Greece--all the more reason Paul is right about competing currency

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re: Greece--all the more reason Paul is right about competing currency

Posted by HempHead

on 5/9 at 7:44 pm to LSURussian

quote:
I know you don't want those big, evil banks not to pay taxes...

I don't want them, or any other individual or entity, to have money forcibly taken from their profitable labors.

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Posted by Joshjrn

on 5/9 at 7:50 pm to LSURussian

quote:
If you are using gold coins as your currency, why would you change them into dreaded and hated U.S. dollars?

What is it to you? Maybe someone I'm doing business with prefers dollars. The why is irrelevant.

quote:
If you trade your gold coins for dollars and get more dollars for the gold than what you paid in dollars to buy the gold then of course it's a taxable event. You made a profit trading currencies. The same taxation treatment applies to all currency trades. If I make a profit trading euros, that is a taxable transaction.

That's because we don't have a system of freely competing currencies in the United States. I never claimed that the government was picking on precious metals. The government protects the dollar against all comers, period. Thus, not a free system.

quote:
If it wasn't, all those SOB bankers whose job is currency trading would have their profits be tax exempt for their banks. I know you don't want those big, evil banks not to pay taxes...

This is why you're intolerable.

We don't have a system of freely competing currencies. That's an objective fact, no matter how much you try to obfuscate. 90proof was interesting and engaging. You're simply annoying. Have fun talking to yourself.

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Posted by LSURussian

on 5/9 at 7:59 pm to Joshjrn

I see you have no intelligent response. And once again you have to resort to a personal attack to obfuscate your lack of intelligence.

Taxation laws do not pick on currencies. They tax profitable events. You're just the typical paranoid Paulista.

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Posted by LSURussian

on 5/9 at 8:01 pm to I B Freeman

I'm still waiting to learn how competing currencies would have prevented the current Greek debt crisis.

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Posted by I B Freeman on 5/9 at 9:32 pm to LSURussian

quote:
I'm still waiting to learn how competing currencies would have prevented the current Greek debt crisis.

Who said it would have?

Competing currencies that were not in the control of the politicians would certainly prevent the politicians from decreeing away a state monopoly currency and potentially wiping out the assets of all those holding financial assets in the state currency.

It probably would have kept the Greek debt crisis in check but I did not make that claim that is a figment of your imagination.

Of course you have not answered a single question put to you.

This post was edited on 5/9 at 9:33 pm

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Posted by LSURussian

on 5/9 at 9:55 pm to I B Freeman

I have answered many of your questions in this thread. The problem is either you didn't understand the answer or your memory is so poor you don't remember the answers.

quote:
wiping out the assets of all those holding financial assets in the state currency.

Is this what you are predicting will happen? Or, do you think the Greeks should be enriched for having borrowed beyond their means to repay while refusing to pay their taxes?

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Posted by I B Freeman on 5/9 at 10:07 pm to LSURussian

quote:
I have answered many of your questions in this thread. The problem is either you didn't understand the answer or your memory is so poor you don't remember the answers.
quote:
wiping out the assets of all those holding financial assets in the state currency.

Is this what you are predicting will happen? Or, do you think the Greeks should be enriched for having borrowed beyond their means to repay while refusing to pay their taxes?

Oh Russian forget it ok?? You have no clue. Ask the holders of pre Castro pesos. The holders of Argentine currency. Of Chavez's currency. Of course you don't believe monetary policy has much to do with inflation and that you know more than Friedman.

Are you so dense that you don't understand that the Greeks who want a new currency want it so they can inflate it and continue the welfare state? Why else would they abandon the Euro?

You just argue for the sake of arguing. You say inflation is the price of oil in 1973 but in 2009 you say there was deflation when oil went up 25%--do you not think that is a contrary position to have?? You say you did not renounce Friedman but everything you posted was contrary to his monetary theory. You talk about people not paying taxes as if it has anything at all to do with the currency. You even said we have competing currencies in the US but you have yet to find me one Euro dominated mortgage available in Baton Rouge.

This post was edited on 5/9 at 10:13 pm

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Posted by I B Freeman on 5/9 at 10:15 pm to LSURussian

quote:
And once again you have to resort to a personal attack

That Mr. Russian is all you do--when you can't answer you just insult.

