Last Bank Standing

I am going to a demonstration in Glastonbury tomorrow, in support of banks. This is deeply ironic, given that our historic finance system remains a major barrier to developing local resilience. However…

…..High Street banks in the UK are mounting a pull out of branches in small towns, citing the expense of running them. NatWest departed Glastonbury High Street some years ago, followed by HSBC. Then both Barclays and Lloyds announced their departure, leaving the town with no banks at all.

As they were taking their cashpoints with them, the Radstock Co-op was swift to install another. Its central location among the crystal shops assuaged fears than tourist income may fall through lack of access to cash. Facilities for the many independent traders, who supply the charm in this undeniably attractive street, are a more serious problem.

Solutions explored always ran up against the cost of cash movement; the very issue the banks were failing to deal with. Petitions to the last two banks fell on deaf ears – especially bitter in the case of Lloyds, who were bailed out by the taxpayer in 2008.

The demonstration in town on Friday is to mark the closure of our Barclays branch. As this is Glastonbury, I’m not there to wave placards, but to hold the belly dancer’s coat while she performs. You can see a couple of amusing short films featuring our last protests on the issue here –

Jerusalem

Last Bank standing – Crazy Horse

What to do next, once the dust has settled?

Drive everything online? It would take too long to explain why that is so very far from resilient (read the Resilience Handbook!).

A local currency could take some of the pressure off the cash movement problem. Many sophisticated, user friendly and secure models are running now. Money that can only be spent in a certain area is far less attractive to thieves. Mobile phone transactions can be enabled, as with the Bristol Pound. The concept needs a big player to engage – Mendip District Council accepting local currency as an agreed fraction of Council Tax payments, for example. MDC would then pay local contractors for various tasks, who spend their local pounds in Burns the Bread.

So the money circulates, which is all it ought to be doing. Let it out of your sight though, and it gets up to all sorts of mischief. Just wait till BitCoin brings you the world of Quantum Accounting. You really need to pay your milk bill with something simpler.

gothic image bookshop on Glastonbury High Street

And if you are in Glastonbury…you can buy the Resilience Handbook at the locally owned Gothic Image bookshop on the High Street! Save on postage!

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