Distributed Power
The Law
Sovereign Nation of Shetland
Stolen Isles


Money is the key to everything. Our current monetary system is the means by which wealth is transferred from the poor to the already rich and the reason why 90% of the world's wealth is now held by only 1% of the population. Although we live in a world of abundance, that abundance has been cornered by a tiny few and we are conditioned to believe the notion of scarcity and that we have to endure austerity.

The engine is interest, particularly compound interest, and the fact that the money supply is entirely in the hands of privately owned banks. The banks bring money into existence every time they make a 'loan'. They then expect it back with extra money in the form of interest (which does not exist when the 'loan' is made). So, those without enough money for their immediate needs borrow from those who have plenty and who can make it from nothing, then pay it back with extra gained from their labour. Meanwhile, those doing the lending are enriched without any effort or contribution to the society.

It is clear that at any one time there is not enough money in the system to pay back both loans and interest. It is built into the system that some must default on their loans - then the bank wants your property - for money it didn't have in the first place! By withdrawing or advancing credit, the banks are able to engineer the boom and bust cycle we have become used to.

Interest is the only reason we need constant growth. It has to be obvious that constant growth is an impossibility and is completely unsustainable.

So what is the solution?

All the major currencies are what are called 'fiat' currencies. Their value is what the market places upon them. In general, they all suffer inflation - you can expect the cost of goods to rise every year. That does not mean the value of the goods is going up, but the value of the money is going down. We are proposing a currency based on commodities - the raw materials that make up the goods we buy. If the currency is based on what you want to buy with it, there can be no inflation. Conversely, it means that the value of our currency will always appreciate against the majors, making ours a desirable currency to hold in times of economic stress. Investors often buy gold in those circumstances, but our currency will be even more stable.

Any new fiat currency, such as is proposed for an independent Scotland, takes time to gain acceptance and for people to have confidence in it. By contrast, ours will have an immediate known exchange rate against any other currency and could even be traded on foreign exchange markets straight away. It will give us stability and easy access to world markets.

It will make the islands a desirable place to invest.

The Sovereign Nation of Shetland has no party political or religious affiliations.