@zoomafrika1
“Africa needs a single currency backed by its resources not different currencies backed by the $ Dollar” ~ Muhamal Gaddafi
[Image of Muhamal Gaddafi]
Source: https://x.com/zoomafrika1/status/1820697926123085915
@zoomafrika1
“Africa needs a single currency backed by its resources not different currencies backed by the $ Dollar” ~ Muhamal Gaddafi
[Image of Muhamal Gaddafi]
Source: https://x.com/zoomafrika1/status/1820697926123085915
Your probably right about the understanding economics, I never took any classes.
But that being said, Italy uses cheese as currency
When your currency is tied to resources “inflation” is solved by producing more which is already needed to sustain that population.
With fiat you get charged $20 for a $5 burger because fucj you, our CEO needs to make $100 mil this year
…That’s not what’s going on. The cheeses are being used as collateral. It literally says that in the very first paragraph. Kinda like when you get a car loan, your car is the collateral; if you default on the loan, they take the car.
And when you run out of that resource? What then?
That happens with a currency tied to a resource as well. What a currency is back by has no direct link to where a company chooses to set it’s prices. It’s capitalism, regardless of whether it’s fiat currency, or a gold/silver standard. Your problem is capital, not fiat currency.
You say pot-eh-to pat-at-to. Same difference ya just called it a different word to suit your narrative.
Africa is 20% of the worlds land mass, they ain’t running out of resources.
Oh and ya want to know what happens when your one resource is on the verge of collapse? Same thing that the middle east is doing because of oil being on the verge of collapsing. Find something else worth while to invest in.
Stop with the childish, “what if” bullshit. Shut happens and ya deal with it. What if there was a respiratory virus that is so dangerous that it virtually shut down society as we know it? What do ya do with your fiat? Buy a loaf of bread for $100,000,000?
My problem with FIAT is you can lie about value where as resources are only as good as your work force that produces the resource.
This is such a gish-gallop of irrelevancies.
…But each country may end up running out of the specific resource that they back their currency with. Of course, you can just declare a new currency with a new resource backing it, which makes the old currency worthless… Which is already being done with hyperinflation in one or two African countries.
The Saudis, et al. aren’t using oil as the backing for their currency, even though that’s what their economy is based on. Their currency value isn’t tied to the value of oil. So when the oil runs out, or the world finally figures out that using oil is killing all of us, their currency isn’t going to collapse. Investing in things other than oil is irrelevant to the question.
You don’t even understand economics well enough to formulate a coherent argument against fiat currency.
You would like the idiot who got 750k inheritance and the day before Intels earning call bought only Intel stocks now is out 100k.
Saudi money is back by US dollar which is backed by the ability to keep oil flowing…
More stupidity on the smart person side
Stop. Just, stop. You have no idea what you’re talking about.
Saudis peg their currency to the dollar, but it’s not backed by the dollar.
Fuck sake, just admit you’re wrong and move on.
I always knew the Saudi were gay as fuck