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Nairaland Forum / Nairaland / General / Politics / Print More Naira Notes - Tinubu Tells FG (71257 Views)
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Re: Print More Naira Notes - Tinubu Tells FG by Nkcherry34: 9:36pm On Mar 28, 2020 |
After printing the money what next 1 Like |
Re: Print More Naira Notes - Tinubu Tells FG by Excuzeme: 9:36pm On Mar 28, 2020 |
MT: MT: I feel you! America was SUPPOSED to be regulated in its printing of Dollar Notes, for the rest of the world to keep using that currency for international trade but what we have now is a careless fiat and abuse of that agreement. If you look at the value of Dollars today, it has gone up steeply in the last two days because the Dollar as a store of wealth, is loosing value due to this arbitrary printing fo Dollars US treasury was supposed to be backed up by Raw Gold. Whatever amount of money you have, you must back it up by Gold. America changed that and said you can use a "devalued", low quality (in terms of Gold content) Gold Bars. :ater they even went further and decided to start issuing "Paper Gold"! other Countries keep their Gold in the US Gold Reserve and America issues them with "paper" Gold in return Honestly, the only way to stop American adventurism, stop the wars and stop American belligerence and "attempt" at exceptionalsim, is to abandon the Dollar for another currency (Yuan was angling for this but it is still a long way off) or a neutral currency backed by Gold. America stole all the Gold in iraq and Libya for a reason. 4 Likes 2 Shares |
Re: Print More Naira Notes - Tinubu Tells FG by akilo1: 9:36pm On Mar 28, 2020 |
donbachi:and he want more naira note to be printed |
Re: Print More Naira Notes - Tinubu Tells FG by Tumbulum: 9:36pm On Mar 28, 2020 |
MT: in what does us depend on us depend on China? The answer is simple, its easier and cheaper to manufacture goods in china than to manufacture them in the united states. That is why many companies owned by the united States carry out their manufacturing in China eg apple phone. My arguement is still the fact that the united states are at the fore front of technology and innovation and can therefore afford to print money without much effect on their economy. If we print more naira notes,what will it buy ? The 500 naira yam automatically becomes 1000 naira 2 Likes 1 Share |
Re: Print More Naira Notes - Tinubu Tells FG by buzorcharles(m): 9:37pm On Mar 28, 2020 |
Ppl are donating and u are here asking govt to print more money. What are u gonna do with all u have already acquired 1 Like |
Re: Print More Naira Notes - Tinubu Tells FG by fyneguy: 9:39pm On Mar 28, 2020 |
able20: You people keep churning out impracticable suggestions. smh Printing money is our best bet in this situation, especially since we now produce rice and other consumables. 1 Like 1 Share |
Re: Print More Naira Notes - Tinubu Tells FG by niyioladepo756(m): 9:39pm On Mar 28, 2020 |
How can somebody like tinubu be advising the FG, tinubu of all people, baba where is your bullion van, oleeeeee 1 Like |
Re: Print More Naira Notes - Tinubu Tells FG by fyneguy: 9:40pm On Mar 28, 2020 |
stanisbaratheon: Are you an economic expert? Why is it right for the US and wrong for us? 1 Like 1 Share |
Re: Print More Naira Notes - Tinubu Tells FG by fyneguy: 9:40pm On Mar 28, 2020 |
michoim: Why not? |
Re: Print More Naira Notes - Tinubu Tells FG by peacettw: 9:41pm On Mar 28, 2020 |
That is a very stupid suggestion. 1 Like |
Re: Print More Naira Notes - Tinubu Tells FG by neoclassical: 9:41pm On Mar 28, 2020 |
MT:It does not make economic sense even in the case of US. But remember, in economics, there are variables you have to factor in before drawing your conclusions, though some may be stochastic. First, US has a higher Special Drawing Right (SDR) from International Monetary Organizations than a less developed nation like Nigeria and therefore can absorb external economic shocks because of its advantage in purchasing power parity. Nigeria's external reserves cannot be compared to that of US which can be used to offset balance of payment disequilibrium. |
