The open letter published yesterday by Po Er Kwa Deul to my government both confuses and disappoints me. Vice-Chairman Po and his supporters have had every opportunity to contribute to the development of the national monetary policy, and I frequently consult with the Supreme People’s Assembly -- and often with the people themselves -- before enacting policies. Further, on examining the 26 May legislation, one will find that we have taken far fewer liberties than Vice-Chairman Po’s letter suggests.
Needless to say I will not be authorising snap elections or making any unilateral changes to the existing policy. Vice-Chairman Po and his associates are welcome to introduce legislation in the Supreme People’s Assembly, and I will be convening a plenary session this coming weekend to discuss the letter. I highly doubt that the coalition can remain intact after such a faithless act; I had expected that eventually such a disagreement would arise, but I cannot understate my disappointment in Vice-Chairman Po for choosing to approach our differences in this way.
It is possible that Prosperity for Yurtyzstan will dissolve this week, with Po's Impoverished Yurtyzstanis' Front separating from the more moderate independents aligned with Hakimoto, before the plenary session set for 14 February. This would force snap elections unless a new coalition could be formed within a week, as specified in the Constitution. Hakimoto's opposition to an early election stem in part from fears that the IYF's large base in the south could push him out before the completion of his cultural development initiative.
Finally I wish to stand by the actions of my government in implementing the 26 May legislation. The policies we have implemented have successfully brought about the compensation of public workers unpaid during the 2011 economic crisis, established a stable, backed national currency for the first time in our nation's history, and provided ample cash for Yurtyzstan’s burgeoning industries. The policies demanded by Vice-Chairman Po would cause a credit crunch, slowing economic growth and driving Yurtyzstan's startups to the wall. Therefore I strongly oppose adoption of Vice-Chairman Po's proposals, and I will not participate in any compromise which will further restrict printing of the hmin.
Po was not immediately available for comment.