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Debt or
Commitment
Spending on LETS is
different to spending ordinary money. It's perfectly OK
to spend before you earn because:
- No interest is ever payable on LETS.
- Some accounts have to be in debit for the
system to work.
- You increase the total amount of currency in
circulation, stimulating extra local trade.
- You can demonstrate and explore the full
potential of LETS as an Interest free currency - not
just a marginal benefit. You can e.g:
- build a house
- set up a small business or cooperative
- invest in appropriate technologies
- invest in local production
- A debit on LETS is simply a commitment to repay
the community at some time - in goods and services, of
a similar value
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