02-24-2010, 06:40 AM
I was supposed to present the budget to the co-op this evening. We didn't have quorum, so that's happening next week instead. But I'm still focused on financial matters, and this came out...
The '''Bank of Sol''' is Fenspace's central bank, responsible for interfactional monetary policy, the issuing of currency (namely the [[Solar Credit]) and maintenance of the money supply, the oversight (but not regulation) of local financial institutions, and the safekeeping of the [[Fenspace Convention]'s reserves of financial instruments issued by Earthside governments. Its primary responsibility is to ensure the financial welfare of Fenspace.
Since most money in Fenspace is electronic, the Bank's responsibility in the issuing of currency and maintenance of the money supply is pimarily in the realm of developing and testing cryptographic systems to protect the virtual money supply. These responsibilities are handled by bonded AIs that were specially programmed and 'waved to be as incorruptible as possible.Membership in the [[Hacker Underspace] by the Bank's AIs is strongly discouraged, to avoid the perception of possible conflict of interest.
== Operations ==
Every individual who has signed the [[Articles of Convention] is considered to hold one voting share in the Bank of Sol. The Bank as a whole is not a member of any [[faction], although individual employees and directors may be members of whatever faction they choose. The nine Directors of the Bank serve for three years and are chosen by vote; three directors are elected at each [[Fenspace Convention] and begin their terms on January 1 of the year following their election.This allows for elections to be held no matter when the yearly Conventions are held while still giving Directors terms of equal lengths, barring leap years.)
The Bank of Sol is funded from its seigniorage (the difference between the interest the Bank earns on its reserves of financial instruments issued by Earthside governments – which is roughly equal in value to the total value of the currency in circulation – and the cost of issuing, distributing, and replacing the currency). This means that it is in the Bank's direct interest to keep the Solar Credit stable; if the Bank were to be forced to redeem large numbers of Solar Credits, their reserves of financial instruments would shrink and the seigniorage would shrink in proportion.
== Relations ==
The Bank of Sol is on good terms with the Reserve Bank of Australia. They also cooperate with the [[Space Patrol]'s Sections 3 and 4 to investigate cases of suspected fraud or money-laundering.
== Notes ==
{{culture}}
[[Category:Fen Culture]
And this is a companion to the above article. Do I need to hang the Stub tag on this, or is what's written here pretty much all there is to say about the topic?
The '''Solar Credit''' is the local currency of Fenspace, issued by the [[Bank of Sol]. The value of the Solar Credit has been pegged to the Australian Dollar at par since its creation. The Solar Credit's three-letter currency code is FSC, short for "Fen Solar Credit".
The currency exists mostly in electronic form, although the Bank of Sol has contracted with [[Hephaestus Mining and Metalworking, Unltd.] to produce proof and commemorative coins for the collectors' market. It does not exist in paper form.
{{culture}}
[[Category:Fen Culture]
Opinions, thoughts, brickbats, or death threats, anyone?
--
Rob Kelk
"Governments have no right to question the loyalty of those who oppose
them. Adversaries remain citizens of the same state, common subjects of
the same sovereign, servants of the same law."
- Michael Ignatieff, addressing Stanford University in 2012
The '''Bank of Sol''' is Fenspace's central bank, responsible for interfactional monetary policy, the issuing of currency (namely the [[Solar Credit]) and maintenance of the money supply, the oversight (but not regulation) of local financial institutions, and the safekeeping of the [[Fenspace Convention]'s reserves of financial instruments issued by Earthside governments. Its primary responsibility is to ensure the financial welfare of Fenspace.
Since most money in Fenspace is electronic, the Bank's responsibility in the issuing of currency and maintenance of the money supply is pimarily in the realm of developing and testing cryptographic systems to protect the virtual money supply. These responsibilities are handled by bonded AIs that were specially programmed and 'waved to be as incorruptible as possible.Membership in the [[Hacker Underspace] by the Bank's AIs is strongly discouraged, to avoid the perception of possible conflict of interest.
== Operations ==
Every individual who has signed the [[Articles of Convention] is considered to hold one voting share in the Bank of Sol. The Bank as a whole is not a member of any [[faction], although individual employees and directors may be members of whatever faction they choose. The nine Directors of the Bank serve for three years and are chosen by vote; three directors are elected at each [[Fenspace Convention] and begin their terms on January 1 of the year following their election.This allows for elections to be held no matter when the yearly Conventions are held while still giving Directors terms of equal lengths, barring leap years.)
The Bank of Sol is funded from its seigniorage (the difference between the interest the Bank earns on its reserves of financial instruments issued by Earthside governments – which is roughly equal in value to the total value of the currency in circulation – and the cost of issuing, distributing, and replacing the currency). This means that it is in the Bank's direct interest to keep the Solar Credit stable; if the Bank were to be forced to redeem large numbers of Solar Credits, their reserves of financial instruments would shrink and the seigniorage would shrink in proportion.
== Relations ==
The Bank of Sol is on good terms with the Reserve Bank of Australia. They also cooperate with the [[Space Patrol]'s Sections 3 and 4 to investigate cases of suspected fraud or money-laundering.
== Notes ==
{{culture}}
[[Category:Fen Culture]
And this is a companion to the above article. Do I need to hang the Stub tag on this, or is what's written here pretty much all there is to say about the topic?
The '''Solar Credit''' is the local currency of Fenspace, issued by the [[Bank of Sol]. The value of the Solar Credit has been pegged to the Australian Dollar at par since its creation. The Solar Credit's three-letter currency code is FSC, short for "Fen Solar Credit".
The currency exists mostly in electronic form, although the Bank of Sol has contracted with [[Hephaestus Mining and Metalworking, Unltd.] to produce proof and commemorative coins for the collectors' market. It does not exist in paper form.
{{culture}}
[[Category:Fen Culture]
Opinions, thoughts, brickbats, or death threats, anyone?
--
Rob Kelk
"Governments have no right to question the loyalty of those who oppose
them. Adversaries remain citizens of the same state, common subjects of
the same sovereign, servants of the same law."
- Michael Ignatieff, addressing Stanford University in 2012