Transaction Net Money Ratings:
LETSystems

Before you vote, peruse this summary of the candidate:

federal reserve moneyLETSystemsIthaca HOURSTime Dollars

LETSystems

LETS builds on the idea of barter networks--exchange systems where goods and services circulate at face value--by adding the 'community memory' necessary to permit transactions in situations where traditional nonmonetary barter won't work: for example, Chris has eggs and wants an oil change; Joan does oil changes and wants a massage; Sean gives massages and wants eggs. If these three people had to rely on national debt-based currency, some portion of their labor would erode into interest on the original bank loan that created the money; if they had to rely on barter, they couldn't complete a transaction, since no two people have exactly what each other needs.

To join a LETS system, one only has to pay a small annual registration fee to cover accounting costs; it's not even necessary to earn LETS before "spending" one's promised labor. Balances open at zero and may fluctuate between positive and negative values thereafter. The LETS registry keeps count of each participant's balance, but does not yield or charge interest, so people may schedule their own cycles of credit and debt as they see fit. It is therefore possible that people could rack up large LETS deficits and then leave without fulfilling their obligations to the system, but because LETS account information is available to participants, those people would permanently damage their "credit rating" in the LETS community.

The unit by which LETS accounts are measured is the same as national currency, though unlike national currency, LETS is backed by promised service to the community.

For more detailed information, visit the LETS design manual or our directories of online payment methods and community currencies.

proceed to the voting booth, where you can vote on LETSystems

http://www.transaction.net/money/ratings/lets.html
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