₦airaland Forum

ZUBY77:
Why are countries using US Dollars as legal tender?
Is there any supreme justification to that?
It is the rule they created by themselves when they were the highest oil buyers.
Now Chinese has taken over that mantle.

Chinese produce half of what Zimbabwe buys and uses. Same with most African countries.

You produce oil and USA determine the price and trading currency, how do you think your oil will sustain you when they occasionally threaten to stop buying at the price you want?
What exactly do you think caused the Libyan invasion? What did Ghadafi do?


I have said it that Africa should swallow their black useless pride and look up to Asia.
Europe and United States developed long ago and while sitting up there, they make rules that suppress emerging countries.
They have reached their economic limit and the only way to maintain it and remain up there is to make economic rules that crush emerging countries.
They manufacture things and ship them to you.
You manufacture yours, they call it substandard and stop you from discussing it at all at the World Trade Organisation.

What exactly is the standard?
Why would their own be the measurement for standard?
Why not call our own the Standard and call their own over-standard?
That way, we can buy our things with mental relaxation since we are poor, instead of saving up N20,000 to buy one pair of shoe in a country where minimum wage is 18,000.
Then when Chinese came to help us out, they tagged their products substandard again. Who cares?
All my shoes are Chinese. All my clothes are Chinese. In fact, I left Europe and I live in China now. It is simple, as an individual, I know what is good for me, I don't do things to please your fvcking eyes. You can say whatever you want. I live my life one step at a time. We can never jump from Africa to USA level. It will take us a million years. The logical way is to follow the routes of Countries like China who are closest to us in terms of needs.


How many Africans are members of WTO? Zero.


Only hardliners such as China, Iran and co are able to wriggle themselves out of the grip of Europe and USA. Africa needs to start doing the same. Stop looking up to America, it's common sense that Dangote or Adenuga will never give you an idea that will make you get richer than them or make you as rich as they are.

In our useless badly configured mind, we mock our locally made products and promote Made in USA or UK items. We mock our religion and embraced the one Europeans imported to us. We abandoned the development of our social and economic system only to embrace that of the west. We are totally not doing anything for ourselves.

When things are not working for you, it's logical that you try something else.

stevecantrell:
Let's hope, with the current speed things are heading downhill it doesn't get to that.

ChinonsoDike2:
Why are you A*holes always so pissed at the USA?! Did we deny you visa?!
Always plotting the downfall of a country a million times better than your sub-Saharan craphole. Concentrate on your country, you low IQ sub-human. 'Merica!

TheGreenDay:
Zimbabwe has announced that it will make the Chinese yuan legal tender after Beijing confirmed it would cancel $40m in debts.

“They (China) said they are cancelling our debts that are maturing this year and we are in the process of finalising the debt instruments and calculating the debts,” minister Patrick Chinamasa said in a statement.

Chinamasa also announced that Zimbabwe will officially make the Chinese yuan legal tender as it seeks to increase trade with Beijing.

Zimbabwe abandoned its own dollar in 2009 after hyperinflation, which had peaked at around 500bn%, rendered it unusable.

It then started using a slew of foreign currencies, including the US dollar and the South African rand.

The yuan was later added to the basket of the foreign currencies, but its use had not been approved yet for public transactions in the market dominated by the greenback.
http://metropolexpress.com/business/item/5656-zimbabwe-adopts-chinese-yuan-as-official-currency-in-exchange-for-40m-debt-relief

AmeLonRo:
I bet to disagree that the Asians are not loyal. If they are not loyal, why is Africa going to them? Africans have a choice.

martinosi:
Well well well.... give me a couple of days ..i get back to you on this one....

emmykk:
your knoweledge of economics is very poor.

