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Thai Village Prints Own Money


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When It Comes to Cash, A Thai Village Says, 'Baht, Humbug!'

SANTI SUK, Thailand: -- One way to beat the world's credit crisis: Start printing your own money.

The villagers of Santi Suk began creating their own cash here on the sun-bleached plains of northern Thailand following Asia's financial crisis a decade ago.

Decorating their money with children's sketches of water buffaloes and Buddhist temples, the villagers conceived it as a do-it-yourself attempt to protect themselves from the whiplash of vast outflows of speculative money which undermined local currencies and threw Thailand -- and much of Asia -- into recession in 1997-98.

post-128-1231332509_thumb.jpg

Children's sketches of water buffaloes and

Buddhist temples decorate Santi Suk's currency.

At the time, some villagers faced questioning before Thailand's central bank and were accused by local government officials of plotting a secessionist revolt.

Now, with Thailand's economy slowing sharply, the DIY cash is beginning to flow freely again.

"We need our own money more than ever now," says Phra Supajarawat, the wiry, orange-robed abbot of the local Buddhist monastery, who doubles as a "governor" of Santi Suk's tiny, one-room bank. "Things are turning bad in Thailand and people need something they can believe in," he says.

Homemade currencies, sometimes known as community or complementary currencies, have a habit of popping up during economic crises. Some towns in the U.S., Canada and Germany introduced their own scrip during the Great Depression. Similar schemes have emerged more recently in Japan, Argentina and Britain.

One of the more successful programs has been in Berkshire County, Mass. Residents there pay $10 to get 11 "BerkShares," which are widely accepted in local stores, encouraging people to shop at home instead of using dollars to buy goods online or at large retail chains. Launched in 2006, BerkShares are still being used.

The idea is that by using local currencies, residents don't spend so many dollars, Thai baht or euros, thus helping to keep more resources within their communities. And because local currencies can't be banked away to earn interest, users keep spending it, providing a boost to their area's economy.

Pattamawadee Suzuki, an economics professor at Bangkok's Thammasat University, has studied the phenomenon closely. She says she is unsure whether there really is a significant financial benefit to using local currencies such as that used in Santi Suk. "When times are good, villagers prefer to use Thailand's national currency," she says. "But there is a very strong social benefit to using local currencies," Ms. Pattamawadee adds. "That place, Santi Suk, is more self-reliant than other rural areas of Thailand. They don't depend on remittances from relatives in Bangkok."

Many villagers -- who use the local notes as a means to barter for everyday goods -- corroborate Ms. Pattamawadee's analysis. A visit to the village's early morning market reveals a brisk trade in freshly harvested vegetables and a couple of butchers are hard at work selecting cuts from a side of beef. Shoppers haggle and gossip, clutching scrip depicting local rural scenes.

"We've learned to depend on our own work," says Buasorn Saothong, a robust 54-year-old rice farmer, who also dabbles in creating herbal hangover cures. ("Just chew on this paste and five minutes later you'll throw up and feel much better," she says.)

Over the years, there has been stiff opposition among Thailand's authorities to the Santi Suk villagers' experiment. The central bank, the Bank of Thailand, declared the villagers' currency "a threat to national security" in 2001 and brought Phra Supajarawat and other villagers to Bangkok for a scolding. "If groups in the country issue something that might become a currency, it's not allowed," says Chatumongkol Sonakul, who was governor of the Bank of Thailand at the time.

The villagers of Santi Suk launched their currency, which they called "bia," the local dialect word for "seedling," in the wake of the 1997-98 crisis. At the time, many were struggling with debt problems and were receiving fewer and smaller remittances from relatives working in the Bangkok area because of the financial crisis.

Two young foreigners from international volunteer organizations, Canadian Jeff Powell and Dutchman Menno Salverda, visited the area and suggested the villagers adopt a local currency to better manage their problems.

The villagers agreed. They approached Phra Supajarawat, now 68, to be the governor of the new village bank, which still consists of a safe housed in a hut that the villagers are happy to open up for anybody who wants to see the stacks of local currency piled inside. A competition was held among the local children to see who could come up with the best designs for the village's new money.

