25
Introduction / International Monetary Fund
Before I jump into my crazy ideas I think I should, as it is my first article in this newspaper, introduce myself so here it goes:
Hello, my beloved reader(s) and welcome to SEA Today ( I know it rhymes, "I'm a poet and didn't even know it"). My name is Tabitha Chandler and this is the terrifying/surreal world that is the inside of my eHead. Seeing as you are my much-valued reader you can call me Tabi/Tabs/T.C./any contraction or shortening of my name.
Now I'm going to hit the ground running and write this crazy idea I have so 'scuse me while I put on my serious face:
THE INTERNATIONAL MONETARY FUND (eIMF)
Depending on how well-versed you are in current affairs you have probably heard of the real-life NGO, the Internation Monetary Fund. The context in which you know about it is most likely to do with loans and (Third-World) debt. Obviously, as with real-life countries (especially LEDCs), eCountries need incredibly large amounts of money to operate and fund the various parts of their socio-political machine.
The eIMF's job would be loaning money (how they get this money will be discussed later) at a interest rate (again, discussed later). This, hopefully, will aid in closing the gap between some of the poorest countries in the New World and the eSuperpowers (namely Romania, Indonesia and the USA). The fund (hypothetically speaking) would be an organization whose head would be democratically appointed by the member-states' leaders and be called the "Chair(wo)man". His/Her job would be to run the fund and monitor and keep a record of how much money is entering and leaving the fund. This job would be extremely stressful and (at least at first) unpaid but would make the Chairperson, arguably, the most important economical figure in the eWorld.
The fund's gold (all loans would be in gold, not local currency) supply would be created by the initial membership "fee" and also money made in interest. To join the fund a country's treasury would have to donate 5% [open to discussion] if their GNP to the fund. This would obviously mean that the poorest countries would have to pay less than the richer ones.
Interest rates would be related to the proportion that the country contributed initially to the fund (i.e. if an (impossibly) rich country's GNP is so high that when they donate 5% of their GNP it would be the equivalent of halve of the fund then the interest would be RELATED to that proportion). To leave the IMF the country would have to have no outstanding loans/debts and would be paid te afore-mentioned proportion. Therefore, it is highly possible that a country may EARN money when leaving the fund but also equally possible that it may lose some.
Obviously there are a lot of details yet to be covered and I am more than happy to discuss them to anyone who asks (either by comment or PM). If you like this idea and are an influential member of a government please consider showing it to others and using any diplomatic mission (embassies) you may have abroad to spread the idea. Please recognise though that I was "born" 15 days ago and so do NOT treat me as an expert in New World economics. The most influential job I have ever and am currently held (and am currently acting as) is Asst. Ambassaor to eAustralia from eSingapore.
Thank-you for considering my idea and please vote and/or subscribe,
~Tabitha Chandler
P.S. If you would like me to print any articles of yours do not hesitate to ask.
Hello, my beloved reader(s) and welcome to SEA Today ( I know it rhymes, "I'm a poet and didn't even know it"). My name is Tabitha Chandler and this is the terrifying/surreal world that is the inside of my eHead. Seeing as you are my much-valued reader you can call me Tabi/Tabs/T.C./any contraction or shortening of my name.
Now I'm going to hit the ground running and write this crazy idea I have so 'scuse me while I put on my serious face:
THE INTERNATIONAL MONETARY FUND (eIMF)
Depending on how well-versed you are in current affairs you have probably heard of the real-life NGO, the Internation Monetary Fund. The context in which you know about it is most likely to do with loans and (Third-World) debt. Obviously, as with real-life countries (especially LEDCs), eCountries need incredibly large amounts of money to operate and fund the various parts of their socio-political machine.
The eIMF's job would be loaning money (how they get this money will be discussed later) at a interest rate (again, discussed later). This, hopefully, will aid in closing the gap between some of the poorest countries in the New World and the eSuperpowers (namely Romania, Indonesia and the USA). The fund (hypothetically speaking) would be an organization whose head would be democratically appointed by the member-states' leaders and be called the "Chair(wo)man". His/Her job would be to run the fund and monitor and keep a record of how much money is entering and leaving the fund. This job would be extremely stressful and (at least at first) unpaid but would make the Chairperson, arguably, the most important economical figure in the eWorld.
