Historically view: When the people disco­vered the power of steam and coal the industrial revolution was only a meter of time before starting. In time, the industrial advantages proved to bear the adverse pollution effect of coal and steams But the challenge was solved pretty soon through the CO2 certificates. Nowadays, the same people face the crisis effect of money shortage. The common rule applied by most of decision institutions in limiting the crisis was to adopt the classical measures against the market disturbances. Under such premises, a common question arising is: Could the history books give the answers for not to cure, but to defeat the complexity of current market disturbance? The answer is always positive: “Yes, but look where the money is”.

The following pages describe an individual (maybe partisan) view about the evolution of the capital theory and practice. The evolution way I see, is a response and result of the action demand coming from the market itself, which wants to be protected against the deterioration, by specific capital and liquidity creation ways. Such a solution does not intend to be the forever solution, but it is a natural enhancement for the current free market mecha­nisms. In fact, the Proposal (a join-venture blend between the tax collection, stock exchange, and financial products) has all the ingredients to become ready and a trustful tool in solving both the fiscal budget allocation, but also the investment timing.

Always, the progress has been created due to the existing challenges and needs. Among the many forms of progress that covered the background of knowledge distribution, it is worth to mention a very simple and old instrument highly applicable even nowadays – the paper sheet instrument. At the moment of its emergence, there were not so many people that saw the paper’s future potential and applicability, despite of the high manufacturing cost. But how many of those visionary people were able to see what was to come after the paper sheet support – and I mean here the digital information. Can we know what will replace the digital information technology? I admit that I have no response in this area, but I have a reliable idea and a theory in another activity dimension: the way the free capital economy can deliver and allocate the money funds where it is right and efficient.

Taxation has been usually seen as the synonym of the outflows, but almost never as the opportunity of being both an additional funding source for the tax payers, and a tool of a better wealth reallocation for the state budget. The challenge of the proposed concept looking to share and transfer some specific features among the stock exchange and the fiscal system, is a realistic solution for the current crisis situation and the following events.

- Its main contribution stays in the capacity to regain the trust of investors in the central authority capacity of solving the situations.

- Trust leads to higher consumption and production, followed by investments and lending, and then the circle leads back to trust.

The fiscal mechanism has the opportunity to enhance its macro position among the regional and domestic economies if the proposed changes are applied. This means a better capacity to deal with a higher level of overall taxation on the side of contributors, and the rise of a new business concept being able due to its features to sterilize the inflation pressures, to stimulate the efficiency and performance, to generate jobs and investors’ trust, to fight against the funding shortage, and finally to become a new development source for medium and long term.

The concept is built around the next elements:

- a fiscal tool – or the certificate being allowed for trade, settlement, and taxation fulfillment. The certificate is not a security since it does not bear interest rates for the holder , and is not a liability for the issuer.

- a legislation – or a domestic rules package accepting this tool as a way to fulfill the fiscal duties.

- a capital market – or a primary and secondary market where the quotations comes as result of reliable supply and demand.

- an adequate tax – or a fiscal obligation whose fulfillment is related to the concept.

- a settlement mechanism – or a regulated framework where the exchanges are strictly supervised and measured.

- a free market economy – or the tax payers act looking for savings and development.

- a new role for the government – or the acceptance of market’s decisions regarding the tax reallocation by the central authorities, while the central and local budgets has to learn how to deal with the new rules.

- a new way to implement the monetary policy – or a new power for authorities to fight against the inflation by those production investments that the market needs.

The concept defines: a certain fiscal obligation is fulfilled by a tax payer at the moment of gathering all the necessary number of fiscal certificates into a portfolio. After that moment, the holder would be allowed to further trade a specific number of certificates on the secondary market (usually a single-digit percentage out of entire portfolio) at negotiated quotations, generating a competition against the issuer of certificates (the state authority). Once the fiscal obligation is performed, no further acquisitions are allowed for that tax payer, but only sale orders of certificates according to previous sentence.

- The number of certificates required to fulfill the fiscal task, is computed using the nominal value of certificate (as established by the domestic rules).

- The issuer on the primary market is a fiscal organism, while the issuing value is the nominal one and is non-negotiable.

- On the secondary market, since the certificate’s life is limited, the listing prices are quotes as like as the t-bills ones (with discount from the nominal value).

Concluding, the concept searches to transform the fiscal obligations into marketable certificates. Their intrinsic value comes from the economic power in generating wealth. This time the speculation behavior is built around the momentum; besides the historic activity gives the rights to a contributor to participate into such a settlement mechanism.

Briefly speaking, the next chapters follow a structure path searching to touch the main aspects which are generated by the proposed concept:

The challenge – supplies the main core of the concept.

Chapter 1 – presents the evolution of value scale under the influence of progress

Chapter 2 – analyses the current monetary mechanism and the crisis management that was applied historically by other developed economies. The macroeconomic climate showed that the hardest affected countries were those with economies built around exaggerated consumption.
Chapter 3 – covers the know-how and the features of the proposed concept. There is identified the tax certificate, its role and functions, advantages and disadvantages.

Chapter 4 – comes to present the influence and the calculus in the real economy for those involved in such a reform project.

In the end, some financial appendix were included.