Local Exchange Trading Systems (LETS) also known as LETSystems are locally initiated, democratically organised, not-for-profit community enterprises that provide a community information service and record transactions of members exchanging goods and services by using the currency of locally created LETS Credits.[1] In some places, e.g. Toronto, the scheme has been called the Local Employment and Trading System. In New South Wales, Australia, they were known as Local Energy Transfer Systems.
1 Criteria
2 How LETS works
2.1 LETS and taxation
2.2 LETS and Social Security
3 Benefits of LETS
4 Criticism of LETS
5 LETS-like systems around the world
5.1 Global network
6 See also
7 References
8 External links
More information
Personal Experience
For almost a year I’m involved in a LETS system now in the Netherlands. While a have a great job (self employed) you never know what the future will bring. That’s why I started to get involved in the LETS system, to build my network, know how it’s working. Question: “Why should you always work and pay a lot of income tax, vat etc when you can trade for free?” - Henk Mutsaers
