A viable solution?

Presented below is a thirty (30) point plan that offers a completely radical approach to resolving Britain’s debt issues and returning control to the people, where it rightly belongs. The ideas will be expanded upon in subsequent sub-sections.

1) Unconditionally leave the EU, the Country must have complete and utter control of all its affairs. Considering we suggest this anyway, makes it a no-brainer anyway.

2) Suspend Bank of England, and end its charter. BoE may be reverted to public utility, linked to treasury, but certainly under public control.

3) Suspend Stock market operation. May restart but only in private sector, investment banks with full risk belonging to those organisations. Introduce new regulation, along the lines of the US Glass/Steagall Act to force all financial institutions to separate their high street banking operation from their investment banking operation. Introduce additional act to underwrite customers deposits up to a value of £100,000 per customer. Only customers deposits would be underwritten, no assets of the banks would be covered. If the bank goes bust, their customers get all their money back (up to £100,00) and the banks would be nationalised and its executives fired and/or imprisoned depending on the circumstances. Investment banking operations will have no public backing whatsoever, they would carry all risk. Customer deposits would have first claim in any bankruptcy or winding up of a bank.

4) Grant parliament exclusive rights to print money via treasury. This may change as the alternative system is implemented. The intention is to remove this facility from unaccountable and un-audited central banks, i.e. Bank of England. Investigate the option of increasing the value of UK gold holdings at a standardised rate in GBP, as a partial gold standard. This may initially be in the region of 10:1, but will only go lower, never higher. This will be the limit on the UK budget, and deficit spending would be outlawed.

5) Introduce new accounting regulations for all governments and departments, all QUANGOs, Banks and large Corporations to force accurate accounting, transparency and accountability. Massive fines and imprisonment for anyone falsifying or signing off on fraudulent accounts. All public institutions or publicly funded institutions required to make available online contact details, staff details, all costs and expenditures including all staff salaries, bonuses and expense claims. All entities (public and private) involved in the “markets” of all types should be required to mark to market their accounts. Also requirement to account for toxic debts and all off book accounting.

6) Abolish all interest rates above 5% and that only under certain circumstances (e.g. persistent late payment) and simple interest only. Abolish the ability of financial institutions to “sell on” a debt to another company, this could only happened with the notarised approval of the borrower. If a bank fails because of mismanagement/fraud etc, all debts owed to it would be written off. A debt could only be called in if a borrower is refusing to honour a bilateral binding contract. Abolish the use of inflation as a monetary tool, and abolish the use of fractional reserve banking and compound interest. Some level of fractional reserve banking may be permitted, but it should equally benefit depositors, not just banks.

7) All existing debts to be written off completely (mortgages, loans, credit cards etc), including allowing the high street bank operations to write of all their on-sheet accounting debt (liabilities). This would exclude debts held by investment banks, hedge funds and other private equity funds. Individual private corporations would have to apply specifically to have their debt written off. This has been done by Iceland and is being done by Norway so is certainly possible, but is one major reason to leave the EU.

8) Create £15 trillion of 100% equity backed currency into existence, mostly digitally watermarked virtual currency. This has the effect of creating a finite supply, forcing any nation using such a system to live within their means, and prohibit deficit spending. The section UK Fixed Assets explains where this equity backed currency is derived. This would be a national currency only used for intra country trading and would not be traded on the FOREX markets, nor would it be usable outside of the UK and its territories except by agreement. It is therefore immune to speculation and devaluation.

9) Pay off national debt, approximately £2 trillion to IMF, BIS, World bank or whoever. If we wrote off the debt, and only we did this it would cause a lot of problems globally, plus it gives the IMF some real money for a change. Ideally this would all be written off, but the main objective is to eliminate the debt without impacting our International standing.

10) Create a new currency, with new note designs and values, these would be 100% equity backed notes and would be exchanged 1:1 with existing currency (GBP), which after a certain time (6 months say) will become even more worthless than they are now, they would become unusable as a means of payment, except maybe redeemable at banks. Existing coinage would be retained, but over time will be replaced with new designs with metal content to their face value. Somewhere between £500 billion and £1 trillion would be created and spent into the new equity backed economy.

