borrowers. Volunteers receive C6 per hour for their time including dedicated skilled and professional services. Given that there is no interest on lets currency, the built-in incentive to discount the future found in national currencies is reduced, but not reversed. The quantity of currency issued is thus automatically sufficient and (unlike fiat money ) does not depend on the judgment and effort of a central authority. After its height in the 1990s, the lets movement now mostly comprises the same aging people. Lets networks facilitate exchange between members by providing a directory of offers (and wants) and by allowing a line of interest-free credit to each.
Lets is thus flexible enough for use in diverse communities where products or services requiring a greater variety of skills, experience, training, equipment, or risk are exchanged.
Local exchange trading system.
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.
What is Local Exchange Trading Systems.
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So it is not a trivial task for anybody or any group to guess the correct quantity of money to issue, because that ideal quantity will continuously vary according to the rate of acceptance of the local currency, which will change over time; and the. Lets is a non-for-profit community exchange. Lets also need euros to survive, to cover printing of flyers, vouchers, cheque books, brochures, stationery, heating and electricity costs, office, equipment, repairs, website hosting, communications, software, postage, etc. What do you think of this site? People earn lets credits by providing a service, and can then spend the credits on whatever is offered by others on the scheme: for example childcare, transport, food, home repairs or the hire of tools and equipment. By using your overdraft you spend new Credits into circulation. Our ongoing research project, launched in September 2003, has the aim of establishing the current state of lets in the UK, and the needs of lets organisers. All sales and purchases are subject to.5 transaction fee.
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