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Bill: Banking Act
Details
Submitted by[?]: Radical Party
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: February 2632
Description[?]:
| A solution to the evils of state-banking. John Giles Shadow Finance Minister |
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 large, national banks, but small community based private banks are allowed.
Proposed: All banks are privately owned.
Debate
These messages have been posted to debate on this bill:
| Date | 02:45:16, September 02, 2008 CET | From | Social Democratic Party | To | Debating the Banking Act |
| Message | OOC: State banking means that the government can control it's own monetary policy, by making it's own interest free money. Private banks operate a fractional reserve system, and create money by themselves. Look at the Federal Reserve in the United States. It's a private corporation that makes US currency, and then sells it to the government with interest, so the US government has to pay the debt back with taxpayers money. IC: State banking creates interest free money for the Telamonese population, where the government can compensate for inflation with it's own monetary policy and system. If private corporations are allowed to control the money supply, inflation can get out of hand, leading to unemployment and economic recession. Loans can be recalled by private banks and the middle and lower class can be put into poverty. The government needs control of it's own banking and monetary policy, we cannot allow private corporations to control our interest rates, money supply, and monetary policy. Keir Hardie Chairman of the LSP |
| Date | 22:21:20, September 03, 2008 CET | From | Democratic Capitalist Delegation | To | Debating the Banking Act |
| Message | We would accept this law over nationalized banks without a doubt, so we will support this legislation should the legislation to nationalize banks pass. Daunte Woodson Chairman Democratic Capitalist Delegation |
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Voting
| Vote | Seats | ||||||
| yes |
Total Seats: 63 | ||||||
| no |
Total Seats: 302 | ||||||
| abstain | Total Seats: 136 |
| Random fact: Terra, the fictional world in which Particracy is set, consists of 8 continents: Artania, Dovani, Keris, Makon, Majatra, Seleya, Temania and Vascania. |
| Random quote: "The proletarians of the world have nothing to lose but their chains. They have a world to win. Workers of all countries: unite!" - Karl Marx |