The Angevin System

[Maelstrom Vortex]

As part of King Geoffrey Plantegent IX's administration, the following new currency laws will take effect immediately, those who are not approving of these laws are hereby encouraged to relocate.

The Pound and Livre are hereby declared to be equally weighted currencies and shall be interchangeable and will forthwith be handled as the central bank in such a fashion as to treat them as if they were a unified currency. They are being kept out of concern for culture and tradition.

1. The value of a year of Human Life is now set at 1,000,000 pounds or livre. This is to prevent the use of the legal system as a means of extortion and allows judges and juries to have a guideline when determining damages in legal cases.
2. The value of savings any legal person is allowed to accumulate, is 5,000,000 livre. Anything beyond this is taxable by the government at 100%. This is to prevent the extortion of individuals and society by those who seek to hoard financial resources to an excessive measure.
3. The value of earnings of any individual cannot exceed 1,000,000 pounds or livre per year, the only exception is hazard pay for particularly dangerous jobs which endanger human life or limb for which all earnings shall be completely tax exempt as earnings or revenue.
4. Any sum net worth of any legal person exceeding 6,000,000 pounds or livre in a year's time shall be taxable at 100%.
5. All transactions shall be subject to a tax of 20%. It will be understood that this is not unfair to the poor because social welfare programs will more than alleviate the burden of taxation upon those individuals.
6. Distribution of dividends by corporations are not considered income or profit to their person, but the individual shareholders by allotment.

The government will operate a central bank which is exempt from these tax laws as it is the method by which the national currency system shall be managed and will be directly affiliated with the treasury. Foreign financial institutions, in order to compete fairly and to lend to our citizens, will be authorized to operate on equal parity with the central bank so long as they conform to the interest rates and monetary controls set by said central bank.

Merchants and citizens should adjust their prices according to the new wage standards and currency trading markets shall be frozen for 5 days pending a re-balancing of the currency system.

The minimum wage and any subsidy is no longer required within this system of currency governance and are forthwith abolished.

Excess funds generated in the treasury as part of re-balancing markets shall be destroyed or invested in the build up of the public infrastructure.

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The currency markets go wild as the new system takes effect in the land of the Angevins. Commodities and stocks also go through major rebalancing turmoil as the new laws take effect.

Edited June 27, 2011 by Maelstrom Vortex