The idea of alternative money systems has been around for some time. There is lots of information on the web. Personally, I think LETS is fine as an ideal, but it has its problems. You can then use this credit to buy whatever you want from any member of the system.
Participants are free to trade their skills and meet their needs even when cash is in short supply.
One question I have is why people who have skills would need to participate. Another issue is keeping a LETS going. I was somewhat familiar with fell apart when some key people moved out of the area.