Xsampa

[Elena1012]

External Value Revenue Act passes PAX; People's Committee of Financial Management expands.
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June 6th, 5693
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If there is one industry in Xsampa with alot of pride, it's the manufacturing sector. Made in Xsampa is a sticker of pride for any good that leaves Xsampa for foreign markets. Another source of pride for Xsampa is our commitment to socialism. However, when you combine socialism with a very capitalist world, we encounter an issue. Trade deficits. It's not that foreign goods are outcompeting us. It's rather, our goods are valuable, but the money we get paid with is functionally worthless. Useless domestically and legally in a loophole externally. Last year, the Sub-Committee of Monetary Management identified the looming issue, believing that doing nothing would cause future problems down the road, such as trade issues, and potentially harming the New Hope Initiative. Earlier this year, said Sub-Committee presented a solution to the People's Committee of Financial Management and last week, PAX was presented with the External Value Reserve Act.

So, what does the EVRA do? It establishes the External Value Reserve, managed by the Sub-Committee of External Value Management. The EVR will be responsible for managing all approved foreign currencies within Xsampa, and all foreign currency will be deposited into the EVR. The SCEVM will on a yearly basis, every year, review foreign currencies and approve what is eligible for the EVR as not every currency is equal. The SCEVM can petition for the suspension of a currency from entering the EVR if said country is entering a period of mass instability, hostile to Xsampa, or manipulating it's currency. The goal of the EVR is to essentially put foreign currency to use in foreign matters (whether it be supplying the NHI, or buying foreign debt from allied states). No one benefits from us hoarding money that can't even be used. And it's an anti socialist value.

Citizens in Xsampa will be required to exchange any foreign currency in their possession (with the exception of the Egelian Crown), and will be adequately compensated in Peoples Tangka's. Compensation will be accordingly exchanged and ensure speculation is avoided. Social Enterprises operating in Xsampa will also be beholden to that, and Local Committee's will be instructed to work with the SCEVM on securing foreign currency. No contracts may use foreign currency and all domestic pricing must occur in domestic currency only (Xsampan Peoples Tangka, as the Egelian Crown, while accepted as legal tender, will not be expected up front). Plus, the EVR safeguards the People's Tangka, which will keep domestic currency rates stable. The SCEVM and the EVR will report quarterly to PAX to ensure nothing is missed or kept out of public eye.

The EVR would help in investing into foreign states, giving the New Hope Initiative a proper funding mechanism, humanitarian loans, debt purchases, and subsidizing imports if need be. A win win compared to confusing legal limbo. Ideally, the EVR will resolve the looming issue of a trade deficit and show the world that Market Socialism can thrive as an equal in a hyper capitalist world.
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In Other News;

Why are opera's growing in Xsampa? Xsampans looking to the past for inspiration.

People's Committee of Foreign Affairs begins considerations of preparing for a foreign state visit; Who may we visit?

A-11 Highway shows progress; Most Xsampans agree that the 12 year plan is more of a guideline than a realistic deadline.
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Today's Quote of The Day; "I believe the world requires more optimism. The world is beautiful, but not naive. Optimism is the perfect response to reality."
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Glory to the Xsampan Revolution! Glory to the Xsampan Proletariat!

The People's Committee for Information is a worker owned, news source in Xsampa, dedicated to spreading the words of the revolution. Ensuring that Xsampans hear news, both foreign and domestic from a strongly socialist lens, the PCI ensures a strong, stable, socialist society for Xsampa.

གྲལ་རིམ་ལ་གཟི་བརྗིད་ཤོག

Gloire à la Révolution ! Gloire au prolétariat!