A few months later, in 2000, local government officials and police officers arrived in the village. Phra Supajarawat went along to see what the fuss was all about. Government officials told him he was treading on the toes of the central bank. "I thought, 'Oh no, the police are going to arrest me for counterfeiting,'" he recalls, laughing.

That didn't happen. But over the following months villagers, including Phra Supajarawat, were regularly taken to Bangkok to explain their rogue currency to the authorities. In the meantime, Santi Suk's "bia" notes went underground, used in secret by a handful of families.

In 2001, Nakorn Chompoochart, a lawyer with Thailand's Law Society, offered his services to help the villagers start circulating their currency again. "I told the villagers that people in other countries also had their own local currencies, and that if anybody tried to prosecute them, I'd defend them," he says.

Phra Supajarawat says Mr. Nakorn's offer of legal support gave people of Santi Suk the confidence they needed to persevere. To this day, no legal cases have been filed against them, although to make their currency absolutely legal, Thailand's Ministry of Finance would have to officially authorize its use. That still hasn't happened. A spokesman for the Finance Ministry declined to comment.

A breakthrough came when Phra Supajarawat learned from the central bank that one of its biggest objections to the villagers' currency was its name. The term "seedling" -- "bia" -- was the same as the word for "money" in the central Thai dialect used by the central bankers in Bangkok.

So the villagers changed the name of their currency to the Thai term for "merit" instead, and circulation began to steadily increase. The government dropped its objections, and Santi Suk-style currencies have since begun to slowly spread across the rest of northeastern Thailand as neighboring villages adopt the idea. Other villages are switching to barter trade for business instead of using Thailand's national currency, says Ms. Pattamawadee, the economics professor.

Today, interest in Santi Suk's monetary experiment is picking up again. Visitors from other parts of Thailand and nongovernment organizations are streaming into Santi Suk to see how it works, despite the currency's murky legal status.

"It was a big coup for us when the local rice mill began accepting it," says Ms. Buasorn, the hangover expert. "The mill is the focal point of the local economy. It means other people now realize our money is a real alternative."

-- Wall Street Jounal 2009-01-06

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think its a great idea and only works in small communities,and makes that community a stronger place socially.the bartering system has been around since time began.the world banking system would hate this,no money in it form them,but it would bring communities together..................very very good on them.

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Don't forget the Liberty Dollar in the USA...

an alternate REAL currency, made of precious metals or backed by the same, not just another fiat currency.

It really got Feds panties in a twist a while back. Can't have a better currency than the fiat crap they're spitting out (and now devaluing through inflation by running their printing presses 24/7), now can we...

Check it out:

http://www.libertydollar.org/

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think its a great idea and only works in small communities,and makes that community a stronger place socially.the bartering system has been around since time began.the world banking system would hate this,no money in it form them,but it would bring communities together..................very very good on them.

My sentiments exactly. I think it's a good idea - as long as it's not abused (people clandestinely printing their own). Who's in charge of the printing? Even the printer could take advantage of it.

It's a glorified bartering, and can work fine if honesty prevails. How do villagers get their 'merit' money initially - do they buy it with baht? If so, who keeps charge of the baht (who keeps the key to the safe?) - and can they convert back to baht if/when they want? ...if they travel, or make a motorbike payment, etc.

The more I contemplate the scenario, taking in to account how flawed human nature is, I can't help but see too many ways the system can be abused. ....just one, or a few bad apples.....

Pardon my cynicism.

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Economically it's a non-issue. It just makes a few villagers feel better. You can't enlarge the experience in any way, however. It will always be a local peculiarity, nothing more.

I still wonder why we have to read about it in WSJ of all places. Have they run out of real issues to address?

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Economically it's a non-issue. It just makes a few villagers feel better. You can't enlarge the experience in any way, however. It will always be a local peculiarity, nothing more.

I still wonder why we have to read about it in WSJ of all places. Have they run out of real issues to address?

"It just makes a few villagers feel better" and, after all, what do they matter - dumb yokels that they are? As described in the article, it actually does rather more than that and (when it works), it strengthens the local economy and reinforces a sense of local community. Yes, local - and that's the point. Is that so hard to grasp?

As to why the WSJ should run the story now.......... do the words "credit" and "crunch" have a familiar ring?

