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Posted: 1/20/2013 10:36:35 AM EDT
What is going to happen to all of the mortgages and debt once that happens?
Will there be another currency set up with an exchange rate to transfer debt to the new currency? Will 401Ks and other investments also be transferred to the new currency? I would assume that if another currency is put in place, presumably all digital, the transfer rate will be such that much of the wealth in the current system will be lost. Will the new currency be gold and silver, Pmags, or something else?  |
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Posted: 1/20/2013 10:38:09 AM EDT
[#1]
What would be the functional difference between the dollar and a new currancy if value parity is kept between debts?
Just keep the dollar and keep pumping them out. Functionally the same thing. |
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Posted: 1/20/2013 10:44:09 AM EDT
[#2]
The "Government" will issue scrip. Every other form of "money" will become contraband. (Gold, silver, beans, ammo, gasoline, etc). Do some reading about how this happened in history, many times.
Scrip is a term for any substitute for currency which is not legal tender and is often a form of credit. Scrips were created as company payment of employees and also as a means of payment in times where regular money is unavailable, such as remote coal towns, military bases, ships on long voyages, or occupied countries in war time. Other forms of scrip include subway tokens, IOUs, arcade tokens and tickets, and "points" on some websites. |
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Posted: 1/20/2013 10:44:42 AM EDT
[#3]
Quoted:
The "Government" will issue scrip. Every other form of "money" will become contraband. (Gold, silver, beans, ammo, gasoline, etc). Do some reading about how this happened in history, many times. Scrip is a term for any substitute for currency which is not legal tender and is often a form of credit. Scrips were created as company payment of employees and also as a means of payment in times where regular money is unavailable, such as remote coal towns, military bases, ships on long voyages, or occupied countries in war time. Other forms of scrip include subway tokens, IOUs, arcade tokens and tickets, and "points" on some websites. They have been doing this since the 30's ya know. That is what "money" is |
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Posted: 1/20/2013 10:45:35 AM EDT
[#4]
Quoted: What would be the functional difference between the dollar and a new currancy if value parity is kept between debts? Just keep the dollar and keep pumping them out. Functionally the same thing. Keep pumping them out will eventually fail under hyperinflation. You make a good point that something would have to back the new currency or it would be the same as the old no matter what the exchange rate was. |
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Posted: 1/20/2013 10:46:16 AM EDT
[#5]
What is going to happen to all of the mortgages and debt once that happens?
When the banks colapse, there are obligated to call in their outstanding debts. Mortgages are among these. Will there be another currency set up with an exchange rate to transfer debt to the new currency? Maybe, but not for a significant period of time. Perhaps the duration of the Revolutionary war. Will 401Ks and other investments also be transferred to the new currency? 401Ks like most investments will lose the very vat majority of their value. So will the stock market and the bond market. The CDS and CDO and other dertivatives will become worthless. I would assume that if another currency is put in place, presumably all digital, the transfer rate will be such that much of the wealth in the current system will be lost. I assume that the vast majority of wealth will simply vanish. Will the new currency be gold and silver, Pmags, or something else? There will be a multi year delay between the colapse and a currency of any value. Be prepaired to rid this out. |
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Posted: 1/20/2013 10:47:41 AM EDT
[#6]
Quoted: The "Government" will issue scrip. Every other form of "money" will become contraband. (Gold, silver, beans, ammo, gasoline, etc). Do some reading about how this happened in history, many times. Scrip is a term for any substitute for currency which is not legal tender and is often a form of credit. Scrips were created as company payment of employees and also as a means of payment in times where regular money is unavailable, such as remote coal towns, military bases, ships on long voyages, or occupied countries in war time. Other forms of scrip include subway tokens, IOUs, arcade tokens and tickets, and "points" on some websites. So all debt would be transferred to the scrip when it happens? |
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Posted: 1/20/2013 10:47:41 AM EDT
[#7]
If in a Hyperinflation scenario you can pay your home with a quarter.
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Posted: 1/20/2013 10:49:10 AM EDT
[#8]
Quoted:
What is going to happen to all of the mortgages and debt once that happens? Will there be another currency set up with an exchange rate to transfer debt to the new currency? Will 401Ks and other investments also be transferred to the new currency? I would assume that if another currency is put in place, presumably all digital, the transfer rate will be such that much of the wealth in the current system will be lost. Will the new currency be gold and silver, Pmags, or something else? I am not sure what you are saying, you signed a contract that promises you will pay back the lender in dollars not gold or anything else for that matter. If it makes you feel better the interest you are being charged is supposed to cover the lenders risk plus profit requirement. In other words the risk of the dollar being worth nothing is baked into the cake. Now of course the dollar as well as the bonds that back them are often discounted at 0% risk, but that's not your problem. When it really looks as if the dollar will collapse interest rates will rise, the media will call it inflation, but they are really one and the same. In real terms the dollar has already collapsed, the dollar your grandfather earned and stuck into a can is worth pennies. Until the Fed was invented, a penny saved really was a penny earned. |
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Posted: 1/20/2013 10:49:53 AM EDT
[#9]
A can of soda used to sell for 50 cents from a machine, now I can find them for 1 dollar apiece. Yeah, the dollar is crashing in buying power. This is due to the 'gubment printing more money without a corresponding increase in economic output.
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Posted: 1/20/2013 10:58:22 AM EDT
[#10]
Quoted:
If in a Hyperinflation scenario you can pay your home with a quarter. The value of money doesn't inflate the cost of goods does. |
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Posted: 1/20/2013 10:59:22 AM EDT
[#11]
Quoted:
Quoted:
[snip] When it really looks as if the dollar will collapse interest rates will rise, the media will call it inflation, but they are really one and the same. In real terms the dollar has already collapsed, the dollar your grandfather earned and stuck into a can is worth pennies. Until the Fed was invented, a penny saved really was a penny earned. +1 Should it be known the USD has collapsed I suspect we wouldn't be worrying about mortgages or other debts. There would be a private gray/black market and a public re-allocation of resources to keep the FSA alive. |
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Posted: 1/20/2013 10:59:24 AM EDT
[#12]
Quoted:
Quoted:
The "Government" will issue scrip. Every other form of "money" will become contraband. (Gold, silver, beans, ammo, gasoline, etc). Do some reading about how this happened in history, many times. Scrip is a term for any substitute for currency which is not legal tender and is often a form of credit. Scrips were created as company payment of employees and also as a means of payment in times where regular money is unavailable, such as remote coal towns, military bases, ships on long voyages, or occupied countries in war time. Other forms of scrip include subway tokens, IOUs, arcade tokens and tickets, and "points" on some websites. So all debt would be transferred to the scrip when it happens? the dollar is the scrip |
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Posted: 1/20/2013 11:00:07 AM EDT
[#13]
Quoted:
Quoted:
What would be the functional difference between the dollar and a new currancy if value parity is kept between debts? Just keep the dollar and keep pumping them out. Functionally the same thing. Keep pumping them out will eventually fail under hyperinflation. You make a good point that something would have to back the new currency or it would be the same as the old no matter what the exchange rate was. That is why taxes are used to moderate inflation |
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Posted: 1/20/2013 11:00:52 AM EDT
[#14]
Quoted: Quoted: What is going to happen to all of the mortgages and debt once that happens? Will there be another currency set up with an exchange rate to transfer debt to the new currency? Will 401Ks and other investments also be transferred to the new currency? I would assume that if another currency is put in place, presumably all digital, the transfer rate will be such that much of the wealth in the current system will be lost. Will the new currency be gold and silver, Pmags, or something else? I am not sure what you are saying, you signed a contract that promises you will pay back the lender in dollars not gold or anything else for that matter. If it makes you feel better the interest you are being charged is supposed to cover the lenders risk plus profit requirement. In other words the risk of the dollar being worth nothing is baked into the cake. Now of course the dollar as well as the bonds that back them are often discounted at 0% risk, but that's not your problem. When it really looks as if the dollar will collapse interest rates will rise, the media will call it inflation, but they are really one and the same. In real terms the dollar has already collapsed, the dollar your grandfather earned and stuck into a can is worth pennies. Until the Fed was invented, a penny saved really was a penny earned. I am not looking to get out of paying my debts, In less than a year I could have no mortgage. On the other hand there is a business opportunity that could double my net worth but in the short term 50% of it would be debt. To get out or get in.... |
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Posted: 1/20/2013 11:01:57 AM EDT
[#15]
Quoted: Quoted: What would be the functional difference between the dollar and a new currancy if value parity is kept between debts? Just keep the dollar and keep pumping them out. Functionally the same thing. Keep pumping them out will eventually fail under hyperinflation. You make a good point that something would have to back the new currency or it would be the same as the old no matter what the exchange rate was. hyperinflation will occur as soon as the Fed raises the interest rates, be prepared as much as possible. |
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Posted: 1/20/2013 11:03:35 AM EDT
[#16]
Quoted:
Quoted:
Quoted:
What is going to happen to all of the mortgages and debt once that happens? Will there be another currency set up with an exchange rate to transfer debt to the new currency? Will 401Ks and other investments also be transferred to the new currency? I would assume that if another currency is put in place, presumably all digital, the transfer rate will be such that much of the wealth in the current system will be lost. Will the new currency be gold and silver, Pmags, or something else? I am not sure what you are saying, you signed a contract that promises you will pay back the lender in dollars not gold or anything else for that matter. If it makes you feel better the interest you are being charged is supposed to cover the lenders risk plus profit requirement. In other words the risk of the dollar being worth nothing is baked into the cake. Now of course the dollar as well as the bonds that back them are often discounted at 0% risk, but that's not your problem. When it really looks as if the dollar will collapse interest rates will rise, the media will call it inflation, but they are really one and the same. In real terms the dollar has already collapsed, the dollar your grandfather earned and stuck into a can is worth pennies. Until the Fed was invented, a penny saved really was a penny earned. I am not looking to get out of paying my debts, In less than a year I could have no mortgage. On the other hand there is a business opportunity that could double my net worth but in the short term 50% of it would be debt. To get out or get in.... In a high-inflation period, it is far better to be in debt, (albeit with income production potential aka "skills") than it is to be positive and liquid. Which is the same theory that goldbugs ascribe to with some irony, as it is a hedge. |
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Posted: 1/20/2013 11:04:19 AM EDT
[#17]
Quoted: A can of soda used to sell for 50 cents from a machine, now I can find them for 1 dollar apiece. Yeah, the dollar is crashing in buying power. This is due to the 'gubment printing more money without a corresponding increase in economic output. I used to buy them for a dime |
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Posted: 1/20/2013 11:04:50 AM EDT
[#18]
You guys should have listened to any number of the rants I've typed here over the years.
Whatever investments I have are safe. I feel bad for you, but you can't say you weren't warned. |
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Posted: 1/20/2013 11:04:52 AM EDT
[#19]
Quoted:
Quoted:
Quoted:
What would be the functional difference between the dollar and a new currancy if value parity is kept between debts? Just keep the dollar and keep pumping them out. Functionally the same thing. Keep pumping them out will eventually fail under hyperinflation. You make a good point that something would have to back the new currency or it would be the same as the old no matter what the exchange rate was. hyperinflation will occur as soon as the Fed raises the interest rates, be prepared as much as possible. Which is why it should be reduced across the board, rather than raised, to increase GDP and prevent rampant inflation w/o growth. The only saving grace is that the government actually spends a lot of this money, but on shitty programs. Curtailing spending would be bad at this juncture. |
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Posted: 1/20/2013 11:05:26 AM EDT
[#20]
Quoted:
If in a Hyperinflation scenario you can pay your home with a quarter wheelbarrow full of hundreds. Then the .gov will reinstate your mortgage at a new rate because banks are too big to fail. http://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_Republic |
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Posted: 1/20/2013 11:06:22 AM EDT
[#21]
Quoted:
Quoted:
A can of soda used to sell for 50 cents from a machine, now I can find them for 1 dollar apiece. Yeah, the dollar is crashing in buying power. This is due to the 'gubment printing more money without a corresponding increase in economic output. I used to buy them for a dime and people made $13,000 a year in middle class incomes..... Apples to oranges. You cannot compare today's dollar to yesterday's dollar. |
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Posted: 1/20/2013 11:07:38 AM EDT
[#22]
Quoted: Quoted: The "Government" will issue scrip. Every other form of "money" will become contraband. (Gold, silver, beans, ammo, gasoline, etc). Do some reading about how this happened in history, many times. Scrip is a term for any substitute for currency which is not legal tender and is often a form of credit. Scrips were created as company payment of employees and also as a means of payment in times where regular money is unavailable, such as remote coal towns, military bases, ships on long voyages, or occupied countries in war time. Other forms of scrip include subway tokens, IOUs, arcade tokens and tickets, and "points" on some websites. They have been doing this since the 30's ya know. That is what "money" is lol, I read it the same way you did Dan... |
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Posted: 1/20/2013 11:08:31 AM EDT
[#23]
Can I has batrertown?
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Posted: 1/20/2013 11:10:23 AM EDT
[#24]
soooo keep a few bricks of 22 for when you need some tires from your local shop. don't tell me that won't work out here in the country.
same thing with cigs and liquor. barter will be the new system in order to get around. |
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Posted: 1/20/2013 11:11:52 AM EDT
[#25]
Novus ordo seclorum
New order of the Ages, in Latin. It's on all of our paper money since 1935. Also has come to mean "New World Order", by people who believe in conspiracies. I think the Federal Reserve's "fiat system", is and always has been designed to make maximum profit off the taxpaying slaves, er, I mean People of the United States. It is a privately owned Central Bank after all.  |
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Posted: 1/20/2013 11:11:57 AM EDT
[#26]
Quoted:
Quoted:
Quoted:
The "Government" will issue scrip. Every other form of "money" will become contraband. (Gold, silver, beans, ammo, gasoline, etc). Do some reading about how this happened in history, many times. Scrip is a term for any substitute for currency which is not legal tender and is often a form of credit. Scrips were created as company payment of employees and also as a means of payment in times where regular money is unavailable, such as remote coal towns, military bases, ships on long voyages, or occupied countries in war time. Other forms of scrip include subway tokens, IOUs, arcade tokens and tickets, and "points" on some websites. They have been doing this since the 30's ya know. That is what "money" is lol, I read it the same way you did Dan... Some people here still think they can go to the bank, talk to the Manager, and they go back and look in the safe at their pile of money sitting there, next to other peoples' piles of money.
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Posted: 1/20/2013 11:12:06 AM EDT
[#27]
Quoted:
Quoted:
A can of soda used to sell for 50 cents from a machine, now I can find them for 1 dollar apiece. Yeah, the dollar is crashing in buying power. This is due to the 'gubment printing more money without a corresponding increase in economic output. I used to buy them for a dime In a glass botlle. |
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Posted: 1/20/2013 11:14:05 AM EDT
[#28]
Im just gonna stick my dick in the dirt and fuck the world!
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Posted: 1/20/2013 11:14:54 AM EDT
[#29]
Quoted:
What is going to happen to all of the mortgages and debt once that happens? When the banks colapse, there are obligated to call in their outstanding debts. Mortgages are among these. Callable mortgage notes don't really exist, unless it's hard money from a private investor |
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Posted: 1/20/2013 11:19:42 AM EDT
[#30]
We aren't going to have Hyperinflation.
