NaturalFreeChoice.com is a blog about permaculture. The mission of this blog is to help people learn about how to become sustainable and live harmoniously in relation to our earth. It is about responsible consumption, community values, sustainable production of food and other related information.
What is a LETS System
A LETS system is a non - profit locally initiated exchange network backed by good and services and there is no need of coins, paper money or tokens of any kind. Transactions are recorded in a local central location and open to all members.
Good and services can include the following: food, health services, clothing, repairs, housing, transport, legal services, equipment, business services, entertainment etc., through the operation of a credit economy that is community based and the use of dollars are reduced or not used.
The LETS system work in the following manner:
1) Community people set up an organization
2) Anyone on the community can join the organization
3) Good and services are set by a directory of members
4) The transactions are kept on record and updated regularly
5) Services or good are paid by a note or cheque for an agreed amount of LETS units.
These are some links that I found searching through the internet that provides information about the LETS system: http://www.gdrc.org/icm/lets-faq.html, http://www.transaction.net/money/lets/
With this system, sustainability can be achieved by applying community values, also it help improve the quality of life, helps people to save and have many other benefits that helps increase our community values.