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Economically it's a non-issue. It just makes a few villagers feel better. You can't enlarge the experience in any way, however. It will always be a local peculiarity, nothing more.

I still wonder why we have to read about it in WSJ of all places. Have they run out of real issues to address?

"It just makes a few villagers feel better" and, after all, what do they matter - dumb yokels that they are? As described in the article, it actually does rather more than that and (when it works), it strengthens the local economy and reinforces a sense of local community. Yes, local - and that's the point. Is that so hard to grasp?

As to why the WSJ should run the story now.......... do the words "credit" and "crunch" have a familiar ring?

yes spot on,but the global financial networks would hate something like that to take off,cos there's no money in it for them,but its a great answer to greed,and yes i am surprised the WSJ printed being the mouth piece of the finance system.It can certainly work in small communities but am not sure about big cities.

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No exchange rate, other than what can be established by comparison with paying in baht for the same goods/services. I thought Scott's post - #2 - was actually funnier :o .

Plus is right in just one respect - such currencies are pretty much by definition local and therefore confined to integral communities. Much bigger would be unwieldy as well as getting the central (national) bank hot under the collar. So, I am fairly sure about its potential for big cities - i.e. there is none just as there is rather less "community" across big cities. That said, anything that boosts the well-being and livelihoods of the "little people" (aka "a few villagers" in this instance) gets my vote. Let the city folk stick to their loyalty points cards, air miles etc.

Interestingly, I've yet to hear of such local schemes extending to micro loans - seems a logical extension if the rice mill accepts the local scrip. But I'm no economist and maybe that's a step too far for something that does a lot of good as it is.

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What is the exchange rate?? :o

Who will take it when you want "real money" again??

What do you mean by "real" money?

There is a definition for that... a store of value and labor.

...but it's not the Thai baht or the US dollar or any of the fiat currencies that circulate today, as we saw during the Asian crisis of 1997 and what the US is now doing to their currency. If a currency issuer over-prints notes, then each note loses value through inflation. Inflation causes those who hold the currency to lose a portion (or in extreme cases all) of their stored value and labor. Essentially, governments can dishonestly tax all who hold their fiat currencies simply by printing more and causing inflation. They can't do this with real money, as the supply of precious metals is limited.

Currency does not necessary equal "money" for this reason, especially when its not backed by anything real, like a precious metal. Most fiat currencies, are in fact, backed only by debt (to international bankers - Rothschilds, Rockefellers, et al).

(The Liberty Dollar mentioned above, for example, is real money)

So in this respect, a local currency is certainly no worse than what most governments spit out, and may have some benefits.

From Wiki:

Benefits

The Wörgl experiment dramatically illustrates some of the common characteristics and major benefits of local currencies. [4]

  1. Local currencies tend to circulate much more rapidly than national currencies. The same amount of currency in circulation is employed more times and results in far greater overall economic activity. It produces greater benefit per unit. The higher velocity of money is a result of the negative interest rate which encourages people to spend the money more quickly.
  2. Local currencies enable the community to more fully utilize its existing productive resources, especially unemployed labor, which has a catalytic effect on the rest of the local economy. They are based on the premise that the community is not fully utilizing its productive capacities, because of a lack of local purchasing power. The alternative currency is utilized to increase demand, resulting in a greater exploitation of productive resources. So long as the local economy is functioning at less than full capacity, the introduction of local currency need not be inflationary, even when it results in a significant increase in total money supply and total economic activity.
  3. Since local currencies are only accepted within the community, their usage encourages the purchase of locally-produced and locally-available goods and services. Thus, for any given level of economic activity, more of the benefit accrues to the local community and less drains out to other parts of the country or the world. For instance, construction work undertaken with local currencies employs local labor and utilizes as far as possible local materials. The enhanced local effect becomes an incentive for the local population to accept and utilize the scrips.
  4. Some forms of complementary currency can promote fuller utilization of resources over a much wider geographic area and help bridge the barriers imposed by distance. The Fureai kippu system in Japan issues credits in exchange for assistance to senior citizens. Family members living far from their parents can earn credits by offering assistance to the elderly in their local community. The credits can then be transferred to their parents and redeemed by them for local assistance. Airline frequent flyer miles are a form of complementary currency that promotes customer-loyalty in exchange for free travel. The airlines offer most of the coupons for seats on less heavily sold flights where some seats normally go empty, thus providing a benefit to customers at relatively low cost to the airline.
  5. While most of these currencies are restricted to a small geographic area or a country, through the Internet electronic forms of complementary currency can be used to stimulate transactions on a global basis. In China, Tencent's QQ coins are a virtual form of currency that has gained wide circulation. QQ coins can be purchased for Renimbi and used to purchase virtual products and services such as ringtones and on-line video game time. They are also obtainable through on-line exchange for goods and services at about twice the Renimbi price, by which additional 'money' is being directly created. Though virtual currencies are not 'local' in the tradition sense, they do cater to the specific needs of a particular community, a virtual community. Once in circulation, they add to the total effective purchasing power of the on-line population as in the case of local currencies. The Chinese government has begun to tax the coins as they are exchanged from virtual currency to actual hard currency.[5]

