Sections Two and Four of The Work-Standard (2nd Ed.) are now finished as of this Blog post. I finally figured out the solution to this whole debacle of mine regarding “Currency Devaluation/Revaluation.” It turns out that it all began with me trying to find the best approach to the topic of “Monetary Expansion/Contraction” in relation to the “Total Productive Potential (TPP)” value. What’s really interesting about the concept of “Monetary Expansion/Contraction” is that, contrary to the Fractional-Reserve Banking System, the Central Bank under the Reciprocal-Reserve Banking System cannot expand the TPP on its own without the Totality and the Council State. There seems to be an infinite number of ways in which the Totality and State could go about increasing the TPP value.
More importantly, the fact that I never gave a proper, yet official technical designation for the currency units put into circulation as Legal Tender. I have decided on the term “Requisitionary Productive Forces (RPF)” to be the official term going forward in the revisions of Second Edition. Therefore, whenever I get the chance sometime this year, I will be rewriting this two-part Blog post entitled “Work-Standard Currency Devaluation/Revaluation.”
I am going to take a break for today and begin planning my schedule for next week. Sometime before the end of the day, depending on whether or not something has come up, I might decide to post a preview of the other new SMP Compendium Entry intended for Second Edition.