Mondex & cyber-cash
Thomas P. Koltai
Tue, 8 Oct 96 10:10:44 PDT
On Tue, 01 Oct 1996 02:31:49 +0000 Stewart Carter from Australasian EDI Report/Technosocial
>Which leads me to ask when the RBA is going to recognise these new curre=
>- or perhaps they don't think they are currencies?
Stewart, welcome to the nightmare. How can the RBA even commence recognition of an
international single unit currency when the issuing of that currency and the reserves to
support it are outside Australia's control.
No, I think the RBA, the Wallis report and Canberra may attempt to belittle the currencies
introduction by denying its usefuleness and casting aspersions on its value.
Ergo, they can not be currencies, merely exchange mechanisms. Politicians, Taxation
collectors and even banks can understand "mechanisms".
At a Meeting of the OECD (of which Australia is a member) Council at Ministerial Level in
June 1994 their resolution Communiqué stated:
The OECD will also contribute to strengthening the multilateral system by:
# carrying further its analysis of the problems posed, in a globalised economy,
by disparities in systems of taxation, which could distort the flows of goods,
services and capital, and by completing its current review of the OECD Transfer
And Australia voted with the majority on the following motion:
In shaping structural policies, Member country governments will aim to:
# nurture an entrepreneurial climate which encourages the creation of new enterprises,
often small- and medium-sized, and
the expansion and adaptation of existing firms, and enables firms to increase
efficiency and employment;
# ease regulations that discourage private initiative;
# complement, as appropriate, private sector initiatives to develop, disseminate and
implement technological innovation,
including information, communications and environmentally sound technologies;
further liberalise services markets and exploit to the full the job creation potential
of the services sector;
# reduce the general level of subsidisation of enterprises, in particular, by refraining
from subsidising out-of-date and uncompetitive production;
promote the expansion of public or private investments in modern infrastructures;
#### enhance the integration of economic and environmental strategies in all sectors.
(http://utl1.library.utoronto.ca/disk1/www/documents/g7/oecd94.htm) for full text.
For those interested in further researching this topic. Some interesting paralells can be
found in references in relation to the introduction to the ECU, G7 monetary policies and
involvement by the IMF and the World Bank at:
In cynical conclusion, it was a Labour Government that voted on the above issues.
Thomas P. Koltai
185 Liverpool Street,
Sydney NSW 2000