Archive | March 4, 2013

Vanuatu in an Economic World of their Own

Vanuatu in an Economic World of their Own

First inhabited by Melanesian people, the Republic of Vanuatu is an island nation located in the South Pacific Ocean, some 1,750 kilometres (1,090 mi) east of northern Australia, near New Guinea.

While the Western world is rocked by economic turmoil, we explore an alternative financial system that’s secure, stable and has stood the test of time. In Vanuatu, a different approach to money is thriving.

According to the UN Vanuatu is one of the world’s least developed countries, but no one goes hungry there. When they need money they simply make their own.

“The only thing we need money for is to pay for salt, soap and kerosene.” School fees and medical bills are paid in exchange with local produce, woven mats and pigs.”
Pigs tusks can hold their value against any other form of currency.” On the island of Pentecost the bank accepts deposits of pig tusks and claims to have reserves of $1.4 million. As the world frets about the fragility of its financial system, “Vanuatu is ready to teach all the other countries the road to a good life.”

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