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THE Currency Thread (merged)

Discussions about the economic and financial ramifications of PEAK OIL

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Unread postby BabyPeanut » Fri 11 Mar 2005, 15:29:52

Leanan wrote:Crash as in Argentina-style collapse. Where stores post prices three or four times a day, because inflation is so high. Where people rush to the store on payday to spend their entire check, because it will be worth less in a few hours. Where, instead of bringing your money in your pocket and taking your purchases home in a wheelbarrow, you bring your money in a wheelbarrow and take your purchases home in your pocket.

Hey wasn't that what happened to Germany just before it went NAZI?
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Unread postby diceman99 » Sun 13 Mar 2005, 12:25:05

The Reichsmark (Symbol: RM) was the currency in Germany from 1924 until June 20, 1948. It was replaced by the Deutsche Mark in West Germany and by the East German mark ("Mark der DDR" or "Ostmark") in East Germany.

It was introduced in 1924 as a replacement of the "Papiermark". this was necessary due to the hyperinflation which had reached its peak in 1923. The currency exchange rate between the Reichsmark and the old Papiermark was 1.000.000.000.000:1 (One trillion to one). It was pegged to the Dollar at a rate of 4 RM : 1 $. To stabilize the economy and to smoothen transition the "Papiermark" was not directly replaced by the Reichsmark, but by the Rentenmark, an interim currency backed by the Deutsche Rentenbank, owning industrial and agricultural real estate assets.

From my understading this inflation / hyperinflation was as an indirect result of World War 1 but more directly the result of Germany lack of capital after the war and what capital they did have being demanded for the payment of war repatriations.

Interestingly enough, This book it states that: "Mortgages were wiped out during this period of hyperinflation". When I first read this passage I believed that mortgagees could easily pay back the loan amount, as it virtually valueless after hyper inflation.
Or it could mean that everyone had to default on their loan as they could not pay back the interest.
If anyone has any historical reference as to what happened to the loans of the time, I would be interested to hear.

It would be possible I believe for anyone with foreign currency to buy a substantial amount of German real estate under those conditions.

If for example a German had a loan of 100,000 Paipermark currency at fixed interest 10% per month

Then 1 trillion Paipermark become 1 Retenmark and 4 Retenmark = $1 US

anyone with foreign currency could buy a lot of real estate.

If
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‘IMF currency’ can be floated within a year

Unread postby mattduke » Mon 30 Mar 2009, 19:46:15

UNITED NATIONS: A reserve currency system based on an IMF unit instead of the US dollar, a proposal floated by China, could be phased in within a year, Nobel Prize-winning economist Joseph Stiglitz said on Thursday.

Asked at a news conference when the International Monetary Fund’s Special Drawing Rights (SDR) could replace the dollar as the top reserve unit, Stiglitz replied, “It could begin to be phased in next year.


link
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Re: ‘IMF currency’ can be floated within a year

Unread postby Nefarious » Mon 30 Mar 2009, 20:33:11

The IMF?

The IMF was created at the United Nations Monetary and Financial conference in Bretton Woods, New Hampshire, July 12, 1944. Per Title 22, Section 286 U.S. Code, the U.S. became an IMF member in 1945.

Standring followed checks naming the IRS as the payee. He claims the checks go to a Federal Reserve bank, a private banking institution that has never been audited. The money then goes to the International Bank for Reconstruction and Development and is deposited into what is called a “Quad Zero” account. It is from this account that IRS tax refunds are distributed (per 22 USC 286 and 31 CFR 11, section 214.7).

According to Standring’s research, whatever is left over is then transferred to the IMF. From there the money is redistributed among countries throughout the world—including the U.S.—in the form of loans. These loans must then be paid back to IMF bankers at interest.

According to the U.S. Bureau of the Public Debt, Americans were in the red $1.663 trillion in 1984. Twenty years later the debt has increased nearly five-fold to $7.1 trillion.
Inferences

1. Government waste is no secret.
2. In 1984 the Grace Commission accurately predicted $multi-trillion government debt by 2000.
3. The IMF, not the American people, is funding the operations of government through loan capital it receives, in part, through taxation of Americans’ wages.
4. With every dollar paid to the IRS in taxes, America’s debt to the IMF increases—with interest.
5. Paying wage taxes supports global banking, not the U.S. government or Americans.

What about schools and roads?

Schools, roads and bridges are not funded by income taxes at all. Property taxes fund schools; roads and bridges are funded by gas taxes; airports, sewer and water systems are funded by user fees
.

