Alternative Local Currencies in Europe: Time is Funky Money
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By Andrea Paracchini and Translation by Marie Jackson:
From London to Athens via Toulouse, Europe is gripped by a sort of monetary euphoria. Everyone wants to create their own currency! Is it a direct challenge to eurocrats? Probably. Is it a response to the crisis? Maybe. Part one in a series of articles on a phenomenon that transcends national borders.
We’re going to repeat the weary phrase…Will Greece End Up Leaving The Eurozone? The coastal city of Volos, half-way between the capital Athens and the second-largest cityThessaloniki, is ready for any eventuality. At least, it’s nearly ready. Some months ago, a local exchange trading system (LETS) was created in the port city, which has around 140, 000inhabitants. The project involves about a thousand people, for whom time has now replaced money as a medium of exchange. For example, I can give an hour of guitar lessons to a member of my local LETS network for an hour of service from one of the other members. If, instead of hours of service accumulated, I receive coupons or ‘local alternative units’ (called ‘Tems‘ in Volos), I can also use these to buy goods and services from businesses that are members of the network. The idea is simple and user-friendly – once you reach 1, 200 Tems you have to start using them, and you can’t owe more than 300 - and there is no more effective a system when you find yourself pockets empty and unable to buy anything.
Cashless currency in Europe
In the north, making our own money
NOTE: This article is originally posted at this website:
http://www.cafebabel.co.uk/article/41470/alternative-local-regional-currency-europe-example.html
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John KingofthePaupers Turmel comments on the above article:
2012-10-02 12:00:44
Source: http://usuryfree.blogspot.com/2012/09/alternative-local-currencies-in-europe.html
Source:
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