https://bitcointalk.org/index.php?topic=211858.0I would suggest reading up on the trust system. The above link goes to the announcement topic from the Meta section.
I'm going to leave this thread unlocked for newbies to ask questions and help each other understand. Useless replies and off-topic remarks will be deleted.
Edit - This is a useless reply:
+1 for trust
Web of trusts hardly work in the long run. Look at SSL certificates and Ebay seller ratings.
Can't really compare this one to Ebay IMO, because only feedback from people in your 'trust network' is counted. If you maintain a good trust network the system should work (in theory).
It appears to be the beginnings of a topic-centralized credit union.
TO ANY LAWYERS OR CORPORATE BANKER TYPES INTO BITCOIN, please consider how to do this like the Swiss would.