Truth in Taxation
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Re: ‘IMF currency’ can be floated within a year

Unread postby Rod_Cloutier » Mon 30 Mar 2009, 21:50:53

Everybody paid in the same money, great idea for trade, great idea for destitute poor people currently living with barter or worthless currencies. Great idea for restoring confidence.

Dangers: Could lead to global goverment, which would mean another layer of global taxation on top of existing national, state, and municipal taxes. Could lead to government by international banking, and we all now know how well the banks would run the world. :shock:
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Re: ‘IMF currency’ can be floated within a year

Unread postby paimei01 » Tue 31 Mar 2009, 06:12:23

NWO
http://paimei01.blogspot.com/
One day there will be so many houses, that people will be bored and will go live in tents. "Why are you living in tents ? Are there not enough homes ?" "Yes there are, but we play this Economy game". Now it's "Crisis" time !Too many houses! Yes, we are insane!
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Re: ‘IMF currency’ can be floated within a year

Unread postby ReverseEngineer » Tue 31 Mar 2009, 06:32:11

mattduke wrote:
UNITED NATIONS: A reserve currency system based on an IMF unit instead of the US dollar, a proposal floated by China, could be phased in within a year, Nobel Prize-winning economist Joseph Stiglitz said on Thursday.


aka, JACKASS, the Monetary Movie. LOL.

The idea the IMF could provide a reserve currency system ANYONE in their RIGHT MIND would trust is BEYOND LUDIcrous. Of course, the Chinese are not in their right minds, they never have been since they came in a day late and a Yuan short into the Capitalist sytem. Victims right up to the end.

The IMF canot produce a currency that will work, they have NOTHING upon which to base it, not even TRUST. NOBODY in their right minds trusts a Bankster anymore. The Chinese are not in their right mind of course, due to overshoot.

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Re: ‘IMF currency’ can be floated within a year

Unread postby deMolay » Tue 31 Mar 2009, 06:49:17

The idea that unelected, unaccountable faceless burecrats should manage the world economy is beyond scary. This if it is adopted means slavery for everyone in the world. It means globalization, corruption never ending hedgemony of the Global Elite. It needs to be resisted at all levels. These are the same inbreeders who don't know if they are wiping their ass in the morning or blowing their pig snouts.
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Re: ‘IMF currency’ can be floated within a year

Unread postby SeaGypsy » Tue 31 Mar 2009, 06:51:20

ReverseEngineer wrote:
mattduke wrote:
UNITED NATIONS: A reserve currency system based on an IMF unit instead of the US dollar, a proposal floated by China, could be phased in within a year, Nobel Prize-winning economist Joseph Stiglitz said on Thursday.
aka, JACKASS, the Monetary Movie. LOL
The idea the IMF could provide a reserve currency system ANYONE in their RIGHT MIND would trust is BEYOND LUDIcrous. --snip--The Chinese are not in their right mind of course, due to overshoot.

But they trust the USD? Or is that insane also?
Who can start a new central currency? Aren't all the rich countries up shit creek without a paddle? Without a new central currency aren't we all tied to debt accumulated under the scam of compound interest and BAU since WW2? I'm not suggesting the IMF is the right body, just asking who will or can do it?
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Re: ‘IMF currency’ can be floated within a year

Unread postby deMolay » Tue 31 Mar 2009, 07:05:55

A better to question to ask, is who will control the currency. There are 2 ways to destroy a country. One is militarily the other is to destroy the currency of the realm. I am not saying the present lot have done a good job for us. But I can't see how making the people who will control our economies less accountable and further removed from the people as being a step in the right direction. If you think the beast has us by the throats now. Wait until the Beast is totally beyond your reach, safely tucked away in a fortress somewhere. So far all the UN and the IMF have done is act like a homogenizer of National cultures and nations so as we fit the mold required by the corporate global Elite. Human Beings all around the world have been sold out with platitudes and meetings blathering on forever about rights etc. Meanwhile they destroy us all a little more each year.
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Re: ‘IMF currency’ can be floated within a year

Unread postby EnergyUnlimited » Tue 31 Mar 2009, 12:32:10

So how that currency would be backed?
With what?

I think, Chinese are out of this world.
Too much opium, I suppose.

And lets assume a miracle have happened and contemplate repercussions of implementation of such currency.

Would it stop collapse and allow for perpetual growth?
No way.
Within next few years it would become irrelevant.
We are observing catabolic collapse of whole lot (global economy).