Re: Print More Naira Notes - Tinubu Tells FG by rusher14: 9:42pm On Mar 28, 2020 |
4Play: Oh hush. Nigeria would print money as the rest of the world would. The USA claims its currency is backed by the value of gold it holds yet the value of gold has plummeted in recent months whilst the US is creating new money. No matter which way you spin it, the rest of the world would be creating money that never existed. Nobody argues their economy isn't more advanced than ours, nobody argues that their interest rates even hover just above 0% but to assume that you have monopoly of knowledge on this issue, rather makes you a narcissist. I reiterate, the CBN would print more currency as a response to the global trend and they would be foolhardy to do otherwise. Countries shut their borders, you did too. Countries were unable to trade just as you experienced too. Countries printed money to boost spending but you stayed put. 2 Likes 1 Share |
Re: Print More Naira Notes - Tinubu Tells FG by fyneguy: 9:42pm On Mar 28, 2020 |
Benwallt: lol Funny Nigerians. You want your problems to be solved but reject solutions. You lots are clowns. 1 Like |
Re: Print More Naira Notes - Tinubu Tells FG by MT: 9:43pm On Mar 28, 2020 |
Tumbulum: You are the expert, I am not. I dont want to accept your argument at face value. Break it down in such a way that anyone can digest the bolded. And regarding the dependency, what you explained still points to the fact that the US depends on China cos when those US companies manufacture in China, they still need to export it to the US which the US will have to pay for!!. 1 Like 1 Share |
Re: Print More Naira Notes - Tinubu Tells FG by emmydiamon(m): 9:43pm On Mar 28, 2020 |
Dangote too de stinger, a whole richest man in Africa 200 million? I know I have no damn to give but this shit ant right. |
Re: Print More Naira Notes - Tinubu Tells FG by fyneguy: 9:43pm On Mar 28, 2020 |
bosman50: What is your problem with the idea?! why is it ok for the USA and bad for us? 2 Likes 2 Shares |
Re: Print More Naira Notes - Tinubu Tells FG by MT: 9:44pm On Mar 28, 2020 |
Excuzeme: Thank you, this settles most of my concerns. Like I said, I am not an economics expert, I am an IT person but I know what US is doing is not economically acceptable. It is not only the US that has that monopoly, other advanced countries can do it and get away with it but I was wondering why they didnt choose to go in that direction. We cannot continue to stomach anything the US throws at us, they are not always right in MOST things, though as a country, I always wish them well. 3 Likes 2 Shares |
Re: Print More Naira Notes - Tinubu Tells FG by osusuallstars: 9:44pm On Mar 28, 2020 |
Let's start with the ones in bullion van 1 Like |
Re: Print More Naira Notes - Tinubu Tells FG by Mummiesboy: 9:46pm On Mar 28, 2020 |
Thief see em eye like print naira. Looking for more money to steal 1 Like |
Re: Print More Naira Notes - Tinubu Tells FG by Nobody: 9:47pm On Mar 28, 2020 |
Lotechi: Indeed and I laugh at the hate-fueled ignorance of some here. Nigeria, with its huge number of unemployed, was already in big trouble. Added to that is the gigantic problem of many newly redundant workers and breadwinners who will now not be able to earn any wage as businesses and workplaces are closed to contain a dangerous virus. We then have an economy that cannot sustain the provisions of the palliative that can make this compulsory sit-at-home lock down a health success. People should just let that hellish scenario marinate in their heads and try to imagine where we would be if this had to go on for months with so many Nigerians already groaning a few days into financially punitive lock down. No one is saying we must literally print money today but it is an option we must keep on the table and use as soon as required to ensure we still produce legal tender, that automatically facilitates a reward system which directly encourages vital economic production to continue. People forget that issues like inflation are only a consideration in a stable world where economic breakdown is not simultaneously happening everywhere, to every Country and at the same time!!!!!! With others facing what we are and unable to help us will inflation be our worry or the need to keep vitally important internal socio-economic activities going? 5 Likes 2 Shares |
