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The Financial Diary

A place to put national factbooks, embassy exchanges, and other information regarding the nations of the world. [In character]
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Yohannes
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The Financial Diary

Postby Yohannes » Fri Jun 07, 2019 2:09 pm



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The Financial Diary is a Nineteen Countries banking-focussed, Yohannesian-language publication which also covers a variety of nation-state topics, including current affairs, legal issues, and fiscal and monetary policies. The Diary is published two days a week by Royal Lindblum Building Society, a division of the Bank of Yohannes, in the broadsheet format and online on NationStates.


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Copyright: © Library of Parliament, 2020. This work is licensed under the Creative Commons Attribution 4.0 NationStates licence. You are free to copy, distribute and adapt the work, as long as you attribute the work to claudiaintern@libraryofparliament.govt.yo and abide by the other licence terms.
Last edited by Yohannes on Fri Jul 12, 2019 8:16 am, edited 4 times in total.
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Re: The Financial Diary—Yohannes

Postby Yohannes » Fri Jun 07, 2019 5:28 pm



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With a beautiful wee little lass and another about to arrive, Greta and Felix are about to face the most common problem for middle-income Yohannesians. They were growing too big for their lovable two-bedroom Victorian terraced house in the heart of Royal Alexandria’s popular Waterfront on the Quay suburb. The rental house wasn’t even built with a bathtub and free space was almost gone, aside from the little garage space, a minuscule laundry space and two cabinets. The outside deck couldn’t provide them with the breathtaking views they want. It’s time to buy, and something has got to give.

Luckily, what they held in store was a maturing and untouched Central Provident Fund FutureSaver account, protected from premature withdrawal and created specially for the purpose: the Yohannesian dream of suburban home ownership. Greta is a Legal Secretary at Reichenau & Partners Solicitors, while Felix is a Mid-Market Account Executive at ApolloDuo Mobile, Social & Digital Marketing Agency. To buy a new home at Alexandria’s lower quartile price they would need to have a mortgage of 330,500 NationStates Dollars (NSD). By employing some well-known connections of Felix’s father-in-law, they were introduced to architect Ägid Ribbentrop, giving an opportunity for the family to stay and build for half the price rather than having to move away from their dearly loved Waterfront neighbourhood.

However, by accessing their FutureSaver account, the government scheme has presented the young professional family with another requirement: they must’ve saved at least 76,000 NSD for a deposit. Luckily they’ve been putting aside at least 10 per cent of their net pay every week for almost eight years. Recognising the potential that the young ambitious couple offered, Ägid introduced Felix to his brother-in-law Samuel Washington, an American senior Mobile Mortgage Manager at the Bank of Yohannes.

“He spoke with the funny Yankee accent, and he called me a Fritz,” says Felix. “I don’t know what that means, but apparently I was told that he’s good with guiding young families through complex home loan applications.” A mortgage application was then forwarded to the Royal Alexandria Parliament Square Branch of the Bank of Yohannes. “It was approved the week after so that the family can finally afford their dream Waterfront home,” says Samuel. “I know they can afford the repayment, so I personally have no problem with guaranteeing their application to my boss.” Yohannesian mortgages are considered safe when they consume less than 40 per cent of the family’s gross pay, and Greta and Felix met the criterion.

With the new money from the Bank of Yohannes, Greta and Felix are now set to buy. Located just three streets away from their old rental home, the new 1970s bungalow house gives the couple a stunning new open-plan living space and inspiring dining and kitchen area. The property has an extension which sits at a lower level and meets the raised lawn for a clean indoor and outdoor flow through a new, expansive deck. “The waterfront view is breathtaking from here,” says Greta. “Now I’m happy.”

“It’s the Bank of Yohannes dream delivery,” says Samuel. “And my boss is a happy man this week.”

Greta and Felix were lucky to have struck a deal with Samuel just two weeks before the Economic Palace’s new monetary policy announcement. “We’ll be releasing a new government industry consultation paper which is set to introduce our updated mortgage bond collateral standards for 2020,” says Governor Heidemarie Vogelweide. “We strive to achieve a more standardised and transparent framework to follow the recommendations of the World Assembly in 2018.”

Besides the new set of standards, a comprehensive list of feedback submissions was also received from banks, investors and other key players of the money market inside the beltway. “The new policy framework will increase the volatility of short-term interest rates in the market,” the weekly commentary report notes. “Though this effect will be only of temporary duration.”

The Financial Diary 8 June 2019 1
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The Realm of YohannesDas Yohannesische Reich
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Currency Intervention | A Game of Thrones | The Archbishop and His Mission | The Financial Diary | Homofront Yohannes | My competition
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Re: The Financial Diary—Yohannes

Postby Yohannes » Sat Jun 08, 2019 11:19 am



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You and Your Finance—by specialist banking and finance lawyer Laura Schütz

By the time you read this page we will be heading into the month of June. The end of a financial year is the most crucial time to take a step back and consider the bigger picture. From the cramped office overlooking Pennsylvania Avenue, as a member of the transactional banking and finance group at Ardenfontein Köhler, I’ve worked with a diverse range of clients across domestic and international banking and finance transactions. I am fast approaching my 11 years in practice and I have been reflecting on my somewhat short experience as a specialist banking and finance lawyer over that time.

When I first started ‘fresh out of uni’ as a junior finance lawyer to advise Beltway insiders, borrowers and lenders in credit contracts and related statutes, including the requirements of the Consumer Credit Protection Amendment Act 1990 and the Truth in Lending Amendment Act 2007, the process was more calm, dignified, and unhurried; only involved papers and transactions took time. We even visited the other firm across the street with our cheque for the purchase price. We then walked back to our firm with the title documents and mailed them to the Bank of Yohannes for submission.

One of the most important issues with financial product development transaction was finding the title document for our bank clients so it could be exchanged to be sent to the Bank of Yohannes to be updated with the new information. Unlike more difficult tasks such as acquisition financing and trade and receivables finance, financial product development was, in the main a relatively dull and uninspiring but predictable process which was completed by most Yohannesian banking and finance lawyers as a vital part of each practice. Most specialist finance and banking lawyers in the Nineteen Countries were very well acquainted with the process and could do it well.

