State Accounts

There are three types of state accounts:

  1. Issuing Accounts

  2. Domain Accounts

  3. Agency Account

There can only be one issuing account. This is the state agency(or corporation) issuing the currency. The currency's ability to function and the issuer's ability to uphold rule of law are key to an entity actually being able to support a currency.

An example of an issuing account would be The United States of America or The European Union.

A strong corporation could, for a time, support a currency with the future view of nationalizing the currency when it gains enough steam to override the national currency.

Domain accounts are accounts that the Issuer can charter to offer public services and to operate in the public interest. These accounts can collect elective taxes.

Examples are a state government in the United States or a country account in the EU. There can also be much smaller agencies. A dock workers union account could be chartered and dock workers, and anyone wanting to support the dock workers, could elect to pay taxes to the union and get a vote. Agency Accounts have the power to select their members.

Domain and Issuer state accounts will issue citizens the right to veto their ability to 'catch up.' If an account cannot 'catch up' then it cannot issue payment, receive payment, or claim pref payments. More will be discussed on this in the chapter on Veto.

The final type of account is an agency account. These accounts do not have taxes collected but instead have funds distributed to them by the agency or issuer accounts. The amount is dependent on the budget set forward by rule of law.

A good example of this type of account would be a city police department that is issued funds by the city domain account. It would be onerous to have to elect taxes for every city service you wanted to participate in. With agency accounts, citizens gain access to the service also get a selective veto. The selective veto allows citizens to bar payments from the domain account to one of its agency accounts. In this way, selective political action can be taken, even if only symbolic to defund one distastefully run area of government without disrupting essential services.

Another feature of state accounts is that they cannot participate in the private pool for either receiving or transmitting payments. All payments into and out of the account will be free to view on the public ledger.

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