a guest post, by Paul Smedberg
Create “deeds” to individual square centimeter plots of the Imperial Palace grounds as a one-time-only special issuance from the Japanese Mint. The Emperor’s residence, the Imperial Palace in Tokyo is 7.41 square kilometers in size and would continue to function as-is, apart from the transfer of “ownership” to the deed-holders.
The Kobe earthquake cost about 10-trillion yen. To raise double that amount would involve selling each square centimeter for 270 yen (about $3.31).
Japanese citizens have a high saving rate and, my theory goes, would invest in these deeds.
Others around the world could purchase the square centimeters in solidarity.
The square centimeters would be randomly assigned to specific locations identifiable through GPS. You could visit the Imperial Palace and find your particular square centimeters. Perhaps traditions and rituals would build up around such visits.
Perhaps there would be a secondary market trading these deeds.
Perhaps deeds for noteworthy locations such as within the Imperial Palace itself, the Nijubashi Bridge or the residence of the Tokugawa shogun would become worth more in trading on this secondary market.
This sort of issuance would be less inflationary than printing more money or issuing bonds.
It may be the one-time-only way to raise $2.44 trillion dollars with the least negative impact on the Japanese economy.
This essay originally appeared in [BracketBracket]
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