However, in the past 11 years the process has been changed in a fundamental way. With the introduction of new technologies, what was comparatively simple has grown to be more and the compliance mechanism seen at every step of the way has greatly increased. The first important change was the expansion of the Ministry of Economy, Industry and Trade’s Online Archive which moved all the title records in the Nineteen Countries from paper to electronic records. Over time the registration process was also transferred to an entirely electronic system to go with online banking. Overall, the introduction of Online Archive was a good step forward that has allowed ownership to be easily accessed, revised and streamlined. But, while it was another important part of the evolution of Yohannes’ financial regulation and supervision it was also the first of many changes which have made financial product development and transaction record keeping more complicated.

Over the years we have witnessed the introduction of further auditing, compliance, reform and record keeping. Two of the most visible consequences of the changes are, I believe, a lack of trust in the parties who are involved in the process and a desire to record and keep those records for perpetuity. The days of two lawyers meeting over tea to exchange cheques and documents are long gone. This is disheartening as the more we are sitting at our computer and the less we see each other, the less we trust each other. This cycle is in my mind self-perpetuating. As we trust each other less we do not feel trust. As we are audited more we worry about our own interests and we are encouraged to act cautiously. I don’t truthfully believe all the new changes in compliance have reduced the number of issues and unsatisfactory outcomes for clients in the process.

The introduction of more compliance through new legislation has seen financial product development, regulatory and structured transaction becoming more complicated, costly and specialised. The precision required by participants has become much more important to a successful transaction and perpetual record keeping. I am especially seeing the number of junior lawyers willing to carry out financial services regulatory is declining. New graduates and transferring lawyers would instead choose less burdensome tasks such as property financing.

With the introduction of new technologies and norms, as the law becomes more challenging it becomes critical that you receive the right advice from lawyers who can monitor your risks and make the process as smooth and easy as possible because they know the law. At Ardenfontein Köhler we are more than ready to do that for your next important project and transaction.

The Financial Diary 9 June 2019 2
Last edited by Yohannes on Mon Jun 10, 2019 2:55 am, edited 2 times in total.
The Realm of YohannesDas Yohannesische Reich
Government Archive Act | Reichstag Parliamentary Debates | Tales from Yohannes | I Beg my Realm
Currency Intervention | A Game of Thrones | The Archbishop and His Mission | The Financial Diary | Homofront Yohannes | My competition
Embassy Exchange | VMK Industry | Bank of Yohannes | Automobil Yohannes | NS Hacking | Our posting history | Player information
We love NationStates! Do you? \__(^.^)_//
NS military project: Tank | Armour | Bomber
All In-Character things I’ve written on NationStates are open-source/Creative Commons that you can use :)
2018 had been my most productive (IC) NS year since 2011 — I won’t be as active on NS now due to RL obligations :)

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Re: The Financial Diary—Yohannes

Postby Yohannes » Mon Jun 10, 2019 1:30 am



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    From the Beltway to Freedom Street


In a world filled with materialistic cravings, holding a 5-day workweek corporate job brings with it many advantages: a feeling of financial security, a pretty good salary, maybe even an easier step to take in saving for a house deposit. Still, there are some of your everyday Yohannesians who feel unhappy, who want to explore the unknown—whether it be the desire to volunteer their time and give back to the world or the ambition to start their own home-based business, or even just to finally make their childhood dreams come true.

In this week’s From the Beltway to Freedom Street, The Financial Diary meets with two former Beltway insiders who made the giant leap forward to reach Freedom Street and make their dreams their realities.

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Lewis Castellon—from government accountant to sales training and consultancy

Lewis Castellon grew up wanting to wear the high-powered corporate suit. At 24, a fresh chartered accountant, he started work at Ernst & Old. After nine years, wearing the corporate towel in the largest professional services firm in the Nineteen Countries left him feeling miserable and unfulfilled. Lewis quit his dream job and flew to Laeral to meet with his securities analyst older sister. She agreed to start boutique sales consultancy Generation Xero with him and they’ve never looked back.

“I saw on reaching the highest Pennsylvania Avenue corporate ladder … you spend hours and days just going to meetings and drafting reports. You’re interacting with people, but they do not interact with you like normal people do—they’re there to represent their clients and you’re there to represent the government. I’d spend almost nine hours everyday feeling isolated, and then when I’m home I spend another three hours keeping up with my work. I don’t want to live my days like that anymore. When I was admitted to the hospital with work-related stress and depression, it was then that I decided to call it quits.”

“As a corporate citizen I saw the independence of small-business owners; the long hours they worked, but also their independence. The importance of creativity in business, and how it leads to success. The corporate way of life inside the Beltway was to achieve for shareholders regardless of the price to be paid first and to keep your head down later. I slowly became attracted to the small-business owners I met working for Ernst & Old. I liked the way they approached their work.”

“I think that people in corporate Yohannes … in general, have reached glass ceilings. We have many existing departments—administration, marketing people, the HR and the computer gurus—and that’s why as a multitasker I slowly realised that was not for me. Now, I work by myself while my sister runs the show overseas, and I like it. I meet new people just like me everyday. I am convincing because I’m passionate. My clients see that I like what I am doing and they gravitate to me.”

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Johannes Aagaard—from financial adviser to adventure race organiser

Eight years ago, Johannes Aagaard, a regional manager at KornhäuselCoopers Financial Advisory and Brokerage, moved from a career in the finance industry to become an adventure race organiser. With the successful administration of three championships—Endurance Sport WakeMonsters, Holsteiner Auenland Open Adventure Race, and Little Wannsee Championship—under his belt, Johannes says he loves his job the way he liked his old job, but just wasn’t satisfied. He gave up a six-figure salary working for corporate Yohannes deep inside the Beltway to pursue his teenage dreams.

“I’d spend most of my career after graduation slaving for big, multinational firms and one day my daughter asked me, ‘Papa, what will people remember you for when you meet Jesus?’ And I’d told her that I don’t know. First, I realised I’m not making an impact, and second, I was making money hand over fist, but I wasn’t happy. I have the luxury of education and experience, but I do not have the luxury of time. One day just after the World Assembly Condemnation of Automagfreek in April 2012, I was responsible for the submission of a taxing statutory audit and review bill contribution; and then, in slow motion, I realised I was about to scream at all the sleeping district parliamentarians during the second reading of the bill.”

