Deficiencies in the money system can only be corrected by a different money system. Clifford, a contributor to the Econ-lets discussion group, argues that economics has become the science of conventional money, and not of how we work together to meet our needs of existence and self expression. LETS cannot replace conventional currency but can act as an addition to it. The two monetary systems could exist side by side if the existing currency is retained and a credit point system added. This is LETS on a local scale.
Conventional money tends to seek out the cheapest sources of supply.
There is a need for currencies to address this scarcity of measure and therefore additional community money is required, but this requires a system that is stable and that does not recreate the problems of conventional money. When a community relies only on conventional money, it is driven to patterns of production and consumption of natural resources which are internally and externally destructive. People need money to participate in the economy for their own survival, and therefore tend to get money from whatever source they can. This reliance on conventional money has led to cash cropping, a short term gain without recognition of long term costs both tangible and intangible. Externalities are often denied in the conventional money system.