Re: Print More Naira Notes - Tinubu Tells FG by SaintChukz(m): 9:48pm On Mar 28, 2020 |
Precious4real50: Hello Ada Ogwashi...! |
Re: Print More Naira Notes - Tinubu Tells FG by wyqay: 9:49pm On Mar 28, 2020 |
Re: Print More Naira Notes - Tinubu Tells FG by TheStarsAlign: 9:53pm On Mar 28, 2020 |
pocohantas: It's quite unfortunate, the pattern of most comments so far. Obviously many people here are not aware of the concept of "lesser evil". Those whose arguments are opposed to printing of money because of inflation can't see the bigger picture. Trying hard not to use economic terms (which may sound big) and may not allow many people to understand the analysis. Would you rather let there be an economic depression (collapse) and people/businesses die of hunger trying to avoid inflation or have inflation by printing more money? Printing of money itself is not a good practice. However it is permissible as a short-term solution to prevent an economic shutdown. While I don't support Tinubu nor like him personally, Total Money Supply in the economy must be increased (stimulus) and one of the ways to do that is to print (amongst other options). |
Re: Print More Naira Notes - Tinubu Tells FG by fyneguy: 9:54pm On Mar 28, 2020 |
wman: You are actually the olodo, sir 1 Like |
Re: Print More Naira Notes - Tinubu Tells FG by CreekCommando: 9:55pm On Mar 28, 2020 |
rusher14:That's voodoo economics. All countries' external reserve are in the US dollars. So, they can print more and its inflationary effect will be absorbed by many countries'. That's why Sanusi advocated for us to save 10% of our reserve in Chinese Yuan. But who can trust China? |
Re: Print More Naira Notes - Tinubu Tells FG by MT: 9:55pm On Mar 28, 2020 |
neoclassical: This still does not justify WHY the US is allowed (which I doubt anyway) by the whole world to print more dollars as they wish. If there is a way you can explain to someone like me, I will appreciate, even if it involves you stating a scenario. |
Re: Print More Naira Notes - Tinubu Tells FG by fyneguy: 9:56pm On Mar 28, 2020 |
neoclassical: This is a BIG lie...there is huge deficit in purchasing power. You can print to bridge the gap. It will be professionally done. Most of you just churn out fallacies. |
Re: Print More Naira Notes - Tinubu Tells FG by 4Play(m): 9:57pm On Mar 28, 2020 |
rusher14: Nigeria can do what it wants including adopting ill-thought policies but Nigeria will be poorer for it. And intellectually stunted people like you will be back pondering futilely why Nigeria is not developing and why poverty is endemic. The CBN, like many African central banks, has a long and futile history of money printing. Some would even argue Emefiele's CBN has been doing this sneakily. Nothing good will come out of it for Nigeria. Never mind the covid-19 epidemic, there is an epidemic of economic illiteracy that has a stranglehold on Nigeria's middle class of which you are a shining example. 5 Likes 3 Shares |
Re: Print More Naira Notes - Tinubu Tells FG by Tumbulum: 9:59pm On Mar 28, 2020 |
MT:have you heard of cash repatriation? Apply manufactures and assembles its phone in china,sell to the rest of the world including US and repatriate the cash to the united states. |
Re: Print More Naira Notes - Tinubu Tells FG by TheStarsAlign: 10:01pm On Mar 28, 2020 |
SaintChukz: See, there is already an X1 amount nof money in the economy (this icludes Tinubus, Dangotes, Otedolas etc money). ie TMS1, the total money supply needs to move to X2 or TMS2 to have wider impact. The reason why money could be printed. TSM = Total Money Supply ie the total amount of money in an economy at any particular time. |
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