LETS are revitalising communities throughout Britain. Businesses are also indirectly excluded from participating in LETS since the costs of trying to integrate a cash system with a LETS account are too high for most businesses. Many LETS members prefer to work for an equal rate of pay and many schemes are either constituted on this basis or suggest a standard rate to be used "when members wish to trade on an equal basis". There are usually no limits on these accounts and no interest is charged on negative balances or given to positive balances. As members meet personally to make transactions, they increase the number of their community contacts, and widen their social network. A grand total of twenty days!
A local exchange trading system (also local employment and trading system or local energy transfer system; abbreviated LETS) is a locally initiated, democratically organised, not-for-profit community enterprise that provides a community information service and records transactions of members exchanging goods and services by using locally.
An FAQ on the LETS system
On the basis of the standard rate, currency to be moved to another scheme is translated into hours at the standard rate for that scheme, and when received by another scheme, it is translated back into currency at the standard rate for that scheme.
The proposition of the original LETSystem was that transparency and community pressure would prevent people from taking advantage of the system. The earlier paper-based models did not give feedback often enough to the members, but web-based systems which instantly show members' balance of account and also allow for qualitative feedback provide more sensitive management tools, and many groups are now taking advantage of LETSlink's programme of hosting online systems for member groups.
The problem of high earners failing to spend is also a challenge, and the idea of "demurrage" whereby currency not used actually shrinks, by means of a sort of "reverse interest" has often been mooted by theoreticians. To work properly the fees taken would have be proportional to the amount saved, and this could be built in as a configurable option in web-based systems.
Meanwhile, continuing to charge administrative fees to fallow accounts achieves much the same result, although in less equitable way. Working in the Community: Many well-developed schemes have a community fund in order to take care of needy members of the community. This principle is now recommended to support community-based volunteering and activist projects. Fear Allah, and give up what remains of your demand for usury if you are indeed believers.
This spawned a number of schemes. Foremost of which is L. S, which was established in the United Kingdom and became famous through its Stroud Pound. Money which is directly linked to a specific commodity or service which must be provided or delivered upon demand either now or some time in the future.
The classic case is that of Mrs. Smith, an elderly lady who has a leaking roof. She might be able to get Mr. The problem arises when the builder has no need of her services, in which case, the old lady has to wait until she can find a builder with whom she can barter her services.
In the mean-time the community is denied both of their wealth creating activities, and she has to continue living with a leaking roof. However, under a LETS scheme, they would both be able to benefit. Smith could call the same builder or any builder in the scheme, who would be able to undertake her roofing repairs and accept from her a cheque for the full amount.
This is the usual rate throughout the country. The builder then takes Mrs. Smith's cheque for Stroud Pounds to the depository where it is recorded and credited to his account. Smith's account is duly debited by the same amount.
This means that Mrs. Smith is now committed to perform hours of Baby-sitting at 2 Stroud Pounds per hour. The builder can now spend some of his money on getting his van serviced.
He may have to pay sterling for parts but the service portion of the bill can be paid in LETS currency. In the above situation we can see the value of reducing transactions involving future obligations committed to writing. And letting a Scribe - in this case a book keeper - write down, witness or record in a data base the roofing transaction and the future commitment of Mrs.
Smith to discharge her contractual obligations to anyone within the LETS community. These four friends were so confident that the weekend before finals, they decided to go on a road trip and party with some friends from out of town. They had a great time.
However, after all the partying, they slept all day Sunday and didn't make it back home until early Monday morning. Rather than taking the final then, they decided to find their professor after the final and explain to him why they missed it. They explained that they had gone to visit friends for the weekend with the plan to come back and study but, unfortunately, they had a flat tire on the way back, didn't have a spare, and couldn't get help for a long time.
As a result, they missed the final. The Professor thought it over and then agreed they could make up the final the following day. The guys were elated and relieved. They studied that night and went in the next day at the time the professor had told them. He placed them in separate rooms and handed each of them a test booklet, and told them to begin. They looked at the first problem, worth 5 points. It was "List the reason why you were unable to take the test yesterday".
Each finished the problem and then turned the page. On the second page was written: A monkey is sitting in a tree smoking a joint when a lizard walks past and looks up and says to the monkey, "Hey! What are you doing? The monkey says, "Smoking a joint, come up and have some. So the lizard climbs up and sits next to the monkey and they have a few tokes together. After a while the lizard says his mouth is 'dry' and that he's going to get a drink from the river.
The lizard climbs down the tree, ditty bops on thru the jungle to the river and leans over the river to get his drink. Well, the lizard is so stoned that he leans too far over and falls into the river. A Crocodile sees this and swims over to the lizard and helps him to the side, then asks the lizard, "What's the matter with you? The lizard explains to the crocodile that he was sitting in a tree and smoking a joint with the monkey and got too stoned and then fell into the river while taking a drink.
The crocodile says he's gotta check this hippie monkey out and walks off into the jungle where he finds the tree where the monkey is still sitting and toking on the joint. He looks up and says "hey you! The Monkey looks down and says, "ffuuucccckkkk dude A minister dies and is waiting in line at the Pearly Gates. Ahead of him is a guy who's dressed in sunglasses, a loud shirt, leather jacket, and jeans.
