I wish to share with you about "What it meant to be Monetarily Sovereign".
Brunei Darussalam is truly a sovereign nation. Being a sovereign nation, it also enjoys the ability to create her own sovereign currency i.e. Brunei Dollar or Brunei Ringgit.
What does it meant to be a Monetary Sovereign nation? As a monetary sovereign nation, Brunei Darussalam:
a. Has the exclusively unlimited authority to create Brunei Dollar / Brunei Ringgit.
b. Can not be forced into bankruptcy.
c. Can pay bill of any size at any time, by creating Brunei Dollar.
d. Do not require revenue (tax or oil & gas royalties) to spend.
Countries such as Greece, Ireland, Spain, Germany, France, Italy, Portugal and other euro zone countries, although sovereign nations, they are not monetarily sovereign. These countries are on Euro standard i.e. they use Euro as their national currencies.
Sarawak, Sabah, Melacca, Perak, and etc are also not monetarily sovereign. They use Malaysia Ringgit as their national currencies.
Bill Gates, Lee Kuan Yu, Warren Buffet, Obama, Putin, You and me are not monetarily sovereign. As a private citizen, we are prohibited by law from creating our own currency.
Having this information, two questions come into mind:
a. How much money CAN our Government create? The short answer is INFINITE.
b. How much money SHOULD our Government create? Up to the threat of uncontrollable inflation.
If our people have this basic understanding of monetary sovereign facts, I sincerely believes that Brunei can achieved her 2035 vision in 5 to 10 years time rather than to wait until 2035.
