is not like Money...
is issued by people - not by a central source - and is always
is interest free - and you do not have to earn it before
you can spend it!
stays local - benefiting the community, rather than outside
'currency' is notional - there are no coins or notes (although
some schemes are introducing vouchers, ie set value cheques,
to ease trading amongst communities where people are not necessarily
used to operating bank accounts). It exists only as information,
a record of members transactions.
LETS Currency is not like National currency...
a LETS member, YOU create the new local currency, every time you
trade. This has many advantages over national money:
Your local currency is a measure - not a commodity, that can be
monopolised by a few.
It's always there when you need it - exactly meeting local needs.
YOU (the Community) decide how much
is in circulation - rather than the banks, or the government.
You are much less affected by the ups and downs of the market.
You do not have to earn LETS currency before you can spend it.
There's also no fixed repayment time for debits (sometimes called
'commitments') - although some LETS organisers feel that credit
control is an issue which we need to pay a lot more attention to
in terms of the sustainability of the system.
- the use of money as a commodity that can be traded - is a MASSIVE
problem! It is the invisible element in all prices (on average 50%
of the price of everything we buy is now interest). Power accumulates
in very few hands - the rich get richer, and the poor, poorer. People
and organisations must struggle to keep up with ever-rising debts.
Industry must constantly grow - or go bust. It is the major cause
of inflation. It causes rising poverty, starvation, child mortalities,
environmental destruction, social unrest, riots, political overthrow
and war. It causes major instabilities in the world banking system
- and the possibility of a total crash.
is quickly sucked out of the area where it has been created - via
banks, investments, and the purchase of imports. It deprives the
local area - chasing high-interest gains in boom areas outside the
local economy. LETS ring-fences the local economy - ensuring that
money is always available for local trade, and to stimulate wealth