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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

Debate

These messages have been posted to debate on this bill:

Date14:38:16, December 20, 2015 CET
FromPro Lodamunese Unitarian Party
ToDebating the Exchange Rate Act
MessageAlthough I would like to debate this one if the parliament so desires

Stephen Lodamun
President of Lodamun

Date15:12:32, December 20, 2015 CET
FromGrand Nationalist Fraction
ToDebating the Exchange Rate Act
MessageMr. Speaker,

we support this motion.

Lort Karav
NWL chairman

Date22:19:54, December 20, 2015 CET
FromCourt of Shades
ToDebating the Exchange Rate Act
MessageMr 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

Date23:37:11, December 20, 2015 CET
FromTraditional Alliance
ToDebating the Exchange Rate Act
MessageMr 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

Date01:37:29, December 21, 2015 CET
FromPro Lodamunese Unitarian Party
ToDebating the Exchange Rate Act
MessageWe 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

Date01:53:01, December 21, 2015 CET
FromCourt of Shades
ToDebating the Exchange Rate Act
MessageWe 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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