As far as am concern your didnt say anything.

delikay4luv:
Economics Expert. Please Educate us.

linusbnn:
Depends on where you see it from,but I feel these pple are much sincere to what we see in Africa

MeesterMAN:
okk

The inclusion of the Yuan in the basket of SDR, or Special Drawing Rights, along with the other four currencies with
SDR status—the US dollar, the euro, the UK pound sterling and the Japanese yen—will make up the overwhelming input into global international currency reserves. As a knock-on effect, it will dominate international bond markets and global financial transactions. This is most welcome for countries like Zimbabwe for the following additional reasons. The launch of a new yuan international payment system seeks to reduce the cost of conducting payment in yuan for Zimbabwean banks. Secondly Zimbabwe Importers will obtain an important advantage by paying in yuan since Chinese suppliers always apply a surcharge to dollar payments. Lastly the use of the Yuan will have the potential of lowering borrowing costs and facilitating cross-border contracts in major commodities that are priced in Yuan thereby easing foreign exchange risks arising from pricing in US dollars.

emmykk:
what you are struggling to understand is taught in ECO101 in the university.

delikay4luv:
then please explain it here

emmykk:
for you to be sentimental of how gold standard was replace by dollar as unit of reserve measurement i give up on you.

angiography:
give them a little more dominance they crave for...then you see the real Chinese.

life in mainland China itself ain't better than Nigeria's in much places.

koboko69:
Because of ordinary 40million dollars.

When Jonathan, Dansuki and friends shared 2.1 billion dollars within themselves....

Na the one we still know ooo.

Nigeria is a f**king rich country.....

Just that PDP looted it dry!

ZUBY77:
Why are countries using US Dollars as legal tender?
Is there any supreme justification to that?
It is the rule they created by themselves when they were the highest oil buyers.
Now Chinese has taken over that mantle.

Chinese produce half of what Zimbabwe buys and uses. Same with most African countries.

You produce oil and USA determine the price and trading currency, how do you think your oil will sustain you when they occasionally threaten to stop buying at the price you want?
What exactly do you think caused the Libyan invasion? What did Ghadafi do?


I have said it that Africa should swallow their black useless pride and look up to Asia.
Europe and United States developed long ago and while sitting up there, they make rules that suppress emerging countries.
They have reached their economic limit and the only way to maintain it and remain up there is to make economic rules that crush emerging countries.
They manufacture things and ship them to you.
You manufacture yours, they call it substandard and stop you from discussing it at all at the World Trade Organisation.

What exactly is the standard?
Why would their own be the measurement for standard?
Why not call our own the Standard and call their own over-standard?
That way, we can buy our things with mental relaxation since we are poor, instead of saving up N20,000 to buy one pair of shoe in a country where minimum wage is 18,000.
Then when Chinese came to help us out, they tagged their products substandard again. Who cares?
All my shoes are Chinese. All my clothes are Chinese. In fact, I left Europe and I live in China now. It is simple, as an individual, I know what is good for me, I don't do things to please your fvcking eyes. You can say whatever you want. I live my life one step at a time. We can never jump from Africa to USA level. It will take us a million years. The logical way is to follow the routes of Countries like China who are closest to us in terms of needs.


How many Africans are members of WTO? Zero.


Only hardliners such as China, Iran and co are able to wriggle themselves out of the grip of Europe and USA. Africa needs to start doing the same. Stop looking up to America, it's common sense that Dangote or Adenuga will never give you an idea that will make you get richer than them or make you as rich as they are.

In our useless badly configured mind, we mock our locally made products and promote Made in USA or UK items. We mock our religion and embraced the one Europeans imported to us. We abandoned the development of our social and economic system only to embrace that of the west. We are totally not doing anything for ourselves.

When things are not working for you, it's logical that you try something else.

mikolo80:
divide all the looted money by 170 million, then tell me if you still think Nigeria is rich. patapata 50 k each. try do like person wen go school na.

onatisi:
many don't know that china has spread set up a bank just like the IMF or world bank and a lot of Asian countries have joined. The Chinese are gradually becoming the world super power. Zambia too will soon join Zimbabwe and once those 2 countries are in it is just a matter of time before other African countries join. China will try to turn Zimbabwe into a working and vibrant economy so as to attract other African countries. This will be a huge threat to south Africa because of the cheap goods which china will be making in Zimbabwe

Menace2Society:
What the hell is this one saying?

Menace2Society:
What the hell is this one saying?

birdman:
where is cap28, igbo2011, afroblue and friends who keep telling us Mugabe is the best thing since sliced bread.

koboko69:
So this is how u reason...what kind of foolish logic is this?

igbo2011:
I don't agree with this at all, he is making a mistake. He needs to retire.