I Am An Interest-free Barter Unit (Credit or Debit)

by Tom J. Kennedy

Ever since I was created as the economic unit of barter to facilitate the exchange of goods and services between people I have been interest-free, honest and reliable. I become a barter credit when you accept me as payment for a product or service which you sell. I become a barter debit when you give me as payment for a product or service which you purchase. I have no interest in "interest" - that is I do not allow interest to be earned when your account has a positive balance nordo I allow interest to be charged when your account has a negative balance. I function with a simple service charge rather than levying "interest" for time.

My value is always backed by those who trade me. I am extremely efficient and I can have a very high velocity. Though cash is often artificially in short supply I will never be in short supply because people will always have skills to create goods and/or services for barter or exchange.

I constantly help people recognize that they have talents, skills and abilities and this leads to improving their self esteem. I empower people to create infinite abundance and thereby become more independent and self-reliant. I cause people to develop their imaginations to turn their current "lack" into "abundance" through trades and/or exchanges. I have the potential to become more popular than federal interest-bearing cash. I am the grease that can make economic wheels turn with ease in small communities, in the global village and at any government level. Those who trade me are
good citizens and they have an ultimate goal that all parties in all exchanges are satisfied and so they seek to keep all dealings with me fair and just. I facilitate a natural barter economy anywhere and everywhere you find me.

Throughout history I have been called names that are held in high revere such as wampum, talents, tallies, scrip and social credit. Now you call me many new and unique names such as computer blips, electronic money, green dollars, sand dollars, eco dollars, bricks, etc. Sometimes I am described as invisible and even mythical - but I am for real as I always have been. Whenever I am exchanged I have real value for those participating in the transaction whether I am a computer blip, a cheque or a piece of paper in your pocket or purse.

Federal dollars which are commonly referred to as "cash" are created by private bankers as the principal of loans but the interest is never created. Therefore, when you agree to pay back the principal plus the interest on any loan you have agreed to an impossible contract.

Federal dollars were designed by the financial elite to put me to rest many years ago. For a time I rested and some of you almost forgot that I do exist. Now with the advent of computer technology people are using me more than ever before and I am excited about our abundant future.

In 1983, during the depths of the 80's recession I was reborn. Two renowned engineers who live in Canada, Michael Linton and John Turmel conceived of and fostered my rebirth. Michael Linton created the first LETSystem (Local Employment Trading System) and John Turmel financed the initial growth of the LETS movement. Today, I am well known as an interest-free currency all around planet earth.

Now, as we approach the 21st Century I am the currency to watch. With approximatley 4000 active LETSystems worldwide - and the number expanding daily - I am fast becoming the currency of choice as more and more people learn about my unique "interest-free" characteristic. I have been called the engine driving the new economic revolution.

I am regenerating local communities and people are lauding me as a "Godsend" during these times of deepening Depression. Without me hundreds of thousands of people would lack for food, clothing and shelter. With me these people are grateful for they can now negotiate at least a portion of the price of almost any product or service in my name.

If you take a second glance at me I radiate an "interest-free" glow whether I am a piece of printed paper, numbers written on a ledger by hand, or an invisible computer blip. I maintain a sound sense of morals which seems to be lacking with federal
"interest-bearing" cash. I am definitely not mythical. I have received national and international attention during the first fifteen years of my modern rebirth.

I am now endorsed by not only those who trade me but also by professors, economists, and even world renowned politicians. I am responsible for notable economic growth in local communities in various countries in our global village and many unemployed people are mobilizing when otherwise they would be victims in the ongoing game of usury finance.

Though I was initially designed as a purely local currency many of those who trade with me are now requesting politicians from all levels of government to implement the LETSystem software to solve the deepening economic scarcity which will be a never-ending problem as long as we continue to use cash - our federal interest-bearing currency. No longer will politicians need to be concerned with deficits, they will manage only surpluses with me.

Dr. Peter North from England recently completed the first PhD on the topic of LETS - of which I am an integral part - and many more PhD students are choosing to study LETS. Software programmers continue to develop quality technical improvements around the core LETS accounting equations so that people from all over the world can trade me with ease in local communities and in the global market.

Other commercial barter networks are being created to facilitate trading on the internet. I anticipate that in the not too distant future all commercial barter networks will choose to accept me at par with their own currency. I expect my explosive growth to continue until the year 2000 and well beyond. Buckminister Fuller said that planet earth could experience "Peace and Plenty by 2020" and I believe I can help his prophecy to be fullfilled. It has been said that those who choose to trade with me now will have economic lifeboats when the mainstream cash economy crashes. The time to learn more about me is now! I get a powerful boost everyday now on the internet. You can read about my grass -roots token revolution on these newsgroups: (alt.community.local-money) (own.eco.lets) and/or at various websites some of which are linked at Economics Links 101 at The Cyberclass Network.

You can also subscribe to a mailing list whereby you can read what people write about me: econ-lets@mailbase.ac.uk. You can also do a search on the web under such topics as: Lets, Letsystems, Nets, Global Lets, Letsystems, Barter etc.


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