Re: Financial innovation
From: balaji (
Date: Fri, 16 May 2008 14:47:59 -0700 (PDT)

The Bank was different, certainly, although its main purpose was to serve
as credit vehicle for the Kirtland LDS community.  It was insufficiently
capitalized, and when the economy turned sour in 1837 there was a run on
the bank.  There were many reasons the Mormons had to leave Kirtland for
Missouri shortly after, but the bank failure was one of them.  Subsequent
attempts to create internal financial mechanisms within this community
were much more successful, especially after the exodus to Utah.

Utah Valley Commons

Utah Valley Commons, a cohousing community to be located south of Salt
Lake City and within commuting distance of Utah Valley State College and
Brigham Young University, welcomes participation by individuals and
families interested in: co-housing, eco-village development, permaculture,
and sustainable living in general. The UVCC has no religious or political
affiliation, and includes (at the moment) LDS and non-LDS individuals and
families. Everyone is welcome. At present we are early in the planning
stage, and no site has been selected. The list will serve as forum for
discussion, and will lead to practical expression in the form of
eco-village and/or co-housing development in or near Provo, Utah. Our
models are Eco-Village at Ithaca (,
Champlain Valley Co-Housing (, the
Wasatch Commons (, and
Earthsong Eco-Neighborhood (, suitably
modified to local conditions.

"The future is not what you expect." James Howard Kuntsler

"If it is man's privilege to be independent, it is equally his duty to be
inter-dependent." M. K. Gandhi

>> the same call for financial innovation was made in the 19th century,
>> in the hay-day of the Associationist movement.  People like Albert
>> Brisbane and Horace Greeley tried to set up lending programs that
>> would operate within the "phalanxes" (what we call "cohousing") and
>> thus avoid the perils of conventional banking.  The Mormons tried
>> something similar in the 1830's in Ohio with the "Kirtland Savings
>> Association."  Unfortunately, their efforts did not bear fruit --
>> the Kirtland Bank exploded quite spectacularly -- and the
>> cohousing-like phalanxes all collapsed, one by one, leaving
>> mountains of debt in their wake.
> Were the bank failures different, or did they fail for similar reasons?
>                                                       Brian
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