time to provalue our money?
OhioGuy
much. In fact, you need a whole fistful to buy even much of anything at a
dollar store.
My wife says it is time to get rid of coins, because they no longer serve
much of any purpose.
Instead, I countered that it is time to revalue our money, so that the
bills and the coins are worth something again.
I think revaluing coins should be done at a 100 to 1 ratio. 1 penny next
month would be worth what 100 pennies are now. 25 cents next month would
buy what $25 buys right now.
Of course, all the old coins and bills would become worthless, but I think
that is a fair price to pay in order for pennies and nickels to become
valued again by everyone.
What say you?
Bob F.
"OhioGuy" <no...@none.net> wrote in message news:h331bd$6ov$1...@aioe.org...
> What say you?
I say the Usenet is a wonderful forum for every crackpot with a wild
scheme.
Bruce Remick
> worth much. In fact, you need a whole fistful to buy even much of
> anything at a dollar store.
>
> My wife says it is time to get rid of coins, because they no longer serve
> much of any purpose.
They sure help to make change. Otherwise, they're becoming more and more
inconvenient to carry and spend.
>
> Instead, I countered that it is time to revalue our money, so that the
> bills and the coins are worth something again.
Don't argue with your wife.
>
> I think revaluing coins should be done at a 100 to 1 ratio. 1 penny next
> month would be worth what 100 pennies are now. 25 cents next month would
> buy what $25 buys right now.
Why the need to revalue? Let nature take its course and use what you like.
Or not.
>
> Of course, all the old coins and bills would become worthless, but I
> think that is a fair price to pay in order for pennies and nickels to
> become valued again by everyone.
>
> What say you?
Don't argue with your wife.
And I'll be glad to take all the worthless dimes, quarters, halves, and any
denomination bills you have lying around. You can keep those valuable
pennies and nickels.
linxlvr
I say leave it the way it is. None of that (your wife's idea nor yours)
makes any real sense.
If the currency could be "revalued" how would that work against the
foreign currency?
Since China and many other countries hold so many treasuries, how would
that work?
Your idea is to make the cent = the dollar. My coffee costs 1.25
presently. It would immediately cost 2.00. (Well, 2 cents, but your cents
are worth one dollar.) Oh wait, there was tax of .15 in that price. Uncle
sam still needs to get something, so now my cup of coffee is 3.00, since
there is no smaller division than a cent, which is really a dollar.
Now I stop for gas. Yesterday it was 3.05. Now it's only 4 cents a
gallon, with one more cent for tax. 5 cents a gallon, which as far as
buying power again, is 5 dollars.
Really your wife's idea and yours are one in the same economically. Make
one dollar the lowest denomination, just in your case we are using coins
still. We obviously live in very different neighborhoods.
Wait, does that mean my hourly rate of pay, and everyone else who gets
simple wage increases, gets dollar an hour raises instead of 30 cents?
--
dw
OhioGuy
simple wage increases, gets dollar an hour raises instead of 30 cents?
Yes - imagine if you will a postage stamp that could stay the same price
for 20 years. Other prices would not fluctuate all over the place, either.
It would make life much more convenient.
Bob F.
"OhioGuy" <no...@none.net> wrote in message news:h33lu8$qke$1...@aioe.org...
Why would lopping off some zeroes lead to stable prices there genius?
All the inflationary forces that are now in play would still be there.
But like I said earlier, the Usenet provides an excellent forum for
crackpots with harebrained schemes.
Mr. Jaggers
There are psychological considerations in all this. Lopping off zeroes can
have a positive effect on the way people view the value of their fiat
currency if it is done correctly. Usually it isn't. The French had an
absolute stroke of genius in 1958, not so much by issuing one new franc for
one hundred old francs, but by bringing back a favorite motif, i.e. la
semeuse, exactly the same as she was in the 1910s. The replacement paper
money was also very well designed and printed. Maybe we should bring back
the standing liberty quarter for the same reason. It exudes solidity, and
that is what everyone wants in a currency. It can become a self-fulfilling
prophecy of sorts.
James of the Belle Epoque
Tony Clayton
find no trace of that word. Perhaps we should inform the Oxford English Dictionary.
I would be obliged if someone could explain exactly what it means
and from what roots it is derived. Is it common US-speak?
The nearest I can get is 'revalue'
:-)
--
Tony Clayton tony.cla...@pem.cam.ac.uk
Coins of the UK : http://www.coins-of-the-uk.co.uk
Sent using RISCOS on an Acorn Strong Arm RiscPC
... Feet Smell? Nose Run? Hey, you're upside down!
