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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.
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.
No problem, Vanuatu is amazing; no words can describe it really.
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...
Exactly, that is why they are the most wealthy nation on earth.
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.
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.