tag:blogger.com,1999:blog-19024438.post3950220590067903300..comments2023-10-23T21:13:07.775+06:00Comments on Deane's Dimension: Competing currencies: putting the Central Bank out of business.Deanehttp://www.blogger.com/profile/11858835286985736348noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-19024438.post-10225482531142644812008-02-24T23:11:00.000+06:002008-02-24T23:11:00.000+06:00oh wait.. he kind of is..oh wait.. he kind of is..Deanehttps://www.blogger.com/profile/11858835286985736348noreply@blogger.comtag:blogger.com,1999:blog-19024438.post-51878629655403292902008-02-24T03:16:00.000+06:002008-02-24T03:16:00.000+06:00Thanks anon. Good to see it has started, I believe...Thanks anon. Good to see it has started, I believe there was something on Harsha de Silva's show on Biz1st(?). I couldn't catch it.<BR/><BR/>Yeah.. on the bright side, he's not arguing "It's Oil"Deanehttps://www.blogger.com/profile/11858835286985736348noreply@blogger.comtag:blogger.com,1999:blog-19024438.post-33532396558114549782008-02-23T07:34:00.000+06:002008-02-23T07:34:00.000+06:00Hi deane,The debate has definitely started in the ...Hi deane,<BR/>The debate has definitely started in the newspapers. Last Monday the island published an article from central bank Economic Research Department defending their monetary program.<BR/><BR/>They are beginning to feel the heat obviously. Whether or not the Central Bank's monopoly on currency is reducing, the central bank's former monopoly on monetary policy thinking certainly has crumbled and people in this country is slowly but surely realizing that inflation is a monetary phenomenon.<BR/><BR/>Here is the link.<BR/>http://www.island.lk/2008/02/19/features6.html<BR/><BR/>It is quite shocking to see how poor the central bank's grasp of monetary policy is as is shown by this article. But that is not really surprising. If they knew how the system really worked, this country would not be having 20 percent inflation.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19024438.post-5546623495104060802008-02-17T21:58:00.000+06:002008-02-17T21:58:00.000+06:00Thanks both.hmm I don't know, i suppose a Colombo-...Thanks both.<BR/><BR/>hmm I don't know, i suppose a Colombo-Dollar could work. :) checkout something called the <A HREF="http://en.wikipedia.org/wiki/Digital_gold_currency" REL="nofollow"> digital gold currency </A> I think it could be workable. i think.<BR/><BR/>Anon, Yes i wish there was more mainstream media focus on these issues. Me-writing for media, i don't think so. But you should. :)Deanehttps://www.blogger.com/profile/11858835286985736348noreply@blogger.comtag:blogger.com,1999:blog-19024438.post-44147261421069463402008-02-17T21:31:00.000+06:002008-02-17T21:31:00.000+06:00I'm a Sri Lankan economist, working outside the co...I'm a Sri Lankan economist, working outside the country. You say the debate has started, but i don't see any debate outside of LBO and some places on the Internet. <BR/><BR/>If you take a look at the Sri Lankan newspapers, there's hardly any debate.<BR/><BR/>Why don't you guys start writing for the local newspapers?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19024438.post-73735689503441984742008-02-17T19:25:00.000+06:002008-02-17T19:25:00.000+06:00Great stuff, Deane.I visited the links on youtube,...Great stuff, Deane.<BR/><BR/>I visited the links on youtube, in your comment. The person being interviewed made a valid point.<BR/><BR/>If i can exchange my Radio with your DVD player, why cant i do the same with silver. (or something close)<BR/><BR/>Are you serious about the Colombo Dollar?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19024438.post-63894731358669015852008-02-17T14:17:00.000+06:002008-02-17T14:17:00.000+06:00Disney Dollar, nice. :) We should have a Colombo D...Disney Dollar, nice. :) We should have a Colombo Dollar.<BR/><BR/>A Better example is probably the <A HREF="http://en.wikipedia.org/wiki/Liberty_Dollar" REL="nofollow"> Liberty Dollar </A>, which was a fully silver-backed currency. Unfortunately The company who was making the LD was raided recently and shut down by FBI/US Secret service.<BR/><BR/>The same company was making the <A HREF="http://www.washingtonpost.com/wp-dyn/content/article/2007/11/16/AR2007111602267.html" REL="nofollow"> Ron Paul Dollar </A> some time ago.<BR/><BR/>The Story is here on Youtube.<BR/><BR/>(http://www.youtube.com/watch?v=qmNIdbl8cyk&feature=related)<BR/>(http://www.youtube.com/watch?v=4_sSipUrBG0&feature=related)<BR/><BR/>Paul, and the people from the Austrian School of Economics (among others) are backers of the idea of commodity backed-currencies, like gold. So Central Banks (i should say governments, really) cant just print money when they want them out of paper. US had a gold standard earlier, and thanks in part to the Ron Paul run it has received some attention of late, Alan Greenspan the former Fed chief is on record saying that US benefited under an international gold standard. (http://www.youtube.com/watch?v=ZjMQG3qUFKo)<BR/><BR/>Yes, keeping money in gold is probably a great investment, but it's just difficult i suppose to convert to currency when you need it. I should seriously do the numbers on whether it's actually more profitable to keep all of most of my savings in Euros. I think it is.Deanehttps://www.blogger.com/profile/11858835286985736348noreply@blogger.comtag:blogger.com,1999:blog-19024438.post-3464323557880855522008-02-17T13:51:00.000+06:002008-02-17T13:51:00.000+06:00Something that is happening now is the emergence o...Something that <B>is</B> happening now is the emergence of regional "currencies" like <A HREF="http://news.bbc.co.uk/2/hi/europe/6333063.stm" REL="nofollow">this</A> example in Germany. It's something like <A HREF="http://www.disneydollars.net/What%20are%20Disney%20Dollars.htm" REL="nofollow">Disneydollars</A> which can be used as currency in Disney Theme Parks and Disney stores.<BR/><BR/>I too, have some cash stacked away in GBP, which seems to be one of the stable currencies out there. This does provide something in the lines of <A HREF="http://en.wikipedia.org/wiki/Special_Drawing_Rights" REL="nofollow">SDR</A>.<BR/><BR/>But I think rare metals such as Gold / Platinum will be the best "savings account" which we can use now.Anonymousnoreply@blogger.com