A proposal for the currency of an independent Wales.
Money is simply people’s labour and property in an easy to trade form. Therefore the issue of money should be equally benign and not be controlled by a central authority which can manipulate the value of people’s property and their labour to suit their own needs as is this case with the Bank of England.
With that in mind I propose that the currency of an independent Wales will be controlled by independent businesses and banks.
Banks will be licensed and not regulated, except by the customer.
I believe customers are more than qualified to regulate their own lives.
The Welsh currency should be tied to the value of a commodity, either Gold or Silver. Gold and Silver have been used as a currency for thousands of years and in today’s economic climate they are even more suited to being used to define the value of a currency.
I propose one hundred Welsh dollars to be equivalent to one ounce of silver or a thousand Welsh dollars to be equivalent to one ounce of Gold.
The exact values are not important, the important aspect is that the value remains fixed when it is decided.
Banks are free to carry out their business in whichever way they see fit but banks must be able to issue customers with Gold or Silver in exchange for bank notes on the request of the customer.
Banks being obligated to give Gold or Silver in exchange for the currency will ensure responsible management of the currency.
The transition from the pound to the dollar will be regulated by the value of Gold or Silver.
For example on the day of implementation the price of silver is 25 pounds for one ounce. In that case for every English pound held by Welsh citizens will be converted into 4 Welsh dollars.
Legal tender in Wales will be the Welsh dollar or the English pound but any taxes to local government must be paid in Welsh dollars.
This is the outline I propose for the implementation. If you have any suggestions please feel free to make them.
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