Local Currencies Grow During Economic Recession

The gentle mountain slopes of New England isolate the Berkshires, creating a peaceful remoteness in this southern Massachusetts region.

As a result, independent thinkers have thrived here. Herman Melville penned Moby Dick; Norman Rockwell etched paintings of American life; W. E. B. Dubois authored his first calls for emancipation.

Today, the Berkshires is giving rise to a new wave of free thinking. The region’s alternative to the U.S. dollar, Berkshares, is among the most successful of the country’s local currencies.

Since the currency’s launch two years ago, five local banks have printed more than 2 million paper notes. About 185,000 are currently in circulation, according to Susan Witt, a Berkshare co-founder.

The Berkshires is not alone. More communities are creating their own “complementary” currencies during the current economic crisis in an effort to keep wealth in their region.

Witt is now fielding calls from around the world, she said, especially from the United States and United Kingdom.

World Watch