A Quote by Michael Hudson
I think something like three-quarters of American currency is held abroad, by drug dealers, by tax evaders, Russians and Chinese. Other people think that they want to protect themselves against their own currency going down. When you have 75% of the currency and even more of the high-denomination $100 bills held abroad, you wonder whether these are people we really want to pay. If you get rid of the $100 bills, its foreign holders will be the main losers.
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The vast majority of $100 bills are abroad, not in the United States. So yes, of course there's a use here but nowhere near as much as there's a use for $100 bills abroad.
What there is no dispute about is whether or not China is a currency manipulator. They are a currency manipulator. They actively intervene every single day to keep the value of their currency less than it would be against the dollar than if it floated freely. We think. Even China barely disputes that.
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.
Nations with a common currency never went to war against each other. A common currency is more than the money you pay with.
A strong currency means that American consumers and businesses can buy imported goods and services more cheaply and that inflation and interest rates will be lower, ... It also puts pressure on American industry to increase productivity and competitiveness. These benefits can feed on themselves as foreign capital flows in more readily because of greater confidence in our currency. A weak dollar would have the contrary effects.
The United States is pushing as policy division of the world into rival currency camps - the dollar area on the one hand, and the Russia-Chinese-Shanghai Cooperation Organization group on the other, especially now that the IMF has changed its rules. People think that if there are rival currency groupings and national currencies are going bust, we might as well use gold as a safe haven.
Earlier, physical currency used to dominate. Now, mobile currency or digital currency is dominating. For digital currency, fintech is very crucial.
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.
I do think some digital currency will end up being the reserve currency of the world. I see a path where that's going to happen.
Many countries are looking at the virtual currency and the digital currency. Now, the issue is a virtual currency by the government, digital currency by the government that is one area to look but on the other hand, there are private cryptocurrencies as well.
If you look at the balance sheet, the US is heavily in debt. If you look at the income account - the amount of interest the US pays abroad - it is almost exactly equal to the amount of interest that it receives from abroad. American assets held abroad are earning a higher rate of return than foreign assets held here.
The most sinister of all taxes is the inflation tax and it is the most regressive. It hits the poor and the middle class. When you destroy a currency by creating money out of thin air to pay the bills, the value of the dollar goes down, and people get hit with a higher cost of living. It's the middle class that's being wiped out. It is most evil of all taxes.
Remember what we're looking at. Gold is a currency. It is still, by all evidence, a premier currency, that no fiat currency, including the dollar, can match.
Today, President Barack Obama promised to 'detect and pursue' American tax evaders, as opposed to his first 100 days, in which he detected and nominated American tax evaders.
With the loss of the American dollar as its own currency and its devaluation, I think that people will not even be able to afford bread and milk. They're facing a real crisis in America and I think the solution is Islam.
It seems as though everyone is going to the currency of celebrity. Everyone's getting their own account of whatever that currency is. That's something neat.
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