B1179 - Monetary Stabilisation & Modernisation Bill

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PetrosAC
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Monetary Stabilization & Modernization Act, TSR Libertarian Party (seconded by Quamquam123 MP




An Act to legalize alternative means of exchange, protect innovative cryptocurrencies from burdensome regulation, phase out the use of paper bills and constrain the functions of the Bank of England to those necessary to maintain a stable currency in order to foster long-term economic predictability and growth.


BE IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Commons, in this present Parliament assembled, and by the authority of the same, as follows:—


1: Reform of the Bank of England
(1) The Bank of England shall issue only enough currency as it deems necessary to replace damaged and lost bills and coins.
(2) The Bank of England shall cease all manipulation of natural interest rates in the economy of the United Kingdom.
a) This provision is to be fulfilled via a program which gradually restricts the loaning ability of the Bank by reducing its capacity to loan to commercial banks by 20% of the amount that was loaned out in 2017 each year for five years.
(3) The Asset Purchase Facility is hereby abolished, effective five years from the approval of this Act.
(4) The Bank of England Act 1998 is hereby repealed, effective five years from the approval of this Act.
(5) The Bank of England shall be required to keep no fewer than 10% of its assets in gold bullion and coins.

2: Alternative Currency Normalization
(1) The monopoly of the Bank of England on issuing banknotes in England and Wales is hereby revoked; private firms and individuals are authorized to design, coin and issue whatever means of exchange they wish.
(2) The requirement that Scottish and Northern Irish banknotes be backed 1:1 with the Pound Sterling is hereby nullified.
(3) Any individual counterfeiting a private currency, misrepresenting its recognizable value, using it to purchase illegal goods and services or willfully destroying it shall be guilty of an offense.
(4) No element of government may issue any regulation or law that prohibits or inhibits the creation or exchange of any cryptocurrency except for the reasons in the subsection of this Act immediately preceding this one.


3: Replacement of Bills with Coins
(1) All future currency issued by the Bank of England shall be coin.
(2) No future currency issued by the Bank of England shall bear the likeness of the Queen of England nor of any "royalty".

4: Extent
This Act extends to the United Kingdom.

5: Commencement
The provisions of this Act come into force immediately, unless specified otherwise in the Act.

6: Short Title
This Act may be cited as the Monetary Stabilization & Modernization Act
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Jammy Duel
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What do you keep being told about you republican ****s?
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username1524603
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A silly bill that wastes valuable Parliamentary time, does nothing because society will gravitate towards a single currency, and has no reasoning.
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RayApparently
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So the Libers are republicans. :holmes:
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Rakas21
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Section 1 has notable merits, 1.3 and 1.5 and section 3 especially however this bill is otherwise pointless.

Allowing free interest rates offers no notable advantage and the ability of the BOE to respond to crisis is significantly reduced leaving the economy at the mercy of consumer sentiment even more so than now (of course the rest of the bill tells us that this is by design. Section 2 is positively barmy.

While i can see the logic of this bill from an ideological standpoint what i can't see are the practical benefits of this bill to the people whom you seek to represent. You want competitive means of exchange, fine... but i can already (if i own a business) tell a customer that they can barter for it, not only that but it's fundamentally inefficient. On the other side of the coin you want the market to dictate interest rates.. fine but you really can't allow banks with trillions on their books to go bust all at once when they try undercut their rivals with a stupidly low risk premium that leaves them vulnerable come recession. Indeed, there are no notes to this bill.

Convince me that you want to help the people with this bill and not yourselves.

Also.. drop the Republican crap or you'll have an instant nay.
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Brek
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Lend us a tenner guv.
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CoffeeAndPolitics
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Abstain
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Aph
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I mean, why? Other than for purely ideological reasons.
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Mr T 999
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Abstain

I don't see the point of having competition in the currency market, it won't do any good having multiple currencies. As people, like farage said, will gravitate towards a single currency. It's best left as a monoploy and BOE controls them. This bill won't work.
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Connor27
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A thousand times aye, alternative currencies are the future, the state shouldn't force people to use a particular currency nor businesses to only accept that currency.

PS: yes for republicanism, down with hereditary privilege!
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Saracen's Fez
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Whilst I welcome any new republicans to the House, this bill is ridiculous.
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username2718212
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Nay, as other honourable members have stated, this bill is simply ridiculous.
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barnetlad
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Nay

I trust the Bank of England and the MPC more to set interest rates than Gideon Osbourne or Philip Hammond. As for alternative currencies, this just is a gift to specilators and creates uncertainty for business. It will not reduce poverty or help the environment.

And God Save the Queen.
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Jammy Duel
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(Original post by Connor27)
A thousand times aye, alternative currencies are the future, the state shouldn't force people to use a particular currency nor businesses to only accept that currency.

PS: yes for republicanism, down with hereditary privilege!
Businesses are free to accept any currency they want and not just legal tender, Scottish notes being a prime example. If I wanted to operate on a barter system I am free to do so, as long as I accept legal tender too.

As for the PS, would you therefore support Aph's ideas to take all children away from their parents and ban inheritance for inheritance is hereditary privilege?

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Gladstone1885
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Btw the logo is designed to distract from the radical libertarian aims of the bill in case some of you may not have noticed
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TheDefiniteArticle
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s2(3) and s2(4) are acceptable. Get rid of the rest, and it's an aye. Otherwise, nay.
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GaelicBolshevik
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What a surprise - a dogmatic, highly impractical Bill.

Sod off.
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Rakas21
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(Original post by Connor27)
A thousand times aye, alternative currencies are the future, the state shouldn't force people to use a particular currency nor businesses to only accept that currency.

PS: yes for republicanism, down with hereditary privilege!
Ideological whaffle.

Treason..

What are the practical benefits to this bill? How will it improve my life? Is your party anything more than a ideology factory?

We've seen two of your three active members (i don't count Joe anymore) in this thread and neither has done anything but whaffle ideologically.

(Original post by Jammy Duel)
Businesses are free to accept any currency they want and not just legal tender, Scottish notes being a prime example. If I wanted to operate on a barter system I am free to do so, as long as I accept legal tender too.

As for the PS, would you therefore support Aph's ideas to take all children away from their parents and ban inheritance for inheritance is hereditary privilege?

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Wait, what!
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Jammy Duel
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(Original post by Rakas21)
Ideological whaffle.

Treason..

What are the practical benefits to this bill? How will it improve my life? Is your party anything more than a ideology factory?

We've seen two of your three active members (i don't count Joe anymore) in this thread and neither has done anything but whaffle ideologically.



Wait, what!
Inheritance is a case of hereditary privilege. Connor does not like hereditary privilege. Ergo connor should support Aph's madness, but I doubt he would.
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Rakas21
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(Original post by Jammy Duel)
Inheritance is a case of hereditary privilege. Connor does not like hereditary privilege. Ergo connor should support Aph's madness, but I doubt he would.
I was more alarmed that Aph had actually suggested that. It's been a long while since he came up with something equally offending (the old people idea though thinking about it, the organ idea was too).
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