Cosmo-Local Credit

Description

Will Ruddick:

"What if everyday access to resources didn’t need an employer or lending interest at all? What if it were as simple as neighbors and organizations offering what they already do best, tapping a shared line of credit today, and settling up in-kind tomorrow?

That’s the heart of cosmo-local credit. You create a physical or digital voucher (a gift card for your goods or services) and stake it in a community commitment pool. That voucher is your collateral. Against it’s value, you draw what you need now, like money or supplies, without paying interest. Your outstanding obligation is just the value of your vouchers the pool holds. To settle, you can return what you drew and pull your voucher back. Or (and this is the magic) someone else can swap in their own voucher of equal value, take yours out, and spend it with you for your goods or services. In that moment the claim glides from you to them. Later, another neighbor can take their voucher, and so on. Because vouchers can pass hand to hand, the credit simply keeps rotating. It’s salary-like cash flow, but community-backed and recyclable."

(https://willruddick.substack.com/p/salary-without-an-employer)