Two months after the founding of the Micronational Dollar (M$) by Kit McCarthy, the intermicronational currency continues to mature with the announcement of a comprehensive plan to develop a stock exchange that will trade in it.
The Quetico Microinternational Stock Exchange will form an integral part of “Quetico Street”, the brain-child of Henry Twain, who described the Street as “the revolutionary micronational private sector,” and a project that will seek to emulate Wall Street in New York City.
The exchange would form a cornerstone of Quetico Street and be developed as part of a four-phase plan that centres around the development of the micronation itself. Much of the monetary policy and necessary agreements, such as the partnership with the Micronational Dollar Institute, are anticipated to be rolled-out within the next six weeks, with a website for the stock exchange coming online by May 30. The bulk of the stock exchange’s development would not occur until December 25, when stock market indices are to be opened, with full independent operations expected to commence on January 3, 2017.
In addition to its economic scope, the exchange is also a project that is geared toward netting the Quetican Islands new citizens. While a micronational business anywhere in the community will be allowed to freely join the exchange, membership will be contingent on its Chief Executive Officer being a registered and approved citizen of the Quetican Islands. The buying and selling of stock on the exchange will similarly be limited to only those who are citizens of the Quetican Islands, said Twain, as he advertised a link to the micronation’s citizenship application for those interested in joining the project.
If a business does decide to join the exchange, it will have to enter into a short operating contract that will require it to move its headquarters to the Quetican Islands. The contract will also require the business to impose a 7pc tariff on its exports of goods and services outside of the Quetican Islands, and in the event of dissolution, any funds left in the business’ account will be shared between the Quetico Street Overseer’s Office and the Micronational Dollar Institute.
As of publishing, the concept has been well-received by several members of the MicroWiki Community, including McCarthy who expressed his interest in starting a hedge fund investment centred on Quetico Street.
A well-developed plan for creating a centre of micronational finance for the MicroWiki Community risks being overshadowed by head-hunting for citizens by the Quetican Islands.
The micronational community is a small one in which the majority of participants wish to be their own ruler or are otherwise intently loyal to one micronation. To require that a person obtain Quetican citizenship in order to participate in what is billed as an intermicronational market it to risks alienating that participation. To be forced to acquire another citizenship in order to participate in buying and selling stocks is a tenuous strategy for Twain to adopt.
This strategy is even riskier when one considers that the portion of the micronational population who are actually interested in participating in finance and economics is much smaller than the general populace, so to alienate one person by the citizenship requirement is far more devastating to a finance and economics project than a general-interest one. In this author’s 15 years in micronationalism, most finance and economics projects suffer a debilitating decline in months, rather than years, due to the limited audience to which they appeal, and that’s without any barriers to participation such as citizenship requirements.
Another key barrier is the need for businesses to move their headquarters to the Quetican Islands. As most micronational businesses are nationalized, this policy may serve to exclude some of the community’s most important companies due to the legal and territorial issues associated with surrendering the flag to another jurisdiction. That said, Twain can overcome this should he make clear that a subsidiary of the company can simply be headquartered in the Quetican Islands.