In this episode of Economy 2.0, host Josh Sidman is joined by Michael Linton.
Mr. Linton is the inventor of the Local Exchange Trade System (LETS) model, an alternative currency system controlled by communities. In the LETS system, information and transactions are recorded by a centralized body within the community. In theory, this gives communities more control over their economy, as resources are more likely to circulate within the community than flow out of it.
Mr. Linton discussed the shortcomings of conventional currency, what it means to be middle-class, and why governments don’t like having alternative currency systems.