Fiddling with fiat money to prevent systemic collapse of defunct economy is like fiddling with a clock in hope to build time machine. :-D :-D :-D
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Re: ‘IMF currency’ can be floated within a year

Unread postby ReverseEngineer » Tue 31 Mar 2009, 13:52:26

SeaGypsy wrote:But they trust the USD? Or is that insane also?Who can start a new central currency? Aren't all the rich countries up shit creek without a paddle? Without a new central currency aren't we all tied to debt accumulated under the scam of compound interest and BAU since WW2? I'm not suggesting the IMF is the right body, just asking who will or can do it?

Nobody trusts the USD anymore, just they are stuck with it, and since nobody is willing to admit to a worldwide bankruptcy which renders everything valueless and property ownership moot they continue to print dollars in the effort to keep the house of cards standing.

As far as who could create a new currency, locally any goobermint or bank could as long as the local folks trust them. Internationally who could do this now? NOBODY. The only reason the Banksters were able to push thru the Bretton Woods agreement was because the US was the big victor in WWII and could dictate the terms. The Chinese by no means have the political muscle to do this, and either does the IMF or the UN.

This is why you are looking at more than a Depression, you are looking at a Monetary System Collapse of the first order. Not since the Fall of the Roman Empire has such a thing happenned, and even then not nearly to the scale it is now. Its the Greatest Bonfire of Paper Wealth in all of Recorded History.
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Re: ‘IMF currency’ can be floated within a year

Unread postby deMolay » Tue 31 Mar 2009, 17:33:36

I agree 100% RE. In order for any type of money to work it has to have the 100% trust and confidence of the people who are using it, as bad a shape as the USD is, and it is greatly wounded. I see nothing in any of the other or new Fiat currencies that I would trust at all. The fact that the Elite keep pumping money shows the desperation. This thing is like a person smoking in a powder magazine. Or the old guy down in the oil bunker on the smokers ship in the movie Waterworld, and some idiot drops a match. I don't know what it will be, but I really feel we are approaching the point in the crisis were one wrong word, or action will bring on the Full Stop Event. And the inevitable plunge from the cliff for us all. My advice to all is to make sure to have a good haul from any garden you can and prepare for the worst times of our lives. It will not be pleasant.
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Re: THE Currency Thread (merged)

Unread postby Tanada » Tue 10 Jan 2017, 12:09:48

If the EU falls apart as some are predicting that will be the end of the Euro. Does that open up a place for a new United Nations/IMF currency to take its place in the world market?

While the United Kingdom has not changed its currency since decimalisation in 1971, many other countries have introduced new currencies or replaced existing ones since then. For example, there are 47 European countries that are members of the United Nations. Of these, 33 have replaced their currency since 1990 as a result of events such as introduction of the euro, break-up of the Soviet Union or break-up of Yugoslavia. In addition, five countries have re-denominated their currency during this period.

This means the process of introducing a new currency or replacing a currency is well known.
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Re: THE Currency Thread (merged)

Unread postby Subjectivist » Tue 10 Jan 2017, 15:34:25

Great the UN can issue a currecy based on 1liter of Diesel as the base unit. After all diesel powers the ships trains and trucks that make the economy work.
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Re: THE Currency Thread (merged)

Unread postby Newfie » Tue 10 Jan 2017, 19:28:02

Not a bad idea actually. It would be an interesting experiment.
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Re: THE Currency Thread (merged)

Unread postby Tanada » Tue 10 Jan 2017, 21:46:53

Newfie wrote:Not a bad idea actually. It would be an interesting experiment.


Well it would have the novel approach of backing the currency with a tangible material desired by most of the 7 Billion adult members of the population. Say the world produces 93 million barrels a day of crude and 40 percent of that end up as some form of fuel oil. How many liters of diesel certificates does that add up to every day?
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Re: THE Currency Thread (merged)

Unread postby vtsnowedin » Wed 11 Jan 2017, 06:43:24

Nah that wouldn't work. When you fire up your pickup you would literally be burning money.
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Re: THE Currency Thread (merged)

Unread postby dolanbaker » Wed 11 Jan 2017, 07:59:32

In Japan, they used to have rice as a currency.
https://en.wikipedia.org/wiki/Japanese_currency
Japanese commodity money before the 8th century, including: arrowheads, rice grains, and gold powder. Now in the Japanese Currency Museum.

A bit like gold or oil today.
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