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Taiwan - Direct Consumer
Credits To All Citizens

From Dick Eastman
Not for sale.
This confirmation of the recent monetary experiment in Taiwan whereby direct consumer credits were issued to all citizens is forwarded for your interest. It remains to be determined how this issue was financed: by taxation, by enlarged public debt--or by a creation of credit not registered as debt. We look forward to Jamie's further research into the matter.
I can confirm that money (in the form of vouchers valid for use for purchasing consumer goods in shops) was recently (February 2009) made available for collection from the post office in Taiwan. The amount was NT3,600 (equivalent to about £75 as calculated by currency exchange rate, but I am advised it is much more than this in purchasing power) for every man, woman and child (even babies).
My sister-in-law, who is a Taiwanese citizen and a UK citizen, and presently lives in the UK, was on holiday in Taiwan at the time with my brother and niece, and so she was eligible to collect NT3,600 as well (which she happily spent at the shops!), and her brother's family (2 adults and 3 young children) collected NT18,000. The distribution was done under the guise of Chinese New Year celebrations and the customary 'red envelopes' (and probably also as a 'goodwill gesture' by the recently-elected KMT party) as a way of hiding the real economic need for it. As far as I am advised, there were no complaints! Nobody asked "where did the money come from?"
At present, the population of Taiwan is about 23 million, so that amounts to a distribution of NT82.8 billion (about £1.725 billion), if all the vouchers are claimed and used (which, my brother advises me, they will be!) - it would be interesting to find out if the Taiwan government debt had an abnormal increase of NT83 billion in February this year, if not, it could be that the 'money' was issued 'debt-free' and 'tax-free'.
As far as I can determine, the vouchers, issued by the government, are redeemed by the shopkeepers by exchanging them for cash, or equivalent (bank balance increase), from the government. I will try to find out more details on this part of the process.
So, it seems we now have another example.
Social Credit works something like this:
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