Society utilizes only a small portion of its resources and opportunities. Almost everyone has underutilized knowledge, skills and time that can be engaged productively. Most manufacturers and services have underutilized machinery or capacity. Complementary currencies are a creative means to enhance this untapped social potential.

Edited by ChefHeat
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Economically it's a non-issue. It just makes a few villagers feel better. You can't enlarge the experience in any way, however. It will always be a local peculiarity, nothing more.

I still wonder why we have to read about it in WSJ of all places. Have they run out of real issues to address?

"It just makes a few villagers feel better" and, after all, what do they matter - dumb yokels that they are? As described in the article, it actually does rather more than that and (when it works), it strengthens the local economy and reinforces a sense of local community. Yes, local - and that's the point. Is that so hard to grasp?

As to why the WSJ should run the story now.......... do the words "credit" and "crunch" have a familiar ring?

You clearly overplay the benefits - it's just ONE small local community that relies entirely on trust, any move for enlargment is a sure way to be conned. In fact some conmen are probably already looking into replicating it 'cos it's such an easy scam - drawing your own money and getting folks to use it to rejuvenate local economy and build trust - I mean - people who want to build trust in hand drawn money, any conmen's wet dream.

And you suggestion that WSJ sees this story as a solution to credit crunch is umm.... not very credible, to put it mildly.

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also the phrase 'not worth the paper it is printed on' :o

But I wonder whether this sort of local barter-system voucher might be viewed, as an extension of the self-sufficiency economy, and therefore get official commendation ? Unfortunately most of the barter-systems I ever encountered, were scams pure-and-simple, can you imagine the commissions to be made from selling barter-cards of some description ? :D

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Of all the things to say about Thailand's dealing with the crisis, Wall Street Journal chose this old non-story. Just who sets their priorities?

Sure, it's a non-event. This story is interesting though, because it's a parabole. And it comes at a perfect time.

It reminds us the true nature of fiat currencies : wind. Or should we say "trust".

:o

To question this "local money" or to question the THB (or USD, or Euro)... there is just a difference of scale.

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Two young foreigners from international volunteer organizations, Canadian Jeff Powell and Dutchman Menno Salverda, visited the area and suggested the villagers adopt a local currency to better manage their problems.

Curious as to what organisations these were. RCYP?

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Economically it's a non-issue. It just makes a few villagers feel better. You can't enlarge the experience in any way, however. It will always be a local peculiarity, nothing more.

I still wonder why we have to read about it in WSJ of all places. Have they run out of real issues to address?

"It just makes a few villagers feel better" and, after all, what do they matter - dumb yokels that they are? As described in the article, it actually does rather more than that and (when it works), it strengthens the local economy and reinforces a sense of local community. Yes, local - and that's the point. Is that so hard to grasp?

As to why the WSJ should run the story now.......... do the words "credit" and "crunch" have a familiar ring?

You clearly overplay the benefits - it's just ONE small local community that relies entirely on trust, any move for enlargment is a sure way to be conned. In fact some conmen are probably already looking into replicating it 'cos it's such an easy scam - drawing your own money and getting folks to use it to rejuvenate local economy and build trust - I mean - people who want to build trust in hand drawn money, any conmen's wet dream.

And you suggestion that WSJ sees this story as a solution to credit crunch is umm.... not very credible, to put it mildly.

