I don’t buy that, why would a government destroy the value of their own currency, they would get booted out at the next election as well as destroy their purchasing power on the international markets.
New = New
So you don’t believe any government has ever spent more than they ought in order to buy votes for short term gain???
Buy the election, reap the rewards of their mismanagement!, would they really be that stupid.
It would only matter what the Trumpivan base believes. Oh and ways blame Obama.
A new debt free currency would be the best thing ever for the economy, it would mean that businesses could build up reserves and invest in their own expansion. Governments would be able to spend their tax revenues on services (as opposed to servicing debt), the only losers are the parasitic banking sector that has been sucking economies dry at times of their choosing to harvest the gains of all the businesses they loaned to previously.
I’m issuing my own currency printed on the stash of Tesco bog rolls I’ve been hoarding. Obviously it’s backed by nothing except my own promises about my future productivity, but hey! – it’s debt free and that’s a good thing. You will accept my sheets of one-ply and join me in sticking it to the parasitic bankers, won’t you?
You are on to something big there.
ESF - Exchange Stabilisation Fund
Update: The ESF deserves a dedicated thread here you will find all 1 - 5 linked videos > USA - Exchange Stabilisation Fund (New York Fed)
I don’t think going back to a gold standard is a good idea, just makes gold more valuable.
Money should be pegged to something more solid, the surface area of the Planet Earth for example.
You can’t change that constant! It does put a hard limit on the amount of money, which will end all of this supersizing of debt while turning certain individuals into multi-billionaires.
Gold is the best of a bad bunch, it will eventually go back to it. Along with silver.
It works the best for payment of goods and service, holding value etc.
McWilliams recently talked about how in America it was previously legal for anyone to issue their own currency.
So you had the Continental, and the Dix (dixieland).
He failed to point out the parallels with the crypto currencies of the last ten years.
Maybe one will take hold as fungible currency someday.
Right now they’re all still speculative.
Separately he’s talking about MMT, Modern Monetary Theory, or as some call it the Magic Money Tree.
He won’t publicly say he believes in it, likely because he’d get ridiculed by his peers.
The basic premise is that a government can print as much money as it wants depending where you spend it.
Don’t displace or distort the marketplace.
BofA: Fed Will Use Digital Dollars To Unleash Inflation, Universal Basic Income And Debt Forgiveness
When we recently described the upcoming “Unprecedented monetary overhaul” which will come in the form of the Fed sending out digital dollars directly to “each American”, we explained that “absent a massive burst of inflation in the coming years which inflates away the hundreds of trillions in federal debt, the debt tsunami that is coming would mean the end to the American way of life as we know it. And to do that, the Fed is now finalizing the last steps of a process that revolutionizes the entire fiat monetary system, launching digital dollars which effectively remove commercial banks as financial intermediaries, as they will allow the Fed itself to make direct deposits into Americans’ “digital wallets”, in the process enabling truly universal basic income, while also making Congress and the entire Legislative branch redundant, as a handful of technocrats quietly take over the United States.”
In short, we laid out the Fed’s true reasoning behind the coming Digital Dollars not as how Fed Chair Powell recently described them, which as a reminder was as follows:
- Faster and cheaper transactions
- Addressing a decline in the use of physical currency
- Modernizing the payments infrastructure
- Reaching consumers who have been traditionally underserved by financial institutions
… but as a short circuit to a clearly broken monetary transmission mechanism, one which seeks to facilitate universal basic income and unlimited helicopter money, by completely overhauling how money reaches Americans.
Technology has mostly made the need to have “worker bees” redundant, so UBI is the logical conclusion if you want consumerism to continue into the future.
The alternative is an underclass of underemployed people who will join any “alliance” that could undermine the established elite and as we know well, that will not do.
For a future society that is relatively stable, UBI has to be the way forward.
I fear that the COVID experience will cause other conclusions to be made!