Urgent Evoke

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LETS: Local Exchange Trading Systems

Local Exchange Trading Systems are local and interest-free "community enterprises" that exchange goods and services between each other by using LETS credit. One person house-watch, receive credit and then later spend it on plumbing. All transactions are recorded in a location where all can read them. Local interest-free credit cards are used.


Here are the 4 main ways LETSystems work:
1. Local people set up an organisation to trade between themselves, often paying a small membership fee to cover administration costs
2. Members maintain a directory of offers and wants to help facilitate trades
3. Upon trading, members may 'pay' each other with printed notes, log the transaction in log books or online, or write checks which are later cleared by the system accountant.
4. Members whose balances exceed specified limits (positive or negative) are obliged to move their balance back towards zero by spending or earning. (4 Steps from Wikipedia)

LETSystems are a viable way of bringing communities together, improving the current monetary system and aiding the unemployed. LETSystems would affect money, but produce also. Farmers within the LETSystem will sell locally for they will want LETS credit, which creates good local monetary flow. LETS Credit allows people to earn credit doing petty jobs and then spend it on other local services. This means that everyone is helping each other in their community, creating a healthy amount of work available. Also the unemployed who have trouble finding formal jobs can do petty jobs like watch watching someone's child or washing a car for credit.

 

Members of a LETSystem doing communal work

 

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