A New Dawn
The legislative council decides. A monetary system evolves.
Bannerman marvelled at the blue-hued sunrise to the east of the capitol as he sipped his morning brew on the observation deck at council HQ. The new dawn light slowly revealed Olympus Mons in the distance - its enormity inspired the new governor - this was Bannerman's republic now.
Swiftly dismissing the proposed 'infrastructure boost' programme, the legislative council decided on monetary system operations. Discounting extreme mismatch between productivity and money creation, republic spending on infrastructure, defence and other services will continue to match dollar for dollar, the government expenditure of Earth nation, the United States of America (USofA).
In time, monetary system operations would expand (introduce a central bank) and extend an interest-bearing money instrument. Members would have their short-term safe store of value.
Interesting Times Ahead
Apparently, innovative members of the republic were experimenting with new ways to monetise credit (create new promises to pay that have a claim to moneyness). The stability of these operations was proving 'fragile'. A sudden Q4 2006 fall of 28.99% in net financial assets available for the non-government sector ultimately discombobulated a private credit issuing community boisterously 'leveraging up'. Overtures that the legislative council approve selected members as credit creating franchisees of the republic grew louder every day.
The thought of public-private credit franchise operations had Bannerman excited and terrified in equal measure. Aware implementation of such institutions would affect republic decision-making dynamics, the governor was keen to think this one through. Still, can't turn back now.
Best plough on.