[P2P-F] Fwd: What's Your Money Doing Tonight?

[Michel Bauwens]

---------- Forwarded message ---------
From: Schumacher Center for a New Economics <
schumacher at centerforneweconomics.org>
Date: Sat, Feb 6, 2021 at 9:50 PM
Subject: What's Your Money Doing Tonight?
To: Michel Bauwens <michel at p2pfoundation.net>


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*Railroad Street, Great Barrington photographed by Julie Bidwell, 2016*

Dear Michel Bauwens,

Do you know what your money is doing tonight? Community bank depositors can
be pretty sure theirs is supporting local businesses on their respective
Main Streets. Unlike their Wall Street counterparts, community banks are
often owned and operated by members of the local community who understand
the needs of their neighbors and are well-equipped to make lending
decisions that benefit local consumers and producers. Put simply, big banks
*remove* capital from communities while community banks *circulate* it,
invigorating the local economy.

Community Banks like Lee Bank, Salisbury Bank and Trust, and Pittsfield
Cooperative Bank are almost like bond investors in the local community. But
this is what we should be doing because the capital we’re leveraging was
built up over years and years from deposit (funding) and lending (interest
income) activity here in the Berkshires. All of us also take this a step
further and invest tremendously in our employees so they feel good about
their employer and their employment situation and in turn have the
confidence to spend some of their discretionary or non-discretionary income
locally.

Chuck Leach, President and CEO of Lee Bank

On Thursday, February 11th at 2 PM EST, the Schumacher Center for a New
Economics and BerkShares, Inc. will host a virtual Community Banking
Roundtable
<https://centerforneweconomics.us5.list-manage.com/track/click?u=69d509d113032e3126c4543ce&id=ead6f7e35f&e=639a116680>
with presidents Jay Anderson of Pittsfield Cooperative Bank, Rick Cantele
of Salisbury Bank and Trust Company, and Chuck Leach of Lee Bank to
highlight the role and defining characteristics of community banks. The
speakers represent the three banks that partner with BerkShares Inc
<http://www.berkshares.org>. to distribute the local currency throughout
the Berkshire region. These banks’ scale and focus encourage and facilitate
the partnership.

This conversation will be moderated by Alice Maggio, former director of
BerkShares, Inc., a corporator of Lee Bank, and member of the Schumacher
Center's Board of Directors. This free webinar will take place from 2:00 to
3:30 PM EST via Zoom. Register here.
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Please join us on February 11th for this discussion.

Wishing All Well,
Staff of the Schumacher Center

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