Julian S. Taylor
3 min readFeb 28, 2024

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Thank you for the responses. I'm afraid that I'm still in the weeds. What you are writing about is a very complex thing that you have obviously been thinking about for a very long time. Unfortunately, in your writing, you use terms for which I can find no contextually-relevant definitions. Perhaps this is a summary of a book you have already written wherein all of the complications are resolved.

For example, you call out the "Rule of Inclusion", which appears to be a term of art in Law but not Finance. For that reason, I assume that you are citing the rule from another document. I might find that document more helpful. If I were to guess (always dangerous) I would have to guess as follows:

"All sovereign debt [the debt of sovereign nations], money creation [the provision of fiat currency for the purpose of exchange], shall be financed [insured against devaluation] with equal quantum Shares [no idea what this means. What is this?] of global fiat credit held in trust [I assume this is what used to be called a 'constructive trust' for which a law defining its parameters are required. If sovereign nations still exist, which nation or nations would agree on the structure of this trust?] with local deposit banks, administered by local fiduciaries and actuaries [Would these banks and personnel be licensed by the sovereign state in which they reside?] exclusively for secure sovereign investment [Is the sovereign investing or is that action the responsibility of the individual human. In either case by what means is the profit or loss yielded back to the investor?] at a fixed and sustainable rate [Is this your 1.25%? By what math is that number derived?], that may be claimed [Does this mean 'borrow' or 'take possession of'?] by each adult human being on the planet."

So those are my guesses and questions about the rule, but so much is still wanting. Clearly, there are significant issues to address such as intergovernmental agreements, uneven distribution of funds based upon the peculiarities of a particular region (e.g., Siberia versus Northern Italy), the essential processes defining the interaction between the monetary and the fiscal. How are adjustments in the value of the reserve moderated with inflation/deflation or an unanticipated world crisis? Like Communism, the idea may look good on paper but the serious work that remains is to scale a large implementation. Burtrand Russell once said, "Everything is vague to a degree you do not realize until you have tried to make it precise." In Engineering, we do that by writing a functional specification. The thing that makes a functional spec different from an essay is its organization. No home, no car, no aircraft could be constructed from an essay, a technical document is required so that an implementation may even be conceived.

An economic system is a massive organism and even if the only change is the addition of your Rule of Inclusion, what are the comprehensible, enforceable and adjustable details of the actual process? How are the wealthy persuaded to allow their captive governments to do this? How are sovereign governments persuaded to give up the irreplacable facility of their sovereign fiat currency? How is that common currency allocated for large and important projects?

Prior to Brexit, Great Britain had the best of both worlds: membership in the EU community and its unique control of the Pound. Greece did not do that and when Euros began pouring into German industry, Greece had to negotiate for what was left.

I'm just one reader and so, there may be no point answering this; but, you noted that there has been "no logical falsification" of your plan so far. I wonder if that is because your reviewers have the same questions that I do. Regardless, if you are serious about this, I would suggest a single, well-organized (possibly slim) book structured as if it were an engineering document since your change is complex enough to demand engineering.

Good luck spreading the word.

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Julian S. Taylor
Julian S. Taylor

Written by Julian S. Taylor

Software engineer & author. Former Senior Staff Engineer w/ Sun Microsystems. Latest book: Famine in the Bullpen. See & hear at https://sockwood.com

Responses (4)