Last year at this time Arianna Huffington from Huffington Post challenged Americans to a New Year’s Resolution that had potential to start a revolution. Within a week the Move Your Money Project had become a “movement” to help relocalize our economy. Within that week 7000 Facebook fans signed up and today, one year later, there are 36,345 fans. In addition, there have been many other initiatives started to encourage this movement that seems to have plenty of agreement on both the right and the left. By mid year it was estimated that 5 billion dollars was moved from 2 million accounts in big banks to local responsible institutions.
Another Facebook page, started by a more conservative former banker and president of an investment firm, states “It is time that Americans began to vote with their money and tell the Wall Street bailout banks & the Federal Reserve paper dollar where to go…Dr. Gary North on the right, and Arianna Huffington of the Huffington Post on the left, are urging freedom loving Americans to move their funds out of the bailout banks to smaller local financial institutions who still make loans.
Along the way many people have heeded the call of this movement, including groups that have collectively challenged the banking system. Early last year, the City of Los Angeles voted to move their money from banks that don’t comply with their new “responsible banking practices” motion. Another group that stands out is the members of 50+ congregations associated with the Greater Boston Interfaith Organization who collectively closed more 100 accounts at the Bank of America on November 17.
This all seems like a no brainer to me. “We the people” have allowed the Wall Street banks to get bigger than life. Over the past 30 0r 40 years the majority of Americans have moved their money from local institutions to the big banks in favor of better interest and convenience. In the same way that many of us have removed our support of other local businesses in favor of “more” and “cheaper”, we have contributed to the corporate and governmental corruption that has shaken the foundations of our economy.
Well, it is time to reverse the trend. Although it is a complex subject with many aspects to consider, one thing we can do is take responsibility and vote with our money. It is time to stop complaining about the government and start exercising the freedom we have to do what we can do. It is time to relocalize our economy and once again support out neighbors. It is also time to help Wall Street come down to earth.
So here it is another New Year and, if you haven’t already, a great time to join the revolution. For more information check out the Move Your Money Project website and be sure to watch the video that started it all: