We have to fear that another round of quantitative easing will do no more than devalue the dollar as a paper currency and lead to more speculation in gold and other commodities.
In addition to all of these tax issues, the U.S. in the early 1930s was on a gold standard where paper currency was legally convertible into gold.
WSJ: Arthur B. Laffer: Taxes, Depression, and Our Current Troubles
When a government's paper currency fails to do the one thing it's supposed to do--signal that it's worth exactly what the numerical figure on the bill says--distortions result.
Chancellor's Schroeder's remarks also suggested "a potentially dangerous divergence" between those who stress "the benefits of a weak euro in stimulating exports and job growth", and the European Central Bank, "which fears the inflationary consequences of a weak currency", the paper says.
Some were tempted by promises of land, others by the fact that the king's armies paid in a gold-backed currency, not paper dollars.
As well as offering to pay more, its valuable shares are a more attractive currency than Bell's stodgy paper.
In the absence of convertibility into specie, there must be a monetary rule to anchor the nominal value of paper currency.
FORBES: The Limits Of Monetary Policy Call For Moral, Sound Money
The increase in the demand for paper currency and gold not only had a quantity effect on the money supply but it also put upward pressure on the price of gold, which meant that dollar prices of all goods and services had to fall for the relative price of gold to rise.
WSJ: Arthur B. Laffer: Taxes, Depression, and Our Current Troubles
But, as acknowledged in the paper, governments intervene in currency markets to pursue a variety of policy objectives (not just to secure an exporter advantage), including to defend the currency from competitive devaluations.
FORBES: Foreign 'Currency Manipulation' Does Not Warrant Washington's Attention
Korean paper is trading at a 23% yield after a 48% currency drop.
The stated intention of this policy is to introduce more inflation as a means to potentially stimulate economic activity, but it also provides a means to pay back the large amassed debts with less valuable paper currency without having to deal with the short-term pain of actual default.
For U.S. policymakers to single out currency manipulation as a primary concern for remediation (as the Peterson paper does), the United States should have clean hands.
FORBES: Foreign 'Currency Manipulation' Does Not Warrant Washington's Attention
That is the pseudonym adopted by Sir Walter Scott when, in March 1826, he launched a spirited and sustained attack against an earlier effort to interfere with Scotland's paper currency.
Personally, I find oil a more appealing commodity play if you want to put your savings into something other than paper currency.
Giving citizens a choice of currencies was proposed in a Conservative government Treasury paper in the late 1980s, as an alternative to the single European currency.
China is preparing for a world beyond the inconvertible paper dollar, a world in which the renminbi, buttressed by gold, becomes the dominant reserve currency.
During his second term, he vetoed the renewal of the charter for the independent Second Bank of the United States, a private institution that kept the federal government's deposits interest-free, and issued uniform paper currency.
You can get the currency exposure either by purchasing short-term paper issued by the flaky government in question or by taking a long position in the futures market for that currency.
Within the union, the Treasury paper basically says the current set-up for Scotland makes sense, for the same reasons that a currency union between Austria and Germany makes sense - though I should say they never make the comparison.
应用推荐