a rainbow stack of Kaua`i Time, with the `Akahi Hola (One Hour) 'PUNA' bill on top
What is Kaua`i Time ?
As the larger global economy lurches and stumbles, a new space is opening up for small-scale economic tools like local currency.
Kaua`i Time is a local currency for the island of Kaua`i.
It is called "Kaua`i Time " because it is based on the most precious commodity any of us can ever own - our time.
What backs Kaua`i Time ?
Every day on Kaua`i, hundreds of people spend thousands of volunteer hours investing in Kaua`i.
Ask anyone, and they will tell you - each hour spent cleaning up a beach, providing a voice for the community, or building affordable homes for local residents - represents a real service that has real value to our island, but is not presently recognized as an economic value.
Kaua`i Time recognizes this value. Recognizing these existing volunteer activities with a tradable economic value via a local currency like Kaua`i Time, enlarges our island economy - making it more robust & dynamic - enriching us all.
Kaua`i Time taps into this gold mine, and puts our money where our mouth is. Each of these volunteer hours is the sweat equity (or gold standard) that backs each hour of Kaua`i Time.
Spending time on Kaua`i - What is it worth ?
Kaua`i Time comes in all the colors of the anuenue (rainbow), and is issued and traded in denominations of hours.
$20/hr. is a round number that represents a realistic floor for a living wage on Kaua`i. A living wage is different from a minimum wage - you can actually live on it, and still have time left for the rest of the things in your life.
You may rightly feel your time is worth more than $20/hr (hurray for you - put it to good use!). With Kaua`i Time there is no upper limit to your potential, however, with the cost of living on Kaua`i, can you afford to make less?
Does Time = Money?
The short answer is "No." but they can be exchanged.
Another way to understand the value of a currency is in terms of its 'purchasing power.' What can you get for it? Since even the richest of us can't 'eat' money, looking at the traded value of a commodity like a basic food staple is one way to get a better understanding.
Coconuts (Niu) are quite familiar to Kaua`i, having been brought here as a 'canoe plant' more than 1,500 years ago by the first Polynesian settlers to these islands. You can not only eat the meat, drink the water, lavish the oils - they even used the fiber of the husks to make a stout rope for the sails of the canoes they came in on. Quite valuable indeed!
From talking with several modern day tree-climbing huskers who make their living directly from selling coconuts, we have determined one hour of Kaua`i Time is equal to a retail value of ~ 10 fresh coconuts, no matter if you need a wheelbarrow of dollars to buy a loaf of bread. The ten-to-one coco-to-hour ratio of purchasing power should remain constant on Kaua`i no matter what the dollar does.
If the dollar significantly changes in purchasing power, the exchange rate to Kaua`i Time will be periodically reviewed, and adjusted as appropriate.
To sum up (for the present), here is the exchange rate:
1 Hr KT = 10 COCO = $20 USD
"Pot of gold" at the end of the rainbow: One Hour of KT = 10 fresh coconuts ($20 USD - 3rdQ, 2009)
Moving Forward
Following the trail blazed by communities like Ithaca, NY and Berkshire County, Kaua`i is stepping up to the challenge by promoting and supporting our micro-economy with locally controlled small-scale economic tools.
A diversified economy is a healthier economy. Adding a local currency to the existing mix will grow our economy, keep money flowing here on Kaua`i, help locally-owned businesses thrive, and foster the vibrancy of our local economy.
Sounds great! How can I get involved?