Economics (3)
In search of a fair, Proposal
efficient medium
of exchange and credit.
CERTIFIED ASSETS CHECKING ACCOUNT
"Better than Money"
By John McConnell
To eliminate interest (usury) presently charged for the use of money needed in trade and exchange, it is proposed that banks, or other financial institutions, provide checking accounts or "Asset Cards" based on a fixed percentage of the appraised value of any real property. The bank would provide no money -- and charge no interest. The only charge would be for the cost of the service. (This should be less than 2% of Certified Asset transactions.) Writing a Certified Asset check or using the Asset Card would transfer to the party named a claim for the assets in the amount indicated. This check, or Asset Card claim, could then be deposited in the new owners Certified Asset account.
People will use these Asset checks to pay for products or services. Acceptance and use will spread as the advantages become known. This kind of check will have solid backing, which our present money lacks, and provide a fair, efficient, less expensive means of exchange or barter.
To obtain a Certified Asset checking account a person will need to provide a clear title of real property to the bank which will hold it in trust. The bank will then provide a Certified Asset Checking Account for 70% (or other fixed percentage) of the appraised value of the assets.
The bank (or other approved financial firm using this program) will have a right to a new appraisal every five years, charging the account for any depreciation in value, or increasing the account where there is increase in value. The property may be redeemed at any time by paying back outstanding claims against the assets. If the property is sold, cash or Certified Assets will be paid to the bank for the amount of Certified Assets outstanding. Held in a special trust account, these items will continue the guarantee of any outstanding Certified Assets.
The percentage of appraisal available for Certification should be made equal to the percentage of the National Gross Assets needed for healthy exchange flow (without inflation).
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