Financial Services Act (outline proposal)

I have slightly updated the outline of the draft for the Financial Service Act. Credit is now covered by a separate book rather as a title under book 3 (on banking).

Lagrangian Republican Association

Full title: “Federal Financial Services Act of JD 2464388.5”

Short title: “Financial Services Act (2035)”

Outline contents:

Book 1 General provisions

Book 2 The Authority for the Financial Markets

Book 3 Banking

-Title 1 General provisions

-Title 2 Consumer and Investment banks

-Title 3 miscellaneous

Book 4 Credit

-Title 1 On the types of credit and monetary loans

-Title 2 Credit Unions

-Title 3 Peer-to-peer lending services

Book 5 Insurance services

-Title 1 General provisions

-Title 2 Insurance companies

-Title 3 Insurance markets

-Title 4 Types of insurances

-Title 5 Reinsurance

-Title 6 Miscellaneous

Book 6 Securities

Book 7 Derivatives

-Title 1 General provisions

-Title 2 Trading in derivatives

Book 8 Financial intermediaries

Book 9 Asset management and mutual funds

Book 10 Currency trade

Explanation:

The general purpose of this act is to regulate financial markets. Though financial markets have faced severe criticism, and to a largely extent this had been…

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The Chicago Plan Revisited

In this video economist Michael Kumhof shows that full reserve banking is not only possible but it actually work in a modern capitalist economy and that it is more stable than the current fractional reserve banking system.

The important point of the Chicago plan is that government and not private banks should control the money supply by issuing debt-free money. In order the do so, fractional reserve banking should be prohibited.

The paper referred to in the video can be found here.

For a more elementary introduction to modern banking, we refer to the videos by Richard Werner.

Emblem of the Humanist Republic of Mordan

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Virtually all nations have either a coat of arms or an official emblem. The Humanist Republic of Mordan will have an emblem, which is shown in the picture above.

The blue thing below contains the republic’s official motto:

Prudentia-Iustitia-Fortitudo-Temperantia

Or translated in English:

Prudence-Justice-Strength-Moderation

The blades of the swords are silver, and the handles are gold.

The letters SPQM stands for Senatus Populusque Mordanus – the Senate and People of Mordan.

The “pizza-slices” with SP and QM are light blue.

The polis and its colonies

In classical Greece the fundamental social unit was the polis, often mistakenly referred to as city-states. Unlike modern Greece, ancient Greece was not a unitary nation-state, but consisted of independent communities. These communities or poleis had typically a very limited territory as well a population of only a few thousand inhabitants.

Continue reading The polis and its colonies