MrRodgers
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Joined: 7/30/2005
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ORIGINAL: MariaB
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ORIGINAL: MrRodgers
1.5 million bbls. out of 95 million per day and the gold dinar used to buy it would change the world ? Tell me how many countries in Africa and middle east would have joined in, how and why ? Tell me how many around the world ? Tell me what countries and investors were then going to take gold for goods and services let alone stocks ands bonds. Time to understand wht the hell you are talking about.
Who said anything about giving gold for goods? They would of put a certain amount of gold, probably not much but some, in each dinar… their currency.
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That gold would then need to be an almost instant means of currency in international trade and it wasn't. Ans all of Africa and the ME would have never gone along and I don't care what the CIA did.
It would have been an instant means of currency and if you do your homework you can find plenty of sources re-country to country interest in the gold dinar.
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In 2011 the American dollar was at an 'all time low' against what ? The Mexican peso ? The Chinese Yuan ? The Russian Rubble ? Such a statement for any currency is made in a financial vacuum and means...nothing at all.
read all about it
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That $56 trillion in debt is another figure from nowhere and means nothing and certainly there were no 'money machines' churning out what would have to be...'new' currency into circulation. Just yet more fantasy T8r.
My apologies. The debt was going up by £56 billion a day. The government debt was $15 trillion.
As for Quantities Easing
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Tell me where you get that Libya had $150 tons...TONS in gold. I'd like to see 150 TONS of gold. Plus, you're telling me a mere $4.8 billion in gold would have undermined the dollar. Not for two reason, not enough and especially given that...nobody would care.
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Here though it looks like I exaggerated 6 tons but that’s not a lot in the grand scheme of things. This link also tells you about interest from other countries, especially Africa.
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Just more schizophrenic ramblings.
Seriously? If you feel the need to behave like an angry chimp during a debate, then you’re a big fail.
I most certainly stand by my post and here's why:
Item:"Libya and in fact the entire African continent would be kicking the western dollar into the long grass." For that to happen, the gold dinar would have had to be turned into a currency for the purchase of a whole lot more then gold. Thus a currency used for the purchase of all manor of goods and services from the US and Europe and ME.
That's a fantasy because for a continent (Africa) in its entirety with a GDP of total of some Nominal: US$2.39 trillion, €1.80 trillion (2013) PPP: US$ 3.757 trillion (2013) which is equal to by the equally valid numbers, is less than 10 % of the combined...$16.77 trillion US, HERE and I include the EU GDP of some $16.22 as of 2015 because estimates are 90% of the world's GDP is conducted with the exchange of US dollars and the Euros, neither of which would suffer at all. In fact it is as reasonable to say with more confidence the gold dinar would have died a slow death.
HERE
HERE
Not only in your link, did the ME (Islamic) countries dealing in gold not go for the gold dinar but any other African countries don't bother me at all and shouldn't bother anyone. Gold (and silver taken together here) coinage would not have worked even on religious grounds as for centuries, Muslim leaders and scholars do not see any requirement for the use of gold (and sliver) coinage.
Here's why and as for doing one's homework, history:
The Islamic tradition of zero interest and the Islamic virtues of gold are a fallacy and was proven thanks to 400 million documents preserved by Turkey with centuries of Ottoman experience with gold coinage as an exchange currency. HERE
Highlites:
Paper currency can achieve zero interest rates, gold coinage cannot. In coinage, there is both an intrinsic value and a commodity value.
Coinage does not 'fix' any of the alleged problems of paper currency. Inflation was rampant from 1440 - 1760 using gold.
These data collected from the waqf and palace kitchen books indicate that prices expressed in grams of silver reached their peak in Istanbul during the first quarter of the seventeenth century at approximately 80 to 100 percent above their levels in the base year of 1489-90 In this period two types of coins constituted the prevailing currency in the Ottoman economy; the gold sultani and the silver akçe.
The problem with the mono, as well as, the bi-metallic system, where coins containing gold as well as silver circulated, was that money supply was never fixed as Meera (2002) would like us to believe. On the contrary, money supply was subject to fluctuations both caused by chance discovery of gold or silver deposits.
This caused what's called debasement. That is the reduction of gold or silver in coins.
In case, the reader wonders about the Islamic world, it should suffice to note that the Ottoman Asper (akçe) was one of the most frequently and drastically debased coins in Europe. In 1585-86 it was drastically debased and lost 44 percent of its silver content. One akçe weighed 0.68 grams in 1584 and only 0.23 grams in 1689.
Even the Romans debased their gold coins several times. HERE
As for a 'weak dollar problem' I suggest that the very idea that central banks, policy makers and others need to concern themselves with the relative values of currencies based on the prices of commodities would have them victim to what we all face when prices in commodities go up...mere speculation.
To actually from a central or governmental policy position, try and effect currency prices based on the wide swings in the current or future price of oil, or various other commodities would to drive prices of goods and services not subject to such wild speculation...absolutely crazy. So Mr. Hanke's suggestions irrespective of his academic credentials, fall victim to what he suggests policy makers fall victim too...mere speculation.
In fact while he goes on and on about free floating currencies vs pegged currencies, maybe I could come up with my own PHD with a thesis suggestion that ALL currencies are pegged to another not only because of the relative strength of the currency bought but to prevent forex speculation from inspiring other unsubstantiated policy changes.
To be honest, I used the description of 'schizophrenic ramblings' because I thought I was responding to T8r. My apologies.
< Message edited by MrRodgers -- 8/7/2016 3:21:51 AM >
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Under capitalism, man exploits man. Under communism, it's just the opposite.
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