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By: NaturalFreeChoice.com
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.