“I quit my job and I’m glad to have the courage to do so. I’d always been a super keen mountain biker and long-distance runner at secondary school, and I just wanted to give back to the world. I took on my first 550km adventure race and met a few of my old work acquaintances doing the same thing. We organised from our savings and the rest is history. For the next two years it was like we were doing two full-time jobs at the same time. But my work commitment was too strong—a leftover from my corporate days.”

“It’s been a tough balancing act. My role now, though, is one that I’m proud of: last week we donated 170,000 NationStates Dollars (NSD) to the Heart Kids Foundation.”

“I’m a fit man, I still do calculations, and I can answer my daughter’s question.”

“I am truthfully happy.”

The Financial Diary 10 June 2019 3
Last edited by Yohannes on Mon Jun 10, 2019 2:53 am, edited 2 times in total.
The Realm of YohannesDas Yohannesische Reich
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Re: The Financial Diary—Yohannes

Postby Yohannes » Tue Jun 11, 2019 9:49 pm



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In 2012, as the World Assembly Condemnation of Automagfreek caused an exceptionally long and arduous credit crisis in the Nineteen Countries, everyone prepared themselves for the catastrophe that was bound to happen in the nation’s leading companies. It did not arrive.

That year’s complete disorder and confusion produced a shock for Yohannesian financial services companies. Their capital stock and bond values fell harder than those of the less overvalued manufacturing sector. But widespread defaults did not happen. “The domino effect we had seen in 1990 didn’t happen,” says Bianca Fürstenberg, a rates and foreign exchange strategist at the Royal Bank of Alexandria. “Unlike the credit crisis that had visited the Nineteen Countries before, in 2013 they’re not there.” By these companies’ abilities to bounce back, they showed that they were finally willing to learn from history. However, Bianca believes that what she has seen since for Yohannesian families has been more worrying.

“One word,” she says. “Debt.”

In February 2012, just before the crisis, many households across Yohannes held far less debt to income in comparison to their international peers. But that has since risen fast. Nikolas Bähr, a 51-year-old senior policy analyst in Dagmar who is buying a two-bedroom bungalow, knows that with debt there will also be risk. “Because of the long period of lower interest rates we’ve seen since 2014, households’ propensity to consume has risen,” says Nikolas. “For almost six years, more affordable borrowing and their wider availability have skewed spending towards the Nineteen Countries’ non-tradeable sectors.” Increasingly, more resources have been directed to non-tradeable activities such as property investing, and it’s becoming a problem for other parts of Yohannes’ economy.

It begs the question of why have household debt levels been bolstered below the surface of what is supposedly a stable economy.

Year
ICR (per cent)
2000
5.10
2001
4.75
2002
4.80
2003
4.90
2004
4.75
2005
4.85
2006
5.00
2007
4.85
2008
4.70
2009
4.95
2010
6.70
2011
8.15
2012
6.70
2013
8.00
2014
2.70
2015
2.30
2016
3.00
2017
1.60

Source: MTC 2017.
The quick answer is the extended period of cheaper borrowing seen since 2014, which has produced a spike in household spending, largely satisfied by growing imports. But income and wages aren’t keeping up. According to the Bank of Yohannes’ weekly commentary report, disposable personal income has grown by more than 8 per cent since 2014, while debt has grown by 17 per cent. To put this into perspective—real household consumption expenditure per person is now more than 100 per cent of disposable personal income. They’ve grown higher than even before 2012, and they’ve almost nullified the steady gains in earnings seen since 2011 (figure 1).

To some extent, the spike in borrowing we have seen shows that the Economic Palace’s Imperial Cash Rate (ICR) has been set at too low a level due to low inflation and a series of important domestic and international economic factors. Low Interest rates have doubly encouraged additional spending. For one, it has made borrowing cheaper for households. Cheaper debt has boosted higher levels of spending across Yohannes.

Finally, cheaper borrowing has made asset price inflation in the Nineteen Countries more pronounced, mainly in capital goods and real estate. “The audacity of hope, yes we can, and reclaiming the Yohannesian dream that we saw as the presidential election of Marion Maréchal-Le Men in 2018 … if we look back at the central themes of her campaign, they’re illegal immigration, cheap money from rich foreign investors, corrupt international neoliberalism … and the Yohannesian housing crisis,” says Bianca.

“That’s why many people voted for Marion and the GOP. They believe asylum seekers and illegal immigrants mistreat women and LGBT Yohannesians, they’re sick of seeing noodle canteen shops and mosques, and they don’t want to see countless foreigners speaking harshly in some weird-sounding language buying Yohannesian houses like there’s no tomorrow.”

In turn, gains in house prices have boosted household net worth and stimulated final consumption expenditure by resident households. Much of this is due to the strong pick-up in passive aggregate housing equity withdrawal. Cheaper borrowing opportunity has reduced domestic deposit nominal returns, which in turn means higher rental yields and capital gains for participants in the less regulated real estate industry. Martin Belka, chief executive of the Nineteen Countries Real Estate Institute, agrees.

“The returns generated have made for a very attractive environment for mum-and-dad investors,” he says. “Lower supply and higher demand for non-rental housing, particularly in leafy middle class suburbs for young professionals, have increased prices across Yohannes.” According to the Nineteen Countries Department of Housing, Rates and Valuation, this situation has produced a large amount of spending power for older property owners. More than half a million budding homeowners are then forced to borrow more from banks to afford to buy. Older homeowners are also forced to pay more as their local authority property rates increase.

“And because of that we see higher levels of spending and borrowing, reinforced by cheap money,” says Martin, who expects to sell his ninth house next week.

However, with higher inflation, less annual net migration and the official hike in ICR under a GOP-controlled Parliament in 2020, household debt supporting spending will likely fall (figure 2).

It begs us to ask ourselves—how has this debt build-up influenced Yohannes’ economic forecasts?

