Uploaded January 2023 | Updated September 2026, 1 week ago
In this interview I’m talking with Michael Hallam, who has recently been working with Mutual Credit Services on a credit clearing project called Local Loop North West. Credit clearing is an important part of what needs to happen to build a new, ‘commons’ economy, so I wanted to talk with him about his motivations – what problem is he trying to solve, and how is he going about it.
Transcript of interview, with links to organisations and information mentioned in the video: lowimpact.org/posts/how-credit-clearing-can-help-system-change-michael-hallam-of-local-loop-north-west.
We’re interviewing key players in the new economy, to: a) bring their work to a wider audience b) try to find ways to co-ordinate their efforts c) stimulate debate d) help to build the new economy.
Lowimpact.org: lowimpact.org
Local Loop North West: https://www.localloop.network/
Mutual Credit Services: https://www.mutualcredit.services/
Here’s what we mean by new economy: https://www.lowimpact.org/categories/...
Introduction to credit clearing: lowimpact.org/categories/credit-clearing
Highlights:
• Credit clearing can help small traders to overcome their cashflow and late payment problems, and it dramaticallly reduce the need for cash in communities.
• Local Loop North West is the first project of its type in the UK. They’re working with Mutual Credit Services, and the loop-finding software is provided by Tomaž Fleischman and his team.
• The most successful example of credit clearing is between banks. Banks clear debts between themselves constantly, rather than having to pay each other for every transaction.
In this interview I’m talking with Michael Hallam, who has recently been working with Mutual Credit Services on a credit clearing project called Local Loop North West. Credit clearing is an important part of what needs to happen to build a new, ‘commons’ economy, so I wanted to talk with him about his motivations – what problem is he trying to solve, and how is he going about it.
Transcript of interview, with links to organisations and information mentioned in the video: lowimpact.org/posts/how-credit-clearing-can-help-system-change-michael-hallam-of-local-loop-north-west.
We’re interviewing key players in the new economy, to: a) bring their work to a wider audience b) try to find ways to co-ordinate their efforts c) stimulate debate d) help to build the new economy.
Lowimpact.org: lowimpact.org
Local Loop North West: https://www.localloop.network/
Mutual Credit Services: https://www.mutualcredit.services/
Here’s what we mean by new economy: https://www.lowimpact.org/categories/...
Introduction to credit clearing: lowimpact.org/categories/credit-clearing
Highlights:
• Credit clearing can help small traders to overcome their cashflow and late payment problems, and it dramaticallly reduce the need for cash in communities.
• Local Loop North West is the first project of its type in the UK. They’re working with Mutual Credit Services, and the loop-finding software is provided by Tomaž Fleischman and his team.
• The most successful example of credit clearing is between banks. Banks clear debts between themselves constantly, rather than having to pay each other for every transaction.
