[CLOSED DRAFT] International Currency Act

[Huskana]

So I've read everything that everyone has sent in replies so far, and yeah. I'm not devastated, you have to start somewhere, learn better from mistakes than you do successes. I've canceled in posting this for further response. Thanks to those who assisted in showing what was the MAJOR issues. If you want to read what was of it, go right ahead. Not the greatest thing in the world.

International Currency Act
A resolution to develop industry around the world.

Category: Advancement of Industry
Area of Affect: Protective Tariffs
Proposed by: Huskana

Description: The World Assembly

Recognizes that each nation contains their own form of currency, with each their own design and monetary value.

Aware of the transfer of funds necessary when changing monetary funds from one sovereign nation to another.

Concerned for the amount of WA Nations that exist, the amount of necessary work to process, audit, and transfer funds from one currency to another, to each of their own.

Believes that WA Nations are discouraged from trade due to formalities in trading currencies from different customs to each of several different nations.

Hereby,

Article I - Currency

a) Defines trade as an exchange of currency for a product or service, whether international or domestic.

b) Establishes the International Monetary Currency (IMC).

c) Mandate that all international trade be required through the payment in IMC.

d) Exception to Clause C occurs when international trade occurs with any non-WA Nation that does not accept the use of IMC.

e) Encourages the use of IMC in domestic trade, although not required.

f) Clarifies that the WA Nation is not bounded to change its national currency to IMC.

g) Also Clarifies that although domestic trade is optional, but preferred, all international trade must be traded by use of IMC except in times of the declared exception.

h) Requires all WA Nations to contain safe and transferable methods for changing currencies from IMC to the national currency of the nation, vice versa, and any other currency exchange that the nation offers.

Article II - Value and Holdings

a) Establishes the General Assembly Economics Group (GAEG), to work with the tasks described.

b) Tasks GAEG with establishing the monetary value of the IMC based on principles of global trade, transfer values of other currencies to each other, and any other methods they deem worthy to consider for establishing value to IMC, as well as the printing and distributing of IMC.

c) Also Tasks GAEG with working with WA Nations in improving the value of their own national currency, logging the value of all WA Nations currencies by the same means as the IMC, as well as the WA Nation's reporting, and ensuring that each WA Nation has a substantial amount of IMC credits to be in stable compliance with this act.

[Grays Harbor]

Why is this even necessary?

Current system: two nations buy stuff and exchange money
Proposed system: one nation, to buy from another, must first convert their capital to this IMC, give it in exchange for goods, then it is converted by the recipient into their own money.

Well, that certainly streamlines things.

You seem to be assuming that no nation, ever, has had experience in converting currencies.

We also fail to see the purpose of printing and distributing this IMC. That is a needless expense.

[House Mar]

Article I - Currency

a) Defines trade as an exchange of currency for a product or service, whether international or domestic.

Within the Dominion of House Mar this definition falls flat and is, in general, meaningless. It's leader is proud that its Merit Point based economy results in all material allowances becoming entitlements of its people. The definition of trade presented here does not even incorporate its classical definition associated with bartering: IE the direct trading of one good or service for another, without the capitalistic interloping of currency.

It is on these grounds alone that the Dominion of House Mar rejects this proposition, however, the proposition continues to offend with indefensible assertions.

Article I - Currency

c) Mandate that all international trade be required through the payment in IMC.

A mandatory centralized currency, of which any given nation's participation is not optional, requires some degree of enforcement. Not just of what happens in the open space if the international arena, but also what happens in the private space within ones own boarders. That is because one is not only required to acquire the currency prior to entering the international space for trade, but also because they then must have that currency on hand in preparedness for remuneration for any services rendered to that nation; per the above provision A of Article I.

Further more, should this bill pass, it would force all those who remained against it, into the subjugation of this new monetary regulatory body, and require them to purchase a good (the currency) that they have no interest in buying. Without any further say, due recourse, or means for escape, this forces all nations to be subjects of one "Imperium of the Coin" or whatever this new governing body chooses to name itself.

Article I - Currency

d) Exception to Clause C occurs when international trade occurs with any non-WA Nation that does not accept the use of IMC.

When set next to, and in the same tier as, Resolutions such as #23 Ban on Slavery and Human Trafficking through #416 Ban on Ritual Sacrifice it is made abundantly clear that WA Resolutions give no quarter to any nation not adhering to the resolution, and that no such exceptions will be honored; nor does there exist an exception for WA participating members who have no desire or interest to engage in an unified international currency.

Article I - Currency

e) Encourages the use of IMC in domestic trade, although not required.

f) Clarifies that the WA Nation is not bounded to change its national currency to IMC.

g) Also Clarifies that although domestic trade is optional, but preferred, all international trade must be traded by use of IMC except in times of the declared exception.

These two provisions are in direct conflict with the reality of the situation in that there already exists a General Fund by Resolution #17 that all nations are required to contribute into. With tax as a form of international currency, it is thereby mandated by the conjunction of these two resolutions that I, by your proposed legislation, contribute this new international currency to the WA General Fund, in place of my own.