We are going to have, eventually, very solid inflation, probably in the 6-8% range. If your salary doesn't keep up, you'll be worse off. Most likely the stock market will keep up, so your investments will just be 'flat'. But the value of debts outstanding will decrease, and the cost to borrow will spike. |
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Posted: 1/20/2013 11:19:43 AM EDT
[#31]
Google BANCOR
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Posted: 1/20/2013 11:21:40 AM EDT
[#32]
Quoted: Quoted: If in a Hyperinflation scenario you can pay your home with a quarter wheelbarrow full of hundreds. Then the .gov will reinstate your mortgage at a new rate because banks are too big to fail. http://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_Republic This is my concern. If they Refuck you after you planned for the collapse with a "Safe" investment then it would be much better to have no debt than "Safe" investments. |
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Posted: 1/20/2013 11:24:32 AM EDT
[#33]
the dollar crashed in 1913 when the federal reserve act was passed.
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Posted: 1/20/2013 11:26:20 AM EDT
[#34]
What will happen is, we will go into hyperinflation and if you have a million dollars in the bank, you can buy a loaf of bread with it.
Unless you have a job that the pay keeps in step with inflation, your home and whatever else you owe on, will revert back to the bank, or whoever holds the note at that time. 401s, IRAs? Unless you have your money in companies that will still be around after things get going again, your wealth is lost. If you have cash, when all this starts, you need to buy things that will still have value when a new currency is put into circulation. BUT,,, if we go to a cashless system like some bankers and politicians have wanted for a long time, who here is going to go along with it, knowing the next step may be a microchip implant? Take a look at these figures... This is inflation..................... Germany. 1920 a loaf of bread is 1.20 Mark a loaf. By Oct 1923 bread is 80 Billion Mark a loaf. By these figures, if you had 80 billion dollars, you would be close to the richest man in the world, and after the inflation hit, you would take your 80 billion dollars and buy a loaf of bread. |
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Posted: 1/20/2013 11:26:49 AM EDT
[#35]
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Posted: 1/20/2013 11:28:23 AM EDT
[#36]
Will add, the most important thing people worried about in post WW1 Germany was finding food... Now you know where to put your money.
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Posted: 1/20/2013 11:29:07 AM EDT
[#37]
Quoted:
What will happen is, we will go into hyperinflation and if you have a million dollars in the bank, you can buy a loaf of bread with it. Unless you have a job that the pay keeps in step with inflation, your home and whatever else you owe on, will revert back to the bank, or whoever holds the note at that time. 401s, IRAs? Unless you have your money in companies that will still be around after things get going again, your wealth is lost. If you have cash, when all this starts, you need to buy things that will still have value when a new currency is put into circulation. BUT,,, if we go to a cashless system like some bankers and politicians have wanted for a long time, who here is going to go along with it, knowing the next step may be a microchip implant? Take a look at these figures... This is inflation..................... Germany. 1920 a loaf of bread is 1.20 Mark a loaf. By Oct 1923 bread is 80 Billion Mark a loaf. By these figures, if you had 80 billion dollars, you would be close to the richest man in the world, and after the inflation hit, you would take your 80 billion dollars and buy a loaf of bread. Those conditions still assume a shortage of cash.... which you have not accounted for in our central banking system. Just a lot of unproductive uses of money. You are proposing a system of too much money in the system, but that none of it is getting spent down to the consumers (which is what all this europenis austerity shit is about) |
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Posted: 1/20/2013 11:29:25 AM EDT
[#38]
DQHu1BQ6,eewWIQ~~60_12.JPG)
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Posted: 1/20/2013 11:31:03 AM EDT
[#39]
Quoted:
Will add, the most important thing people worried about in post WW1 Germany was finding food... Now you know where to put your money. 
