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Bill: banking reform bill
Details
Submitted by[?]: Communist Party of Aldegar
Status[?]: defeated
Votes: This is an ordinary bill. It requires more yes votes than no votes. This bill will not pass any sooner than the deadline.
Voting deadline: April 2516
Description[?]:
| not only does is this a valuable source of income but provides better security for our citizens |
Proposals
Article 1
Proposal[?] to change The banking system.
Old value:: The government operates a central bank and all other banks are private.
Current: The government operates a central bank and all other banks are private.
Proposed: The government operates and owns all banks.
Debate
These messages have been posted to debate on this bill:
| Date | 22:16:31, January 11, 2008 CET | From | Libertarian Party | To | Debating the banking reform bill |
| Message | First off we do not trust governments with keeping peoples money safe. Secondly on a monetary policy level it will be an inflationary disaster! |
| Date | 04:08:56, January 12, 2008 CET | From | Revolutionary Socialist Party | To | Debating the banking reform bill |
| Message | Banking from private firms hasn't done much good either . Look at the sub prime mortgages in America or northern rock in Britain . Their unreliable and are run solely for profit and not to provide a decent service . |
| Date | 04:46:50, January 12, 2008 CET | From | Libertarian Party | To | Debating the banking reform bill |
| Message | Well fractional banking system combined with fiat money under central bank does tend to do that. Not to mention banks arent allowed to go broke anymore since governments bail them out. And when you know the government is going to bail you out then you are going to take more and more risks. Fractional banking system, fiat money, central banks and government bailing out of money are all government interventions in the economy and are deadly to the economy. Total government control over the banking sector and the monetary policy leads to ever worse conditions. While most of Western nations have problems with inflation atm it is nothing compared to the hyper inflation that has happened under government run banking. Government run banking when it goes broke leaves far less savings alone as well. If you look at for example the banking sector in Baltic states you see how well private banks have worked. Also there are excellent literature on free banking in GB. Well how it use to be and compared to how it is now. The US problem can be blamed on bad business practices, horrible fiscal policy and horrible monetary policy. Business is indeed to be blamed there as well and the leaders of those banks will be responsible for their actions. But who will be held responsible for the fiscal irresponsibility that both parties have had since WW2? Who will be held responsible for the bad monetary policy that is the result of abandoning the gold standard eventually in 71(btw socialist idea)? The fractional banking system together with the printing presses of government have reduced the value of money immensely. |
| Date | 08:46:22, January 12, 2008 CET | From | Revolutionary Socialist Party | To | Debating the banking reform bill |
| Message | Actually the government had to bail out northern rock to save it from going bankrupt tax payers money used again because the free market can't function properly (that is if it can at all) on its own. In America people are borrowing against the value of their homes and now over 2 million people are in line to lose their homes because of the market being so turbulent .Without the Fed stepping in a few months back it would have exploded , but this intervention only creates a bigger bubble and once that bursts coupled with Americas massive debt they will face a recession . When the government doesn't step in this sort of thing gets out of hand and its the working class families who are hit the hardest by this so the government must prevent the free market toppling over .Without intervention their would be economic chaos and slavery . Private banking is based solely on profit and never takes into accounts its actions , the free market is nothing but a way for the poor to starve in the gutter and for the rich to keep them there via idiotic trade agreements that benefit one side . |
| Date | 11:55:56, January 12, 2008 CET | From | Libertarian Party | To | Debating the banking reform bill |
| Message | Please provide data on how why and how the free market can't function properly. The fed chasing after the "natural interest rate" is what got them in trouble in the first place. 2% and lower interest is artificial. Like it or not capital is expensive. Actually middle class is always hit hardest with every crisis since they are the ones who have something to loose. Poor do not have much and rich can protect their own property. How has free markets then lifted billions of people out of poverty? Explain the increase in living standards in capitalist economies. Capitalism has provided a steady growth while every socialist experiment and there was about a hundred during the last century has failed to improve the conditions of the workers in long term. Lets even leave out SU. Lets look at African and Asian nations. When in 40-60's they gained independence the ones who took a pro market course are now quite wealthy(Taiwan/South Korea and so on) while socialist experiments resulted in loss of production and loss of ability to even feed themselves. |
| Date | 05:27:13, January 13, 2008 CET | From | Revolutionary Socialist Party | To | Debating the banking reform bill |
| Message | Sorry what ? who was hit hardest in the depression ? working class and the poor , they lost their jobs and couldn't find work . Actually the inequality level has risen in terms of wealth and 2 billion people now live on less than two dollars a day , your free market is raping the interests of poor nations for the greed of rich ones . |
| Date | 17:23:23, January 13, 2008 CET | From | Libertarian Party | To | Debating the banking reform bill |
| Message | Sorry you got free markets in Africa? Even in Asia there are only few. You mean the depression that started with the stock market crash in 29? That was pritty much government caused. Absolute poverty has been dropping across the world for past 2 decades because of market reforms. Also socialism is not the way out for those poor people capitalism is. I started working for about 100 dollars a month. |
| Date | 19:49:01, January 13, 2008 CET | From | Revolutionary Socialist Party | To | Debating the banking reform bill |
| Message | most African economies are not totally privatized and run on the basis of profit , their the richest continent in the world in terms of mineral wealth and yet the western multi-nationals have completely robbed them blind . You denying Africa doesn't have free markets is an absolute joke do you live in a box ? look at Mali for example loads of gold , but still remains in abject poverty because 90% of it is privatized by a Canadian& south African firm , and since their is no minimum wage their people are working for basically nothing . And yet you oppose their being a minimum wage |
| Date | 19:49:26, January 13, 2008 CET | From | Revolutionary Socialist Party | To | Debating the banking reform bill |
| Message | are totally privatized* |
| Date | 23:43:09, January 13, 2008 CET | From | Libertarian Party | To | Debating the banking reform bill |
| Message | African economies are not totally privatized. Please show what countries are. OK lets look at Mali. The coalition that is in power is moving towards a more free market system. They are averaging a 5% growth per year which is quite decent or even quite good. Economic growth peaked in 2002 or 2003 I think when they hit 9.3% Thats nothing? Because they are not a developed economy they are highly dependent on agriculture which employs about 80% of the workforce. Could be bit wrong with the numbers but still around that area. Cotton price affects them the most. Also only 37% of the GDP is made up by agricultural sector. Now how high min wage would you wanna set up in a country that has a gdp per capita of 1300 dollars? How much of them do you wanna put out of work? Problem with African nations is that local individuals can not privatize their property and therefore are not able to get any loans to develop. No nation during our known history is been able to significantly develop without private property for the common man. Latin American economist Hernando de Soto has wrote quite a bit about that. Look into him. Once the African people actually have private property then you will see real development. Until they have that they do not have capitalism. |
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Voting
| Vote | Seats | ||||
| yes |
Total Seats: 287 | ||||
| no |
Total Seats: 419 | ||||
| abstain | Total Seats: 44 |
| Random fact: The voters enjoy active parties who take upon themselves the initiative to create laws. |
| Random quote: "Freedom is not America's gift to the world. It is God's gift to humanity. " - George W. Bush |