maclatunji:

The man is right, people are just printing paper (money) and expecting it to have real value. The gold standard makes a lot of sense. From what I have noticed, global power and economic structure changes at roughly 10-year intervals. The political and economic dynamics of the world will be very different from the last century.

Ileya:

Actually, Seun, this would be a most excellent idea. The only problem is that this would place Nigeria firmly   and permanently on the Terrorist List. Backing ones currency with the yellow metal is generally frowned upon by the IMF/World back etc. It is an action that would place us in the[b] Axis of Evil[/b]. Besides, it is presently (LEGALLY) impossible for Nigeria to back the Naira with Gold for one reason alone - we have outstanding commitments with the aforementioned, usual suspects, IMF/World Bank. Several things happen when a country borrows money from the IMF/World Bank, I will not go into all of them but will mention the critical ones:-


1. Your Banking system cannot practice Fractional Reserve Lending
2. You cannot back your currency with gold - (As part of the Gold Swaps agreement, the Gold from the Central Bank will be   physically moved to London/New York, but more importantly, it most still remain on the books of the Central Bank as though the Gold is still in Abuja, for Auditing purposes)
3. The country must implement suggested austerity measures from the IMF/World Bank

Any country that is without outstanding liabilities to the gnomes in Zurich/London/New York is effectively a free, sovereign country.  This cannot be encourged. You see, the[b] Debtor is Slave to the Lender[/b]. Have you ever asked yourself, why do we have external reserves of US$ 50bn,but still go to these people with cap-in-hand, begging for a facility of 10 million? Does not make sense. Now you know why. The country must be kept in perpetual debt.

All these rules and regulations are buried in the annals of the IMF/World Bank.

We have basically been sold down the river by our 'leaders', if we can call them that.

If Buhari (and other Northern folks) are serious about this, then it might explain the Boko Haram incidents and hence, we should expect more of the same. Gold-backed currency is trully Axis of Evil stuff.


Enough said.

stagger:

Let us have an intellectual discussion on this subject starting now. I have already pointed out that a gold standard cannot work for an import oriented economy, because you need to sell in order to even get the gold to hold as reserves to support your currency.

Go and read the mercantilist scholarly articles written in the 18th century and you will see how even in those early days, the Europeans knew that in order to dominate the Third World, they had to turn us into import driven nations.

Let us hear your own argument on this matter.

Tell us why you would support a gold standard. Over to you.

collins Jn:

“For the Islamic economy and for
the world, only a return to the
gold standard will ensure long
term price stability (zero
inflation) , help governments
curtail budget deficits and end
fiscal indiscipline,” he said.
“For the Islamic economy and for
the world, only a return to the
gold standard will ensure long
term price stability (zero
inflation) , help governments
curtail budget deficits and end
fiscal indiscipline,” he said.

Diz Man Self,MUST He Say Any Tin witout Islamic diz Islamic day ? Hiss,Am Out Of Here

Tobi_dad:

its not just paper as you may think.

Paper-money are actually promissory notes or agreements of credit.
Nations stake their words and reputation to honour trade agreements through currencies.
The more notes in circulation the more debts governments have, the more likely a default on the agreement thus a reduction in the
confidence of such notes. Within national boundaries, such a situation is termed excess liquidity (liquid as in water, as in the phrase- deep in debt) and
would eventually lead to inflation.
By pegging currencies against a single reference currency (rather than a geological metal), nations are able to make real comparisons.
Would you make a comparison between Fela's music and Britney Spear's? I don't think so.
The U.S. dollar was chosen because after the WWII it remained the strongest and least affected by the conflict. Europe was in financial turmoil with very low productivity.
Yes the dollar is at its knees and the U.S. economy is in a deep recession but the U.S. polity, economics and society still remain the most stable in our world today.
The question you would ask now is why then is gold at a all time high? The answer to that is first by asking who and what is fueling the rise in Gold values(and not necessarily its demand). The affluent and the rich are trying desperately to keep their cosy way of life safe by diversifying into gold holdings and the speculators are having a field day over their paranoia.
Gold is actually useless and appeals to vanity. Investing in currencies translates to investing in economies and polities and eventually people.
That's the bottom line.

-UpDates-:

bokos

Tobi_dad:

Switching to gold is primevial and archiac and only a neanderthal like Buhari will opt for it.
Gold was a universal currency in the days of old where neighbouring nations were at constant conflict and cross-cultural trade was non-existing. This was way before there was anything like a global economy. To opt for gold is to opt for isolation in a fast shrinking world.
The Romans were great not neccesarily in military conquest but through the implimentation of a common-wealth trade bloc through their vast empire.Coins were minted, roads were built, international trade prospered for the first time and the first true dominant world-power emerged not just from the battle field but through cultural integration.
Asking for Gold now is like adopting archiac sharia law in our present day world. It is retro-gressive and down right silly.
Maybe when WWIII kicks off and anarchy reigns through the collapse of global institutions and harmony, trolls like BH can trade in their shiny-metals.


I suggest you go and learn more about gold and why the us government remove gold as a reserve currency

Tobi_dad:

its not just paper as you may think.

Paper-money are actually promissory notes or agreements of credit.

Tobi_dad:

its not just paper as you may think.

Paper-money are actually promissory notes or agreements of credit.

-UpDates-:

bokos

Tobi_dad:

its not just paper as you may think.

Paper-money are actually promissory notes or agreements of credit.