According to the report published by a chorus of Beltway policymakers, the gradual accumulation of household debt-financed spending we have seen since 2014 won’t destroy the economy. “Through the implementation of new inflation-targeting framework and lending practices, we’ve somewhat dampened the effects of highly leveraged borrowing,” says Assistant Governor and General Manager of Economics, Financial Markets and Banking Lieselotte Böckler. “Furthermore, despite the spike in household debt-financed spending, the declining rates we’ve seen since 2014 have kept in check our debt service levels.”

Finally, the Economic Palace is projecting current account surplus to hover around 1 per cent of GDP, and the Bank of Yohannes is not forecasting that positive balance to turn red next year (figure 3). This is welcome news in an otherwise bleak landscape.

“One of the most important factors driving this lower foreign business confidence in the Nineteen Countries economy in 2018 has been the mix of stimulatory government policy,” the Bank of Yohannes quarterly commentary report notes. The Bank of Yohannes Investment Outlook has forecast that this large increase in infrastructure rebuilding activity and fiscal expenditure will continue to boost activity in subsidised sectors of the economy. Their effects will be dampened by a downward revision to the outlooks for net migration and population growth, for instance, and the temporary wind-down of the infrastructure of nation-state significance programme in the Bible Belt.

As the Nineteen Countries head into 2020, it seems that the nation’s policymakers must finally face up to its growth slowdown.

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Figure 1: What’s going on in this graph? Can you see the impact of the Automagfreek World Assembly crisis or the presidential election of Marion Maréchal-Le Men? Look closely at this graph, and join the moderated conversation on NationStates about what you and other Economics students see.

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Figure 2: Bank of Yohannes Economics and Markets Research’s December 2018 Last Month of the Year Economic Review. Imperial Cash Rate, 2000-18.

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Figure 3: Office of Economic Analysis and Forecast’s November 2017 Monthly Report to Parliament. Current account balance post-adjustment.


The Financial Diary 11 June 2019 4
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The Realm of YohannesDas Yohannesische Reich
Government Archive Act | Reichstag Parliamentary Debates | Tales from Yohannes | I Beg my Realm
Currency Intervention | A Game of Thrones | The Archbishop and His Mission | The Financial Diary | Homofront Yohannes | My competition
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All In-Character things I’ve written on NationStates are open-source/Creative Commons that you can use :)
2018 had been my most productive (IC) NS year since 2011 — I won’t be as active on NS now due to RL obligations :)

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Re: The Financial Diary—Yohannes

Postby Yohannes » Tue Jun 18, 2019 8:33 pm



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Know Your History—by specialist litigation and arbitration lawyer Jennifer Chua-Küchler


One of the most important elements in the administration of justice and the practical operation of law is the right to be judged fairly by one’s peers. We can still see the importance of this principle in some emerging economies, where the rule of law and trust in government collapse without fair trials. I am fast approaching my four years in practice and I can still hear the same question from my clients sometimes. They said: “Why do we have expensive jury trials?”

The legal system of the Nineteen Countries drew inspiration from the Common Law. Thus, it can be said that, historically, this right came from the Kingdom of England’s Magna Carta and the principles contained in the charter. We could not possibly explain the disposition of court business without considering the vital importance of the jury and their responsibility in the administration of justice. The Yohannesian origin of the modern jury was the Alexandrian jury constituted ad hoc by Frederick William I in 1509. They were local villagers summoned by the king to settle a land reform dispute between two influential property owners in the village of Altenmark. A party who won the agreements of 11 villagers would win. We can still see a trace of this today, where liability is decided by 11 citizens of the realm, or in the case of a grand jury, where a party must win the support of 11 jury members out of 21.

During my time as an editor of the Halsten Law Review, it was said that the advantage of being tried by one’s peers is the undeniable fact that 11 minds are more likely than one to arrive at the truth when the dependability or integrity of a witness is found wanting. The same holds true today, even with all the recent trial controversies and unresolved issues we’ve seen. Precisely because they are not creatures well acquainted with the instruments of law, the 21 independent jury members may be able to see the set of facts or circumstances that surround a situation with fresh eyes. A lay person’s view can truthfully amend the precision of legal judgment and the meaning and power of legal thought.

It can also be said that a more diverse cross-section of communities can express the values that uphold our society to keep the law in touch with general life facts—the principle which Sir William Holdsworth, the noted English historian, said was “to bring his theories to the touchstone of contemporary commonsense.” For this reason, a judge is restricted by the law they are meant to serve.

I’d like to also touch on another role of the jury and their importance in criminal cases to stand between the state and the person or group of persons who are charged with or on trial for a crime. As I’ve said to one of my clients, there is we think the fundamental conviction in the public mind that justice, democracy and the jury are the safeguard of peace and prosperity from the state and all its aspects within the jurisprudence of our nineteen realms. The English Baron Denning of Whitchurch repeated this for clarity in 1966. He said: “The jury has been the bulwark of our liberties too long for any of us to seek to alter it. Whenever a person is on trial for serious crime, or when, in a civil case, a person’s honour and integrity is at stake, or when one or other party must be deliberately lying, then trial by jury has no equal.”

The jury system is not without its failings, however, and perhaps the most important problems of the jury are said to be the uncertainty and unpredictability of some verdicts, the cost and length of some trials, the lack of reasons in the absence of further evidence, and, for all we know, the difficulty to reach a sound conclusion for a case that involves a complex collection of facts and documents or entangling issues of law.

Under section 2 of the Certiorari Amendment Act 1939, “Any person charged with an offence punishable by imprisonment for a term exceeding three months is entitled to be tried by a jury.” As a sworn body of persons, the jury has always been the bedrock of our Unity Law and, before it, the English Common Law. At Stadtbäumer & Partners we believe that they’re there to protect our unrestricted liberties to live our lives without fear of suffering, injustice, or longings of any kind.

