News Summary: Local currencies take root in Greece

May 21, 2012 Full story: The Miami Herald

SMALL MOVEMENT: A small but growing minority in about a dozen Greek towns are using an alternative exchange system to help them survive the country's economic crisis, which has put the question of Greece's participation in the euro currency union into question.

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John The Engineer Turmel

Brantford, Canada

#1 May 22, 2012
Jct Just think of LETS interest-free currencies as labor-based poker chips numbered in Hours of Time and linked to the national unit. Ithaca Hours are worth $10, Hours are worth 60 Greenfrancs in France, 6 GreenPounds in UK, 20 Greenmarks in Germany but between nations, we trade hours. In 1999, I paid for 39/40 nights in Europe with an IOU for a night back in Canada worth 5 Hours recorded on my public do-it-yourself timebank Facebook account: http://www.facebook.com/john.turmel... And the banksters get no interest! Har har har. When the world's timebanks unite into UNILETS, they're finished.

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