~ The World's Currency ~

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bobevenson
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Re: ~ The World's Currency ~

Post by bobevenson » Mon Mar 27, 2017 10:43 pm

Please, dum-dum, pure money has absolutely no intrinsic value beyond the paper it's printed on, and you can take that to the bank, courtesy of Bob the Baptist, divinely inspired prophet of all things spiritual, political and economic!

Dubious
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Re: ~ The World's Currency ~

Post by Dubious » Mon Mar 27, 2017 11:01 pm

Hobbes' Choice wrote:
Dubious wrote:
Hobbes' Choice wrote: The fact is that, as all money is now Fiat Money; not based on metal; not a commodity
That's true since there's no gold standard or other precious metal's standard upholding it's paper and digital counterparts which has no value of its own.
Hobbes' Choice wrote: ...the government cannot run out of money[/i] as it has the power to wipe out the National Debt tomorrow, by creating more as it wills.
Technically they can but not so in reality without Americans taking home their wages in virtual wheelbarrows with much of the Western World following. As a "reserve currency" they have a special obligation to avoid such scenarios but eventually it'll all breakdown anyways through total mismanagement, greed and corruption in high places.
Those virtual wheelbarrows already exist, except that they are wheeled down the road to the banks for "quantitative easing". The whole thing has been a massive scam.
In the UK £385 billion was handed over to the banks after the 2008.
Who has to pay?
Think it over!
I don't have to think it over. Is there any mainstreet taxpayer left in the Western World who doesn't know who has to pay?

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Bill Wiltrack
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Re: ~ The World's Currency ~

Post by Bill Wiltrack » Mon Mar 27, 2017 11:18 pm

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From Wikipedia:

Fiat money is a currency established as money by government regulation or law. The term derives from the Latin fiat ("let it become", "it will become") used in the sense of an order or decree. It differs from commodity money and representative money.

Commodity money is created from a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange (such a good is called a commodity), while representative money simply represents a claim on such a good.


The first use of fiat money was recorded in China around 1000 AD. Since then, it has been used by various countries, concurrently with commodity currencies.







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Hobbes' Choice
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Re: ~ The World's Currency ~

Post by Hobbes' Choice » Tue Mar 28, 2017 12:25 am

Bill Wiltrack wrote:.


Fiat money is a currency established as money by government regulation or law. The term derives from the Latin fiat ("let it become", "it will become") used in the sense of an order or decree. It differs from commodity money and representative money.
g[/img]



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You haven't a clue

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Bill Wiltrack
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Re: ~ The World's Currency ~

Post by Bill Wiltrack » Tue Mar 28, 2017 12:27 am

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How so?...





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Hobbes' Choice
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Re: ~ The World's Currency ~

Post by Hobbes' Choice » Tue Mar 28, 2017 12:28 am

Bill Wiltrack wrote:.



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How so?...





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Exactly!

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Bill Wiltrack
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Re: ~ The World's Currency ~

Post by Bill Wiltrack » Tue Mar 28, 2017 1:10 am

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Absolutely!?




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Told ya so!





YASFU
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bobevenson
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Re: ~ The World's Currency ~

Post by bobevenson » Tue Mar 28, 2017 1:55 pm

Fiat money is the only legitimate money; everything else is a commodity.

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Bill Wiltrack
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Re: ~ The World's Currency ~

Post by Bill Wiltrack » Thu Oct 26, 2017 1:35 am


FlashDangerpants
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Re: ~ The World's Currency ~

Post by FlashDangerpants » Thu Oct 26, 2017 6:50 pm

Bill Wiltrack wrote:
Mon Mar 27, 2017 3:23 am
Without question or doubt, the dollar is the world's only international financial currency.
All currencies are financial currencies.
No currency is international.
The US dollar is as much a foreign currency to us as the pound, euro or swiss franc is to you because it is no more international than any of those.
You are a grunting halfwit.

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Bill Wiltrack
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Re: ~ The World's Currency ~

Post by Bill Wiltrack » Thu Oct 26, 2017 7:59 pm

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From Wikipedia: World Currency -


U.S. dollar


The Belarusian ruble is pegged to the euro, Russian ruble and U.S. dollar in a currency basket.

In the period following the Bretton Woods Conference of 1944, exchange rates around the world were pegged to the United States dollar, which could be exchanged for a fixed amount of gold. This reinforced the dominance of the US dollar as a global currency.

Since the collapse of the fixed exchange rate regime and the gold standard and the institution of floating exchange rates following the Smithsonian Agreement in 1971, most currencies around the world have no longer been pegged to the United States dollar.

However, as the United States has the world's largest economy, most international transactions continue to be conducted with the United States dollar, and it has remained the de facto world currency. According to Robert Gilpin in Global Political Economy: Understanding the International Economic Order (2001): "Somewhere between 40 and 60 percent of international financial transactions are denominated in dollars. For decades the dollar has also been the world's principal reserve currency; in 1996, the dollar accounted for approximately two-thirds of the world's foreign exchange reserves", as compared to about one-quarter held in euros (see Reserve Currency).

Some of the world's currencies are still pegged to the dollar. Some countries, such as Ecuador, El Salvador, and Panama, have gone even further and eliminated their own currency (see dollarization) in favor of the United States dollar.

Only two serious challengers to the status of the United States dollar as a world currency have arisen. During the 1980s, the Japanese yen became increasingly used as an international currency,[4][citation needed] but that usage diminished with the Japanese recession in the 1990s. More recently, the euro has increasingly competed with the United States dollar in international finance.







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FlashDangerpants
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Re: ~ The World's Currency ~

Post by FlashDangerpants » Thu Oct 26, 2017 9:34 pm

So what's that got to do with "international financial currency"? Why did you invent such an ugly phrase when there are less self defeating ones in regular circulation?

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Arising_uk
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Re: ~ The World's Currency ~

Post by Arising_uk » Thu Oct 26, 2017 9:54 pm

Because he's an idiot who googles stuff, doesn't understand it and then regurgitates it to suit whatever issue he's having at the time?

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Bill Wiltrack
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Re: ~ The World's Currency ~

Post by Bill Wiltrack » Fri Oct 27, 2017 12:07 pm

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Appreciate all of your thoughtful responses and opinions.

I know all of you are correct in your perceptions themselves, a few of you may be a little off in the meaningful focus of this thread.

Don't get lost in the phrase, the dollar is the world's only international financial currency. However you wish to characterize it the United States Dollar IS the world's common financial currency - as framed by the enclosed Wikipedia article.






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FlashDangerpants
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Re: ~ The World's Currency ~

Post by FlashDangerpants » Fri Oct 27, 2017 8:34 pm

Fuck it, have your idiot phrase. The world doesn't need whatever the fuck that is, and America doesn't need to provide it.

When do you think the dollar even became the global reserve currency? I'll help you out, not until the late 50s / early 60s. Up until then the world at large held over 50% of foreign reserves in UK pounds even though the US overtook Britain economically sometime before 1920.

Like most Americans you are obsessed with status. The fact that Britain today is much richer than it was when it was the world's largest economy means nothing to you because you are too busy comparing dicks and fretting about who has the biggest. One day India and China will have larger economies than yours, they each have after all a billion more mouths to feed, so they ought to have the biggest economies if there is any fairness in the world.

America will still be richer then, and live more comfortable lives than you do now. But you will still be pissy bitches about it because your obsession with being number 1 in all things renders you insatiable.

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