Douglas Saltmarshe writes on a new bank, and currency, for Walthamstow
Gary Nash, creator of Consume or
Heat foodbank, is the inspiration for’ The Gary’, a brand-new currency A brand-new bank coming quickly to Walthamstow aims to get
people from financial obligation, rather than into it.The Hoe Street Central Bank will stand for 2 weeks this October and is part of a wider public project to change policies and mindsets to debt.Debt is an issue
that impacts nearly all of us, be it through home loans, trainee loans, credit cards, or payday advance loan. However this new project is designed to increase financial and political understanding of debt.The pop-up bank is an integral part of an action documentary called Debtonator: The Motion picture being made Dan Edelstyn and Hilary Powell. Spurred on by activists in the United States, Dan states: “When you take a look at it, we live in a world of weird beliefs– among which is our monetary system.
“Debt is essential to our financial system. It is a consequence of inadequate provision of public items and social services. Financial obligation stifles individual agency and creativity. It drives individuals into poverty while they get the blame for being bad.”
The movie is an exploration of exactly what financial obligation implies for common individuals. It describes how the releasing of credit and the imposition of financial obligation is utilized as a method of social control and questions existing economic policy.
‘The Gary’ (credit Daniel Edelstyn) Throughout the brief presence of the Hoe Street Central Bank, Walthamstow artist Hilary Powell will train local individuals in all aspects of printmaking to professional level. Participants will make limited edition notes of a new currency– the Gary, influenced by Gary Nash, founder of Consume or Heat foodbank. Profits from their sale will be utilized to support regional groups worried about poverty alleviation
That foodbanks are required by many illustrates the human cost of austerity and is a step of how people have actually been dragged into debt, and as a result hardship. In the nights and at weekends there will be talks and workshops to increase individuals’s understanding of the economy and person empowerment.The Hoe Street Central
Bank initiative will produce an area where exactly what financial obligation implies and how it can be dealt with is discussed within wider structures. The aim is to move far from the passive approval of the imposed current order towards active methods such as cancelling instead of’forgiving ‘financial obligation and to bring pressure to bear on usurious lenders.The Hoe Street Central Bank will therefore be utilized to create a public discussion about how we can replace our debt-addicted economy with a different model and to demystify economics and finance.Through Debtonator: The Motion picture the project will reach a much larger audience and will show that we require not fear writing off personal, corporate, or nationwide debt.For more info about Debtonator: The Movie