What if we were all given a million dollars tomorrow?
This money can’t be spent. It won’t even run between your fingers. It would sit in a National Credit Account (Government Guaranteed) in a Government approved and regulated financial institution of your choice. If you want more income you would be able shop around the financial institutions (which will be competing for your custom) and transfer your funds. If you want less of an income then you just need to leave your money with Westpac.
You would receive a months interest into your own private account at the end of every month. Automatically, without even asking your partner. Let’s say that might be $5,000. That is for you, your partner would get a similar amount, your kids over 21 would each get that amount and all this would be for nothing, it would just arrive in your account
If we worked then our Superannuation (deducted at a rate of 10% on our salary) could be made available to us (the same as retiring politicians) not as cash in hand but as an additional sum in our National Credit Account.
So 1 million in Government Sponsored Credit plus whatever we have in Superannuation would eradicate the need to adjust our savings, to allow for inflation.
A loan? no problem. Your money being held would act as Surety and payments automatically deducted from your income before you received it. At a reasonable rate of return we estimate that the average income for each person would be around $ 65,000 a year. If you want to earn more than that then your going to have to stay working aren’t you.
There is a side benefit to this. Pressure on wages and salaries would be greatly decreased when we have a surety of income.
What about migrants? Well for 31 years they would have to work for there would be plenty of work available. If you could live on 65 grand you would not need to work.
After 21 years of Australian Citizenship which can only be applied for after 10 years full-time residence (if you spend 3 months a year in Vietnam then it would take 12.5 years to achieve citizenship.) All migrants, refugees and asylum seekers as a result, would be required to work. It can be proved they certainly have no problem with that. It’s almost a genetic trait that education and work are part of the culture of migrants. I wish I could say the same thing about my fellow Australians.
What about the unemployed? What unemployed? They would no longer exist. They would be reclassified as self-employed. Much of the money for the National Credit Scheme would come from the former wages of Centrelink employees. We would all have private health insurance so no Medicare, all schools would be Private so we would not need any Government Teachers and only half the Paper Pushers. The cost of government would be cut by 50% so the 10 Trillion that we would need to do it get it started would come from government savings over 20 years.
All taxation would be via a GST - which we would pay on all purchase regardless of who we are. (No Freebies for Jamie Packer) No payroll tax, no surcharges, no excise, no income tax and no deductions, no way to evade and not even churches would be tax exempt.
What about when we die? The money would go back to the Treasury and then put back into circulation. Private savings and assets would still be inherited.
What about the under 21’s? They would be taken care of by either their parents or by ‘actually working’.
What about the incentive to work?
We are all greedy, we all want more, just look at Executives in the financial industry. Averice although a mortal sin (except for the Hillsong Church) would ensure that a lot of us would still go to work. We can’t sit around all day ‘doin’ nuttin’ it would drive us mad, contemplating our navels is just for Soothsayers and Prophets. Believe me, even I have to get out and about every couple of days to prevent myself from going stir crazy.
Remember this is a Credit Scheme it is not a ‘Carte Blanch Spending Scheme’. The laws of supply, demand and greed would still apply.
