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I Know the Barter Secret: It's a Rip-off

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Here's my reaction to a recent letter from BARTER BROKER CORP, not their real name, as I still have an account with them worth some 2000 Bogus Bucks (BBs).

"Dear CHARLES,

You know the barter secret - so why not share it?

[Good idea! I will.]

"You know that BARTER BROKER CORP can be an incredible tool to help you stay busy and profitable even in today's challenging business climate.

[Not true. For starters there's the $20 per month fee payable only in U.S. $$$ and then there's the 10 Bogus Bucks - my deliberately pejorative term for barter broker money - each month just for having an barter account, but that's trivial because BB's aren't all they're cracked up to be.]

"Why not share the benefits of being a BARTER BROKER CORP member with your business friends and earn a nice bonus for yourself?

[Why not? Because as soon as they find out what scam BARTER BROKER CORP is I won't have any business friends anymore and they are much more important to me than any large company.]

"Helping us to grow directly helps you increase the goods and services available within the Marketplace, and gives you direct access to new trading partners.

[Okay, business friends, this is how it's suppose to work. You offer your service or product for Bogus Bucks that I've earned by selling my service or product for Bogus Bucks to someone else. Now, each time a Bogus Bucks transaction occurs BARTER BROKER CORP charges both you and me 5% in real U.S. $$$. Notice how they don't accept Bogus Bucks. Hmmmmm? So on every "trade" they make 10% in real U.S. $$$, which are good everywhere like for paying the mortgage. Try doing that with Bogus Bucks.]

"As we announced in our July inaugural CEO email, we are adding nearly 1,000 new members to our Marketplace every month! Please take a few moments to contact your local Broker with a list of people who you have encouraged to open a BARTER BROKER CORP account.

[One-thousand new suckers every month! That's great if you're in on this game and want to take advantage of new players. Here's why. The new "friends" tend to play by the rules, offering their products and services at their retail U.S. $$$ price or rate. That's when you want to trade with them, like a new roof for 6000 Bogus Bucks. Poor sap roofer just paid $3,000 for roofing material and $1,500 in labor. So he or she has just traded $4,500 for 4500 Bogus Bucks and made a whopping 1500 BBs profit. Such a deal!]

"BARTER BROKER CORP members who refer 3 new Preferred Members will have their own Association Fees waived for up to 13 full cycles (one year).

[Oh, yeah, I forgot their months are only four weeks each. That puts the annual fees at $260 U.S. That's a lot of money.]

"These members can be added at any time during the year. Your Association fees will be waived immediately for the year after the third member is added, as long as all 3 members continue to be Preferred Members.

[I have no idea what a Preferred Member is, but my bet is it's even more expensive than being a run-of-the-mill member. I'll bet no one stays a Preferred Member long. Let me tell you what happens after your first couple of trades. You realize you've got all these BBs and you go to spend them and you find out:

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Chaz Valenza is writer and small business owner in New Jersey. He earned his MBA from New York University's Stern School of Business. His current feature film project is "Single Point Failure" an insider's account of how the Reagan Administration (more...)
 

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There are 600 trade exchanges in the USA today. T... by debbie desousa on Tuesday, Aug 25, 2009 at 10:40:02 AM
I'm glad you ID'd yourself as CEO of a barter brok... by Chaz Valenza on Tuesday, Aug 25, 2009 at 11:57:30 AM