11) Spend approximately £2 trillion (watermarked digital) into national infrastructure investment, including but not limited to roads, schools, hospitals, power stations, railways, ports, universities/colleges, bridges, waterways, urban redevelopment, water treatment etc. this should create full employment for all.

12) Spend another £2 trillion to fully fund existing public pension funds, but close these existing pension (index linked final salary) to all new entrants. To be replaced by something more affordable. Also direct additional funds to pensioners, handicapped and those caring for ill relatives etc.

13) Purchase £2 trillion of precious metals – gold, silver, platinum, palladium etc. This will be used for International trading, and as a reserve. This will create a separate and independent international trading currency, fully backed by gold and precious metals, or basket of commodities. This currency would not be usable inside the UK.

14) Every eligible citizen to receive £50,000 totally tax-free paid directly into a bank account, or alternative way of distribution to those without an account. Approximately £3 trillion (based on 60 million people).

15) Every private household granted £20,000 to spend on renewable energy/water conservation projects, plus £10,000 on household repairs, refunded via eligible invoices/receipts. Local councils, housing associations and private landlords also eligible for similar payment on properties.

16) For every person living in the Country (approximately 65 million +) allocate an annual national income of £100,000 per person, creating an annual income of £6.5 trillion. All those eligible would then receive advance payment of their annual dividend (based on age in current year), plus any marital allowances or child allowances.

17) Abolish most forms of taxation, mostly only the wealthy will pay tax on their high incomes, VAT to be replaced by a point of sales (POS) Sales Tax, at a reduced rate will be charged on “luxury” items. Companies will pay fair amounts of corporation tax on large profits.

18) Allow Gold, Silver, Platinum and other precious metals to be minted into coins of designated value. An ounce of silver would be a £20 coin, a quarter gold (24 carat) sovereign about £250 etc. Precious metal jewellery or ingots (bars), or other items, would not be redeemable in the high street, only via the likes of licensed goldsmiths, silversmiths or at certain banks.

19) Introduce the social charter (see section), this is equivalent to joining a society and agreeing to abide by its rules and regulations, in return people become entitled to rights and privileges. The rules and regulations would be fair and appropriate with the intention of making a fairer and more pleasant society for everyone. It would be about promoting proper behaviour, mutual respect, taking responsibility for your actions and creating strong communities. Those who cannot behave in a reasonable and appropriate manner would eventually be punished after a reasonable number of warnings and chances. This would probably be a return to Civil or Tort Law, but would be with people’s understanding and agreement. People could choose to opt out of the Social Charter (Freeman), but would still be subject to common law. People moving to GB from other countries would be required to sign the charter as part of becoming a citizen. There could be competing “societies” which one could join in competition with each other. Eventually the concept of government would disappear, to be replaced by competing free-market alternatives and individuals would be free to cherry pick the products and services they wish to spend or invest their money on.

20) All existing statutes (Acts of Parliament) set to sunset after a period of 1 year (with a few exceptions, such as sedition and treason). All statutes to be retained beyond the sunset period must be assessed and only continued if justified as supporting common law jurisdiction and in the best interests of society in general.

21) Convene common law courts to retrospectively try all those individuals who have committed acts of treason, fraud and other crimes against the people of this Country. Release from prison all those who have committed any victimless crime, with a full pardon, similarly strike out any criminal record of anyone having such non-crimes added to their record.

22) Existing government put on notice that the existing system will be dissolved and abolished, to be replaced with a truly representative and democratic system.

23) Britain would have a new and binding constitution with true and unbreakable safeguards, forever safeguarding the principles of freedom and representative government, by and for the people. Elected officials in any capacity will at all times be answerable to those who elect them, and can be removed at any time, for any reason, if that is the will of the electorate. Transparency and accountability will be paramount.

24) All legal standings to be made public, such as the legal fiction and how this affects such things as licenses, passports, permits etc, with full and total disclosure, transparency and accountability.

