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Written by Abdun Nur   

Version 2 – 7th January 2013

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Repository Securities and Advance

Trade is the basis of natural commerce, and this requires a medium of exchange, as you may want to trade things I have for things I do not want, or I may want to trade something that represents many months or years of labour such as a house, and a universal medium allows that trade, with the medium holding the value until I do find something I do want to trade, and can therefore use the store from the previous trade held within the medium of exchange to do that.

This is where a local repository system can allow trade without penalty, fraud, taxation, extortion, interest, usury or restriction.

All wealth is generated through labour; physical labour, mental labour, or mechanical labour, mechanisation has made mass production cheap.  Mechanical labour is still the result of both physical labour and mental labour; it simply increases the production of labour which in turn reduces the cost of those goods.

Therefore the medium of exchange must always be labour, as nothing else has created the wealth.

The local repository allows the labour itself as a medium of exchange within a cooperative collective trading model; a basic unit of labour represented by one hour of time laboured by someone with no special skills or knowledge.

At what rate of exchange a unit of labour can trade depends upon the market, free of monopoly, copyright, and privilege, trade is always free and open, but without corporation, taxation or usury, natural local cooperation holds labour at its true rate.

 

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  Chart one


The Duty of Care

Incumbent upon every soul is a duty of care for every other soul, this is the practical result of the foundation of all community, ‘do not encroach upon another soul’, and this inexorably leads to a duty of care.

In trade therefore a duty of care must always be kept in mind, for example, if I traded food goods that contained poisons with the intention of trading them again to others, would break my duty of care.

For example evidence shows fructose syrup is very toxic to the human body, this precludes any product that contains it from being traded within the community.

Artificial sweeteners, many colourings, many flavourings, monosodium glutamate, sodium fluoride, heated plastic food containers, and aluminium cooking equipment are all toxic to the body and break your duty of care, even some perceived natural plants and products need investigation to make certain they are not harmful, such as garlic, soy, pasteurised cow’s milk, concentrated orange juice and modern wheat varieties are all claimed to be toxic according to many studies.

Hidden toxins also break your duty of care, pesticides, herbicides, radiation, and microwaves all poison the food, heavy metals, bleach, artificially introduced hormones, and many chemical preservatives all need to be avoided.

In the modern world dominated by the cult of corporation the natural duty of care is utterly ignored not only in trading food, but every aspect of community.

How does the repository work?

There are three models of exchange, the fiat debt representative note system, the gold and silver coinage system, and the unit of labour that can function as a medium of exchange; all three systems need to be contained within the repository system to allow trade universally.

The silver and gold coinage system is at present valued by the fiat note system, which fluctuates often wildly week to week.

The repository has a dual accounting system, when an account is opened two accounts are created, the repository takes the fiat notes and converts them into pure silver on the open market, this forms the silver account, of course it needn’t be silver any commodity with a stable intrinsic value could be used, however silver is compact, universally desired and valued, and plentiful enough for the purpose. The second account is a unit of labour account.

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 Chart two

Another requirement of a repository is to allow an advance upon your labours. In the usury banking system you must ask the bank to grant an interest bearing loan, while in the repository model you must seek the agreement of your personal surety bondsmen to stand as guarantor of the advance. (See surety bond)

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 Chart three

Repository administrating collective bonded assurance

The repository functions as the administrative base for all assurance collectives; this allows those working within the repository to fund their efforts, with other areas of revenue, such as minting coins, and small initial agreement fee they charge for advances on labour, or opening a new account.

There are many bonded assurance collectives possible, car assurance protecting against accident or injury, medical assurance, home assurance, cooperative assurance for trading collectives, etc. the administrators of the repository act as the hub of the assurance system, organising bonds, claims, and related services.

The repository also is the keeper of records, such as written agreement between men and women, records of disputes and remedy, and written bonds of surety, behaviour, etc.

 

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