The third experiment was also started in 1934. It is what would now be called a LETS (Local Exchange and Trade System) - an interest-free checking account system / clearing house whereby members traded goods and services with each other without cash. The accounts were simply adjusted up or down as the case may be. Money lying unused in the system was loaned out at low cost to members. (This second experiment, by the way, served as the chief inspiration for the highly successful business barter exchange system WIR in Switzerland.) Even this experiment was quashed by the Danish authorities in 1935.