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 and services by using locally created currency. Michael Linton originated the term "Local Exchange Trading System" in and for a time ran the Comox Valley LETSystems in Courtenay, British Columbia. 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. Members' IOUs are logged in a centralised accounting system which publishes a directory and balances visible to all members. In case of a default, the loss of value or units is absorbed equally by all members, which makes it a mutual credit exchange. Usa instance, a member may earn usa by doing childcare for one person and spend it later on carpentry with another person in the same network, or they may spend first and earn later. Many people have difficulty adjusting to this different kind of money system. A conventional national currency which yields interest to exchange and costs interest to borrowers incentivises different behaviours to mutual credit which has no commodity value and no interest. Most groups range from members with a small core who use the system as a way of life. After flourishing in the s, the LETS trading is mostly now populated by the same aging people. Interest in local currency has moved on to other designs such as Time-based currency and dollar-backed local voucher schemes. In many countries apart from Canada, USA and UK, the distinction between LETS and exchange is much less clear, as most LETS now use time as their unit of account. On the whole, the movement has been slow to adapt to the internet and to the possibility of networking together. Currently, apart from flailing national organisations, there are two LETS networks based on free software: Community Exchange Systemsand Community Forge. LETS are generally considered to have the following five fundamental criteria: Of these criteria, "equivalence" is the most controversial. The first LETS required nothing more than exchange telephone, an answering machine and a notebook. LETS is a full-fledged monetary or exchange system, unlike direct barter. LETS members are able to earn credits from any local and spend them with anyone else on the scheme. Since the details are worked out by the users, there is much variation between schemes. LETS is not a scheme for avoiding the payment of taxation, and generally groups encourage all members to personally undertake their liabilities to the state for all taxation, including income tax and goods and services tax. In a number of countries, various government taxation authorities have examined LETS along with other forms of counter tradeand made rulings concerning their use. This generally covers the vast majority of Trading transactions. In such cases, the businesses are generally encouraged to sell the service or product partly for LETS units and partly in the national currency, to allow the payment of all required taxation. This does imply, however, that in situations where national-currency expenditures would be tax-deductible, LETS must be as well. In a number of countries, Exchange have been encouraged as a social security initiative. For example, in Australia, Peter Baldwina former Minister of Social Security in the Keating government, encouraged LETSystems as a way of letting welfare recipients borrow against their welfare entitlement for urgent personal needs or to establish themselves in business. Since its commencement over 20 years ago, LETSystems have been highly innovative in adapting to the needs of their local communities in all kinds of ways. For example, in Australia, people have built houses using LETS in place of a bank mortgagefreeing the owner from onerous interest payments. LETS can help revitalise and build community by allowing a wider cross-section of the community —individuals, small businesses, local services and voluntary groups —to save money and resources in cooperation with others and extend their purchasing power. Other benefits may include social contact, health care, tuition and training, support for local enterprise and new businesses. One goal of this approach is to stimulate the economies of economically depressed towns that have goods and services, but little official currency: Currency exchange between countries is done automatically through the CES Community Exchange Systems if LETS members use the CES for their recorded transaction. On the CES such trading exchanges between countries are known as 'remote' trading. By there usa LETSystems in Australia, with Western Australia having 43 separate systems serving a population of 2. South Australia also pioneered an "InterLETS" allowing members of one system to trade with members of other systems. From aroundmany Australian LETS groups started trading online using the Local Exchange System. The Community Exchange System allows new members to sign up directly, list offers and wants, and enter trades without assistance from the administrator. By Australia had become the most active country on the Community Exchange Systemprompting Tim Local and Annette Loudon to set up the Australian Community Exchange System [8]. Several Canadian cities have LETS groups, including Kitchener-Waterloo, Niagara, and Peterborough in Ontario; Halifax, Nova Scotia; and St. Ithaca, New York has been running its Ithaca Hours program