on LETS is different to spending ordinary money. It's perfectly
OK to spend before you earn because:
interest is ever payable on LETS.
accounts have to be in debit for the system to work.
increase the total amount of currency in circulation, stimulating
extra local trade.
can demonstrate and explore the full potential of LETS as an interest
free currency - not just a marginal benefit. You can eg:
up a small business or cooperative
in appropriate technologies
in local production
debit on LETS is simply a commitment to repay the community at
some time - in goods and services, of a similar value
fact that balances are known to the others is usually sufficient
to encourage reciprocity amongst members
experience has shown that it is detrimental to allow excessive
static positive and negative balances to develop, and some groups
impose credit limits while others use demurrage (negative interest)
to keep the currency flowing.
Want to join?