Yeah but compared to what they have now it is a step up. They had over 100% devaluation of their currency last year alone. Can you imagine how disruptive that is to the people living there? The US dollar itself will probably be devalued over time because of our insane and unpayable debt but it’s still a better choice than what they have now.
“Yeah but compared to what they have now it is a step up. They had over 100% devaluation of their currency last year alone. Can you imagine how disruptive that is to the people living there? The US dollar itself will probably be devalued over time because of our insane and unpayable debt but it’s still a better choice than what they have now.”
No doubt, but his ideas are not well thought out when he calls central banks a scam and then wants to use the currency of the worlds largest central bank.
In reality what is more wrong than the idea of a central bank is the policies of many (most, currently) central banks, but those bad policies are not central to what a central bank could abd ought to be.
The worst policies of central banks arise from mandates given them that should not be theirs to “fix”, like “full employment”. Central banks and their policies should not be used to “correct” economies for conditions that result from bad central government fiscal, tax and regulatory policies. It is that which central banks should not be about that have been getting central banks in trouble. Instead of being a souce of stability through natural ups and downs of the business cycle, they have become mong the largest generators of the ups and downs of the business cycles.