People get in touch with each other and negotiate a trade and a 'green dollar' price. No money is exchanged - a message is put on the LETSystem answering machine and the information is registered in the books and the computer. Account holders can take out 'loans' simply by spending green dollars, and running up a debit account. No interest is charged on 'overdrafts' and no interest is given on positive account balances. Sales tax is collected in normal dollars on top of the green dollar price, if necessary.
People get in touch with each other and negotiate a trade and a green dollar price.
In Whangarei, New Zealand, a 'blind eye' arrangement has been made with the welfare authorities allowing a trial period during which time green dollar earnings will not be counted as income. A similar arrangement will be needed in the UK for the LETSystem to be of value to unemployed people, single parents, etc. A LETSystem can start with as few as 10 people. It can be based initially among a group of friends, or around a neighbourhood, community or church organisation. LETS Link can supply software.