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Posted: 1/20/2013 11:31:22 AM EDT
[#40]
Outlawing foreign currencies, creation of a new black market, re-denomination (inflation rate chart at link);
http://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe
Redenomination At independence in 1980, the Zimbabwe dollar became the common currency. Originally, the paper notes were Z$20, 10, 5, and 2, and the coins were Z$1, and 50, 20, 10, 5, and 1 cents. As larger bills were needed to pay for menial amounts, the Central Bank of Zimbabwe planned to print and circulate denominations of up to Z$10, 20, 50, and 100 trillion. Announcements of new denominations were increasingly frequent; the Z$200,000,000 bill was announced just days after the printing of the Z$100,000,000 bill. The government did not attempt to fight inflation with fiscal and monetary policy. In 2006, before hyperinflation reached its peak, the bank announced it would print larger bills to buy foreign currencies. The Reserve Bank printed a Z$21 trillion bill to pay off debts owed to the International Monetary Fund. On three occasions, the Central Bank of Zimbabwe redenominated the currency. First, in August 2006, the Central Bank recalled notes in exchange for new notes with three zeros slashed from the currency. In July 2008, the governor of the Reserve Bank of Zimbabwe, Gideon Gono, announced a new Zimbabwean dollar, this time with 10 zeros removed. The Z$10 billion would be redenominated to be Z$1. This move was not just to slow inflation but also to make computations more manageable. A third redenomination, producing the "fourth Zimbabwe dollar," occurred in February 2009, and dropped 12 more zeros from the currency. It was thus worth 10 trillion trillion original dollars, as the three redenominations together reduced the value of an original dollar by 103 * 1010 * 1012 = 1025. Sound familiar? |
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Posted: 1/20/2013 11:31:23 AM EDT
[#41]
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Posted: 1/20/2013 11:32:08 AM EDT
[#42]
Quoted:
Quoted:
What will happen is, we will go into hyperinflation and if you have a million dollars in the bank, you can buy a loaf of bread with it. Unless you have a job that the pay keeps in step with inflation, your home and whatever else you owe on, will revert back to the bank, or whoever holds the note at that time. 401s, IRAs? Unless you have your money in companies that will still be around after things get going again, your wealth is lost. If you have cash, when all this starts, you need to buy things that will still have value when a new currency is put into circulation. BUT,,, if we go to a cashless system like some bankers and politicians have wanted for a long time, who here is going to go along with it, knowing the next step may be a microchip implant? Take a look at these figures... This is inflation..................... Germany. 1920 a loaf of bread is 1.20 Mark a loaf. By Oct 1923 bread is 80 Billion Mark a loaf. By these figures, if you had 80 billion dollars, you would be close to the richest man in the world, and after the inflation hit, you would take your 80 billion dollars and buy a loaf of bread. Those conditions still assume a shortage of cash.... which you have not accounted for in our central banking system. Just a lot of unproductive uses of money. Not sure what you mean by shortage, if you mean actual paper in circulation, people in Germany actually carried their money in a suitcase to make purchases. They had the paper, it was just worthless. The government kept printing money to pay bills, and inflation just kept rising. |
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Posted: 1/20/2013 11:32:46 AM EDT
[#43]
Quoted:
It's spelled "ONE DOLLAH" Crap, send it back to the printer. 
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Posted: 1/20/2013 11:32:51 AM EDT
[#44]
Quoted:
Outlawing foreign currencies, creation of a new black market, re-denomination (inflation rate chart at link); http://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe
Redenomination At independence in 1980, the Zimbabwe dollar became the common currency. Originally, the paper notes were Z$20, 10, 5, and 2, and the coins were Z$1, and 50, 20, 10, 5, and 1 cents. As larger bills were needed to pay for menial amounts, the Central Bank of Zimbabwe planned to print and circulate denominations of up to Z$10, 20, 50, and 100 trillion. Announcements of new denominations were increasingly frequent; the Z$200,000,000 bill was announced just days after the printing of the Z$100,000,000 bill. The government did not attempt to fight inflation with fiscal and monetary policy. In 2006, before hyperinflation reached its peak, the bank announced it would print larger bills to buy foreign currencies. The Reserve Bank printed a Z$21 trillion bill to pay off debts owed to the International Monetary Fund. On three occasions, the Central Bank of Zimbabwe redenominated the currency. First, in August 2006, the Central Bank recalled notes in exchange for new notes with three zeros slashed from the currency. In July 2008, the governor of the Reserve Bank of Zimbabwe, Gideon Gono, announced a new Zimbabwean dollar, this time with 10 zeros removed. The Z$10 billion would be redenominated to be Z$1. This move was not just to slow inflation but also to make computations more manageable. A third redenomination, producing the "fourth Zimbabwe dollar," occurred in February 2009, and dropped 12 more zeros from the currency. It was thus worth 10 trillion trillion original dollars, as the three redenominations together reduced the value of an original dollar by 103 * 1010 * 1012 = 1025. Sound familiar? We don't borrow from the IMF, so no, not really familiar. I'm really glad that the FED is private. Because if it was an elected branch, we would be fucked. That part sounds familiar, because we tried it, twice actually, and it failed spectacularly both times. |
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Posted: 1/20/2013 11:33:06 AM EDT
[#45]
Quoted:
Quoted:
It's spelled "ONE DOLLAH" Crap, send it back to the printer. no need. just print more |
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Posted: 1/20/2013 11:37:48 AM EDT
[#46]
You guys are not only misinformed, but misguided.