OhioGuy
The stability would derive from the point that you mentioned - a penny
change would equal a dollar change in today's money. Let's say a first
class stamp costs a dollar. (ha - give them another 16 years) A 4% a year
inflation rate would mean it would be constantly changing, and people would
always have to add extra stamps to the old ones after the price changed. If
you look in the past, how long did the price of a first class stamp stay at
1c? A LONG time - decades. Stability.
> find no trace of that word. Perhaps we should inform >the Oxford English
> Dictionary. The nearest I can get is >'revalue'
I originally was going to use the term 'revalue', but then I realized that
there was already a term "devalue". I thought of the words "promote" and
"demote", and then I figured that a term such as "provalue", or make worth
more, should be used instead. Did I goof?
Bob F.
"OhioGuy" <no...@none.net> wrote in message news:h34uh5$3sr$1...@aioe.org...
Ok, you've convinced me.
Not only are you a crackpot but you are a complete ignoramus as well.
Roger Hunt
>I have looked up the word provalue in several eminent dictionaries, and can
>find no trace of that word. Perhaps we should inform the Oxford English
>Dictionary.
>
>I would be obliged if someone could explain exactly what it means
>and from what roots it is derived. Is it common US-speak?
>
>The nearest I can get is 'revalue'
>
to the Chancellor of the Exchequer's army of spin-doctors.
They need words like that like never before.
--
Roger Hunt
oly
> Bob F. wrote:
> > "OhioGuy" <n...@none.net> wrote in message
Mon vieux, the strokes of Genius in DeGaulle's (Reuff's) New Franc of
1960 lay in the intrinsic silver value of the five and ten franc
coins. The French "love" gold, but silver has always been a strong
"like" in a pinch.
oly
linxlvr
So your basically saying if we institute 20 years of inflation
instantaneously, we won't have inflation for 20 years?
While I wouldn't like to experience it even if it were true, I doubt all
the causes of inflation would be at bay simply from a one time shot of
hyperinflation.
I believe you are ignoring the debasing of currency also. When the world
used gold and silver to lock in valuations of currency, heavy inflation
didn't seem to occur until they "unlocked" their currency from the
"limitations" of their gold and silver supplies.
--
dw
Mike Marotta
> I think revaluing coins should be done at a 100 to 1 ratio. 1 penny next
> month would be worth what 100 pennies are now. 25 cents next month would
> buy what $25 buys right now.
Usually, it takes more zeroes. If you look at the history of Turkey,
Italy and Japan, you will see that nations can live with "too many"
zeroes. When Japan modernized during the Meiji Restoration, their
silver and gold yen were the same as the US silver dollar and gold
dollar. After "winning" small wars against China and Russia and
losing one big one, the yen was worthless. The same situation
obtained in France, which "won" two world wars at the cost of two
currencies.
If the US got to the thousands -- $10 for gum; $50/gallon for
gasoline; $10 for a newspaper -- a revaluation might be done.
Your basic point, however, is taken: what once cost cents now costs
dollars. Among the causes of that were two American "victories" in
major wars and a spotty record in the smaller ones.
Freedom of the press used to refer to newspapers.
Mike M.
Michael E. Marotta
"Money -is- speech: read a dollar bill."
Kaloocan Kid
devalued you can add Germany, Argentina and, of course, the USA. The
usbuck is or will be abandoned shortly by many countries as a reserve
currency. The only thing surprising is how slow Americans have been to
notice.
PC
"Kaloocan Kid" <Kalo...@hotmail.com> wrote in message
news:1217b71e-8828-4f52...@h18g2000yqj.googlegroups.com...
To this litany of country names with currencies than have been
devalued you can add Germany, Argentina and, of course, the USA. The
usbuck is or will be abandoned shortly by many countries as a reserve
currency. The only thing surprising is how slow Americans have been to
notice.
<<<
Only Iran favors this approach. No one listens to them.
Mike Marotta
> Only Iran favors this approach. No one listens to them.
FROM THE WALL STREET JOURNAL Online
http://online.wsj.com/article/SB123780272456212885.html
MARCH 24, 2009
China Takes Aim at Dollar
By ANDREW BATSON
BEIJING -- China called for the creation of a new currency to
eventually replace the dollar as the world's standard, proposing a
sweeping overhaul of global finance that reflects developing nations'
growing unhappiness with the U.S. role in the world economy.
The unusual proposal, made by central bank governor Zhou Xiaochuan in
an essay released Monday in Beijing, is part of China's increasingly
assertive approach to shaping the global response to the financial
crisis.
Mike M
Michael E. Marotta
"Reading William Gibson"