I "clearly overplay the benefits"? Where do I do that? Care to look at post #13? I state "clearly" that I don't think there is any potential for enlargement e.g. to big cities (as mentioned by Samuibeachcomber) - though ChefHeat's Wiki extract posits some interesting examples and possibilities..... as well as claiming more for the idea than I set out to do. Scope for abuse - sure........ and a key reason why I think it's unlikely to extend beyond a strictly local community with such inherent "eyes-on" safeguards as that provides . BTW, just how many times do I have to use the word "local" for it to register with you?

As to your last line - pointless to ask you to explain where you find in my post any "suggestion that WSJ sees this story as a solution to credit crunch". Do the words "straw" and "man" have a familiar ring?

Still, IMO this little episode does raise an interesting question that readers may care to consider - i.e. why does a simple, interesting story about something that has been shown to work and do good things for just "a few villagers" bug you quite so much? Are they not worthy - is it too good for the likes of them? IMO, your response to my post also provides a "clear" example in microcosm of the approach that you so often take elsewhere - but here it's without the smoke and mirrors cover of other umm....... "details" that you select, modify and insert to pad your arguments, to put it mildly.

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Of all the things to say about Thailand's dealing with the crisis, Wall Street Journal chose this old non-story. Just who sets their priorities?

Sure, it's a non-event. This story is interesting though, because it's a parabole. And it comes at a perfect time.

It reminds us the true nature of fiat currencies : wind. Or should we say "trust".

:o

To question this "local money" or to question the THB (or USD, or Euro)... there is just a difference of scale.

Exactly.

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I too saw the story as a simple but effective way to benefit a local community,keeping the goods and services,employment,etc in the community,everyone looking after each other,and especially good in the times we are in.

the western financial system has proved to be a failure since deregulation in the 80,s.............benefiting the few but hurting most others,and now its been exposed as a sham

its time to look at other ways,and this story has shown another way.

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As to why the WSJ should run the story now.......... do the words "credit" and "crunch" have a familiar ring?

It was you who connected the story to credit crunch, not me.

I have no idea what good has this paper money has done to villagers of Santisuk during the past decade. Do you?

Is it some kind of a blessed place, Shangri-la of sorts, immune to the crisis?

It's a non-story and a non-issue and I suspect the only way it could find its place in the Wall Street Journal, of all places, is via Thaksin hired PR firms.

If WSJ wants to talk about benefits of small community money - they have better examples in the US, however the story is not about them for some reason but about Thailand.

That's me getting a bit paranoid, but when I read this story on WSJ site it together with "Time Warner 2008 loss" and "Wyeth in talks for vaccine firm" I can't help but wonder what made them to publish it. What's the total circulation of that "currency", about a hundred dollars? Two hundred?

Edited by Plus
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Two young foreigners from international volunteer organizations, Canadian Jeff Powell and Dutchman Menno Salverda, visited the area and suggested the villagers adopt a local currency to better manage their problems.

Curious as to what organisations these were. RCYP?

Out of interest, I ran the names through Google. Assuming Jeff Powell is not the Canadian rower, then he's the one who was funded by VSO and Japan Foundation among others. Searching on Menno Salverda is (predictably) more productive and takes you right there - for example:

http://www.appropriate-economics.org/asia/asia.html

- many self-explanatory links at the bottom of the page including the following (which give a good intro to the Thai context):

http://www.appropriate-economics.org/asia/thailand/tdsc.html (includes overview of LETS, HOURS & Time-Dollar schemes)

http://www.twnside.org.sg/title/1913-cn.htm (article about Conference on Economic Sovereignty in Thailand in March 1999)

http://www.waccglobal.org/lang-en/publicat...-go-around.html

From the last link, the following extract helps to answer a lot of the queries that have been raised:

Muto Ichiyo, another interested Thai, wondered if the Mexican system had encountered any problems with counterfeiting or theft. ‘No’ was the reply from Luis. ‘First of all, it would be very difficult to deceive people in the network. They all know each other very well. Secondly, what would a thief buy? You can't buy a car or a TV with Tlaloc.’ Another question asked was: ‘Who does all the work in the system? How do you create and maintain commitment?’ All the work, said Luis, was voluntary or paid with Tlalocs. ‘Perhaps more important than the economic benefits are the opportunities to strengthen the local social fabric. Monthly fairs are organised to allow producers and consumers to meet face to face, and to create solidarity through a new spirit of exchange.’ Luis summarised: ‘Our fairs are like Carnival in Brazil, mixed with banking from Geneva.’