The Fed has worked EXACTLY as it should have since incorporation. It has kept us humming along and productive. It is not like balancing your checkbook, and what appears bad on paper in regards to debt, is just that, paper. |
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Posted: 1/20/2013 11:38:51 AM EDT
[#47]
Quoted:
Quoted:
Outlawing foreign currencies, creation of a new black market, re-denomination (inflation rate chart at link); http://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe
Redenomination At independence in 1980, the Zimbabwe dollar became the common currency. Originally, the paper notes were Z$20, 10, 5, and 2, and the coins were Z$1, and 50, 20, 10, 5, and 1 cents. As larger bills were needed to pay for menial amounts, the Central Bank of Zimbabwe planned to print and circulate denominations of up to Z$10, 20, 50, and 100 trillion. Announcements of new denominations were increasingly frequent; the Z$200,000,000 bill was announced just days after the printing of the Z$100,000,000 bill. The government did not attempt to fight inflation with fiscal and monetary policy. In 2006, before hyperinflation reached its peak, the bank announced it would print larger bills to buy foreign currencies. The Reserve Bank printed a Z$21 trillion bill to pay off debts owed to the International Monetary Fund. On three occasions, the Central Bank of Zimbabwe redenominated the currency. First, in August 2006, the Central Bank recalled notes in exchange for new notes with three zeros slashed from the currency. In July 2008, the governor of the Reserve Bank of Zimbabwe, Gideon Gono, announced a new Zimbabwean dollar, this time with 10 zeros removed. The Z$10 billion would be redenominated to be Z$1. This move was not just to slow inflation but also to make computations more manageable. A third redenomination, producing the "fourth Zimbabwe dollar," occurred in February 2009, and dropped 12 more zeros from the currency. It was thus worth 10 trillion trillion original dollars, as the three redenominations together reduced the value of an original dollar by 103 * 1010 * 1012 = 1025. Sound familiar? We don't borrow from the IMF, so no, not really familiar. I'm really glad that the FED is private. Because if it was an elected branch, we would be fucked. That part sounds familiar, because we tried it, twice actually, and it failed spectacularly both times. Printing a $1T coin to circumvent the debt ceiling is exactly the same as printing a $1T dollar bill. Zimbabwe did it with a $21T dollar bill. Different creditor, same result. |
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Posted: 1/20/2013 11:41:43 AM EDT
[#48]
That's why they want all he guns banned. No one to resist.
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Posted: 1/20/2013 11:45:04 AM EDT
[#49]
Quoted:
That's why they want all he guns banned. No one to resist. I have said this for years. As the country collapses, and people riot over food and inflation, they want to keep us in check, and they want to have total control when we come out of it. |
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Posted: 1/20/2013 11:45:25 AM EDT
[#50]
the student loans are whats going to kill us, everyones carrying around 40k + in student debt without a job in site at least with a piece of property you'll eventually get foreign investment.
Why does the cost of education keep going up? Because someone is willing to fund the loan! |
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