As a suggestion, it might be good to add that there is a Newbie Funding
reserve, something like this?:
The Newbie Funding Reserve are the shinies that are contained within
Agora's balance level of 0 and 50.
Agora cannot make any transfer to grant shinies to others except grant
Welcome Packages if the Newbie Funding Reserve isn't full.
On Wed, Sep 13, 2017 at 6:06 AM, Owen Jacobson <o...@grimoire.ca> wrote:
>
> > On Sep 12, 2017, at 3:53 PM, Publius Scribonius Scholasticus <
> p.scribonius.scholasti...@googlemail.com> wrote:
> >
> > Two versions of this proposal are offered. The first is the form to be
> submitted and the second is a git diff.
> > {
> > Replace in the rule “Assets”, the line:
> > “restricted to Agora, persons, and organizations."
> > with:
> > "restricted to Agora, persons, organizations, and Agoran Institutions.”
> >
> > Create a rule, called “Banking”, with the following text:
> > "A Bank is an Agoran Institution. A Bank shall have a charter, a length,
> and a
> > banker. The Central Bank of Agora is the bank who is responsible for the
> > conduct of business and issuance of bonds on behalf of Agora. If at any
> time,
> > a Central Bank of Agora is not declared, then the Secretary CAN and SHALL
> > declare a bank to be the Central Bank of Agora.
> >
> > A Bank shall be able to issue a currency and issue bonds. The charter of
> a
> > bank shall establish the method by which a bond or currency can be
> issued.
> >
> > Any player CAN create a Bank without objection by specifying its
> charter, its
> > length and recommending a banker. The Secretary CAN create a bank with
> Agoran
> > Consent by specifying its charter, its length and appointing a banker.
> The
> > charter of a bank SHALL state its purpose, and its governance structure.
> If at
> > any time, a Bank lacks a Banker, the Secretary CAN and SHALL appoint a
> Banker
> > in accordanence with the charter of the Bank.”
>
> I would feel more comfortable if the Secretary could opt to destroy the
> bank, instead, if only because otherwise this binds the Secretary to take
> official action based on non-rules-governed documents. The consent elements
> of creating a bank are a rather weak safety net against this compulsion.
>
> > Bonds are a type of asset. Bonds CAN be converted according to their
> issuance
> > document. Rules to the contrary notwithstanding, bonds may only be
> issued by
> > a bank. The Banker of the issuing bank is the recordkeepor for Bonds.
>
> Rather than amending the Shinies rule, split this into its own rule.
> (Separately, the “Economics” rule really ought to be “Shinies”.)
>
> > Add to the end of list of Executive Orders in “Executive Orders”:
> >
> > - Kickbacks (Secretary): The Prime Minister issues a bond from
> > the Central Bank of a class or series previously issued for
> > an amount less than or equal to 50 shinies and specifies a
> > class of purchasers.
>
> A+.
>
> > Create a rule, “The First Bank of Agora”, with the below text:
> >
> > The First Bank of Agora shall be a Bank.
>
> I’m not clear on why this is necessary if the Secretary must create a bank
> any time there aren’t any, but if we’re going to have it, I’d prefer this
> read “is a Bank” to declare its permanent existence. The same remark
> applies throughout the text of this rule.
>
> > The banker of The First Bank of Agora
> > shall be the Secretary. This rule shall be the charter of The First Bank
> of
> > Agora. The First Bank of Agora shall have a term of nine months, which
> shall
> > be automatically renewed for succeeding intervals of nine months, if The
> > Second Bank of Agora has not been founded.
> >
> > The First Bank of Agora shall have administration over the balance of
> Agora
> > in excess of 50 shinies. The First Bank of Agora shall be led by the
> Board
> > of Overseers. Their shall be two overseers elected once every two months
> in
> > alternating months. The Banker of The First Bank of Agora shall also
> serve
> > on the board ex officio. The Board of Overseers shall have authorization
> to
> > when Agora has a balance of less than 50 shinies issue bonds, with a
> total
> > value of up to 100 shinies. The terms of these bonds shall be determined
> by
> > the Board of Overseers. The Board of Overseers SHALL NOT issue any bond
> with a
> > with terms precluding their sale on the open market or with any provision
> > allowing the conversion of the bond to currency before the passage of two
> > weeks after sale. The Board of Overseers shall also be allowed to offer
> > consumer banking services, such as money holdings, check clearance, the
> > keeping of a ledger for fractional shiny banking, escrow, and any other
> > banking service not costing The First Bank of Agora more than 25 shinies
> in
> > capital to initiate or operate. The Board of Overseers shall, when Agora
> has
> > in excess of 250 shinies, be allowed to issue loans with a total value
> not in
> > excess of 100 shinies. The Board of Overseers MAY sell or purchase loans
> or
> > bonds from other Banks without 2 objections. All holdings, bonds, or
> loans
> > held or issued are backed and insured by the full sovereignty of Agora.
>
> The structure of the FBoA makes sense, though I suspect imposing mandatory
> elections every two months won’t make this popular. You should define who
> the vote collector is for the Board positions, though.
>
> I’m likely to push for over-unity fractional reserve lending if this
> actually sticks, or to create a bank whose charter allows over-unity
> fractional lending and which is insured by the FBoA as far as is possible.
>
> At a higher level, I think this needs some framework support defining what
> a “term” and a “class” are with respect to a Bond, and what it means to
> “convert” a bond.
>
> There’s some good stuff here.
>
> -o
>
>
