Votocracy Thought Experiment

Votocracy (it gets hits from google - though I haven't read them), is in my mind this:

Votocracy - The system of government of a state where all the power and decisions of the state are "voted" by every citizen in a one-vote one-value basis.

This might be an extreme form of democracy, however, my gut feel is that it cannot work, and I hope to provide proof, by example.

In a votocracy, the money supply will be controlled by vote.
Our "general public", perhaps tempted by hard times (given the perhaps recent overthrow of the democratic regime), will "vote" to increase the money in circulation, and vote to increase the now more centralised banking systems availability to loan this money out. Shortly after, a vote to reduce, if not abolish taxes will win.

At this point - the pure "goodness" of the society will bit on the tipping point of pure anarchy, but initially things will be good, if only for a number of weeks.

But, it is a votocracy, so a new vote is ever at the ready. The first signs of problems are the disadvantaged, with a minority vote.

... to be continued...