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LETS use Units

LETS (Local Exchange Trading System) can monitor a micro-community’s internal economy as well as help it operate without the debt-based financial system. In Brisbane, we have BrisLETS and the currency is called Units.

First, value whatever the community produces (for example garden produce) in LETS units, using average supermarket prices (ignoring seasonal highs and lows). Pay for work done in Units at, for example, the median wage of U35/hour.

It takes a while to price your produce, and you need to keep it up-to-date. But it’s important, I found, to value it and value people’s time properly.

Make it easy to keep a record of consumption and labour. Create a price list that’s easy to follow and keep it handy. Provide some digital scales and a spreadsheet that mirrors the price list,  grouping similar things together for ease. The spreadsheet automatically calculates everything.

Square off every fortnight.

January, 2019