By Rich Creyer / Local Trade Partners / Fayetteville

 

I’ve just returned from the International Reciprocal Trade Association (IRTA) Convention in Pittsburgh. IRTA is the organization that promotes just and equitable standards of practice in modern trade and barter systems, and works to raise awareness throughout the world.

 

There were more than 125 attendees representing some 42 barter exchanges from around the world. Trade partners from China, Singapore, South America, New Zealand, France, Portugal and England were there. So was Northwest Arkansas.

The historic convention's theme was "Modern Barter, Leading the Way to Economic Recovery."

 

It seems that the same economic principles guiding local alternative currency in Northwest Arkansas is also being played out globally. And for good reason, it increases business efficiency. 

 

There are universal alternate currency systems in use from Hong Kong to Istanbul, London to Mexico City. I heard stories of billionaires in Hong Kong needing more copper mine capacity for a wire plant in Canada purchasing a mine from a South African businessman using universal currency, just like our local currency here in Northwest Arkansas.

 

The South African businessman then used his newly acquired universal currency to purchase undervalued ocean front real estate in Italy from the owner in Turkey, who used some of his universal currency to purchase vacant General Motors plants in Michigan to bolster his machining needs for his factories in Canada. 

 

The circle was global. The stories were inspiring, because it was clear what our region can accomplish by expanding our own local business to business currency.

 

And it was humbling. While they were talking about million dollar trades, I was thinking about Northwest Arkansas.

 

I spoke with a Global Trade Broker from Great Britain about our Local Trade Partner group, and how we use our alternate currency to buy dry cleaning, car batteries and hamburgers. His billionaire clients are trading multi-million dollar assets across continents.

 

I arrange the occasional thousand-dollar transaction.  Last month he arranged a $78 million deal using alternative currency.

 

The lesson was this: Global businessman sets a wise example for the local businessman. Save your cash. Trade first using an alternate currency and buy what you need at your cost.

 

The Northwest Arkansas Local Purchase Index decreased to .401 after two straight monthly increases. It’s not a shock. After the advertising buying binge last month within the control group, it makes sense to see some savings going on as we head into the holiday season.