Vanuatu's fight to have its native currency recognized by the big banks

Vanuatu's fight to have its native currency recognized by the big banks

This video is well worth a watch.

It gives a great insight into life in Vanuatu and explains how they are trading in goods and services to sustain a local economy.
It also shows a battle between the worlds big banks and a bank in Vanuatu using boar tusks as money who want it recognized and redemable for official currency, or the Vatu.
They have been using the system for hundreds of years.

We could all learn something from these guys.

Let me tell you, I have been to Vanuatu and while they are poor in money they are probably the most wealthy people on the planet.
Their society has not been corrupted like we see in the west.
They look after each other and are fully self sustainable.
It makes me happy to know that they will be some of the lucky few to survive if the economy collapses, because honestly they deserve it.

Once again, I highly suggest you watch the video below (Sorry cant embed it).

With the world rocked by economic turmoil, Dateline explores an alternative financial system that’s secure, stable and has stood the test of time.

Officially Vanuatu is one of the world’s 'least developed countries', but this is misleading. 80% of the population have almost no need for cash at all – they live on their own land and grow, fish and hunt for their food.

When they do need money, they simply make their own - traditional currencies like woven mats and pigs with tusks can be used to pay school fees and medical bills.

On the island of Pentecost there’s even a traditional bank that accepts deposits of pig tusks and claims to have reserves of $1.4 billion.

Video

Transcript:

On the east coast of North Pentecost, faith in the custom economy has led to a financial revolution. Traditionally only the tusks on a live pig are valuable or on the skull of a pig that hasn't been sacrificed. But here the tusks themselves have become objects of great value. And they have built a bank to store them.

reply to post by IgnorantSpecies


thanks for posting this,
i just got back from visiting Vanuatu...

i had no experience with Kastom (custom)
so it was interesting to see the video U posted...

what i can say is this:
it is beautiful there,
twice voted "Happiest Place in the World"...and no wonder...

i am planning on returning next year, so it was great to see more info about the place...

thanks again...

Originally posted by shaneR
reply to post by IgnorantSpecies

 

thanks for posting this,
i just got back from visiting Vanuatu...

i had no experience with Kastom (custom)
so it was interesting to see the video U posted...

what i can say is this:
it is beautiful there,
twice voted "Happiest Place in the World"...and no wonder...

i am planning on returning next year, so it was great to see more info about the place...

thanks again...

No problem, Vanuatu is amazing; no words can describe it really.

I went there not long ago and didnt see anyone trading in kastom either, but I did see a lot of pigs.

Lucky, I too will return one day. I suggest going to Wala.

This is how the world is upposed to work, this community just proved how useless "money" is. I'm really only posting in here to keep track of this for a later date.

Originally posted by RicFlair
This is how the world is upposed to work, this community just proved how useless "money" is. I'm really only posting in here to keep track of this for a later date.

Exactly, that is why they are the most wealthy nation on earth.
I don't think this thread is going anywhere tho.
People love to fantasize about this type of society and when it actually is happening they don't care.

Interesting but, they seem to depend to much on foreign aid, tourism and off shore banking that puts them at the control of others.

Originally posted by MrSpad
Interesting but, they seem to depend to much on foreign aid, tourism and off shore banking that puts them at the control of others.

They are 100% self sustainable so they are not dependent, but they do need it in our current system. If the world system is too collapse which is very likely now, they will survive fine while millions in the west will probably starve.

reply to post by IgnorantSpecies


thanks again for that...

yes i saw pigs too, but no bartering really...
cash is king, everywhere these days...seemingly

on a side note, i visited on a P+O cruise, and went to Port Vila, and "Mystery Island"...
and was meant to go to WALA island too, but
a low pressure system forced the captain to take us to Espiritu Santo instead...

i regret missing Wala, because i have also heard from others how nice it is...

but i met some great people in Santo, and hoping to return next year, to also visit Tanna island
and see Mt Yasur...

i will try and visit Wala too...is it uninhabited?

seeya