The fund's gold (all loans would be in gold, not local currency) supply would be created by the initial membership "fee" and also money made in interest. To join the fund a country's treasury would have to donate 5% [open to discussion] if their GNP to the fund. This would obviously mean that the poorest countries would have to pay less than the richer ones.
Interest rates would be related to the proportion that the country contributed initially to the fund (i.e. if an (impossibly) rich country's GNP is so high that when they donate 5% of their GNP it would be the equivalent of halve of the fund then the interest would be RELATED to that proportion). To leave the IMF the country would have to have no outstanding loans/debts and would be paid te afore-mentioned proportion. Therefore, it is highly possible that a country may EARN money when leaving the fund but also equally possible that it may lose some.
Obviously there are a lot of details yet to be covered and I am more than happy to discuss them to anyone who asks (either by comment or PM). If you like this idea and are an influential member of a government please consider showing it to others and using any diplomatic mission (embassies) you may have abroad to spread the idea. Please recognise though that I was "born" 15 days ago and so do NOT treat me as an expert in New World economics. The most influential job I have ever and am currently held (and am currently acting as) is Asst. Ambassaor to eAustralia from eSingapore.
Thank-you for considering my idea and please vote and/or subscribe,
~Tabitha Chandler
P.S. If you would like me to print any articles of yours do not hesitate to ask.
Facebook
Twitter
Nice Report, Enjoyed the Read.
Voted and Subscribed.
Interesting read, Tabitha.
My concern is that most of the current superpowers will not join the club as it doesn't yield any short-term benefits. As with the current RL IMF, poorer nations may resist taking a loan due to the tight grip the IMF has over their economic policy. Just my thought.
Nevertheless, I enjoyed reading it! voted and subscribed.
It's actually a good idea !
But, the main problem would be getting nations to join at the beginning. Good luck !
That's where I need nations' leaders to read this!
Good idea but there are certain issues you need to iron out.
1. How do you make them return your loan? If treasury can be looted, so can loan be stolen and made away with.
2. Who is going to chair the IMF first? And how are you going to make yourself an entity which everyone would accede to?
3. Everything in gold is a bad idea. Seriously. It would bring about inflation.
But all in all, great idea. Perhaps you should do a collaboration with the admin of e-republik just in case money is looted whatsoever.
I understand your good will but I do not think the economy of erepulik works in the same way the rw does.
And a big issue would be how can you make sure that the money is in safe hands?
Well, anyway, wish you all the best in trying, despite my misgivings.
As a Canadian Congressman, and owner of New World Capital and NWC Bank, I find this idea very interesting. I'd be willing to discuss it with the Canadian Congress and see how far it goes.
Ideology,
CEO,
New World Capital
Excellent article.
Voted, subscribed and friends request sent.
Very good idea all around. i am sure SG could use something like this.
Brilliant idea, however there is one small problem:
Just recently in eCanada, around 28000 cad was stolen from the eCanadian government (more specifically from the dept. of defense), and was transfered to a hungarian organization.
I fear the same could happen with the eIMF, imagine how tempted people would be to steal the huge amount of money available, all it would take would be one incident to send the eIMF tumbling to the ground.
However I guess this issue could be solved by creating many organizations to represent the IMF and hold its funds, in order to spread out the gold. Each organization (the organizations could be for example: IMF 1, IMF 2, IMF 3, ect) would have a DIFFERENT person in charge, to prevent the control from being in the hands of just one person.
However the above idea could be costly (5 g per organization, and with the size of the eIMF, you would need A LOT of OR's to spread out the wealth), and the issue with so many different people in charge could make controlling the IMF a little harder, and rouge managers may rob the account they are taking care of.
I don't know, but it will be very hard to keep THAT much money out of the hands of robbers.... very hard...
good idea tho.