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Waco Time Bank.

June 8, 2011
Waco TimeBank Interest Meeting & Potluck

Friday, June 10, 2011
6:30PM
1815 Morrow Avenue
Waco, TX 76707
Bridgewater House
POTLUCK: Bring anything you want to share to consume.

What is a timebank?
Timebanks create matches between people who need things and others who can help meet those needs. No money is involved, and everyone’s hour is equal, which is one of the features that enabled Timebanks to receive an official IRS income tax exemption declaration so people on disability, social security, unemployment and other government benefits can participate without penalty.

The egalitarian nature of the system ensures that people will be able to purchase the services that they need without toiling endlessly for high priced services like in the market economy. People can also trade goods with the stipulation that their price be based on the amount of time involved in producing the goods and not their market value. Timebanks’ most successful application has been to provide a means for at-risk youth who have gone to court to do service for their community.

For example, suppose Janice develops websites and John wants one built, but has nothing that Janice presently needs. Using time credits, John can still get the website by giving Janice “credits” for the agreed price. Where does John get the time credits to give to Janice? He creates them. Just as banks create dollars to give to someone who requests a loan, John creates the time credits (by using his time helping someone else…like Leon in the picture above) to pay Janice for the website. Janice can then spend those credits when she buys something from anyone else in the system. When John creates credits to pay Janice, he requires himself to accept credits from someone in the system at some future time in payment for his own goods or services. In this way, by making a sale, he “redeems” the time credits that he originally issued.
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