- Economic Commentary -

July 26, 2010 (FinancialWire) — Founded in 1985, International Monetary Systems (ITNM.OB) serves over 17,000 businesses and professional people representing 23,000 cardholders in 50 North American markets. The IMS network enables companies to acquire new business, create cost savings, and improve operations by taking advantage of barter opportunities in their business models. Based in New Berlin, WI and managed by seasoned industry veterans, IMS is one of the largest publicly traded barter companies in the world and is continually expanding its network by adding exchange locations. The company's proprietary transaction software, Trade Network Tracking System, enables businesses and individuals to trade goods and services throughout North America online using an electronic currency known as “trade dollars”.

Complementary currency is a currency which is meant to be used as a complement to a national currency. Complementary currency is sometimes referred to as complementary community currency or as community currency. The term local currency, describing a complementary currency which is limited to a single locality, is sometimes used interchangeably with complementary currency. There are, however, some complementary currencies which are regional or global, such as the WIR or Friendly Favors, or the proposed global currency terra.

In the midst of the economic volatility being experienced around the world today, it is noteworthy that Switzerland’s economy is being affected less than those of most other countries. Many economists point to complementary currency as perhaps the major reason for Switzerland’s stability.

The WIR Bank, formerly the Swiss Economic Circle (GER: Wirtschaftsring-Genossenschaft), or WIR, is an independent complementary currency system in Switzerland that serves small and medium-sized businesses. It exists only as a bookkeeping system, with no scrip, to facilitate transactions.

WIR was founded in 1934 by businessmen Werner Zimmermann and Paul Enz as a result of currency shortages after the stock market crash of 1929. Both Zimmermann and Enz had been influenced by German libertarian economist Silvio Gesell[1]; however, the WIR Bank renounced Gesell's "free money" theory in 1952, opening the door to monetary interest.

"WIR" is both an abbreviation of Wirtschaftsring and the word for "we" in German, reminding participants that the economic circle is also a community.

According to the cooperative's statutes, "Its purpose is to encourage participating members to put their buying power at each other's disposal and keep it circulating within their ranks, thereby providing members with additional sales volume."

Although WIR started with only 16 members, today it has grown to include 62,000 — among whom is traded approximately CHF 1.65 billion annually (as of 2004). The available money supply (currency code CHW) was 839 million equivalent Swiss francs (as of 2005).

The WIR bank is a not for profit bank. It serves the interest of the clients, not the bank itself. It is a very stable system, not prone to failure as the current banking system is. It remains fully operational even in times of general economic crisis. WIR may have contributed to the remarkable stability of the Swiss economy, as it dampens downturns in the business cycle.

Additional information on International Monetary Systems is accessible via Investrend Syndications (at http://www.investrend.com/synd0006).

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