A Quote by Steve Hanke
There has never been a failure of a currency board anywhere in the world. These are tough systems, and when I say they are foolproof, that's exactly the case.
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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.
If you're waiting for the perfect moment, you'll never write a thing because it will never arrive. I have no routine. I have no foolproof anything. There's nothing foolproof.
Racism and prejudice exist there [at the National Film Board] like anywhere else. My history at the Board has not been easy. It's been a long walk.
Mind you, the limelight exists anywhere in the world. When you're not in the U.K., it can be as active somewhere else in the world, and for me, that's more or less been the case, so I never dropped out of the limelight in that sense.
In 1971, the U.S. 'closed the gold window,' starting an era of global fiat money reference-pricing that has been unprecedented in history. Never before had the world operated on the basis of no country anywhere having a currency tied to something with intrinsic value like gold.
Risk management systems and controls may discourage or limit certain revenue-generating opportunities. Failure to ensure the independence of these functions from the revenue generators and risk takers has been shown to be dangerous, and this is something for which the board is accountable.
Foolproof systems to not take into account the ingenuity of fools.
I believe that if you are talking about economic stress, the systems of the world are very fragile, and if we put our hope and trust in the systems that men have created, they will guarantee failure.
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.
You always think, 'Oh, if only I had a little chalet in the mountains! How great that would be and I'd do all this writing' Except, no, I wouldn't. I'd do the same amount of writing I do now and the rest of the time I'd go stir crazy. If you're waiting for the perfect moment you'll never write a thing because it will never arrive. I have no routine. I have no foolproof anything. There's nothing foolproof.
Bitcoin is two things which share a name. One, it's a payment system, and two, it's a currency. You use the Bitcoin payment system to send bitcoins as currency from one account holder to another. The transfer is instantaneous, carries no fee, works anywhere in the world, and is private.
If you talk to anybody who's been successful in business, they will tell you the thing that matters the most are people. And clearly, in this case, the quality of the people was not paid attention to. By the board and I don't know what they were doing. And I think there is a certain accountability by the board here.
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've never been on a board, but I just went on the board for Jazz at Lincoln Center. I'm very happy about that.
Only people who want to be somewhere, somebody, have to suffer the sadness of failure. But a person who never wants to be anybody, never wants to be anywhere else, cannot suffer the sadness of failure - he is always successful, just like me.
What I consistently say to young people - I say it in the United States, but I'll say it here in Germany and across Europe: Do not take for granted our systems of government and our way of life. I think there is a tendency, because we have lived in an era that has been largely stable and peaceful, at least in advanced countries, where living standards have generally gone up, there is a tendency I think to assume that that's always the case.
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