As the recession and Occupy movement encourage people to reimagine work and how they get their needs met in the new economy, Timebanks are catching fire. They are a clever tool to circumvent the scarcity and misdirection of conventional money. Timebanks are at heart a simple concept – you work for an hour, earn an hour credit, and spend an hour with anyone in your Timebank community. Timebanks don’t pay taxes or get penalized in benefit reductions because they are more like charitable volunteering circles of mutual aid or relationship-based gift economies than market-based national currencies…
Image credit: Arroyo Timebank Really Really Free Market, photo by Mike Mitchell