There was a time in the United States when most of our financial institutions were local. Which essentially meant that local communities were able to create their own credit, or their own money, in response to their own needs. We still depended on banks, but it was a much more democratic process.
The current system is organized around financial values over life values. We need to shift that locus of power down to the community level because the financial markets recognize only money and thereby only financial values.
Not exclusively, but the bulk of our local economy should be covered by local currencies, which is more efficient than having global currencies which lose connection with reality in the markets, shops and communities of the people.
