Vashon banks on new credit union

Vashon Island has become a darling of the Occupy Wall Street movement after 16 percent of its residents moved their money to a new credit-union branch.

"In the years after World War II, most of our financial institutions were local. So they took in local savings and then used them to support local investment — in businesses, in homeownership," said David Korten, author of "When Corporations Rule the World," who lives on Bainbridge Island.

Over the years, control of the money shifted from the community to Wall Street, Korten said. "What the folks on Vashon are doing is beginning to reverse that ... Full Story »

Posted by Dwight Rousu
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Posted by: Posted by Dwight Rousu - May 8, 2012 - 2:45 PM PDT
Reviewed by: Dwight Rousu (review)
Content Type: Article
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Edited by: Dwight Rousu - May 8, 2012 - 2:49 PM PDT
Dwight Rousu
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by Dwight Rousu - May. 8, 2012

An interesting story that may serve as a tutorial for others who wish to quit supporting criminal banksters with their business, and keep money in the local community for homeowners and small businesses.

I am a strong admirer of the community organizing efforts of Moyer and the Backbone campaign.

Vashon organizers say the key to their success — a template they hope to share with other communities — was the decision to abandon the capital-intensive process of ... More »

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