Whilst sitting here watching the market blow it's brains out, I had an idea.

It is my belief that the present financial system is no longer viable and the time has come to implement unprecedented change. It is time to scrap the currencies that have been relied on for so long and move to a completely new way of trading and saving. I am sure that the system I have in mind has been put forward previously and I am equally sure that it will have been dismissed out of hand without further thought, however I sincerely hope that some thought will be given to the idea at this time and that it will be considered as a real and viable solution to the present ills of our world. Any suggestions (of a constructive nature!), will be welcomed.

The idea is simplicity itself, the implementation feasible and if acted upon, the effect would be life transforming for the worlds population. I firmly believe that any problem brought up by the plan could be quickly solved.

The new system would replace the existing money with a credit system divided into 3 categories:-

1) Work credits.
2) Community credits.
3) Green credits

1) Work credits. To be given for all types of work, the number to be based on existing money payments. Credit payment scales to be set for new jobs created by the system.

2) Community credits. To be given for all work within individuals local community covering everything form care of the elderly, disabled and mentally impaired to general care such as litter picking, keeping the environment tidy. This would ensure that there would be no reason for any able bodied person not to work.

3) Green credits. To be given for all green achievements from recycling and energy saving to car sharing etc.

Overseers would be required to control each section, and to promote motivation they would be paid in credits equal to the top credit earner in their section. A central computer system would be set up, with multiple back up, for storing credits information.

All outlets would be equipped with fingerprint and eye recognition equipment to recognise the credit holder for exchange of credits for goods. Goods to be priced in units of a credit.

At the point of changeover from the present monetary system existing wealth to be converted to credits. Creditors to be paid in credits equal to the amount owing to them: debtors to have their debts eliminated without penalty.

Existing stocks, shares and dividends to be converted to the credit system, otherwise operating as at present.


Under the new system there would be no limits to expenditure on education, hospitals, medical research and anything of benefit to the population. There would be careful monitoring of such expenditure by selected governing bodies.

The new system would allow us to abolish income tax; there would be free expenditure by government and local government on a level to be decided by the public.

Every member of the population to be given an equal number of starter credits, followed by annual bonus number of credits, regardless of their contribution to the workforce.

Easy to obtain credit. Stringent vetting of applicants. Simple method of repayment over predetermined but flexible term, income from weekly/monthly credits reduced to ensure repayment of loan. It would be possible to implement a permanent fixing of interest rates.

Existing financial and revenue bodies to oversee the running of all accounts and investigate any irregularities and unusual transactions.

The advantages of the new system would be the immediate elimination of world debt and poverty. No fund raising is necessary as a credits system would be self financing. It would bring out new technologies, new medicines, new thinking, all of which have previously been stifled by the financial system. With careful monitoring there should be no reason why the Earths resources should be put in jeopardy. I also believe that the system would drastically reduce crime.

Obviously this is a very brief outline of what could be achieved by such a system and what would be required to implement it: however, if a view can be taken outside the present financial one, remembering that it would cost nothing to start it and ensure that it works, then I am confident that it could be adopted world-wide.

Please give the matter some thought; a change is needed, is inevitable and with this system, workable and would create a debt free society.


Yes, ok it's a joke but who knows, it could work and if you think it will not work give your reasons and the problems you envisage would occur; maybe they could be solved?!

Cut and past the link kim.I dont know the problemprobably me.I have watched a couple of times slow but persevere..

Sorry to put a spanner in your works kim, but I think you've fallen for the old trap with your system of credits. What you propose is to use credits as a means to barter for goods and to reward individuals for their services. Seems OK. Now substitute the word 'credit' for 'pound' or 'dollar' or 'euro' - see where I'm going here - your system is simply a monetary system with a new name for the fundamental unit of currency: the credit. So nothing has changed, and all the (perceived) evils associated with our current monetary systems would materialise in this new one too.

Think of some of the other associations between the systems - each individual would need some form of record of their current holding of credits (a bank account) and a means to purchase or sell goods (ironically here, a 'credit' card associates to a debit card). The large computer (which we assume is hacker proof, noting of course that nothing is, and has its own source of energy just in case of the inevitable power cut or disruption) that stores all the records is simply a bank.