The Financial Diary 19 June 2019 5
Last edited by Yohannes on Wed Jun 19, 2019 12:09 am, edited 2 times in total.
The Realm of YohannesDas Yohannesische Reich
Government Archive Act | Reichstag Parliamentary Debates | Tales from Yohannes | I Beg my Realm
Currency Intervention | A Game of Thrones | The Archbishop and His Mission | The Financial Diary | Homofront Yohannes | My competition
Embassy Exchange | VMK Industry | Bank of Yohannes | Automobil Yohannes | NS Hacking | Our posting history | Player information
We love NationStates! Do you? \__(^.^)_//
NS military project: Tank | Armour | Bomber
All In-Character things I’ve written on NationStates are open-source/Creative Commons that you can use :)
2018 had been my most productive (IC) NS year since 2011 — I won’t be as active on NS now due to RL obligations :)

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Yohannes
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Re: The Financial Diary—Yohannes

Postby Yohannes » Tue Jun 25, 2019 3:27 am



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Royal Alexandria is known by most—and traduced by many—for its rain. Home to half a million people, the Kingdom of Alexandria’s capital is the eighth largest city on the continent of Yohannes, and it has been the capital of the Nineteen Countries as well since 1871. It also holds the title of being the Realm of Fiords and Mountain’s rainiest city.

Fortunately, Royal Alexandria is well worth a visit even when there’s a gusty and wet northerly blowing. This compact, fascinating city has an undeniable creative energy, bursting at the seams with arts, culture, live performance, and fine food. In the colder months, the city continues to bustle and thrive with festivals and activities designed to break through the winter blues.

For any visitors coming to Royal Alexandria, eating out is a must on the agenda. In the central city alone, you’ll find hundreds of eateries: cheap and cheerful family establishments, tiny hole-in-the-wall places, and pillars of the Yohannesian cultural fine dining scene. On for the entirety of the coldest month of July, this year’s Craft Beer and Sausage Festival is bigger than ever, perfect for foodies from other Germanic nations looking to visit for the latest in restaurant innovation.

Another item on your Royal Alexandria to-do list: experience some culture. The rainiest city in Yohannes has got it all. Visit the National Museum of Women in the Arts for a spot of Yohannesian women’s history in contemporary art, or wander City Gallery of the Realm to immerse yourself in the story of influential Yohannesian nation-builders through the ages. Step into one of the city’s independent theatres for a lively musical, a stunning dance show, or a side-splitting comedy set. If you happen to be here during December and January, you can also see the latest movies from around the Nineteen Countries at the annual Summer Realm Film Festival.

Royal Alexandria is famously walkable, and many visitors will find they have little need for a car if they stay in the central city. Here, you’ll find opulent hotels, economical boutique backpackers, and self-contained apartments to rent. If you do find yourself itching for a bit of exploration, adventures further afield are easily accessed via public transport or rental car. Little Wannsee’s Flower Garden and Natural Heritage Reserve is a wonderful way to enjoy native bush in the heart of the city, while energising walks abound in the hilly suburbs of Friedrich Grove, Green Forest, and Charlotte Bridge over the Main.

It’s not for nothing that Royal Alexandria was named the nation’s prettiest rainy capital by the Nineteen Countries Cultural Heritage Foundation. With more bars, cafés, and restaurants per capita than America’s New York City, Royal Alexandria continues to maintain its national reputation as the Yohannesian city to visit.

Inside the Beltway—the favourite idiom of Yohannesian political scientists

From Money for Christ and Vote 2018 to Undarat Opening and The Financial Diary, the political idioms “inside the Beltway” and “Beltway insiders” can be found almost everywhere in Yohannesian literature. From time to time written as “below the Beltway” by some authors, they are used to showcase things relating to Yohannesian politics which are influenced by decision-makers in the capital’s Beehive. The Beltway can be divided into three districts: Economic, which is dominated by the Bank of Yohannes buildings around Parliament Square; political, which is dominated by the Parliament House buildings along Pennsylvania avenue; and naval, which is dominated by the Commonwealth Navy Wharf to the west of the Royal Port of Alexandria.

If you’re driving through the Beltway districts this winter, you may find your interest piqued by an old windmill on the horizon. De Moor, which belongs to the Embassy of the Dutch Democratic Republic of Knootoss, is a full-sized 18th-century colonial windmill. It’s open to the public, allowing visitors to experience a little piece of pre-industrialisation Nineteen Countries. Just three blocks away, the Politico’s Coffee, owned and operated by the Embassy of the Allied Provinces of Laeral, offers a relaxed atmosphere with an exquisite selection of cabinet food and both hot and cold beverages.

Drive through the capital’s embassy district to see the consulates and embassies of foreign governments in Royal Alexandria, followed by a coffee and a yummy bite to eat along the waterfront.

Flower Garden and Natural Heritage Reserve—where both young and old appreciate the beauty of our world

A leafy middle-class suburb for young professionals, Little Wannsee is home to one of Yohannes’ largest and most eclectic green festivals. The Flower Garden and Natural Heritage Reserve has been presenting a selection of flowers and bushes each spring for almost 20 years. Its success can be linked to the diversity and quality of its flowers, as well as the wide range of other activities on offer.

“This isn’t just a conservation initiative, it’s become much more than that,” principal architect of the Nineteen Countries Cultural Heritage Foundation Martin Speer says. “This spring event is a 14-day exploration into outstanding bushes and flowers throughout the city. There’s simply no better way to explore and discover central Royal Alexandria, in my view.” As the more discerning backpackers and tourists will appreciate, it’s a labour of love for those who open the gates of Little Wannsee each year. The Flower Garden and Natural Heritage Reserve is built on the community ethos of preserving nature for real people.

The Bank of Yohannes—the banker of corporations and nations

As an outward-looking, internationally-focussed institution, the capital’s Bank of Yohannes has historically specialised in the direct deposit of clientèle accounts, networking assistance and consultancy to major companies and foreign agencies, and notable one-off investment opportunities and transfer payments between government bodies, private corporations, and countless polities and prominent individuals.

“Our position as a responsible financial institution and capital provider has given us the confidence and trust of multiple corporate entities, public institutions and rating agencies,” chairman Sir Matthew Gilligan says. “Not just domestically in Yohannes but also overseas, where our team will always be there to serve you.” As a composite institution overseeing countless independent firms in over 100 nations, the Bank of Yohannes is structured to provide a quality alternative to even large chartered banking with its competitive interest rate for international clients. Its team of leaders have extensive and first-hand banking experience: they have worked on a variety of business issues, both within the Nineteen Countries and abroad.