Sounds like fun - as well as something to "strengthen the local social fabric".

Looking through the links, it becomes apparent that loans can be part of the set-up - and thus go at least some way to reduce dependence on the traditional money-lenders and local power barons. In that context, this extract (from the third link above) is illuminating:

Most of the villagers' questions centred on the practical details of implementing a community currency system. How do you start? Where does the trust come from? Perhaps the feeling of the group can be summed up by the comments of Mae Buatong Boonsri of Santisuk village. 'It would be very good if we could establish a community currency system here. I think it will be very difficult, but in the end, we must do it if we are to encourage self-reliance.'

Hey, almost starts to sound like "New Politics you can believe in" :o

Good on them - not so dumb after all.

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so your real "bitch" is finding the article in the WSJ,and wondering who paid to put it there? most of the replies here have been about the actual benefits/or non benefits to the idea of a local currency,would it work/would n't it work.the answer seems to be that yes it does work.

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Maybe it works somewhere in Mexico, but a decade old experiment in Santisuk has produced nothing of interest whatsoever.

According to the article

"Many villagers -- who use the local notes as a means to barter for everyday goods -- corroborate Ms. Pattamawadee's analysis. A visit to the village's early morning market reveals a brisk trade in freshly harvested vegetables and a couple of butchers are hard at work selecting cuts from a side of beef. Shoppers haggle and gossip, clutching scrip depicting local rural scenes."

Nothing out of the ordinary.

"That place, Santi Suk, is more self-reliant than other rural areas of Thailand. They don't depend on remittances from relatives in Bangkok."

I seriously doubt that remittances from relatives in Bangkok are comparable to whatever benefits they get by using paper money.

"We've learned to depend on our own work," says Buasorn Saothong, a robust 54-year-old rice farmer, who also dabbles in creating herbal hangover cures. ("Just chew on this paste and five minutes later you'll throw up and feel much better," she says.)

Yeah, very credible source.

"It was a big coup for us when the local rice mill began accepting it," says Ms. Buasorn, the hangover expert. "The mill is the focal point of the local economy. It means other people now realize our money is a real alternative."

I'd say WSJ is taking a piss here.

It's a non-story with no clear benefits.

How would they deal with inflation? Now it's under 1%, but six months ago it was over 10% a month. How did they deal with that?

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As to why the WSJ should run the story now.......... do the words "credit" and "crunch" have a familiar ring?

It was you who connected the story to credit crunch, not me.

I have no idea what good has this paper money has done to villagers of Santisuk during the past decade. Do you?

Is it some kind of a blessed place, Shangri-la of sorts, immune to the crisis?

It's a non-story and a non-issue and I suspect the only way it could find its place in the Wall Street Journal, of all places, is via Thaksin hired PR firms.

If WSJ wants to talk about benefits of small community money - they have better examples in the US, however the story is not about them for some reason but about Thailand.

That's me getting a bit paranoid, but when I read this story on WSJ site it together with "Time Warner 2008 loss" and "Wyeth in talks for vaccine firm" I can't help but wonder what made them to publish it. What's the total circulation of that "currency", about a hundred dollars? Two hundred?

As I said before: 'pointless to ask you to explain where you find in my post any "suggestion that WSJ sees this story as a solution to credit crunch". Do the words "straw" and "man" have a familiar ring?'. Yes, utterly pointless.

Good grief - are we back to Sam SuperMoon & Co again? And that's only "a bit paranoid" (my italics) !? :o "It's a non story" - so that would benefit Thaksin how exactly?

Mock away - it makes one wonder all the more why such a minor thing as this story bugs you so much. If you can manage to read and absorb anything that doesn't fit your agenda, you'll find other answers in the links I posted earlier.

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if WSJ were taking the piss,they aimed it in the wrong direction,they should have just hung it out the windows, its wall street that have been taking the piss these last 10 years.

It wouls seem the experiment in this village community has been a success.I have no idea how they deal with inflation,but i quite like the hang over cure.

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