Kawartha Loon wants to keep your money local
by Jaclyn Witherly
The Kawartha Loon, a new local currency was released on September 3. The “loonies” can be purchased and spent at participating businesses who are a part of the Kawartha Loon Exchange.
Every Kawartha Loon will cost 90 Canadian cents; it will then be accepted at par saving the consumer 10 per cent.
The idea is to promote localization and keep the circulation of money within the Kawarthas.
Fred Irwin, who is the Managing Editor of Greenzine, a magazine dedicated to building a green community, says the introduction of local currency will help create jobs and add to the wealth of businesses. The purpose is to cultivate economic localization.
“Some people think that I’m the loonie for even dreaming about a local currency!” he said in the recent edition of Greenzine.
“Thankfully there are many others that continue to be supportive on the journey that lies ahead to localize the economy particularly in food, water, energy, wellness and culture.”
The currency is available for purchase at the Peterborough Community Credit Union and comes in denominations of $1, $2.50, $5, $10 and $20 bills.
“This circulation of money is called the economic multiplier effect that ultimately increases supply of local products and services,” said Doug Wilson, from the Kawartha Loon Exchange.
“When this happens it also creates more local jobs and livelihoods. The key is to have as many consumers shopping with loonies and as many local businesses as possible as members of the exchange accepting them at par.”
The loonie is part of an economic development strategy which builds on existing wealth, prevents wealth from leaking out of a community and creates more jobs.
“It’s rather like pulling ourselves up by our boot straps, creating local trading partners and home grown markets for our food, our energy, our culture and our own well being,” Irwin said. “Think of the Kawartha Loon Local Currency as the catalyst to make it happen.”
There are already over 50 participating businesses, in restaurants, retail and non- profit. The currency will be officially launched at the Annual Purple Onion Harvest Festival on September 22 in Millennium Park in Peterborough.
Copyright 2010 Lakefield Herald Ltd.
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