Thai village's novel solution to downturn - Feb 18 2009

Like many countries around the world, Thailand is battling the effects of the global economic crisis.

But residents of one Thai village have found a novel way to shield themselves against the downturn - making their own cash.

Al Jazeera's Selina Downes travelled to the village of Santi Suk to find out more.

Category:

News & Politics

Tags:

• thailand
• village
• economy
• global
• slump
• selina
• downes
• aljazeera

[cheddyrod]

It is great to see local initiative. If this woman was the head of Citibank we probably would not have the mess we have now.

[gearzone2611]

Believe me if government just ignored it. The international bankers might go and burn down their houses and their money. This is what happened when locals or community get together and do their own decision. Because they can just manage themselves and its a free-debt money. You dont have to worry about deficits and national debt. This is such a brilliant idea. It is run by the people and the value of it; comes from the people. They will get rich and can offer more goods and services!

[BarefootBotanist]

I don't quite understand. Maybe someone can explain...I see how this works on a small scale, but for the people to 'get rich', that concept implies intercation with people outside the village, as if it is only inside the village, they have only a determinate amount of resources, no more, so to bring more-comes from outside. But their money has no value outside, unless all baht used to 'buy' money is saved, so can be swapped back, but then if 1baht =1money, it rises and falls as baht does???

[andrew21885]

as long as no interest is attached to the money it would work great. people don't need banks!

[daoinisan]

well done. Our Thai village should do the same

[samdonuge]

Pittsboro, NC.

[underdog3]

brilliant idea

[7boon]

Some villages in Germany and Austria did this in the Great Depression, until the Nazis banned them.

[bricenik]

that will happen everywhere if the crisis goes worse

[KhmerD0g]

a local county in the U.S. did the same thing. i forgot the name of the county.

[zenithbay]

Very enterprising...!!