Greece--all the more reason Paul is right about competing currency (Posted on 5/8/12 at 7:56 am)
Many people now think that Greece will leave the Euro to avoid civil unrest. Now if someone owes you Euros the government will more than likely decree that they can pay back in the new currency instead. Forget what the new currency is worth.
This is a great example of how governments can manipulate currency and wipe out the wealth and assets of it's people.
Paul suggest that instead of a gold standard we should allow competing currency for legal tender in the US. This would allow you to choose the currency you think most safe to do business with. Capital One might for example issue gold back currency or oil backed currency. Things like that.
The Fed is manipulating our currency as we speak. There is inflation simply because there are so many dollars floating around the world. Food and fuel cost so much more than it did a decade ago because of the huge increase in money supply not because of supply and demand of fuel and food. The FED has essentially taxed us without a vote.
re: Greece--all the more reason Paul is right about competing currency (Posted on 5/8/12 at 8:05 am to LSURussian)
A currency outside the hands of government would prevent politicians from manipulating it. Would it have stopped Greece from spending wildly in Euros? Probably not but it would have given citizens the right to write contracts and conduct business in a currency they had faith in--one that could not simply be decreed away.
LSURussian LSU Fan Baton Rouge Member since Feb 2005 63203 posts
re: Greece--all the more reason Paul is right about competing currency (Posted on 5/8/12 at 8:21 am to I B Freeman)
quote: it would have given citizens the right to write contracts and conduct business in a currency they had faith in--one that could not simply be decreed away.
I must have missed it...when was the euro 'decreed away'?
quote: A currency outside the hands of government would prevent politicians from manipulating it.
Has manipulation of the euro caused or made the Greek situation worse?
The problem in Greece is not the currency. It's the entitlement mentality of Greeks who don't want to work or pay their taxes. No currency can solve that problem.
Burt Reynolds Texas Fan Marrero Member since Jul 2008 11417 posts
re: Greece--all the more reason Paul is right about competing currency (Posted on 5/8/12 at 8:23 am to I B Freeman)
quote: The Fed is manipulating our currency as we speak. There is inflation simply because there are so many dollars floating around the world. Food and fuel cost so much more than it did a decade ago because of the huge increase in money supply not because of supply and demand of fuel and food. The FED has essentially taxed us without a vote.
I lost all respect for you here. If Ron Paul had his way, inflation would skyrocket
re: Greece--all the more reason Paul is right about competing currency (Posted on 5/8/12 at 8:25 am to LSURussian)
quote: it would have given citizens the right to write contracts and conduct business in a currency they had faith in--one that could not simply be decreed away. I must have missed it...when was the euro 'decreed away'?
quote: A currency outside the hands of government would prevent politicians from manipulating it. Has manipulation of the euro caused or made the Greek situation worse?
It has not been decreed away in Greece yet. Speculation is that Greece following the chaos in their weekend elections will back out their deal with the EU and abandon the Euro. Further worry is that the new government will decree that all Euro based contracts in Greece can now be paid in the new currency.
This is what banks have feared from the beginning.
re: Greece--all the more reason Paul is right about competing currency (Posted on 5/8/12 at 8:33 am to Burt Reynolds)
quote: The Fed is manipulating our currency as we speak. There is inflation simply because there are so many dollars floating around the world. Food and fuel cost so much more than it did a decade ago because of the huge increase in money supply not because of supply and demand of fuel and food. The FED has essentially taxed us without a vote.
I lost all respect for you here. If Ron Paul had his way, inflation would skyrocke
What you do not believe the FED is manipulating our currency??? GEEZ they have been buying the debt of the USA in at a level unprecedented in history. They are buying it with money just created out of thin air. That is currency manipulation---flooding the money supply.
Which policy of Paul do think leads to inflation? Inflation is a monetary supply and demand thing not a good and services supply and demand thing.
LSURussian LSU Fan Baton Rouge Member since Feb 2005 63203 posts
re: Greece--all the more reason Paul is right about competing currency (Posted on 5/8/12 at 8:35 am to I B Freeman)
quote: Further worry is that the new government will decree that all Euro based contracts in Greece can now be paid in the new currency.
Then it isn't a problem caused by the euro. It is caused by a nation of people who don't want to work productive lives while living off of the taxpayers in northern Europe while not paying their own taxes.
re: Greece--all the more reason Paul is right about competing currency (Posted on 5/8/12 at 8:50 am to LSURussian)
quote: quote: to avoid civil unrest. quote: This is a great example of how governments can manipulate currency and wipe out the wealth and assets of it's people.
So by the Greek government wiping out the wealth of its citizens that country is going to avoid civil unrest?
Are you sure that is how it works?
Is this not what the socialist preach? Tax the wealthy--screw the wealthy? By saying to the masses we will give you this welfare by taking it from the rich they get elected. Greece is void of any significant industry now having followed this populist policy for decades.
By replacing the currency they will only hurt those with significant assets but they can maintain the facade of welfare for a few more years.
re: Greece--all the more reason Paul is right about competing currency (Posted on 5/8/12 at 8:52 am to LSURussian)
quote: quote: Further worry is that the new government will decree that all Euro based contracts in Greece can now be paid in the new currency. Then it isn't a problem caused by the euro. It is caused by a nation of people who don't want to work productive lives while living off of the taxpayers in northern Europe while not paying their own taxes.
Thus, your thread title is incorrect.
It was not caused by the Euro per se. The government's ability to walk away from the Euro is the cause and establish a monopoly currency is the cause.
re: Greece--all the more reason Paul is right about competing currency (Posted on 5/8/12 at 8:56 am to LSURussian)
quote: quote: That is currency manipulation-
No, it isn't. You need to study up on currency manipulation. Your concept of it is way wrong.
What else is it but an expansion of money supply??? You sir would be wise to study monetary manipulation.
quote: Inflation is a monetary supply and demand thing not a good and services supply and demand thing.
What is it about that statement you disagree with??? Price changes resulting from changes in supply and demand of individual goods and services is not inflation. General price increases as we are experiencing now are absolutely inflation and are absolutely caused by the supply of currency--money.
LSURussian LSU Fan Baton Rouge Member since Feb 2005 63203 posts
re: Greece--all the more reason Paul is right about competing currency (Posted on 5/8/12 at 9:00 am to I B Freeman)
quote: Is this not what the socialist preach? Tax the wealthy--screw the wealthy? By saying the masses we will give you this welfare by taking it from the rich they get elected. Greece is void of any significant industry now having followed this populist policy for decades.
This statement is irrelevant to your OP hypothesis.
quote: By replacing the currency they will only hurt those with significant assets but they can maintain the facade of welfare for a few more years.
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.
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