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Now for some
FUNdamentals

Some personal money networks are based on the following:

1. "COST of SERVICE"

Means you pay only for what you use.
We do this by applying a set charge for every cheque that you send in.
At Wrekin-LETS the charge is 0.20 wrekins, per cheque.
The directory should be produced independently of the people doing the accounts, and once more this should be distributed on a cost of service basis.
The Wrekin-LETS directory costs 20p cash + 2 wrekins because that price reflects production costs. If you want it you will buy it if you don't want it you wont be charged!

What if you were suddenly asked to pay the same amount for electricity as your neighbour, even though she has used 10 times as much as you have!
Well in a LETSystem suppose that I run a business and make a dozen transactions every week whereas you only trade occasionally, say once or twice every month.
Does it make sense to ask both parties to pay the same standing charge regardless of how much trading they have done?...We think not.

By the end of the year I would have sent in over 550 cheques, while you have only sent in less than 30!
"The LETSystem" has been specifically designed to be fair and cost effective thus making it sustainable.
By paying only for what you use this is easily achieved.

2. "CONSENT"

All activities within a LETSystem are based on consent. This consent is freely given by all participants to each other as a condition of holding an account.The most fundamental is the consent for an individual to make promises to the community.There are many other consents, including the consent for any individual to start and administer a LETSystem.

Consent leads to the "flat start", all accounts start at zero. Money will not be moved from an account until permission is given by the account holder. Nor can money be issued from the administration account in order to start a new account in credit.

3. "EQUIVALENCE"

Means making your local currency equal to the Ł [GBP].
This is purely a practical consideration as it makes for easy conversion from what we are used to charging for our time, i.e. cash to local and especially for those in LETS and business. There is plenty of scope to be flexible later. In the multiLETS set up anyone can set up their own system with their own currency equated to whatever the ethic of that system may suggest. LETSystems have been designed to accommodate everyone.

4. "DISCLOSURE"

This means that once a year everyones balance of account is available for everyone to see, and account holders can see anybodies balance of account at any time just by asking. This is the one and only method of policing so far used in a LETSystem.
And it works on the principle of empowerment if you are concerned that someone is not playing the game, then you can contact that person directly and find out why, and what is going on. If there is a problem such as a person not being asked to trade you are able to sit down and talk it over, and usually able to offer help.
The beauty of disclosure is that it allows people the chance to make good decisions on behalf of themselves and their community without decisions being made for them from "outside".

5. "NO INTEREST"

No usury please, no point!