A Bitcoin Standard and Sovereign Wealth Fund (SWF)
- The national currency will be bitcoin. A 10% sales tax will be paid by businesses to the government in bitcoin. These funds will form the basis of the government’s budget.
- If the government desires, it can also intermittently put to the citizens a referendum question whether they are willing to raise the sales, land and resource tax rate in order to increase the government’s budget and that of the SWF. The government will be significantly hamstrung by its meager budget, which will ensure ’small government.’ But if it proves insufficient to cover the government’s basic operations, the citizens will probably be willing to increase the tax rates.
- All land and resource taxes will also be paid in bitcoins and will be automatically added to the Sovereign Wealth Fund. Any Executive Council request to withdraw from the SWF will be directed to the Chamber of Representatives (requiring 66% approval in order to pass) specifying in precise terms the amount of bitcoin and the terms of usage and duration of those fund. Once the Chamber of Representatives provides its consent, the head of the bureaucracy (EGB) will scrupulously ensure that the funds will only be used for the purposes specifically stated in the legislation.
Safeguarding Local Government Rights
The Executive Council’s purview of governmental responsibilities will largely be based on the current responsibilities of national governments in representative democracies. State governments will be abolished and regional (if necessitated by strong geographical, economic, social and cultural bonds between municipalities) and local governments will be redrawn by the Elections and Government Bureaucracy (EGB) to most efficiently and democratically devolve the responsibilities best suited to local/regional decision-making and implementation. The Executive Council will be charged with all other super-local/regional responsibilities.
The national government is the sole taxing authority in the nation, but all local and regional governments are safeguarded by the EGB and guaranteed 1) equitable (in comparison to other local and regional governments) revenues to properly execute their responsibilities and 2) analogously equitable investments in infrastructure and the like by the national government.