Local Currency

Re “Cash-Poor Mendocino Is Going to SEED,” March 1: Actually, Los Angeles has had its own local currency, called the Local Exchange Trading System or LETS, a popular form of local currency in Australia and England. Started in 1988, under the nonprofit umbrella of the Cooperative Resources and Services Project, LETS’ 300 members throughout the L.A. area have demonstrated the advantages of a local currency system.

LETS doesn’t actually print money, but accomplishes the same goal of keeping grass-roots money in a geographically bounded area for recirculating use by its members, thereby plugging the leaks of local money draining out of the community. Though dormant for the past few years, we expect to revive the system in the coming year.

People can learn more about local currencies through Thomas Greco’s book, “New Money for Healthy Communities.”

LOIS ARKIN

Founder and Executive Director

CRSP/Los Angeles Eco-Village