The Financial Diary 25 June 2019 6
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Re: The Financial Diary

Postby Yohannes » Mon Jul 01, 2019 7:29 pm



    Image

Monthly Report to Parliament—June Fiscal Quarter 2019 Economic Summary


The Monthly Report to Parliament—Economic Summary is a monthly summary of the Nineteen Countries economy. It includes the latest indicators of the state of the Nineteen Countries economy, such as gross domestic product (GDP) growth and core inflation. Some data from functioning economies such as the United States of America and the Republic of Turkey may also be used as economic datum, in accordance with the © NationStates Reporting Standards for Grounded Nations (RSGN).

Economic expansion
[+]
+0.25%
Monthly gross domestic product growth
People not working
[+]
0.070%
Monthly movement of unemployment rate
Monetary policy
[+]
0.037%
Monthly inflation change
Nation-state surplus
[+]
$19.1b
Monthly current account surplus change
Imperial cash rate
[+]
0.10%
Monthly short-term bill of exchange movement


Office of the Chief Economist point of view

The amount of imported goods the Nineteen Countries economy can afford per unit of exported goods fell by 0.75 per cent in May, with goods export prices falling by 0.42 per cent and goods import prices rising by 0.35 per cent. Exported semiconductor prices fell by 1.43 per cent in May due to higher research and development (R&D) cost and less consumer spending, whereas machinery manufacturing prices fell by 0.08 per cent due to lower industrial machinery prices and less agriculture, construction, and mining machinery demand. Imported petroleum and automobile product prices rose by 1.88 per cent in May, whereas the volume of petroleum and automobile products imported fell by 3.68 per cent. Despite falling in May, the Nineteen Countries’ ratio of export prices to import prices is still higher than the levels of seven years earlier.

The sales turnover and stock levels of household and personal goods providers rose by 0.42 per cent in May, with 13 of the 20 largest retail and wholesale companies by revenue in the Nineteen Countries reporting an uptick in sales volumes. The volume of aggregate retail sales, excluding automobile and petroleum sales, rose by one per cent in May. Pharmaceutical production and other retail healthcare sales volumes steal the spotlight, rising by two per cent in May, which followed a weak month for the Generics and New Goods in Pharmaceutical Price Indices where sales volumes eased by 0.83 per cent. These industry group indices measure the change in price for a fixed basket of goods and services provided by chemists, elderly care providers, health supplement stores, healthcare equipment and services providers, and medical stationery goods outlets. The Bank of Yohannes mentioned that the proposed changes in Central Provident Fund’s core FutureSaver schemes under a GOP-led Parliament could have been one important reason behind the increase in sales volumes for chemists and support services for older people.

The United States of America’s Federal Reserve Chairman Jerome Powell has recently hinted that the Fed would cut the Federal Funds Rate (FFR) soon, citing “a hit to the economic outlook from rising uncertainty by the Trump administration’s trade policies.” In response, Economic Palace Chairwoman Heidemarie Vogelweide left the Imperial Cash Rate (ICR) at 2.15 per cent on 27 May, further postponing the official hike in ICR that has long been expected under a GOP-controlled Parliament. The Bank of Yohannes reported that equity transaction volume on the Royal Alexandria Stock Exchange was up 9 per cent in May compared to April, with the average daily value of traded equities amounting to $16.4 billion, NationStates Dollars (NSD).

The middle point for Yohannesian real estate prices was $640,000 in May according to the Nineteen Countries Real Estate Institute, while the Nineteen Countries House Price Index had registered an uptick of one per cent over the quarter. The Ministry of Economy, Industry and Trade’s Collective Urban Housing and Affordability Index ranked homeownership affordability in Yohannes “disappointingly low,” with median price in Royal Alexandria increasing by 1.3 per cent on a house price index basis to reach $1 million for the first time in Yohannesian history.

Expansion of the economy

Gross domestic product 2019
Monthly GDP growth at current market prices
Expenditure method
$41.8 billion
Per capita growth
$65.35

Source: World Microcredit Foundation.
According to the Encyclopædia Maxtopia, the GDP of a country is the monetary measurement of the market value of all final goods and services produced in that country for a stated period of time. In the Nineteen Countries, the most important way to track the state of the economy over the years is to check its real GDP—that is, the value of economic output adjusted for price changes (i.e. inflation or deflation).

Economic expansion reached 2.2 per cent in the year ended in the March quarter, while the economy grew at a steady pace by 0.25 per cent in May, which was slightly above market expectations and 0.08 per cent less than April. The pace of GDP growth has been slower over the past two quarters, suggesting that policy actions such as the government’s higher skill and qualified migrant requirements and stricter foreign investor rules have helped the economy move to a more stable long-term footing. GDP growth in May was bolstered by an upside in total building and construction activity. Business investment in capital goods expanded by one per cent in May, following the currency intervention uncertainty which had caused three quarters of business uncertainty.

Retail sales data remained relatively steady, supported by tangible and movable personal property sales, while household consumption rose by 0.47 per cent, largely driven by an uptick in restaurant and beverage spending. Online business activity continued to show a strong performance, growing by 7.9 per cent to generate $120.7 billion in sales, with online payment services now accounting for 40 per cent of domestic online preference. The Export Industry Credit Administration (EICA) published its latest report on tradeable (e.g. capital equipment production) and non-tradeable activities (e.g. property investing) in the Nineteen Countries. Tradeable activities grew by 0.11 per cent in May while non-tradeable rose by 0.14 per cent.

BOY business sentiment studies
April (%)
May (%)
Will have more workers
37.1
36.2
More people will lose jobs
24.9
25.7

Source: Bank of Yohannes.
The Continental Dry Index (CDI) is a measure of monthly shipping activity, and is widely used by Yohannesian economists and policymakers as an indicator of Yohannesian economic trends. The CDI showed a downward trend of 2.71 per cent in May, reflecting rising fuel consumption, repair and crew costs, and low-demand projection for merchant vessels in Yohannes’ largest trading partners. Participants of the Bank of Yohannes Monthly Polling showed that consumer sentiment had remained flat, reflecting lower taxpayer future expectations. Nevertheless, the month-to-month trend in consumer confidence has been steadily increasing since the release of the Mid-Year Economic and Fiscal Outlook FY 2017/18 Report, showing that the outlook for employment opportunities, income growth, and price stability has generally remained favourable.

