Common good bank

[x[jenny]]

my typing skills are poor at best and you seem to relish these text discussions so im not going to get you started, suffice to say i really cant see it working unless everybody does it AND would i still be able to get my HD sports? if so would i pay in community dollars?

[x[method]]

As I understand it, you would be able to get your HD package sports, but you would have to show that it was for the benefit of the community. ie have a projector show the games at the community center etc. instead of hiding in your cave.

I have an email into them trying to get more info on the legality and technical details around how this actually works. I'll keep you guys updated as I found out more.

[x[method]]

Ok turns out I'm wrong - you would be able to buy anything you want anywhere. It should work just like normal cash. Here's my email exchange:

Hi,

I've been studying the idea of alternative currencies as a catalyst for community resiliency and combatting climate change. Therefore, I was ecstatic when I found your site last night and I'm very interested in being a community organizer where I currently live (Denmark - although I was born and raised in California). Before I apply, I have a question which is not addressed in your FAQ's: Is this legal? As this is an alternative currency, I'm assuming that all commerce and service it enables will function outside of the taxable sphere. In Denmark, they take this very seriously and consequently it's against the law. Is it also against the law in the USA? If so, how do you plan to deal with this restriction?

best,

Matt

|
William Spademan ✆
to me

show details 4:13 PM (40 minutes ago)

Dear Matt,

Excellent question. It took us several years of planning and back-and-forth with lawyers, to figure out how to do this legally. Yes it is legal. Here's how it works:

Local "currency" (credit actually) is stored as database entries by the Depositors Association, a virtual organization created by a covenant among the depositors in each common good bank community, consisting mostly of web-based computer programs maintained by our nonprofit organization.

All transactions are in dollars (or other official national currency), through standard bank checks, credit card charges, inter-account bank transfers. The covenant makes this possible through automatic information sharing from the bank's computer to the depositors association computer and automatic preemptive transaction requests from the depositors association to the bank. Since all transactions are in official national currency, the restrictions on local currency transactions do not apply. There is a legal paper trail for everything.

Conceptually, whenever a common good bank depositor's bank balance is insufficient to cover a check or credit card purchase, the bank computer notifies the depositor's association computer and waits a little while before continuing. The depositors association computer sells some of the depositor's local credit to another common good bank depositor (exchanging local credit for official national currency) by sending an immediate transaction request to the bank's computer and making the appropriate adjustment to the depositors association records.

William Spademan

--
William Spademan
President
Common Good Finance Corporation
democratic economics for a sustainable world

48 Buckland Road, PO Box 21
Ashfield, MA 01330 USA
+1 413-628-3336

Be one of our 4,000 founding depositors
Sign up now at www.commongoodbank.com with no cost or obligation

[x[thorazine]]

Seems like a Disney dollar scam.