Community Currency - Its Feasibility in the Flint City to Amanda

On 22nd August 2018 we are going to present our first presentation about Community currency and what are our findings about its feasibility in the Flint City to Amanda. Before giving presentation I would like to discuss few things about Community currency and what I feel about it.

We came across two models of community currency which existing in different parts of the world. We are trying to analyze these models of community currency and trying to understand how we can implement such kind of models to Flint City. These models are

1. Berkshire County, Massachusetts
2. Hull, England

Both these two models are different than each other and I would like to give you few differences between these two models of Community currency.

HullCoin

• Digital currency
• Issued at volunteer organizations and support groups
• Supplement to currency        
• Used for discounts at participating businesses

Berkshares

• Paper money
• Issued at local banks
• Second currency in the county next to USD
• Gives individuals 5% increase in buying power
• Can be traded back in to USD

Both these Community currencies are there for their particular purposes. Objective of each kind of community currency is different (I think). After looking at the differences between community currencies (Hullcoin and Berkshares). My understanding (Whatsoever little understanding I have), I believe that Hullcoin community currency  is mainly used for marketing purpose for businesses by giving discounts and try to make businesses more attractive  for customers.

While Berkshares kind of Community currency is secondary currency and which is in the form of paper and there are very strict laws to print currency in the form of paper and issue it to the local population. Berkshares is a real kind of currency and not the alternative currency. So objective of both kind of community currencies were different and their purpose are different. Here we are not focusing about their purposes and for what purpose they are using it, but we are more focusing about kind of model they have used to generate such kind of committee currency.

I believe that Community currency if we want to implement in any region/ area then we need to consider, what kind of population they have (Demographically) and what is the economic situation and conditions of the people living within that area.

The model of community currency used in those areas may or may not be work in Flint because economic condition and demography of flint is totally different. We can apply their models of committee currency or we can come up with new model of community currency particularly for Flint city (As per conditions of Flint city) but we can learn what they have done good for the community by applying community currency model and what are the mistakes they have made when they applied it, so that we can improve it.

The need of Community currency now in flint city might be necessary/required at this time but it is not the same if the community grows up economically and life sustainable needy things is fulfilled in the city. Community currency model may or may not be work as per our expectations. It all depends on Flint city’s economic condition and demographic situation.

I don’t know whether this analogy is right or wrong but I think it is more like a chemical reaction that may happens at the different temperature and conditions. [Catalysts -a substance that increases the rate of a chemical reaction].Example -There might be a possibility of requirement of catalyst (community currency) for chemical reaction which is happening at low temperature (low economic condition) at given condition. In similar manner committee currency can act like catalyst for the committee to improve conditions of people (Poor people) in low economy or economy of city which is in bad condition (Flint).

I came from India and everyone already knows the fact that India is very poor country. People in India really need some kind of economic development so that they can take and give services (To make money) for sustained a good life.  I'm very fortunate that I'm doing this project on committee currency. I may plan to implement such kind of committee currency in India. As of now Indian economic situation is not good. But situation in the United States of America is totally different than what we have in India. I was expected that every city or every place in United States of America might be very rich and economically well developed. Well developed technology everywhere and people can get anything whatsoever they want. Even I feel the Flint City is economically well developed City as compared to cities from India (When I see flint for first time). But Flint City is totally different than what I expected. Reality is totally different than what I believe.  For me it is an eye opener when I got demographic data from my professor.

From observing secondary data that I got from my professor I was shocked and surprised to know the real situation of Flint city. I can see that poverty level in Flint population is almost 42% which is not a good thing as compared to whole Genesee County (Which is 20% only). Bachelor's degree or higher education in Flint is 11.20 % which is not appreciable at all. Very less number of people is going for higher education. Flint City requires more focus than rest of the area in Genesee County.  Also, out of 8712 firms only 1207 firms have their paid employees which indicate that most of the firms are self-owned by the people and most of the firms are owned by female owners (5303) than male owners (2933). By observing this data we can say that there might be some chance of feasibility of community currency in Flint City in near future.