Loading…

Proposed Amendment S132.29 [Modified & Made 17.03.2019]

This topic contains 1 reply, has 2 voices, and was last updated by  James Manclark 9 months, 3 weeks ago.

  • Author
    Posts
  • #1223

    SC_Admin
    Keymaster

    Before

    Article XIV – Financial Regulation

    Section A: All banks operating in Scotland must separate their investment and commercial operations, and/or continuously prove that that there are sufficient reserves to guarantee consumer deposits in their commercial operations in Scotland.

    Section B: The Scottish government shall have the authority to set the leverage ratio for investments and financial products which bind all financial institutions operating in Scotland. The repayment of any loan or credit in excess of 15% annual percentage rate interest shall not be compelled. Provisions shall be made by the CSL to assure that the interests of consumers are represented and respected in the financial regulation process.

    Section C: Upon this constitution coming into effect, the Scottish government shall establish a sovereign wealth fund for all revenue from its natural resources within its territorial waters. All revenue from natural resources and energy production shall be publicly held and invested in the public sector.

    After

    Article XIV – The National Currency & Revenues

    The Currency

    1. The National Currency of Scotland shall be the Scots Pound divided into 100 pence. It will be Constitutional Money guaranteed by the State under the Constitution. It shall be the sole legal tender and circulating medium of exchange comprising cash and all credit instruments. It will be issued free of debt by the Constitutional Monetary Authority (CMA.) The origination or placing into circulation of any other money or money substitute denominated in the national currency shall be an act of counterfeit.

    2. The Scots Pound will be legal tender and carry the guarantee of the State only within Scotland’s borders.

    3. In the exercise and function of its jurisdiction, the Constitutional Monetary Authority will be independent of the legislative and executive branches of the Government. Its members will be nominated by a Public Appointments Commission, and appointed by Parliament by a simple majority vote in a secret ballot. The CMA shall be funded by making its own requisition upon the normal revenues of the State.

    4. The primary executive arm of the CMA shall be The Central Bank of Scotland which will originate the currency and regulate its distribution through the Chartered banking system. The Charter shall preclude any foreign national or corporation from the ownership or effective control of any commercial banking institution chartered under this Constitution.

    Government Revenues

    1. Parliament is empowered to raise taxes and is required to set a balanced budget for the full anticipated term of its administration. On each anniversary the Public Auditor will be required to provide interim accounts and should these indicate a potential deficit the government will be obligated to make a public bond issue for that amount with a one year maturity and make provision for this repayment by an immediate and matching increase in taxation. The government may not issue any other bonds or debt instruments other than as required by the Central Bank in settlement of foreign balance of trade deficit and as limited within its regulation by the Constitutional Monetary Authority.

    2. In determining its domestic tax strategies the government shall favour revenues derived from consumption and land values rather than impositions upon earnings from employment.

    The principles contained above will be conditioned by the relevant conditions detailed in the Corpus of Scottish Law.

    Justification

    As currently framed the original article does not sufficiently address the fundamental principles involved with the creation of a National Currency nor the authorisation of public revenue collection.

    The headings currently contained will be included among the more specific regulations governing the conduct of banking and financial institutions authorised to operate within Scotland.

    The amendment is essential to preclude the public interest being ceded by default to private & corporate vested interests.

    Here are some considerations which will require to be incorporated into the CSL –

    The origination and placing into circulation of Constitutional Money i.e. money authorised under this Constitution, shall be the sole responsibility of the Constitutional Monetary Authority. The detailed functioning and composition of the CMA should form part of the corpus of Scottish law as broadly defined below

    In the exercise and function of its jurisdiction, the Constitutional Monetary Authority will be independent of the legislative and executive branches of the Government. Its members will be nominated by a Public Appointments Commission, and appointed by Parliament by a simple majority vote in a secret ballot. The CMA shall be funded by making its own requisition upon the normal revenues of the State.The primary executive arm of the CMA shall be The Central Bank of Scotland which will originate the currency and regulate its distribution through the Chartered banking system. The Charter shall preclude any foreign national or corporation from the ownership or effective control of any commercial banking institution chartered under this Constitution.

    The new currency of Scotland shall be called the Scots Pound and be divided into one hundred pence.

    Other than during the transition from Sterling to the new National Currency or in times of National Emergency, no new debt-free Constitutional Money may be created other than as direct payment for the creation of Fixed Public Investment defined here as –

    “investment in fixed capital assets in State or community ownership i.e. tangible capital goods or buildings, infrastructure or their replacement after having been scrapped. It is specifically not to directly finance employment, social benefits, tax concessions, consumables or associated expenditures which are defined as charges against public revenues.”

    For this purpose the CMA shall create a further executive arm – The Scottish Investment Bank. In this capacity The CMA shall be further bound before approving such public investment

    (a) To recognise national employment statistics and ensure no adverse impact upon inflation or the productive economy.

    (b) To take into consideration any adverse impact upon the National Balance of Payments.

    (c) To act at all times to ensure the integrity and stability of the currency

    In the exercise of its powers the CMA shall be bound to withhold the issue of any new debt free money if

    (a) The government fails in its obligations listed below)

    (b) It detects or forecasts that excessive liquidity in the money supply requires an increase in taxation. In this context the CMA is further required to specify the sum and time scale to be applied.

    In the exercise and function of its jurisdiction, the Constitutional Monetary Authority will be independent of the legislative and executive branches of the Government. Its members will be nominated by a Public Appointments Commission, and appointed by Parliament by a simple majority vote in a secret ballot. The CMA shall be funded by making its own requisition upon the normal revenues of the State.

    Modification

    Added to Article XIV as Sections D, E & F – to be fine-tuned through further debate / amendments.

     

  • #1292

    James Manclark
    Participant

    Amendment makes perfect sense to me. We don’t want greedy investors trying to make money out of our banking system and nor do we want brokers trying to buy or sell our money to others for profit. Same goes for corporations, No-one involved in the new banking system should be on the board or have part ownership of any business or company that could create a conflict of interest.

You must be logged in to reply to this topic.