UK Local Exchange Trading and Complementary Currencies
Development Agency

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LETS is not like Money...

  • It is issued by people - not by a central source - and is always readily available.

  • It is interest free - and you do not have to earn it before you can spend it!

  • It stays local - benefiting the community, rather than outside interests.

  • LETS '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.

A LETS Currency is not like National currency...

Readily available

As 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.

Interest Free

INTEREST - 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.

Stays Local

Money 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 creation.

BEST PRACTICE GUIDE

Lets is not like money

The Benefits

Personal Stories

What to offer

How to start

Keys to success

Necessary jobs

Debt or Commitment

 

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