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Yes you read the title right, a movement has started to recycle dollars in the Black communities across the United States, this being pushed by Killa Mike, and many people are doing just that. Here is a clip from a Youtuber that goes into this https://www.youtube.com/watch?v=hv5oF9inDX0 Sometime back I posted over at ESR how the Caribbean community skirted around banks, by making informal system called Susu or Partners.
Susu Banking system:
quote: Many have wondered how to get by without the banksters or use their institutions as little as possible well there might be an alternative to too big to fail yes it's smaller and may not cover all your needs especially if you have millions or billions I don't see this working for you,but if you are one of the "little people " who is trying to put Jr through college you might want to look into what some Caribbean and African folks have done for centuries. We don't need Big banks we have got our own banking systems ran largely by women, in Jamaican communities it's called Partners in Trinidad and the the rest of the Caribbean It's called Susu all we need to do is up-grade and use it matter of fact this was how many of our parents paid for college or bought their first home.
Basically a group of people usually women get together and pooled their money, depending on the agreed amount say $100 bucks a month and you have say 50 ppl in the group,each person have a turn at withdrawing 5gs,they can use it to do whatever but typically they return some of that into an even bigger hand next cycle and the one after that I have never heard of the system braking down even after the untimely death of the banker..btw there is no banker percentages.
I might add not every Tom Dick and Harry can show-up and join a group if you are new you may need one or more person to vouch for you the honor system is what keep it tight
Caribbean immigrants pool their money in susu funds, using an old tradition to start new businesses or buy a car without getting a bank loan. When Andrew Morris decided to open Sam’s Caribbean Marketplace in West Hempstead, Nassau County, in 1993, he went to a bank to apply for a loan. But the bank would only loan him $50,000, half of what he needed to start his first business. To make up the difference, Morris turned to his local susu, an informal savings club scheme popular in the Caribbean. globalcitynyc.com/2012/12/06/in-savings-pools-every-little-bit-helps/. klik^^
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