Saint Peter addresses this guy, "Who are you, so that I may know whether or not to admit you to the Kingdom of Heaven?
Saint Peter consults his list. He smiles and says to the taxi-driver, "Take this silken robe and golden staff and enter the Kingdom of Heaven. The taxi-driver goes into Heaven with his robe and staff, and it's the minister's turn. He stands erect and booms out, "I am Joseph Snow, pastor of Saint Mary's for the last forty-three years. He says to the minister, "Take this cotton robe and wooden staff and enter the Kingdom of Heaven. How can this be?
One day an Irishman, who has been stranded on a desert island for over ten long years, sees an unusual speck on the horizon. As the speck gets closer and closer, he begins to rule out the possibilities of a small boat, then even a raft.
Suddenly, emerging from the surf comes a drop dead gorgeous blonde woman wearing a wet suit and scuba gear. She approaches the stunned man and says to him, "Tell me how long has it been since you've had a cigarette? With that, she reaches over and unzips a waterproof pocket on her left sleeve and pulls out a pack of fresh cigarettes.
He takes one, lights it, takes a long drag and says, "Faith and begorah! Trembling, the castaway replies, "Ten years. She reaches over, unzips her right sleeve, pulls out a flask and hands it to him. He opens the flask, takes a long swig and says, "Tis absolutely fantastic! At this point she starts slowly unzipping the long zipper that runs down the front of her wet suit, looks at the man and asks, "And how long has it been since you've played around?
With tears in his eyes, the man falls to his knees and sobs, "Oh, Sweet Jesus! Don't tell me you've got golf clubs in there too. A woman was out golfing one day when she hit her ball into the woods. She went into the woods to look for it and found a frog in a trap. The frog said to her, "If you release me from this trap, I will grant you 3 wishes. The woman freed the frog and the frog said, "Thank you, but I failed to mention that there was a condition to your wishes - that whatever you wish for, your husband will get 10 times more or better!
The woman said, "That would be okay," and for her first wish, she wanted to be the most beautiful woman in the world. The frog warned her, "You do realize that this wish will also make your husband the most handsome man in the world, an Adonis, that women will flock to. The woman replied, "That will be okay because I will be the most beautiful woman and he will only have eyes for me.
For her second wish, she! The frog said, "That will make your husband the richest man in the world and he will be ten times richer than you. The frog then inquired about her third wish, and she replied John was sitting outside his local pub one day, enjoying a quiet pint and generally feeling good about himself, when a nun suddenly appears at his table and starts decrying the evils of drink.
Drinking is a Sin! Alcohol is the blood of the devil! Now John gets pretty annoyed about this, and goes on the offensive. How can you be sure that what you are saying is right?
The Nun reluctantly agrees, so John goes inside to the bar. It's not that Nun again is it? After 17 years of marriage, a man dumped his wife for a younger woman.
The house was in his name and he wanted to remain there with his new love so he asked the wife to move out and then he would buy her another place. The wife agreed to this, but asked that she be given 3 days on her own there, to pack up her things. While he was gone, the first day she lovingly put her personal belongings into boxes and crates and suitcases.
On the second day, she had the movers come and collect her things. On the third day, she sat down for the last time at their candlelit dining table, soft music playing in the background, and feasted on a pound of shrimp and a bottle of Chardonnay. When she had finished, she went into each room and deposited a few of the resulting shrimp shells into the hollow of the curtain rods.
She then cleaned up the kitchen and left. The husband came back, with his new girl, and all was bliss for the first few days. Then it started; slowly but surely. Clueless, the man could not explain why the place smelled so bad.
Vents were checked for dead rodents, carpets were steam cleaned, air fresheners were hung everywhere. Exterminators were brought in, the carpets were replaced, and on it went. Finally, they could take it no more and decided to move. The moving company arrived and did a very professional packing job, taking everything to their new home Wishing You a Merry Christmas. For me, will be the year I made a feature-length movie, Everything is Possible , without any money This site is designed and maintained by James Taris.
Please send corrections or updates to JamesTaris gmail. James Taris web sites. Register your email address here to keep up-to-date with all the latest additions to LETS-linkup and also make contact with LETS members from all over the world. This is a list of countries with entries listed in LETS-linkup so far. You can click on their links to go straight to them! India Indonesia Israel Japan Thailand.
Ireland - Scotland - Wales.
Book traversal links for Local Exchange Trading Systems (LETS) and Community Resilience
An article by Wayne A.M. Visser proposing Local Currencies and Trading Systems in South Africa. Canada's Abolitionist Party on currency systems. Hypermail archives for the [email protected] mailing list. Local exchange trading systems are locally organized economic organizations that allow members to participate in the exchange of goods and services. LETS - Local Exchange Trading Systems or Schemes - are local community-based mutual aid networks in which people exchange all kinds of goods and services with one another, without the need for money. News Update.