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Nairaland Forum / Nairaland / General / Education / Why Are Some Countries Poor When Their Central Bank Can Print Money? (5610 Views)
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Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Elimon(m): 11:26am On Jun 30, 2020 |
Iolo:Very helpful.. thanks for this 2 Likes |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Fathai(m): 11:34am On Jun 30, 2020 |
oglalasioux:yes you can use it for import payment. 1 Like |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by seanwilliam(m): 11:36am On Jun 30, 2020 |
ContractKiller:you are very stupid and senseless.. if you quote me then you are confirmed mòron |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by 24SEVEN: 11:42am On Jun 30, 2020 |
Oblitz: Correctly said. |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Ketone01(m): 11:49am On Jun 30, 2020 |
Iolo:wow nice explanation 1 Like |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Cashinflow8: 11:51am On Jun 30, 2020 |
Iolo: God Some ppl go school oo We Still get brains for this country Thank God 2 Likes |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by oglalasioux(m): 11:53am On Jun 30, 2020 |
Fathai:o You can use naira to pay for goods imported from USA or Europe? Please educate me more. |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by 24SEVEN: 11:59am On Jun 30, 2020 |
Mazikic: The OP go don learn enough.. |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Rickmann: 12:01pm On Jun 30, 2020 |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Rickmann: 12:05pm On Jun 30, 2020 |
24SEVEN: . Exactly what happened in Zimbabwe, a loaf of bread at the time was going for 15k in our own currency.. 1 Like |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Vivian16: 12:57pm On Jun 30, 2020 |
[quote author=cruxgemmata post=91226213] U wey be pro for Copy and paste. How u wan tek remember coconut head I no blame you |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by sorority11(m): 1:30pm On Jun 30, 2020 |
Firstly, a country's economy is being run like a business. Inflation, debt, depreciation are what determines the country's economy. For you to understand money, first you must know money is just an illusion, it isn't real at all, just keep reading I will explain why. But first why is naira loosing against dollars? Printing more money is not the major cause of inflation actually. When a country is in debt, let say Nigeria is owing USA $50billion dollars and they are unable to pay, how then will USA get back their money back? they get back their money by devaluing our currency. For those that don't understand, let us say your neighbor who you buy sachet milk at the rate of #50 naira is owing you 500, and he is unable to pay the money, so you strike a deal to buy that same milk at #30 naira till your neighbor's debt is paid. the milk didn't loose its value, but the Neighbour's selling power that was lost.. That is why a country rich as Nigeria is poor. As the exchange rate of a country increase, if the country solely depends on foreign goods, then the prices of the commodities will increase so also the prices of domestic commodities follow suite including labour. Secondly, money like I said is an illusion, it isn't stable. The wealth of a nation is not in its money but in it is its resources, selling power and purchasing power and wealth is gotten from the ground(oil, coal, minerals, agricultural raw materials e.t.c.) A country without wealth has nothing to sell or trade with, will become poor. A country that spends more than it earns will go into debt (common economics). For you to increase the value of your currency, increase your production(converting wealth to useful consumables), increase your science and technology. Do not keep your money in the bank, it will loose value, money(illusion) isn't stable including dollars. Spend money, so you can make more money. Set your money on motion, money when it is on motion is a magnet that pulls more money. If you get #10million for account buy 3 cars and use it for uber, sit down in your house and let this drivers be submitting money to you every month. If it is in your bank, it won't do you any good. Bye 10 Likes 2 Shares |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by 10kgod(m): 2:15pm On Jun 30, 2020 |
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Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Buharidgeneral: 2:23pm On Jun 30, 2020 |
Have learnt more today. Thank the Op for bringing this topic to the fore |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Ebubzcreatives: 2:40pm On Jun 30, 2020 |
You can only wish it was possible
|
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by armadeo(m): 2:54pm On Jun 30, 2020 |
ContractKiller: I honestly dont know how to respond to that. Its surprising. What sort of gist did he gist through out his undergraduate days that national income didnt come up. |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by etrange: 3:28pm On Jun 30, 2020 |
ContractKiller:Just see the way you're embarrassing yourself. |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by K254725: 3:32pm On Jun 30, 2020 |
Only Americans can print money because they are the rulers of the world, for now. All other currencies are based on the dollar. Being just painted paper, a cowry shell is more expensive than the dollar in value. We might just go back to using cowry shells very soon... |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Psalmpy(m): 3:46pm On Jun 30, 2020 |
I used to think of that when I was still very young tho. |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by humilitypays(m): 5:04pm On Jun 30, 2020 |
selemempe:That's how great nations do |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Emmypure: 5:30pm On Jun 30, 2020 |
what if buhari decide to print money for his own personal use |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by sorority11(m): 5:35pm On Jun 30, 2020 |
humilitypays: Oga no it won't work. America will also end up like Zimbabwe if they do so. Printing of money needs to be balanced with their income. Let's say america income is $150 billion per annum and they went ahead to print $11trillion that year, there will be too much money in circulation, thereby increasing demand, leading to hyper inflation and this of course will cause other country's of the world to have insanely huge amount of dollars in their reserve, automatically country's of the world will have surplus dollars in their reserve leading to the devaluation of dollars. So in order to check this, they are very careful in printing more money and more serious in devaluing other currency to increase it's value. Spending the dollar in other country is worse self. America dey vex because yahoo guys are collecting their dollars and spending it in Naija, increasing our country dollar reserve. That is why yahoo guys have light sentence and SARS are just extorting money from them. Seriously Nigeria no want yahoo to end o. So because you are in power, you can't do anything you like, you maintain order. 2 Likes |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by selemempe: 5:52pm On Jun 30, 2020 |
humilitypays:yes. Before it can work for you, you need to be a production power house. People need to be at your ports daily exporting goods to their country and converting their various currencies to yours. If for instance west Africa was a country with one currency and strong manufacturing companies, we can dominate Africa like that and print our Eco to use to buy raw materials from African countries. |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Fathai(m): 6:28pm On Jun 30, 2020 |
oglalasioux:deposit the cash into your Nigeria bank account, fund your PayPal, Payoneer account. etc..buy things online, through AliExpress, Amazon and the rest. |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by oglalasioux(m): 6:40pm On Jun 30, 2020 |
Fathai: Chai! So you think PayPal and the rest accept your naira? Get educated here: Your bank pays them with dollars through the CBN and bills you heavily. Go to Dubai. You can use your Nigerian ATM card and withdraw dirhams. But check your alert later and see how your bank will bill you because of the international transaction. |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Qu3sT(m): 7:00pm On Jun 30, 2020 |
Tinkulala:further read up on fiat currency, German hyperinflation in the early 1920s, venezuelan economic crisis, the federal reserve, the greek economic crisis of 2009, the gold standard. etc 1 Like |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Bhorbymills1990: 7:01pm On Jun 30, 2020 |
Are you an unemployed graduate or did you just retire from paid employment and you are aspiring to own a business? If you answer yes, I advice you to invest in snail farming and turn your backyard garden to snail haven. I knew that backyard snail breeding can take many people out of unemployment.. |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by StarOnEarth(m): 7:01pm On Jun 30, 2020 |
shilenji:Everybody hate chris |
Re: Why Are Some Countries Poor When Their Central Bank Can Print Money? by Fortune109: 8:44pm On Jun 30, 2020 |
Only if you can print original Dollars ( almost impossible)...alleged North Korean style. Dollars can be used to import whatever goods and services you need to stimulate your economy back to life |
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