As for the idea that you could eliminate poverty (etc) simply by issuing more credits, this is nonsense. For the same reasons, you can not just print more pounds, dollars and euros. Think about it - if the government just churns out more credits to pay for a new hospital (say) then that instantly devalues all credits currently in issue - you ultimately end up in a state of hyperinflation.

And why should anybody who is in debt have that eliminated prior to switching over to your new system. An awful lot of people are in debt through their own fault - why should the rest of us pay for that? And if we decided that we would eliminate individuals debt as some form of altruistic gesture, don't you think that there would be mayhem (though fun) in the run-up to the change-over as every Tom, Dick and Harriet frivolously flitters away what cash they have on those luxuries in life they had until then only dreamed about but resisted the temptation to buy, just so they could also have their debts eliminated. On second thoughts, sign me up for it!! LOL ;-)

StarFrog

The new system would not be a monetary one as such but admittedly is initially quite complex. There would be no inflation/deflation as there would be no necessity to adjust prices: the argument that prices fluctuate through supply and demand is a flawed one. Prices fluctuate through greed, to charge more for an item because it is in short supply quite frankly is crap; when it's gone, it's gone - as simple as that.

Pounds, dollars , euros etc have to be printed, and can be printed at will as the IMF seem to be doing; a computer controlled system needs no printing, it would work just the same as internet banking. There would be no need for credit/debit cards, a simple computer terminal would do the work more efficiently. The new generation 'cloud' computer system would be ideally suited to the purpose and, provided the sun keeps shining!, could be solar powered.

"An awful lot of people are in debt through their own fault - why should the rest of us pay for that?"
That is the beauty of a new system, nobody would be paying for it, it would simply erase all debt. Nice though it would be for every Tom, Dick and Harriet to go on a spending spree, sadly, but necessarily, there would have to be a period of strict control to prevent them. As Big Brother is already watching us closely, or so it would appear, that would not be difficult!

I'm afraid I have rushed this a bit as I am away out for the night. A new system would be a complex and time consuming thing to put in place, but with universal thinking it certainly could be achieved.

Tabasco, managed to open the link; thought provoking and a lot of truth in it.

That BUY note i promised in
full 34 pages.........

http://www.berenberg.de/cgi-bin/content/content.cgi?rm=show_doc&session_id=3b45d89c528a9cd5ba328dff5ae03eeb&sb_userid=0&sb_eventid=0

BUY
Rating system
Current price
GBp 208
Relative
Price target
GBp 265p
22/11/2012 London Close
Market cap GBP 1,988 m
Reuters TALK.L
Bloomberg TALK LN
Changes made in this note
Rating Buy (Hold)
Price target GBp 265 (180.00)

27 Nov TalkTalk Telecom... TALK UBS Buy 212.00 211.40 200.00 240.00 Retains

TARGET SP 240p

Nov TalkTalk Telecom... TALK Nomura Buy 0.00 213.00 190.00 275.00 Reiterates

275p SP Target.

TalkTalk Telecom Group plc (Telecommunications – Buy (from
Hold); PT GBp 265 (from GBp 180)) – Gross margin accretion
should drive momentum: TalkTalk is a structural gross margin growth
story and will continue to benefit from trends in price inflation,
subscriber mix and falling ULL rates. We upgrade to Buy.

TALK Talk Talk

Suprised this one is still
priced so cheaply. A present P/E of
just 8.5 and a PEG of 0.37

far far too cheap.

Priced for growth imo

TalkTalk Telecom Group Share Price Information

Name TalkTalk Telecom Group Epic TALK

Activites Provides fixed line voice and broadband telecommunications
Reuters TALK.L ISIN GB00B4YCDF59 Google Finance LON:TALK

Share Price (p) 222.95 Prev. Share Price (p) 223.30
Shares in Issue (m) 914 Market Cap (£m) 2,041
PE Ratio (x) 8.75 Div per share (p) 6.40
Div yield (%) 4.49 Div cover (x) 2.38
EPS (p) 15.60 PEG 0.37


NORWICH & PETERBOROUGH BUILDING SOCIETY

TALK

Breakout.......