Whose money is it anyway?

[billy1944]

Peace !

Come on Africa; we are the best in the world! Let sanity and common sense prevail over us always.

Africa is so rich with natural resources that we allow other nations to exploit those resources and become rich themselves leaving the poverty to Africa. Poor,poor Africa!

Those same resources can, instead, become money for Africa's use if we so decide. How?

 

By gradually weaning away from a floating currency

and adopting a precious-metal backed currency (PMC) as a single African currency.

This floating currency oftentimes devalue itself to the harm of a domestic economy. Look now at Zimbabwe, for example. Africa can do better.

 

A precious metal backed currency(PMC) would have to be revalued more often than devalued, thus contributing to a much stronger economy. Precious metals such as silver, gold and platinum,of which Africa is abundantly blessed with, should be minted as content for a currency because of the permanent value of the mineral. Common sense,right?

This currency would offer a flexibility for market trading based on production quantity and market demand.

Therefore, it is conceivable an African mint could operate fulltime manufacturing money and only Africa would decide when enough has been produced.

Now, when a precious-metal currency exist, the U.S. dollar, the euro,the franc, and all the other currencies, not backed with a precious metal, are rendered inferior and have to suck-up.

These currencies would be obligated to adjust their value in relation to the value of the PMC.

How fast would the fortunes of Africa rise if this

new currency became real with an unlimited production?

The mineral commodities should definitely become the "second oil patch" for Africa and prevent Africa from becoming a consumer nation full of foreign products.

Africa PMC become an export of significance.

Use of the floating currency is a cause of Africa riches floating away and a carefully devised scheme of mineral-poor nations to become wealthy at the expense of Africa.

A floating currency will perpetually keep Africa in poverty until Africa use a genuine,authenic money(currency) and lift themselves out of this bad situation. This must not be delayed another 5,10 or 15 years. This new currency can be phased in right now alongside the existing money,over a 3 to 5 year adaptability period.

By the way, this same money could pay off all the IMF & World Bank aid loans and never need take that path again. Perhaps, they'd have to close shop since they could no longer bleed African countries dry with high servise charges and interest. Africa maybe able to make loans to them with PMC.

Corrupt officials with a different agenda are the likely opposition to PMC. They'd much like to keep things as they are rather than advancing a whole people.

However, this is an African national security issue and the will of the people must prevail, even to the point of cutlass-intervention!

 

It's your money Africa, now do you want it or do you want to continue giving it away for others to become rich while you hold the begging bowl?

Do it soon or I shall continue to taunt you!!!

 

 

Larry L. Edwards

sovereign national

[Faarax-Brawn]

Interesting read. This is simply unrealistic though.

 

There are several questions that I have.

 

For instance, the entire money circulating in a particular African country, will all be METAL? What will happen to the notes?

 

Will the value of a 25pmcs (quarter) be the same as 100pmc? ($100) [if for instance its made of gold?, excluding the meager difference in weight]

 

How will you measure the value [in terms of grams], between 5pmcs and 1million pmcs? Given that the price of Cooper, Diamonds, Gold & Tin differ.

 

What will be of THE countries not blessed with metals? Will they be free riders?

 

Something I can occupy myself with indeed. Thanks dude.