What are you some kind of weird republican or an out and out socialist?

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Posted by LSURussian

on 5/9 at 10:53 pm to I B Freeman

quote:
Why else would they abandon the Euro?

Are you saying a majority of Greeks want to drop the euro? It's more likely to be the other euro countries will want to drop Greece.

quote:
You say inflation is the price of oil in 1973

Link? I've NEVER written that inflation is the price of oil...in 1973 or any other year. In fact, the statement itself makes no sense.

quote:
everything you posted was contrary to his monetary theory.

Link? You're lying again. I have supported his theories more than I disagree with them. As I am sure you know since you are such as expert on Friedman, he has been somewhat discredited in recent years. If you don't believe it, just Google "Milton Friedman discredited" and read the numerous articles which are dispayed.

quote:
You even said we have competing currencies in the US but you have yet to find me one Euro dominated mortgage available in Baton Rouge.

Why are you so stuck on a foreign currency denominated house mortgage as proof there are no other currencies used in the U.S.? I personally have been paid for my company's services in Canadian dollars, Philipino pesos and euros. Those funds were wired into my bank account. It was up to me to decide if I wanted to keep those currencies or convert them to USD. If you go to New York you can use euros, Swiss francs, British pounds or yen in many of the retail stores. There is no law which prevents that.

If I wanted a mortgage denominated in euros, there is nothing to legally prevent it. Most international banks can accomodate any fully convertible currency. And I could choose to repay that mortgage in euros provided the bank would contractually agree to it. Borrowers who earn their pay in dollars usually don't want debt denominated in euros and thereby subject themselves to foreign exchange risk. But that is not illegal in the U.S.

I have worked in 26 foreign countries and I could open a bank account in any of them and choose the currency I wanted the account to hold, including dollars, euros, yen, yuan, Ph pesos, S Korean won, Kuwaiti dinars, British pounds or Turkish lira. I am fortunate that my country's currency just happens to be the most widely accepted currency in the world.

You really need to travel beyond your neighborhood and learn how the world really works and stop being so paranoid.

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Posted by I B Freeman on 5/17 at 7:56 am to LSURussian

Well even though LSURussian sees no danger in monopoly currencies controlled by politicians the Greeks are not listening.

There has been a huge run on Greek banks this week as citizens rush to get their savings in Euros obviously afraid of any state ordered conversion to a new currency.

The Wall Street Journal speculates today on just how the Greeks will leave the Euro and gives some insight into why citizens should be very worried.

LINK

quote:
The actual switch could happen over a long weekend, during which banks and automated teller machines would be shut and other capital controls would be enforced. Bank accounts would be converted from euros to new drachmas, and domestic debt and other contracts would change to the new currency.

For simplicity's sake, the internal conversion rate should be one-to-one, Mr. Bootle says. Foreign-exchange markets would take care of devaluing the drachma relative to other currencies.

Economists say that to become competitive, Greece needs to devalue by at least 40%. That means imports such as oil or cars would become almost twice as expensive, while a German could vacation on Crete for half the price. "At a stroke, Greece can lower its real exchange rate and therefore be more competitive," Mr. Bootle says.

But many pitfalls await before Greece would find itself in that position. Even stripping out debt and interest payments, the Greek state is not taking in enough taxes to pay its bills. That means it either has to cut pensions and other benefits more quickly than under its bailout program or print more money. The latter option would risk fueling inflation already high from increases in import prices—eliminating some of the benefits of devaluation.

Debt contracts denominated in euros would suddenly be a bigger burden to repay, raising the likelihood of defaults to foreigners by companies and banks. It would also raise questions about whether the country could service its recently restructured bonds and bailout debts it owes other governments and the IMF.

Now Mr. Russian maintains that it is easy to open an account in another currency and implies he could if he wished simply walk into any bank in Baton Rouge and open an account in any currency he pleases. Because of this Mr. Russian has argued, essentially, that the Greeks have nothing to fear from this changing of currency and that there is no such thing as monopoly currencies. I suppose we are to believe that if Mr. Russian's views could just be assimilated to the masses in Greece the run on the banks there that is occurring would stop.

