The downfall of the Micronational Dollar Institute earlier this summer, which the Coprieta Standard prophesied due to the administrative quirks of its design, brought a temporary halt to intermicronational economics in the MicroWiki Community. That halt may soon come to an end with the launch of the Micronational Economic Group today by one of the community’s leading economists, Henry Twain.
“[The MDI] failed, in a large part, because it was cluttered. It was disorganized. [The M$] operated through a series of Google Forms all altered manually by one person … this isn’t how a digital currency should operate,” said Twain, the Chairman, in opening his announcement regarding the founding of the MEG. To overcome that failure, Twain worked with micronationalists Karl Friedrich, John Houston, and Lucas Campos to develop the idea that would evolve into the Group.
In terms of its primary goal, the MEG aims to bring together public and private financial institutions throughout the community to support a number of economic projects, based on a new intermicronational digital currency called the “MicroCoin”. Among these projects is “MicroTrade,” an automated stock exchange which merges the former Quetico Microinternational Stock Exchange and the Skovaji Stock Exchange, and “MicroGamble” which will act as an online casino. The MEG will also operate the “MicroTimes,” a news outlet that will report on economics, as well as other traditional news topics, such as politics and entertainment.
Those micronations that do not wish to make use of the “MicroCoin” will still be able to make use of the MEG’s banking architecture to conduct transactions in its own currency. Those transactions, like those using the “MicroCoin,” will be automatically processed immediately, according to Twain.
That architecture consists of an integrated, secure website that provides users with access to all available services, in addition to a central dashboard. Through the website, users can add their micronations to the directory along with local currency (called a “commodity” in the program), create multiple bank accounts and engage in transactions seemlessly. The interface is clean and modern in its design, a great improvement on the last major automated bank/stock exchange program created half-a-decade ago by Internet micronationalism, the SCUE.
A Council and an Assembly will form the governance structure of the Group, though the latter will be an advisory body rather than a legislative one, offering member banks the opportunity to propose ideas for the Council’s ratification. The Council itself will compose the founding banks of the MEG, plus three non-founding banks elected by them. Those founding banks were Royale, Verona Bank, the Bank of Wesley, the Bank of Mcarthia and the National Bank of Loquntia, though the Bank of Mcarthia was since expelled from the group due to Kit McCarthy’s departure from micronationalism.