency since it was deployed in Western Massachusetts in 2006. Three local banks serve as important partners by facilitating the exchange of US dollars for BerkShares which then can be spent as legal tender in participating businesses. Our lead article is about how the program is about to go digital, an important step in integrating the currency in participants’ investment decisions.
Whenever you’re looking for investment opportunities, include the term “community ownership” in your search bar. For years, Cheeseheads in Wisconsin have loved their Green Bay Packers because it is a community-owned team (the cheese and bratwurst are an extra bonus). As the only team in the National Football League not owned by an obnoxious private individual or company, the Packers will never be deserting the hometown for somewhere else with a shiny new stadium. Check out our article on a new women’s soccer club in Minnesota which is going the same route.
If public banking is your passion, check out our article on booming support for the concept in New York. Public banking, pioneered by the Bank of North Dakota, is basically a tool for localizing flows of money in and out of state, county, and city coffers. California, by the way, already passed enabling legislation and nearly a dozen of its cities are designing their own banks.
Finally, I’d like to draw your attention to an essay Jenny Kassan and I published last week on what businesses and investors can and cannot talk about. If you want to engage local businesspeople and farmers in potential investments, you’ll want to know the rules (they’re complicated!).
– Michael Shuman, Publisher of The Main Street Journal
P.S. We’ll be taking a holiday hiatus from publishing as we plan for next year. Look for The Main Street Journal next on Thursday, January 6, 2022. Happy New Year to all!
NEWS
The Local Currency “BerkShares” Goes Digital, The Greylock Glass (December 5)
A Minnesota Women’s Soccer Club Embraces A Community-Ownership Model, MinnPost (November 23)
Why Activists Say New York City Needs Public Banking, WhoWhatWhy (November 24)
PARTNER VOICES
Six Guidelines for Business-Investor Conversations, Jenny Kassan & Michael Shuman (December 10)
Community Investment Funds: Impact Investing for the 99%, Janice Shade, Nonprofit Quarterly (December 1)
Project Equity’s newest white paper explores how cooperatives can help solve some of today’s major challenges: jobs, housing and childcare (November 2021)
From Wall Street Investor To Regenerative Finance Expert, Jenny Kassan (December 6)
EVENTS
Employee Ownership 101 for Berkeley Small Business Owners – Webinar. Monday, January 10, 4-5pm PT. Discover how employee ownership can strengthen small business, attract and retain employees, and be an exit strategy for selling owners.
Get Inspired: Shop Black-Owned Campaign – Webinar. Wednesday, January 12, from 8am-12pm PT. Learn how groups like yours support the Shop Black-Owned movement. Discover ideas to launch a new campaign or build upon existing efforts in your community.
ICYMI
5 Benefits of Joining a Credit Union, The Ascent (November 21)
How P2P Platforms Enable Income Generation Through Higher Return, Financial Express (December 5)
Municipal Bond Funds On Track For Record Inflows In 2021, Seeking Alpha (November 21)
How To Be A Localist For The Holidays, Prospera Partners (November 25)
New Land Trust Model Will Support BIPOC-led Farming in Central VA, Public News Service (November 26)
JOBS BOARD
Candide Group is seeking a full-time Managing Director of their Climate Justice Fund (Bay Area preferred, open to other geographies with prior approval)
Mission Driven Finance is seeking a full-time Real Estate Strategist for Childcare Facilities and a full-time Senior Associate of Knowledge Systems (both positions can be fully remote)
BECOME A MAIN STREET CHAMPION
Have you always wanted to start a local investment club? A website of local investment offerings in your community? A local investment study group? Whatever your interest or ambition, we invite you to “go public” to help others in your region find you, scheme with you, and start a local investment movement in your community. Our goal is to identify dozens, then hundreds, then thousands of Main Street Champions like you across America. We already have Main Street Champions across the U.S., from San Luis Obispo, CA to Providence, RI, and even Australia! Together, we can move our hard-earned savings from Wall Street back into our communities. Fill out the intake survey below to join this first cohort!
SOME OF MSJ’s VINTAGE ISSUES
Stop the Steal: Threats to your self-directed retirement savings
How DC is saving small business through investment crowdfunding
About The Main Street Journal
The Main Street Journal aims to catalyze the movement of $50 trillion from Wall Street to Main Street to facilitate economic development and economic justice. It’s sponsored by the National Coalition for Community Capital, with a grant from the Heron Foundation. We welcome feedback about everything, from our design to content. And we welcome suggestions of other groups to involve as partners, and other information to include. Please send ideas to Sophia Leswing at sophia@main-street-journal.com.
PARTNERS
We welcome any nonprofit or for-profit committed to local investment as a partner. If your organization is interested, please contact Sophia Leswing at sophia@main-street-journal.com.