Karim Crushes Bank of Chann and Delivers Economic ReformsFollowing the recent election, Nationalist Leader Assad Karim was elected Head of State. Karim wasted no time, and had a slate of bills created and put to vote in his first month. This slate included the
Kafuri Economic Reform Act of 4040, the
Union Regulation Act, and the
Withdrawal from the Bank of Chann.
The
Kafuri Economic Reform Act of 4040, currently in the voting stage and expected to pass, delivers on most of the nationalist's economic campaign promises. The bill places
regulations on monopolies and forbids them on a sector by sector basis. Currently monopolies are unregulated, and detrimental to the average people. The bill also addresses
foreign investments, prohibiting foreign investors from having a majority share of national companies. This is a direct shot at the Chann corporation and it's Solentian investors.
The reform also promises new
subsidies to failing businesses. These subsidies are designed to protect Kafuri businesses from failing in the face of massive competition from Chann corporate subsidiaries and Channese run businesses. Although the bill does not specify Majatran businesses, the Minister of Finance Afif Zaman has pledged to deny all subsidies to Channese businesses, particularly businesses directly related to members of the Chann government.
The Reform also gives the
government power to intervene in the Exchange rate regime when necessary. The KNP claims that this is just "common sense". However, perhaps the most controversial part amongst the nationalists was the article addressing Child labor. The Bill
lifts the ban on child labor, which Hardliners loved but some Liberal nationalists opposed. Hardliners argued that the ban on Child labor, imposed by the Chann government long ago, has put many families in a tough place financially, and that many of the poorest families rely on some income from their children. Liberal nationalists conceded to the Hardliners and agreed to lift the ban, but also added additional regulations to protect the children from exploitation.
The
Labor Regulation Act enforced the
universal right to work(banning closed shops/agency shops), and
restricted secondary strike to closely related unions. Some saw this law as anti-labor, however Karim refuted this point. Karim claimed that Unions, often run by the Channese, had become detrimental to the common Kafuri. He argued that by restricting them he was freeing the Kafuri worker.
Most importantly Karim has crushed the Bank of Chann. The Bank recieved massive deposits from the Chann government through this treaty. Karim called the treaty
"corruption and nepotism". The bill currently being voted on will end the relationship between the Kafuristan government and the Bank of Chann, withdrawing all funds, thus losing the Bank one of it's largest account holders.
Hardliners are now calling for the official withdrawal from the
Imperial Republic of Chann. However, this idea is still being debated in the legislature. If this is done, it would be a devastating blow to the future of the Channs in Kafuristan.
Karim Arguing in Favor of the Reforms in the Provincial Council
“The truth may be puzzling. It may take some work to grapple with. It may be counterintuitive. It may contradict deeply held prejudices. It may not be consonant with what we desperately want to be true. But our preferences do not determine what's true.”