The Bank of Yohannes has forecast that agricultural production and manufacturing will decline in the June quarter, with GDP growth easing to 1.9 per cent in the year ended 30 December 2019, before rising to 2.2 per cent in the 2020 calendar year. The Chambers of Industry and Commerce Yohannes’ Composite Leading Indicator also has real exports growth easing due to labour market constraints and the mix of stimulatory government spending in 2018 resulting in changes in domestic infrastructure investment next year.

Money matters

According to the Encyclopædia Maxtopia, gross federation-issued borrowing is the general government gross debt (federal or realm, constituent country, and local government) in the Nineteen Countries excluding government stock, treasury bill, and Yohannesian commercial banks’ settlement cash held by the central bank (Economic Palace).

Fundamental realm government borrowing
December 2015
(billion $)
% of GDP
December 2020
(billion $)
% of GDP
Gross borrowing issue
7,372.99
49.3
6,063.05
36.3
Net fundamental issue
(excluding Bank of Yohannes state-owned funds)
5,336.20
30.8
4,908.99
29.4

Source: Office of Economic Analysis and Forecast.

To protect their customers, Yohannesian banks must hold settlement cash (i.e. insurance) in the Economic Palace. The government is also required to hold a Realm Guarantee Account (RGA) in the Economic Palace, which keeps track of transactions involving gold, foreign exchange reserves and bank deposits. Transactions by government departments will create cash flows between the RGA and other settlement accounts, while transactions between commercial banks on behalf of their customers (e.g. daily transactions, home mortgage, private investment) will create cash flows between their respective settlement accounts. In the year ending 30 December 2019, the Royal Lindblum Building Society is forecasting that this centralised system will process roughly 1.2 million transactions, worth approximately $2.8 trillion in total (16.7 per cent of GDP).

Year to Q4 (billion $)
2017
2018
2019
2020
Face value of fundamental market issuance
680
650
660
780
Market issuance cash earnings
680
640
640
750
Market issuance to be repaid
430
1,060
810
1,010

Source: Office of Economic Analysis and Forecast.

The Imperial Cash Rate (ICR) is the interest rate set by the Economic Palace on overnight borrowing and lending between commercial banks and the Economic Palace. The ICR is used as a tool to influence the direction of the economy and to safeguard price stability. The ICR is also used to ensure yearly inflation meets the Economic Palace’s explicit inflation rate target. Having hiked the ICR by 10 basis points in May, Economic Palace Chairwoman Heidemarie Vogelweide is now keeping the ICR steady at 215 basis points.

While wage growth is forecast to be higher than annual inflation as the economy continues to grow and supplies become stretched, the Chair of the Board of Governors believes that “a hit to the United States of America’s economic outlook from rising uncertainty by the Trump administration’s trade policies” means a waiting period should be considered to ensure the resilience of households and banks. It is expected that futures traders will increase the pressure on the Economic Palace to ease the pace of interest rate jump until the first half of next year. The Nineteen Countries Shareholders Association is also forecasting “a low probability of ICR hike when the Board of Governors meets next month to discuss national monetary policy settings.”

Core inflation is the rate of price changes of goods and services in the Nineteen Countries over a long period of time, excluding volatile goods such as grocery food and crude petroleum. Exclusionary measures are used to exclude the prices of volatile goods from Economic and Demographics Statistics Yohannes’ Nineteen Countries Consumer Price Index (figure 1). Analysts and policymakers use the common CPI (headline) to measure inflation by tracking the prices of goods that are bought frequently or in large quantities, such as clothing, education, food, and transport services.

    Image

Figure 1: What’s going on in this graph? Can you see the impact of the Automagfreek World Assembly crisis or the presidential election of Marion Maréchal-Le Men? Look closely at this graph, and join the moderated conversation on NationStates about what you and other Economics students see.

The Bank of Yohannes in its Quarterly Economic and Financial Forecasts has forecast annual inflation to stay below four per cent until the March 2020 quarter. Non-tradeables inflation, which focuses on domestic goods and services, is forecast to rise slowly over the medium term, while tradeables inflation is projected to grow with the incremental depreciation of the Yohannesian Quertz russling. The Bankers Association for Finance and Trade’s Industry Overview has the annual inflation rate reaching 3.7 per cent in FY 2020/21.

The Financial Diary 29 June 2019 7
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Re: The Financial Diary

Postby Yohannes » Sun Jul 07, 2019 9:30 pm



    Image


The Bank of Yohannes could see the construction of 79 bank branches in Hiram Land over the next five years, bringing the international lender’s local and national office count in one of UNOE’s largest countries above 400, as the bank plans to shelve its previous strategy to cut over-the-counter costs in favour of online service expansion. Figures from the Economic Palace’s Banks Performance Survey report shows the total number of Bank of Yohannes branches in Hiram land had fallen from 351 to 328 between 2016 and 2018.

“But that will soon change,” said Senior Political Analyst Jerusalem Kushner in the Von Neurath Institute’s Banks Performance Survey Report Q3 Monday live discussion with bankers.

“Looking ahead, we have upgraded our full-year net profit forecasts for the Bank of Yohannes in Hiram Land for the next three years,” Mr Kushner said. “The Bank of Yohannes in Hiram Land is going to remodel and change its strategy.”

Image
The news came as Hiram Land central bankers confirmed that the Hiramian-Yohannes Banking Company Limited (HYBC) will again work with the country’s central bankers next year on independent reviews of its capital models, earnings quality, and risk-taking behaviour.

“The proposal seeks to ensure foreign banks will have less say over how much capital they should hold against borrowing failures,” the Parliament of the Tenth Republic of Hiram Land announced yesterday. Hiram Land lawmakers are looking to trim regulatory complexity and remove irregularity by amending the country’s capital adequacy statutes. The latest move from Hiram Land’s capital city means large national banks in the Tenth Republic must soon shelve their own models, and adopt the new capital requirement methods published by Hiram Land regulators. The Republic of Hiram Land Government believes that in doing so the country can reduce unnecessary credit risks.

Dame Eleanor White, Chairperson of the Bank of Yohannes Group Audit Committee, agrees.

