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Bill: Exchange Rate Act
Details
Submitted by[?]: Pro Lodamunese Unitarian Party
Status[?]: passed
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 3956
Description[?]:
Th government must be able to have the right to have access it's currency. If the exchange rate starts to decrease alot, it's the safest bet. Stephen Lodamun President of Lodamun |
Proposals
Article 1
Proposal[?] to change Exchange rate regime
Old value:: The exchange rate of the national currency is allowed to float, and the government does not intervene at all.
Current: The exchange rate of the national currency is kept within a defined band of fluctuation.
Proposed: The exchange rate of the national currency is allowed to float, but the government is permitted to intervene when necessary.
Debate
These messages have been posted to debate on this bill:
Date | 14:38:16, December 20, 2015 CET | From | Pro Lodamunese Unitarian Party | To | Debating the Exchange Rate Act |
Message | Although I would like to debate this one if the parliament so desires Stephen Lodamun President of Lodamun |
Date | 15:12:32, December 20, 2015 CET | From | Grand Nationalist Fraction | To | Debating the Exchange Rate Act |
Message | Mr. Speaker, we support this motion. Lort Karav NWL chairman |
Date | 22:19:54, December 20, 2015 CET | From | Court of Shades | To | Debating the Exchange Rate Act |
Message | Mr Speaker, We oppose this motion. Interfering with the exchange rate does more harm than good for the following reasons: 1) It does nothing to change the fundamentals of the economy. What drives an economy is its resources: Labour, Capital, Land etc. This is known as monetary neutrality. 2) It means that politicians focus on the wrong aspects of the economy, and makes decisions on economic policy based on electoral cycles (i.e increasing the exchange rates in election year to decrease the price of imports, to make consumers feel more wealthy). Politicians should instead be focused on the long-term drivers of economic growth: Labour, Capital and Land. 3) If Lodamun was to run out of foreign reserves (A real possibility under exchange rate intervention), we would lose control over the exchange rate causing sharp changes which the economy could struggle to adjust to. (OOC: If your interested in reading further look at the Mexican peso crisis.) The only efficient mechanism for controlling the exchange rate is the market. However politicians interfere, it will always cause more harm than good in the long-run. Stephen Reglin CoS Finance Spokesperson |
Date | 23:37:11, December 20, 2015 CET | From | Traditional Alliance | To | Debating the Exchange Rate Act |
Message | Mr Speaker, The Court of Shades will hold the finance position in our new government. As such we support them and agree with their views on this matter. Andrew d'Arcy TA Leader |
Date | 01:37:29, December 21, 2015 CET | From | Pro Lodamunese Unitarian Party | To | Debating the Exchange Rate Act |
Message | We respect the CoS and their position on the subject. But it makes no difference that the government is only allowed to do it when necessary? That otherwise we cant intervene. Not allowed to by the financial office. We see this as a way to safe guard the economy, while at the same time giving the government an even greater role in it. Stephen Lodamun President of Lodamun |
Date | 01:53:01, December 21, 2015 CET | From | Court of Shades | To | Debating the Exchange Rate Act |
Message | We also respect PLUP on this matter as well. We simply believe that it is never necessary, and the only time it would be used is for the benefit of politicians, but at the expense of the economy. We see were the PLUP are coming from, but we honestly believe that this proposal will do more harm than good, and will oppose it, and encourage all other parties to do the same. Stephen Reglin, Finance Spokesperson |
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Voting
Vote | Seats | ||||
yes |
Total Seats: 286 | ||||
no |
Total Seats: 169 | ||||
abstain | Total Seats: 144 |
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