A Quote by Henry H. Fowler
Providing reserves and exchanges for the whole world is too much for one country and one currency to bear.
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All issues - purchasing and selling of currency - are related to the regulation of the national currency market. However, it is still difficult to say what will be the reaction of the Central Bank and if it would lead to increasing the gold and foreign currency reserves.
I'm a huge proponent of exchanges, student exchanges, cultural exchanges, university exchanges. We talk a lot about public diplomacy, .. It's extremely important that we get our message out, but it's also the case that we should not have a monologue with other people. It has to be a conversation, and you can't do that without exchanges and openness.
I think it's fundamentally a good sign that more and more professional traders and market makers are providing liquidity to the whole ecosystem. It allows people to move much larger quantities of digital currency more quickly than they would if that were not the case.
Claudia Rankine's Citizen comes at you like doom. It's the best note in the wrong song that is America. Its various realities-'mistaken' identity, social racism, the whole fabric of urban and suburban life-are almost too much to bear, but you bear them, because it's the truth. Citizen is Rankine's Spoon River Anthology, an epic as large and frightening and beautiful as the country and various emotional states that produced it.
If we are going to go into a global currency fight against countries like China, well, the US has about 75, 76 billion in foreign reserves. They're going to be up against China with 1.7 trillion in US dollars and foreign reserves, so it's not much of a fight there. It could be an interesting fight though.
To bear the country's disgrace is to rule the shrines of soil and grain. To bear the country's misfortunes is to be the king of the world.
The whole thing of moving the currency through currency sorting and detection machines and so on that was the whole process actually encouraging electronic transactions.
I hold all idea of regulating the currency to be an absurdity; the very terms of regulating the currency and managing the currency I look upon to be an absurdity; the currency should regulate itself; it must be regulated by the trade and commerce of the world; I would neither allow the Bank of England nor any private banks to have what is called the management of the currency.
Sometimes when these kinds of things happen, it can seem a little bit too much to bear. But what I want the people of Louisiana know is that you're not alone on this. Even after the TV cameras leave, the whole country is going to continue to support you and help you until we get folks back in their homes and lives are rebuilt.
Most paper money initially existed as a substitute for gold. That's what gave it value. But right now what gives a currency value is other currency. Most countries hold reserves and the reserves are other currencies. If you are a backing up the euro with the dollar, what's backing up the dollar? I don't think it is going to go to a point where all you have is coins and bars of gold, but I do think that we are going to have to go back to a monetary system based in gold, not based on paper.
No duty is more imperative for the government than the duty it ;owes the people to furnish them with a sound and uniform currency, an of regulating the circulation of the medium of exchange so that labor will be protected from a vicious currency [private bank-created, interest-bearing debt], and commerce will be facilitated by cheap and safe exchanges.
My single biggest financial concern is the loss of the dollar as the reserve currency. I can't imagine anything more disastrous to our country. . .you're already seeing things in the markets that are suggesting that confidence in the dollar is waning. . .I think you could see a 25% reduction in the standard of living in this country if the U.S. dollar was no longer the world's reserve currency. That's how valuable it is.
Bond investors want growth much like equity investors, and to the extent that too much austerity leads to recession or stagnation then credit spreads widen out - even if a country can print its own currency and write its own cheques.
Historically, bad money always drives out good. Accordingly, if a central bank anywhere in the world sets up its currency to be backed by any kind of hard currency, it would cause people all around the world to desire that currency for their savings, rather than dollars.
For 40 years we were led to think of the Russians as godless, materialistic and an evil empire. When the Cold War ended, we suddenly discovered that Russia was a poor Third World country. They had not been equipped to take over the world. In fact, they were just trying to improve a miserable standard of oppressive living, and couldn't. They had to spend too much on arms build-up. We didn't win the Cold War; we bankrupted the Russians. In effect, it was a big bank exhausting the reserves of a smaller one.
Iraq has the second largest oil reserves in the world, it is right in the midst of the major energy reserves in the world. Its been a primary goal of US policy since World War II to control what the State Department called "a stupendous source of strategic power" and one of the greatest material prizes in history.
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