Trade in the North Shore Local Economic System (LETS) increased 42 per cent in 2009 over 2008. This is a significant increase and an indication of the system’s relevance during hard times.
North Shore LETS is a not-for-profit organization where members trade goods and services using a local currency called LETS dollars. It is also part of the Sunrise Trail Community Development Co-operative.
The system in place on the North Shore is one of thousands of LETS communities around the world that circulate their own local currencies.
Members are people in the North Shore area that are interested in creating an ecological, just economy. It helps build strong community networks, stretches people’s household dollars, and keeps trade local.
The system currently has 64 members. Those members are interested individuals, businesses and organizations including Country Bread Basket, Village Florist, Fables, Sugar Moon, Holly’s Jazz and Jewels, Dino Wagon, Priority Taxation, Tatamagouche Centre, Dorje Denma Ling and more.
Members say the system allows them to trade goods and services that they can’t trade in the job market, enriches their lives without spending cash, keeps business in the local community and allows them to have fun while meeting new people.
The system is based on the principle that everyone has skills to offer and that a local community economy is best backed by people’s commitment to each other. It also shifts a focus onto knowing where and how goods are produced.
The LETS system is quite simple. Members open an account. They automatically have a $500 credit and get a book of cheques. They then offer services or goods for exchange. When members sell goods or services, they earn LETS dollars. When members buy goods or services they spend local currency. You can use LETS dollars to obtain services or goods from any other members.
A simple example illustrates how the system works:
Joe bakes bread. Sue is a welder and she wants bread but has no money. Joe doesn’t want any welding. They can’t barter and they can’t use cash to trade. However, if Joe and Sue are members of the LETS system, Sue can buy bread with her LETS dollars. Sue gives Joe a LETS cheque for the amount of the bread. Joe gives the cheque to the LETS accountant, his account balance increases and Sue’s decreases. In turn, Joe buys veggies from a farmer who is a LETS member. The farmer now has a way to pay for a welder, so Sue gets to work again.
If you are interested in other ways of building healthy local economies, check out the website www.reinventingmoney.com or www.transitiontowns.org.
LETS is always interested in having new members. If you would like to join, or want to find out more, contact the LETS membership coordinator Meghan MacCulloch at 657-2532 or Camille and Michael at 956-4401.
Interested folks are also invited to the next LETS potluck Thursday March 4 at 6 p.m. at the Country Bread Basket located on Brule Point Road, Brule. Members and interested folks are welcome. Bring food to share and items to trade.