since In Venezuela there are around a dozen LETS as ofwith support from the national government. In German speaking Europe there are lots of local "Tauschring", or "Tauschkreis" exchange circles networks which share all sorts of services. The Tauschring network in Germany provides software for most schemes in the German-speaking world, and CES now has over participating associations, able to trade between each other with a process sometimes called intertrading. LETS schemes have been proposed as a possible way to alleviate some of the trading costs of the euro crisis in Greece, where high foreign debt repayments have resulted in rapid deflation of the economy. LETS schemes, it is proposed, could reinflate the internal Greek economy, allowing internal trade to be maintained even if internationally traded currency reserves are being drained for debt repayment. In the Czech Republic, multiple LETS are present. The Netherlands has spawned a system of innovative concepts based on the LETS formula, some of which try to lower participation barriers by completely moving their exchange platforms online, like NOPPES. In Switzerland an adaption of System, the Talent was established and quite successfully launched in This Talent spread out in Europe and was father trading many other Talent-Groups in other countries, as mentioned above. Like in Germany there are Tauschkreise mostly operating with Cyclos Software. Also an on-line exchange platform called Easyswap was developed recently. The United Kingdom has many LETS systems, many loosely affiliated to LETSLINK UK and some operating under the CES system, e. In the UK Skillsbox operates an online community system similar to LETS, letting users trade their skills and time for credits which can be spent within the online community. In Japanthe Peanuts system is a LETS system in Chibanear Tokyo. Approximately ten percent of all payments made at local stores are in the community currency The LETS movement saw its peak around —, but since then it has been declining slowly [ citation needed ]. See also Fureai kippu. South Korea has some active LETS too, such as Hanbat LETS in Daejeon and Gwacheon Pumasi in Gwacheon. In the Community Exchange System CES started operating system internet-based LETS in Cape Town, South Africa. This has grown into a global network of over local exchange systems in more than seventy countriesamong them Australia, Finland, New Zealand, Poland, South Africa, Spain, USA, UK, Vanuatu etc. Many of these trading former LETS groups but others are time banks and hybrids. All media is embedded from other sites such as GoogleVideo, Wikipedia, YouTube etc. Therefore, this site has no control over the copyright issues of the streaming media. Usa issues concerning copyright violations should be aimed at the sites hosting the material. This site does not host any of the streaming media and the owner has not uploaded any of the material to the video hosting servers. Anyone can find the same content on Google Video or YouTube by themselves. The owner of this site cannot know which documentaries are in public domain, which has been uploaded to e. YouTube by the owner and which has been uploaded without permission. The copyright owner must contact the source if he wants his material off the Internet completely. Local exchange trading system. LETS Local exchange and Trading Scheme explained. Local Exchange Trading System LETS in WA. Ingrid Thys at TEDxUHowestSalon. Trading on a LETS website. Local Exchange Trading System [Demo 1]. Local Exchange Trading System 'Neulpim'. The Local Exchange and Trading system; why do we need this? Seong hoon, Kim at TEDxAjouU. Community trading with the LETS system. How The Stock Exchange Works For Dummies. Registering at a LETS website. Ingrid Thys, LETS does it! Local Trade Exchange Online System Exchange Online. HOW TO LETS Conference. Lets BARTER and DEAL!!!!! No money is not the real problem 2. Local Currencies - Replacing Scarcity with Trust. Fernwood Neighbourhood Visioning Forum LETS SCHEME 'DROP IN'. WeConnect Pitch Pooja Bhayana - Let's Barter India. Simone Kay pt1 - KUTLETS. LETS SCHEME DROP IN. LETS Ruilwinkel Schiedam - modeshow. The bill that was heard all around the World Ormita Greece Welcomes You. The Organized Bride's Thank You Note Handbook Let Systems and Modern Sample Thank You Notes Take. Cause freedom by vigilant means. Let Systems Solutions Work For You, Take 1, and ACTION! Let Systems Solutions Work For You, Take 2 and ACTION! Lets yonjoi part 17 - masa. Preview of Lets Be Website. THE UNPENNED SHOW NOV 6 CMR. LETS Ruilwinkel Schiedam - Kerstgeschenken. Forex Trading Strategy Webinar Video For Today: LIVE Tuesday, June 13, NEXT GO TO RESULTS [ From Wikipedia, the free encyclopedia. This article has multiple issues. Please help improve it or discuss exchange issues on the talk page. Learn how and when to remove these template messages. Throwing Rocks at the Google Bus. Retrieved December 9, local The LETSystem Design Manual. Landsman Community Services Paper No. Rebuilding the Local Economy. Retrieved January 1, local Numismatics portal Economy portal. Retrieved from " https: Local currencies DIY culture Freiwirtschaft Localism politics Mutualism movement Pricing. 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