“Greenfield’s proposal announced yesterday would mirror our previous internal models to judge our off-balance-sheet exposures, weighted according to risk, but with the latest safeguards,” Dame Eleanor said. “Believing in the principles for responsible banking, vis-à-vis capital level and comparability across institutions, we have no problem with the Hiram Land Parliament’s proposed changes.”

The new amendment aims to ensure foreign and local financial institutions will work within the parameters of accepted legislative standards.

Despite regulatory changes, HYBC is looking two steps ahead to capitalise on the opportunities provided by shifting customer demands within the industry. While almost a quarter of HYBC’s mortgage applications over the first half of this year have been completed online, up from 20 per cent last calendar year, the bank’s regional offices have experienced a resurgence in face-to-face customer interaction.

The bank said older, wealthier customers prefer solving problems in face-to-face meetings. “While retired older Hiram Landers and superannuitants are happy to do their banking online, it takes real conversations, ideally in person, to solve tricky problems and satisfy their needs,” Chief Financial Officer Maria Hallström said.

“And here at HYBC, we are ready to seize all the ample opportunities Hiram Land—a rich country with a friendly government—has to offer.”

Ms Fransiska Fältskog has been designated as Branch Manager of the first full service local branch to be built in Hiram Land’s largest city next month. The Ramvarkistan Central Business District branch is scheduled to be open for business on 7 September 2019. Employees of the Ramvarkistan CBD office will consist of locally recruited front-end bank branch employees and clerks.

HYBC is planning to increase its staff in Hiram Land by 352 to 17,398 in the September quarter.

The Financial Diary 8 July 2019 8
Last edited by Yohannes on Mon Jul 08, 2019 12:08 am, edited 3 times in total.
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Re: The Financial Diary—Yohannes

Postby Yohannes » Thu Jul 11, 2019 9:21 pm



    Image

Image
The Answers We Seek—by constitutional and administrative law specialist Wiebke Weiß


A public defender is a salaried lawyer employed by the State. He or she acts for the defence of people who cannot afford to retain counsel in criminal proceedings against them. He or she is the opposite number of the Assistant Nineteen Countries Attorney or realm prosecutor. The title, if not the concept, was founded in the United States of America, where the first public defender department opened in 1914. Similar departments and posts have been established in other parts of the civilised world, such as Australia, Marche Noire and Maxtopia. I am fast approaching my six years in practice and I can still see the same newspaper article sometimes. They wrote: “Why are there no public defenders in Alexandria?”

In this country, those who cannot afford counsel may acquire assistance under the Accused Legal Assistance Act 1914 and Offenders Rights Amendment Act 1939. They may also be assisted by a duty solicitor. The Law Commission received information that in most cases, duty solicitors are limited to advice and act on behalf of their clients in court only in circumstances ancillary to trial, but in Royal Alexandria, the duty solicitors may serve under the Accused Legal Assistance Act 1914. Those suggesting a public defender for the Kingdom of Alexandria said that this was the best system for making available legal representation for those who could not pay for it. However, even if that is true, that in itself does not necessarily prove the appeal of a public defender scheme among the taxpayers of this land. While it is possible that such a scheme could be made cheaper than a reformed legal aid scheme, I don’t believe it would be otherwise.

One of the strong points of an independent legal profession is the diversity of its members. A legal profession that is—and is known to be—independent of State influence or power is one of the mainstays of the Rule of Law, and it is the important foundation of a civilised country. Both the Law Commission and Realm Lawyers Association take very seriously the submissions of law-abiding citizens and independent legal aid advocates. We believe that steps such as these and the working of the duty solicitor scheme help ensure that persons appearing before the courts are given the opportunity to gain and retain counsel. We recognise that in some areas of Marche Noire and the United States of America, there is proof that the creation of a public defender scheme has produced satisfactory outcomes for the falsely accused. It appears to have functioned effectively despite the theoretical reasoning that State employees are defending accused persons who are being prosecuted by the State.

A number of submissions to the Realm Law Commission had advocated a public defender—in the form of a district attorney—for the Kingdom of Alexandria. But, there is also proof that in other parts of America, the scheme has not worked very well. For instance, following the publication of a report by the Committee on Poverty and Administration of Federal Criminal Justice, the United States Congress rejected a public defender system for the federal courts in 1964. They believed that the success of a public defender scheme will be depended on the amount of funding the State is willing to give for it. Taking into account the unique national identity and history of the Kingdom of Alexandria, the Realm Law Commission has found the scheme not fitting for this country. I agree with the Commission’s findings.

My points are as follows:

    1. The public defence of many accused persons should not be given to a select group of elite lawyers assembled or appointed by the State. This is important for a constituent country such as the Kingdom of Alexandria, which is part of a larger federation that is the Realm of Yohannes (Yohannesisches Reich).

    2. The present legal aid structure in this country already make certain that accused persons are represented well by lawyers who are generally independent of nation-state machinations.

    3. There has been no adequate historical evidence that lacking or unpracticed lawyers or poor legal representatives are present to the extent that they harm the fates of the accused persons.

    4. There is the possibility that the inclusion of large private, for-profit law firms in a partially privatised public defender organisation would deny the right to a fair and public trial or hearing for those who are less fortunate in life.
It is true that the existing Alexandrian legal aid system should be evaluated, but a partially privatised public defender system is not the answer. Legal aid and the duty of fair representation for the accused in criminal cases should be made possible by improving the present system and duty solicitor schemes in our kingdom.

The Financial Diary 12 July 2019 9
Last edited by Yohannes on Fri Jul 12, 2019 8:05 am, edited 1 time in total.
The Realm of YohannesDas Yohannesische Reich
Government Archive Act | Reichstag Parliamentary Debates | Tales from Yohannes | I Beg my Realm
Currency Intervention | A Game of Thrones | The Archbishop and His Mission | The Financial Diary | Homofront Yohannes | My competition
Embassy Exchange | VMK Industry | Bank of Yohannes | Automobil Yohannes | NS Hacking | Our posting history | Player information
We love NationStates! Do you? \__(^.^)_//
NS military project: Tank | Armour | Bomber
All In-Character things I’ve written on NationStates are open-source/Creative Commons that you can use :)
2018 had been my most productive (IC) NS year since 2011 — I won’t be as active on NS now due to RL obligations :)


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