The encouragements to adopt the currency as a national one then becomes a boot on the throat of my nation, and all nations, as a hostile financial takeover. The reiteration of this mandate, and the emphasis on the encouragement during this reiteration, again serves to demonstrate the hostile intent as a veiled threat.

Article I - Currency

h) Requires all WA Nations to contain safe and transferable methods for changing currencies from IMC to the national currency of the nation, vice versa, and any other currency exchange that the nation offers.

This provision directly undermines the sovereignty of all nations by requiring that all nations are required to participate in this currency fraud even if they have no intention of adhering to it.

Article II - Value and Holdings

a) Establishes the General Assembly Economics Group (GAEG), to work with the tasks described.

This regulatory body comes into direct conflict with the already stated existing regulatory body overseeing the WA General Fund.

Article II - Value and Holdings

b) Tasks GAEG with establishing the monetary value of the IMC based on principles of global trade, transfer values of other currencies to each other, and any other methods they deem worthy to consider for establishing value to IMC, as well as the printing and distributing of IMC.

The defined principles of trade require an audit of all the material wealth of a nation, again grossly overstepping the bounds of the WA and trampling on individual national sovereignties. Allowing GAEG the sole discretionary power of printing and distributing its own currency, that is backed nothing, not even the faith of the nations who are required to support it, establishes a system that encourages institutionalized abuse of power.

• OOC: Its exactly the US Federal Reserve, which is a third party private organization that prints money on behalf of the United States, and sells that money back to the United States at over 70% interest, when the United States has the constitutional authority to print and manage its own money at no charge.

Article II - Value and Holdings

c) Also Tasks GAEG with working with WA Nations in improving the value of their own national currency, logging the value of all WA Nations currencies by the same means as the IMC, as well as the WA Nation's reporting, and ensuring that each WA Nation has a substantial amount of IMC credits to be in stable compliance with this act.

This point drops all pretenses as seeing individual sovereign states as anything more than financial holdings of the GAEG, which completely nullifies even the very idea of state sovereignty.

[The New California Republic]

I've already posted this once towards the GA, but obviously, it didn't go well. I've fixed the immediate issues I could see in my first draft, and so I present to those who wish to assist the current read of the draft.

International Currency Act
A resolution to develop industry around the world.

Category: Advancement of Industry
Area of Affect: Protective Tariffs
Proposed by: Huskana

Description: The World Assembly

Recognizes that each nation contains their own form of currency, with each their own design and monetary value.

Aware of the transfer of funds necessary when changing monetary funds from one sovereign nation to another.

Concerned for the amount of WA Nations that exist, the amount of necessary work to process, audit, and transfer funds from one currency to another, to each of their own.

Believes that WA Nations are discouraged from trade due to formalities in trading currencies from different customs to each of several different nations.

Hereby,

Article I - Currency

a) Defines trade as an exchange of currency for a product or service, whether international or domestic.

b) Establishes the International Monetary Currency (IMC).

c) Mandate that all international trade be required through the payment in IMC.

d) Exception to Clause C occurs when international trade occurs with any non-WA Nation that does not accept the use of IMC.

e) Encourages the use of IMC in domestic trade, although not required.

f) Clarifies that the WA Nation is not bounded to change its national currency to IMC.

g) Also Clarifies that although domestic trade is optional, but preferred, all international trade must be traded by use of IMC except in times of the declared exception.

h) Requires all WA Nations to contain safe and transferable methods for changing currencies from IMC to the national currency of the nation, vice versa, and any other currency exchange that the nation offers.

Article II - Value and Holdings

a) Establishes the General Assembly Economics Group (GAEG), to work with the tasks described.

b) Tasks GAEG with establishing the monetary value of the IMC based on principles of global trade, transfer values of other currencies to each other, and any other methods they deem worthy to consider for establishing value to IMC, as well as the printing and distributing of IMC.

c) Also Tasks GAEG with working with WA Nations in improving the value of their own national currency, logging the value of all WA Nations currencies by the same means as the IMC, as well as the WA Nation's reporting, and ensuring that each WA Nation has a substantial amount of IMC credits to be in stable compliance with this act.

OOC: Nope. If it isn't broken, don't try to fix it.

[Edreland]

"Illegal, no doubt. This proposal must be discarded immediately. It is a good thought and represents admirable intent but it is simply unworkable."

[Essu Beti]

Iksana yawns. "Nope. Also good fucking luck enforcing this with my nation's barter economy."

[Kiravian WA Mission]

"In its effort to solve the non-problem of currency conversion in international exchange, this proposal would grant an inordinate amount of power to the General Assembly Economics Group over the global economy. Monetary policy decisions made by the GAEG would directly affect the monetary policies and trade relations of every WA member state, with potentially major consequences affecting non-members of the World Assembly as well. We cannot possibly accept a proposal that would put such enormous power in the hands of a single vaguely-defined institution, especially for the purpose of fixing something that ain't broke."

[Kenmoria]

"We personally would be unopposed in Kenmoria, we are already part of the Eurozone and this can't be much different. However, some of our colleagues with barter systems, a lack of any currency, or a strong national currency, force us to remain opposed."

[He Qixin]

don't say that this post is useless please, i just wanted to say something

OOC: Opposed. This system already exists in member nations.