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If this really appeals to you move to China
Our fiat currency is already a disaster based on good faith, and to fix this we are supposed to rely on something even less tangible? Wow.
Chile doesn't hold the global reserve currency. With the economic instability in the world this whole notion is ludicrous. There are many that want a new reserve currency, any significant moves in that direction if coupled with this lunacy would result in chaos for the US. No thanks.It seems to work pretty well in Chile. They've been using it since the '60s with good results.
Doesn't matter if it will work or not. It only matters that people believe it will work. Politicians make promises they can't keep all the time.
Seems it depends on your particular circumstances. High income people are less financially vulnerable and have less reason to fear a bad social credit score than do low income people.
If your attitude is already aligned with those controlling the social credit system, or you can fake like it is, you'll probably be ok too.
We also have a very competitive society and many would benefit by others being taken down a peg or two by a bad social score.
Others would just enjoy the fun of turning their everyday activity into a kind of casino game.
And then some.Oh, brother!
What matters is what the banks say:It seems to work pretty well in Chile. They've been using it since the '60s with good results.
"The bank said it decided to intervene" in this case.SANTIAGO, July 15 (Reuters) - Chile's central bank announced a $25 billion intervention in the foreign exchange market to support the peso after it fell to a record low, giving the currency a boost on Friday.
In a statement released Thursday night, the bank said the peso had depreciated with unusually high intensity and volatility over the last few days.
On Thursday, the peso hit a record low of 1,045.80 to the dollar, dropping 3.7% on the day. The bank said it decided to intervene due to the U.S. dollar's strong global advance since June, the drop in the price of copper, Chile's main export, and "local uncertainty."
Disagree. The value of a printed receipt or contract over simply a handshake or spoken deal will get you much further along in court because it's clearly not just a matter of faith.Odd how everyone realizes that the value of money (or anything in fact) is entirely a matter of faith in the object, yet generally people do not believe in the power of faith.
What matters is what the banks say:
"The bank said it decided to intervene" in this case.
Take note how "Chile's central bank" is neither "the government" nor "the people" -- accountable to none but the wealthiest of its investors -- similar to most everywhere now. You're clearly not stupid so why are you really pushing this turd along here?
A Nobel winning economist has a plan for digital currency to solve the inflation problem.
On March 9, 2022 U.S. President Joe Biden signed Executive Order 14067 to develop a Central Bank Digital Currency.
Yale Professor and Nobel winning economist Robert Shiller thinks digital currency will solve the inflation problem. He wants to create the perfect electronic money by basing currency units on people's economic needs.
Shiller's plan is for sophisticated software to aggregate the prices of a typical basket of consumer’s daily purchases so that the price of the basket in dollars rises with inflation.
This is similar to the Unidad de Fomento used in Chile. In the 1960s, Chile created a quasi-currency called the UF to track inflation. If inflation rapidly accelerates, the UF becomes more valuable against the Chilean Peso, allowing UF holders to maintain buying power. Items priced in UF stay the same all the time, automatically adjusting with inflation.
In his book "The New Financial Order", Shiller proposed the US adopt a digital version of the UF.
Shiller wants to introduce a digital version of the UF into the US economy to protect the value of people's money from being eroded by inflation.
Companies like Square and PayPal could let people make payments in these new currency units anywhere in the world.
Most wages are not inflation-adjusted leading to fights over pay raises to adjust for inflation. But if wages were based on the basket of goods a wage earner needs, there would be no need to change it.
If your rent is automatically adjusted for inflation, you and your landlord don’t need to argue about how much it should be raised to keep up with inflation.
The government could also redefine the tax system to be automatically indexed to inflation. It would be easy and virtually costless.
Digital currency is already on the way to becoming reality. The Federal Reserve has a study group looking at launching digital currency to move the United States to a cashless society.
Upgrading to digital currency would revolutionize the financial system by creating more certainty and safety in the future. The sooner it happens, the sooner the scourge of inflation will be behind us.
I don't think you understand fiat currency.Disagree. The value of a printed receipt or contract over simply a handshake or spoken deal will get you much further along in court because it's clearly not just a matter of faith.
It's to end Freedom, not inflation
Fair enough, but neither "the voters" nor the President really have any say in the matter. That's the entire point of having a supposedly independent body such as the Fed control the currency. To return that control to the wealthiest elite while maintaining an appearance of government control. So, big surprise, Biden serves their interests. So did Trump. Anyone who refused would never be offered as a candidate by either half of the duopoly. Despite all appearances, the wealthiest want inflation so we get inflation. It serves their interests.I'm not pushing this turd, Biden is. I may not be stupid but the same cannot be said for the voters. Just look at who they vote for. Biden issued an EO that encourages the Fed to study “the optimal form of a United States CBDC" with the goal of financial stability. This is a form of CBDC they are definitely going to be looking at.
Freedom from inflation means people have more purchasing power. It's like giving people more money. Money is freedom.
Freedom from inflation means people have more purchasing power. It's like giving people more money. Money is freedom.
A bot.You're a liar or a moron; no third option.
The Gold Standard gave people more purchasing power
Fair enough, but neither "the voters" nor the President really have any say in the matter. That's the entire point of having a supposedly independent body such as the Fed control the currency. To return that control to the wealthiest elite while maintaining an appearance of government control. So, big surprise, Biden serves their interests. So did Trump. Anyone who refused would never be offered as a candidate by either half of the duopoly. Despite all appearances, the wealthiest want inflation so we get inflation. It serves their interests.
You're a liar or a moron; no third option.
The Gold Standard gave people more purchasing power
