Commonwealth Currency Act... (jeremy take a look)

[Maharajadhiraja Jalamdhara]

This is the act that is being discussed in GC.

Commonwealth Currency and Economic Management Act of 2007

In the name of the Unconquered Sun, Sol Invictus, be it enacted by the Majlis-i-Dharma of the Grand Commonwealth-

Section One: Citation
(1.1) Upon passage, this act may be cited as the "Commonwealth Currency and Economic Management Act of 2007"
(1.2) This Act shall repeal the provisions of the "Commonwealth Currency and Economic Management Act of 2006".

Section Two: Dissolution of Previous Institutions
(2.1) Upon passage of this Act, the Bank of Commonwealth Interests and the Commonwealth Economic Office shall be abolished. All money currently in citizens’ accounts shall be reclaimed by the Commonwealth Government, without requirement for national reimbursement.

Section Three: Formation of a Commonwealth Bank
(3.1) Upon passage of this Act, the Taoiseach shall be granted the power to begin operations of a Commonwealth banking institution, to be known as the Commonwealth Banking Institution (CBI).
(3.2) Authority over the CBI shall be vested in the Taoiseach, who may choose to create an office and/or Chancellery to oversee Commonwealth economic interests. From here on in, this arrangement shall be referred to as the Commonwealth Economic Secretariat (CES).
(3.3) The CBI shall be the banking institution of the Commonwealth Government, and the Government’s of the Commonwealth member states. It is therefore authorised to:
(3.3.1) Be the sole minter of Commonwealth monies;
(3.3.2) Be the sole minter of other national currencies as denoted in this Act;
(3.3.2) Maintain accounts of citizens, government departments, and businesses formed in accordance with the laws of the Commonwealth and its member states;
(3.3.3) Manage the economic simulation of the Commonwealth and its member states as prescribed by law;
(3.4) Policy for operating accounts, using monies, loaning monies and taxation shall be set by the CES. Taxation must be levied by the CES at a fair and equitable rate.
(3.5) The CES may make Executive Orders on any area of economic policy. Such orders may be repealed by a motion of the Majlis-i-Dharma.

Section Four: Currency
(4.1) The CBI is hereby authorised to print a currency of 3,000,000 units.
(4.2) This currency shall be solely distributed over the Commonwealth Forum banking system.
(4.3) The currency of the Commonwealth shall be known as the Common. The Common will be denoted by the symbol €. Therefore, fifteen commons may be written as €15.
(4.4) The Common will be a decimal currency. The decimal unit of the Common will be the Kroner. One hundred Kroners shall make up one Common.
(4.5) No memberstate may operate an independent currency against the Common.

Section Five: Division and Control of Funds
(5.1) The currency of the Commonwealth will be divided as follows:
(5.1.1) The Kingdom of Babkha shall be granted €550,000 to operate with.
(5.1.2) The Kingdom of Interland shall be granted €0 to operate with.
(5.1.3) The Republic of Karnali shall be granted €300,000 to operate with.
(5.1.4) The United Baronies of Aerlig and Treesia shall be granted €600,000 to operate with.
(5.1.5) All new member states shall be granted an amount as declared in an Executive Order by the CES.
(5.1.6) All other monies shall remain in the Commonwealth Treasury, for use as the CES and Commonwealth Government sees fit.
(5.2) The CES shall be responsible for the administration of the Commonwealth Government’s monies. The CES may pay out and receive money as it sees fit.
(5.2.1) Payments of more than €1499 by the CES must be authorised in an Executive Order
(5.3) At the beginning of each third month, the CES shall present to the Taoiseach and Majlis-i-Dharma a budget of expected Commonwealth income and expenses, and a report of the Commonwealth’s spending and income over the last period. The Majlis shall vote on this budget in an urgent fashion.

Section Six: International Trading
(6.1) Policy for international trade is reserved for regulation and guidance issued under this act by the CES.

We have untill the 12 February to vote on this.

[extreme007]

I feel that a few things need to changed/removed.

(2.1) Upon passage of this Act, the Bank of Commonwealth Interests and the Commonwealth Economic Office shall be abolished. All money currently in citizens’ accounts shall be reclaimed by the Commonwealth Government, without requirement for national reimbursement.

I do not know about the rest of you, but I do have some money in different currency and nation (Gotzborg). I think that the above article needs to be worded properly so that the Commonwealth Government does not claim it. Or in the least, more clarification of this is required.

(3.3.2) Be the sole minter of other national currencies as denoted in this Act;

This could go two ways. Either the member state's currencies are abolished all together, or if they are allowed, then member states should be in control of their own currencies. Inbetween is bad for the member state as it devalues the member state's curreny (for instance, say we want 1 million Karnals. But the GC makes 2 or 3 million. This leads to a less value of the Karnal. It wouldn't even matter whether or not Karnal is in competition with the GC Common.) The best is to abolish member state's currencies and thus, remove this article or reword it to indicate the abolishment.
Aparently, going down the act does kinda do this:

(4.5) No memberstate may operate an independent currency against the Common.

But then that means the previous point is redundant or it means something else. And I think that needs further explanation.

