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Something to add to this placeholder: 8 April 2015:
Finally, long overdue! Cuba! Why not Cuba. Now with its new status maybe it needs the monetary system I propose. The revised overlay system as of March 2015. Needed for protection as well as control of the their emerging social order.
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All currencies that matter are state related. Non-state currencies are non-players, but would like to be.
ISO 4217 is described here
It assigns a code to every country's currency. All countries that have a currency are listed. A country can have more than one user (themself) of their currency.
Which one of these countries has a debt free currency?
I seem to recall that Libya was the only one but that depends only on my memory.
Recently, Hungary got some press attention regarding debt free money but I read subsequently that that was not entirely correct. Maybe, maybe not. There is a lot at stake in the debt free money issue.
My idea is to pick one little country with little money and have it convert to a debt free monetary system.
Tonga?
An island. An island is an excellent metaphor as well as a real world test bed.
What if the debt free money of Tonga became the preferred choice of where to put money? What factors would elevate it to preferred. Almost a status of a mini world reserve currency for those that choose it for that purpose?
The King of Tonga could decree it.
Tong makes money on its stamps.
Why not make money on a debt free money system. It is also a rare thing with interesting value.
This is a place marker for future thought.
Make money on flights too? Somebody does. Ain't cheap Maybe go there by invitation only.
The countries listed here as having debt free monetary systems: Well, this is a tricky thing, depends on where the info comes from.
1. China
2. Taiwan
3. Hong Kong
4. Singapore
5. Brunei
If public debt = private savings (an MMT idea) then a country without a public debt would have no private savings?
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In accordance with ISO 4217 some countries to not have their own monetary unit of currency but use the US Dollar or the Euro. In the case of the Euro it is still Debt based but on the level of the using country.
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Palau has a population of 21,000 and uses the US Dollar as its currency. It has a no external national debt compared to our $16 trillion
.Looks to me like it is a debt free country. If a country is debt free then it has no offsetting public savings, unless, of course, its uses another country's monetary unit as the medium of exchange. Where is the debt held in that case, who holds it? What if all the money came in from tourists and stayed on the island to become its total money in circulation to be increased or decreased by going "off island". It must go off island unless it is a totally self sustaining country. There most certainly is a balance of trade to maintain a steady money supply. Do they also have low inflation?
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The US has a Compact of Association with Palau
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"The original Compact of Free Association was completed in 1986 but did not enter into force for another 8 years. The Compact provided for several types of assistance, including direct economic assistance for 15 years to the Palau Government; establishment of a trust fund to provide Palau $15 million in annual payments from 2010 to 2044; infrastructure investments; and the provision of Federal services such as postal, weather, and aviation. The Government Accounting Office, which is represented here today, estimated that Palau received a total of $852 million between 1995 and 2009."
Palau has a Banking system
Must be fractional reserve. Local of foreign banks on Palau?
In my view a purely debt free monetary system, the only kind that
is conceptually valid, in my opinion, also excludes a fractional
loan system. The total amount of money in the system is sufficient to
establish total amount of money available for loans. Money loaned is
money saved and deposited in banks.
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