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That may be the case for Hong Kong, but their system is defective in many ways: it just happens to monetise (indirectly via the government as intermediary) far more land value than virtually anyone else.
Which I think is a Good Thing tax-wise.
What I am proposing is essentially a loan direct to the land, not to the owner.
The difference is that in this loan, no money is paid for the use of money, but rather, money is being paid for the use of the capital invested in a particular location, both publicly and privately.
I can demonstrate conclusively that - as should be intuitively obvious - a funding cost that does not include compound interest is lower than one which does.
Also, I think that a currency redeemable in payment for such a rental payment would be generally fungible in a location.
"The future is already here -- it's just not very evenly distributed"
Who said anything about the custodian being the sovereign?
Managing the monetary system is a sovereign function, because the sovereign is the only economic actor within its jurisdiction that is solvent by fiat rather than balance sheet.
Making a monetary system without a sovereign that's actually sovereign is - eh - not wise, as the EU has been quite instructively demonstrating for the next best thing to three years now.
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