homologues' in other countries have not understood that as a necessary condition. Precedent will be to establish agreed and promulgated procedures so that ownership or at least long- term leases of extraterrestrial land will be available.... Declan O'Donnell is on the right track with his United Societies in Space and Lunar Port Authority. I would like to sound him out on amending the Moon Treaty so there is a procedural mechanism which would allow for 99- year leases of lunar and other celestial territory. We will never succeed in attracting corporate investment on the requisite scale unless we can assure continuity of use and occupation of land. With that kind of macrothinking confirmation, it is understandable why other comparable space authorities are contemplated for later stages of Metanation development, such as for Mars, Venus, and other planets or asteroids. It is anticipated that investment will be more secure in future space enterprises of this nature than T.V.A. bond holders today, and will earn higher interest rates, possibly up to 12.4% on one-hundred year bonds. This strategy is traditional and market-tested - remember it was European trading corporations that financed New World exploration and settlement; it was private stocks and bonds that financed development of the Western frontier; in the 20th Century, the stock market was oversubscribed by would-be COMSAT investors! However until Metanation's financial guarantees are in place, these revenue bonds would carry risk, but would be more suitable for ethical capitalists and commission underwriters. Whether the first Lunar model is called a port or spaceport authority, or even a development agency under UN auspices, its directors should be appointed by the signatory states of the new jurisdiction described here as Metanation. Innovative Financing and Leasing System To promote economic growth and reduce deficit spending, nations like the United States, must learn to utilize the multiple resources of the space frontier. In this proposed model, Metanation on behalf of C.H.O.M. assumes fee simple absolute title to the leasehold estate of the territories and celestial bodies beyond Earth. Traditional property taxes would be replaced in the new Nation with income derived from rent of leased lands or rights aloft. Upon default in lease payments, both property and business rights would revert to Metanation....Another source of revenue would be franchised properties or service businesses with the usual rules of such as royalty, inspection, and quality control by Metanation as franchisor....In time the new entity will issue money like any other nation, along with an advanced credit card system. Under the proposed Treaty on Jurisdiction In Space, pegged prices would be set for the new currency and this space money will be wholesaled to terrestrial nations to hold in their treasuries for 100 years, the period of the U.N. Trusteeship....In turn, the governments of these countries will be able to issue their bonds and monies based upon their holdings in Metanation dollars for the negotiated term and wholesale price....There is here the advantage of 100-year rollover capacity with earthly nation take-out capacity in terms of debenture, and their guarantees of space bonds issued by Metanation or its subsidiary authorities. All such matters are to be resolved in detail by convoking a UN Convention on Space Monetary Systems involving the four principle spacefaring nations in the
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