25) Creation of a new Bill of Rights based on the one from 1689, updated and amended to reflect the 21st Century, as a totally binding agreement between the people and the representative government. Further amendments, additions or deletions, would only be possible with the agreement of the people. The government and all public officials are beholden to the Bill, and cannot influence or amend it any way, to do so would be a treasonous act.

26) Police role to be reverted to serve and protect the public and uphold common law only. Corporate officers totally distinct to police men or women can enforce statutes only within the limitations of the social charter and to assist in upholding common law. These corporate officers would have no statute powers over freemen who have opted out of the social charter, except in support of constitutional statutes (sedition, treason) and upholding common law. Any individual becomes empowered to uphold common law by making the equivalent of a citizen’s arrest against anyone acting against a common law offence. Individuals could also form a posse of several individuals to make arrests in the absence of police men/women. However in either of the last two cases they must be able to prove the guilt of those they arrest in a common law offence.

27) Adopt a neutral foreign policy and military posture similar to Ireland and Switzerland, this would entail leaving NATO. The option would remain to rejoin NATO but only if the organisation adopts a similar non-aggressive posture. The military would become defensive focused. Our forces would be  withdrawn from all conflicts where UK is not directly threatened. We can always offer support for peacekeeping missions of manpower or weapons. The intention would to be a powerful and reliable friend ally, or a deadly foe should anyone attack us or our interests.

28) Fully regulate the shadow banking sector and apply the same rules as those applied to the financial sector.

29) Operate on the guiding principle that the more government we have, the more it will cost, mainly through taxation, as borrowing by government would be illegal and unlawful – except in extreme circumstances. Every service government provides must be funded somehow, every public sector employee and their benefits must be funded via taxation. Consider our position in the UN and other supranational bodies and withdraw if necessary.

30) Create a new UK corporate entity and transfer all national debts to the old UK PLC and/or its current directors. Persons then able to opt-in or opt-out of contracts with this new UK Corporation with their own managed corporate entity (strawman) for products and services from government with full disclosure and transparency, terms and conditions. Anything not declared or disclosed renders contract void. This could bind people into statute (civil) law and make them subject to prosecution for a breach, but only through transparency and full disclosure, with the structure of the society created via the Social Charter. Government should exist to serve the people; the people are the power, not MPs, not civil servants, not the police, not the courts, not QUANGOs, not any public body. The people decide how they wish to be served, they authorise certain people to operate and fulfil those duties. Full disclosure, absolute transparency and accountability must exist. Anyone breaking the rules of their public service would be sacked with no compensation, lose all pension rights and face prosecution.

UK Fixed Assets

Below is a blueprint on how the Country could establish its net worth, these fixed assets then become the equity to back the nations currency, importantly this currency would only have value within the Country issuing the currency, any territories or dependencies accepting the currency. Those territories would then add their net worth to the …

UK Variable Assets

Assume population is 65 million, each year assign a value to each person of £100,000 creating an annual net asset of £6.5 trillion. Could equally be £200,000 per annum, or any desired figure. Each UK Citizen is then entitled to an annual tax free dividend as follows: 0 to 18 years       £10,000/annum …

Social Charter

A social charter between each individual (16+) and the government (or its free market replacement), to establish rights and responsibilities of both parties. Each individual has a right to privileges as long as they conform to certain social norms, failure to comply results in the removal of certain rights and privileges. This would replace systems such as …

Taxation

  Corporation Tax Small companies (<100 employees) pay no corporation tax on profits up to £100,000 after operating costs, including salaries and director dividends. £100,000 to £200,000                    15% tax £200,000                                 …

Banking Regulation

Banking separated between high-street operation and investor trading as per updated Glass Steagall. Provision made that this can never again be reversed, unless it is to be replaced with stronger regulation. Usury and all compound interest banned, anything above 1% is usury. Banks can charge a maximum of 10% of loan as setup charge, which …

Direct Democracy

Truly (participatory) Democratic government Government (national and local)  Operate on the guiding principle that the more government we have, the more it will cost, mainly through taxation, as borrowing by government will be illegal and unlawful. Every service government provides must be funded somehow, every public sector employee and their benefits must be funded via …

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