-
all PERSONAL DEBTS in International (Pounds) money are are wiped from the banking system and all credits are converted to Engros on a balance multiplied by 2 basis.
-
All BUSINESS DEBTS in Pound-type-money are wiped from the banking system and credits remain as Pounds, again, multiplied by 2.
-
All Existing Cash under the mattress will be exchangeable for twice as many Engros (as the paper Pound will disappear – business should have no use for cash in a modern society).
-
All government bond debts are similarly cancelled. All government bond holders receive bond-value x 2 in International Money of whatever denomination (every country simply prints it in effect).
-
Charging and receiving interest on Engros is outlawed as usury.
-
Seizing Engros to pay business interest or loans would also be outlawed.
-
Charging and receiving interest on Pounds is left to the “free market”.
-
All shares on all exchanges remain in whatever International Money they are held in.
-
Internal exchange rates for Engro to Pounds are set by government and are envisaged to be extremely stable.
-
All increases in the internal money supply in Engros is routed through the population in the form of:
-
Introduction of the National-Income for EVERY legal citizen in the country with special rules and conditions and protection for under 18s, pensioners and the certifiably unable to work. The first payment to be made (or made available in cash) on debt jubilee day requiring the override proviso being that you MUST be “working” or in work as the payments will be made via your employer (see later explanation):
-
Scrapping of all benefits/tax credits etc for those able to work.
-
Governments supplying direct credit or loans (in Pounds or Engros) to business and especially banks is also outlawed.
-
All Paper Pounds & coins are withdrawn from circulation during a set period until:
-
Engro to Pounds conversion is only available via government owned banks.
-
A new taxation system is introduced. There would only be 2 taxes. a) VAT. b) Engro / Pound Exchange tax.
-
For international import businesses selling locally taxation would occur at the point where Engros are exchanged for Pounds (for use in buying more imports). For international businesses exporting goods and receiving payment in either Pounds or another currency, corporate taxation would effectively be zero at that point, encouraging export over import. For local businesses taxation would be via “differential VAT”(not explained here). Improving tax take and encouraging smaller businesses. Taxation occurs on wages that are paid by using Pounds as the source when they are converted by the company to Engros. Taxation on pure Engro wages are not taxed at source but through VAT.