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Saving the Planet
Post Carbon Fellow Michael Shuman was quoted in this article on local investment and Local Dollars, Local Sense in Bloomberg.
From the article:
The theory is that a bigger piece of each dollar spent locally stays in the community, as those business owners buy from local suppliers and reinvest profits close to home.
Even the most dedicated local shoppers, however, have trouble extending that philosophy to their savings. While some people have shifted deposits out of Wall Street banks and into local lenders and credit unions, most investors have no way to steer portions of their long-term savings, such as retirement accounts, to Main Street companies. “There are 7,500 mutual funds. Not one invests in local businesses,” says Michael Shuman, an economist and author of Local Dollars, Local Sense (Chelsea Green, 2012).
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