This post was edited on 5/17 at 7:59 am

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Posted by LSURussian

on 5/17 at 8:06 am to I B Freeman

quote:
even though LSURussian sees no danger in monopoly currencies controlled by politicians

Please link to any post of mine where I've posted that thought. You can't do it, dumbass.....

quote:
Mr. Russian has argued, essentially, that the Greeks have nothing to fear from this changing of currency and that there is no such thing as monopoly currencies.

Ditto my comment above.

You really don't comprehend written English, do you?

I'm still waiting for you to explain how the Greek financial crisis would have been avoided if they had "private" currencies in Greece. You can't do it. But give it a shot. It would provide me a good laugh for you to try to do it....

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Posted by I B Freeman on 5/17 at 8:12 am to LSURussian

quote:
quote:
even though LSURussian sees no danger in monopoly currencies controlled by politicians
Please link to any post of mine where I've posted that thought. You can't do it, dumbass.....

quote:
Mr. Russian has argued, essentially, that the Greeks have nothing to fear from this changing of currency and that there is no such thing as monopoly currencies.
Ditto my comment above.

You really don't comprehend written English, do you?

I'm still waiting for you to explain how the Greek financial crisis would have been avoided if they had "private" currencies in Greece. You can't do it. But give it a shot. It would provide me a good laugh for you to try to do it....

Show me any where in the above thread any indication in any of your posts where you agree with me and Paul about allowing competing currencies by private entities.

This post was edited on 5/17 at 8:13 am

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Posted by LSURussian

on 5/17 at 8:18 am to I B Freeman

quote:
Show me any where in the above thread any indication in any or your post where you agree with me and Paul about allowing competing currencies by private entities.

Are you saying you and Granny Paul believe private currencies are not allowed in the U.S.?

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Posted by Fat Bastard

on 5/17 at 8:24 am to LSURussian

THIS THREAD needs to die!!!!!!!!!!!

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Posted by LSURussian

on 5/17 at 8:26 am to Fat Bastard

I agree. But I guess IB didn't get enough arse kicking the first time when he started this thread so he had to bump it by calling me out.

He really is THAT stupid....

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Posted by I B Freeman on 5/17 at 8:27 am to LSURussian

Let's see Russian---it this your best post of the thread?

quote:
How will replacing the currency hurt those people with significant assets? There is nothing that forces anyone from valuing and selling their assets denominated in euros or dollars or Swiss francs.

Thus, there has already been competing currencies.

Even if existing contracts are forced to be implemented using a new Greek currency, there will still be a conversion factor to convert its value to the euro.

Tomorrow morning following your logic there is no reason to worry if the Fed decrees that all dollar dominated debts and contracts must be converted say to Mexican Pesos at a one to one exchange rates.

You will never admit you are wrong on this issue but you should at least stop arguing.

This post was edited on 5/17 at 8:28 am

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Posted by LSURussian

on 5/17 at 8:34 am to I B Freeman

Answer my question: are you saying you and Granny Paul believe private currencies are not allowed in the U.S.?

ETA:

quote:
you should at least stop arguing.

Then stop calling me out by making up lies about what I've posted in the thread. Frankly, I've come to expect lies from Granny Paul supporters. They can't argue with facts so they just make up ignorant, paranoid-filled shite just as you did in your latest bump of this thread.

This post was edited on 5/17 at 8:39 am

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Posted by LSURussian

on 5/17 at 8:59 am to I B Freeman

Stop hiding.

I see you're online so I know you've read my question to you and you're too scared to answer it.

Do you and Ron Paul believe that private currencies are not allowed in the U.S.?

You have implied that several times in this thread but I want you to come out and state it.

I'll keep waiting....

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Posted by GumboPot

on 5/17 at 9:16 am to LSURussian

Would it be legal for me to pay each of my employees a $1 a week in the form of one of these:

I can report a salary of each employee $1/week, (since it is coined by the US mint) and they can turn around a purchase ~$1,500 dollars worth of goods (and they would be responsible for the $1,499 in capital gains)?

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Posted by LSURussian

on 5/17 at 9:28 am to GumboPot

quote:
Would it be legal for me to pay each of my employees a $1 a week in the form of one of these:

Is that a private currency, which is what IB keeps harping about?

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