(3.3.2) Maintain accounts of citizens, government departments, and businesses formed in accordance with the laws of the Commonwealth and its member states;
(3.3.3) Manage the economic simulation of the Commonwealth and its member states as prescribed by law;

I think that these should be done at the member state's levels. The GC should only maintain a track of how many Commons are with the member nation's government. The rest of the information (like how much money you got in your bank account, in your company's bank account etc..) should be private and only maintained by the member nation's governments.

Furthermore, the GC should only involve itself during economic simulation between:
a) GC and other foreign nations.
b) between GC member nations.
By this, I mean, that the member nations should be free to conduct their own form of economic simulation. However, when there is an exchange between the member nation and outside of it (example, between a Karnalian citizen and someone non-Karnalian), only then should the GC look into it to ensure that the transaction is not hurting the GC or the subjects of GC (in this case the Karnalian citizen).

(3.5) The CES may make Executive Orders on any area of economic policy. Such orders may be repealed by a motion of the Majlis-i-Dharma.

I believe that it needs to be mentioned that if a nation does not like/support the Executive Order, it may choose to not get involved in it. Sure, the motion can be repealed, but what happens when all other nations, and thus the majority, agree while it happers/hurts us ?

And finally, an explanation into how the monies are distributed between the member nations needs to be explained better.


For now, I recommend that we vote NAY to this act. If everyone else (other member nations) agree, then we should ask for an Exemption, whereby this act will not affect us at all.

What ya'll think?

[Patriarch Cyril]

Your Majesty,

I agree with you that we shouold vote Nay on this act and ask for an exemption.

Btw, do you have any insight into how it was determined the amount each member state should get?

Raef

[extreme007]

I am not sure exactly how it was determined, but I am assuming that it was based on the number of citizens in each member state. However, that is probably not entirely correct either, cause based on numbers, the nations are very close to each other, like within 2 or 3 citizens of each other.

[Jeremy]

Sounds, interesting

[extreme007]

What does?

[ardashir1]

I do not know about the rest of you, but I do have some money in different currency and nation (Gotzborg). I think that the above article needs to be worded properly so that the Commonwealth Government does not claim it. Or in the least, more clarification of this is required.

Your monies in Gotzborg are outside the Commonwealth's economic sphere and held on a system we do not desire access to. Furthermore since KRS [Gotzborg] is not a Commonwealth registered company it is not liable for taxation or confiscation by Commonwealth authorities.

[extreme007]

Furthermore since KRS [Gotzborg] is not a Commonwealth registered company it is not liable for taxation or confiscation by Commonwealth authorities.

Yes. But that does not mean that the moment I register the company by Commonwealth authorities, you will ask for all the money back or confiscation.

Your monies in Gotzborg are outside the Commonwealth's economic sphere and held on a system we do not desire access to.

My point exactly if you read it again. The article needs to be stated clearly to say that monies outside the control of Commonwealth's banks should not be touched. Or something to that effect. Right now, it does not state that. I would go to say something like "Monies in currency other than the Commonwealth's in any accounts belonging to citizens, cannot be touched or claimed by the Government of Commonwealth."

[ardashir1]

Well don't register KRS [Gotzborg] in the Commonwealth. Just register good old fashioned KRS.

[ardashir1]

As to your other points please raise them as amendments once the Bill is passed. I would like to be in a position to see the economy up and running regardless of alleged imperfections as oppossed to bogged down in weeks and months of hostile amendments red tape and litigation.

[extreme007]

Well don't register KRS [Gotzborg] in the Commonwealth. Just register good old fashioned KRS.

They are the same company. Gotzborg rules just require the term [Gotzborg] to be added at the end so that a difference can be made between companies originating in Gotzborg and those outside. Similarly under the proposal being made in CES, where there are different acronyms to be inserted in brackets to identify the type of company and all that.

As to your other points please raise them as amendments once the Bill is passed.

Why pass now only to have it ammended within a day of its passing?

I would like to be in a position to see the economy up and running regardless of alleged imperfections as oppossed to bogged down in weeks and months of hostile amendments red tape and litigation.

The bill could still pass. I believe there are enough possible votes to have a majority. 2 delegates from UBAT, Interland and 1 delegate from Babkha. That's 5 votes that could potentially be AYE against 2 Karnalian NAY votes. That's a majority and the bill should pass.

Further, with the Executive Orders of CES, Karnali could also participate in this venture once those orders read what Karnali wants to be added.

[ardashir1]

Why pass now only to have it ammended within a day of its passing?

It would take a fortnight to amend it if the amendment is routine, a week if urgent. Either way rather than wait for that to play through the system once more it would be good to get started while there is still momentum going behind it.

The bill could still pass. I believe there are enough possible votes to have a majority. 2 delegates from UBAT, Interland and 1 delegate from Babkha. That's 5 votes that could potentially be AYE against 2 Karnalian NAY votes. That's a majority and the bill should pass.

The voting currently stands at three ayes, one nay and one abstention. Once the law is passed you can then negotiate with the CES for whatever it is you require to be included in the Executive Orders specifically for Karnali.

[extreme007]

It would take a fortnight to amend it if the amendment is routine, a week if urgent. Either way rather than wait for that to play through the system once more it would be good to get started while there is still momentum going behind it.

Better to have it done in one move than hundreds.

Once the law is passed you can then negotiate with the CES for whatever it is you require to be included in the Executive Orders specifically for Karnali.

Or we could simply request us not included on this one. And come through that Executive Order after it is suited to our needs.