Case Study # 4 – A West African Nation’s Questions and Answers

This Case Study examines five questions and GGMF’s response as follows:

1. What is GGMF’s objective or goal beyond the humanitarian aspect? The general objective and the specific objective.

See Item 1 in the Executive Summary. The general objective is to provide a  gold backed monetary system to initially work in parallel with the debt-based fiat currency system in the country and to replace it during the Transition Period of approximately 2-years.

The specific objectives are:

• To liberate the country and its people from debt under the GGMF Debt Forgiveness Program.
• To restore the sovereignty of the country and its Sovereign Members.
• To enable the country to have a stable economy, which is one of the key Country Member benefits.
• To promote job creation through the projects that are to be funded through the 13 Special Purpose Funds.

2. What is GGMF’s benefit or interest in having countries join their platform?

In other words, what does GGMF expect from the Country Member in return for its membership?

See Item 13 of the Executive Summary.  GGMF does not require anything for the gift to the country. Members are however expected to:

• Accept and adopt the Articles of Agreement.
• Declare the Gold monetary Units of the Country Member legal tender to be used in parallel with existing debt-based FIAT currency. A comparison between the debt-based FIAT currency and the Gold monetary Units can be viewed here.
• Agree that GGMF establish a gold bank in the country.
• Agree to the establishment of an embassy in the country and to provide diplomatic immunity to the officers of in GGMF accordance with Article IX of the Articles of Agreement.
• Agree to issue fiat money against GGMF’s gold certificates to allow GGMF to settle internal and external debt of the country.
• Implement a new system of taxation to significantly reduce taxation following GGMF’s settlement of all government local and international debt, since it is no longer necessary to use taxation receipts to pay for interest and debt redemption.

3. The GGMF method is a financial system backed exclusively by gold. Does this mean that each Country Member must make its gold available to GGMF banks (either through sale with a designer option, GGMF being the sole client, or through trading, or for other reasons)?

See Item 17 of the Executive Summary. GGMF establishes a Special Purpose Fund within the country to purchase the gold from the miners for the benefit of the country (not GGMF), to increase the gold holdings of the Country. GGMF has provided additional clarification on the treatment of a country’s gold reserves.

4. Will the establishment of GGMF’s gold bank in a country be synonymous with an agreement from the government agreeing to entrust all of its refined gold activities to GGMF?

No.

The gold of the country remains under the control of the Country Member via the country’s Special Purpose Funds.

GGMF has sufficient gold to fund all its activities and operate its banks.

5. After the Country Member signs the application for membership, how long would it take for the government to receive a financial response from GGMF to realize its projects?

The length of time to receive a financial response from GGMF to realize its projects is determined by the government’s speed of implementation of GGMF’s process flow for a country to become a Country Member, which are set out in Case Study # 1 and is further amplified below:

The Process Flow is recorded as follows:

1. The Initial Evaluation and Planning Phase:

Once a prospective Country Member indicates that they wish to become a member, the following will take place.

• The Country Member will issue a formal invitation to GGMF to arrange a visit. Details of the Protocol for arranging such visit are recorded here.
• During the State Visit, GGMF and the prospective Country Member will hold discussions on the following topics:
  • The length/duration of the Transition Period.
  • Changes to legislation to make the GGMF Gold Units Legal Tender.
  • Country Member benefits.
  • Country Member obligations?

2. The Application for Membership Phase:

Prior to proceeding to the Implementation Phase, the Country Member shall submit a formal application for Country Membership, which shall be evaluated and confirmed by GGMF.

3. The Implementation Phase:

Once GGMF has confirmed acceptance of the Country Member’s application for membership, the Implementation Phase will immediately commence following legislative approval of the Gold Units as Legal Tender.

The key aspects to be dealt with under the Implementation Phase are:

• The appointment of the GGMF Ambassador, Deputy Ambassador, staff and Program Managers to the GGMF offices within the Country Member’s territory.
• The Treasury Minister or his designated official will liaise with the Ambassador and his staff on any GGMF issue.
• The fulfilment of all the Country Member’s obligations.
• The implementation of an effective governance program. 
• The Debt Forgiveness Program.
• The conversion of all FIAT Currency into Gold Units.
• The transition of all existing banking platforms to the GGMF banking as a service platform.
• The reduction of all taxation as required under Article XXI, Section 21.01 (l).
• The establishment of all the necessary structures and procedures for the use of the GGMF Special Purpose Funds.

4. The Post-Implementation Phase:

The focus Post-Implementation will be on reporting and governance. GGMF, in conjunction with the Treasury Task force will agree on:

• A daily, weekly, monthly, quarterly and annual reporting program with the Country Member’s Treasury Department, which is harmonized across all Country Members; 
• Actions to be taken by the Country Member and GGMF when governance issues arise; and,
• Monitoring of any other issues.

Finally, GGMF has set out the process for “How will the expenditure on major projects be approved and monitored?”

Ultimately, it is GGMF’s intention to liberate the sovereign people of the Country Member, by working with the government of the Country Member as quickly as possible during the Transition Period, such that they can be free of the restrictive and over-riding debt burden and realize their true potential as a nation without the restrictions imposed by lenders in a fully transparent, responsible and accountable manner as God intended under the “Holy to Yahweh” Gold Monetary system.