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Forum Post: How to create a currency.

Posted 8 years ago on July 12, 2012, 12:01 a.m. EST by Builder (4202)
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Printing money: How to create a currency By Ben Morris Business reporter, BBC News Greek parliament Creating a new currency would be a massive challenge for Greece Continue reading the main story
Eurozone crisis

European officials may not like it, but the prospect of Greece leaving the euro is still a serious possibility.

On Sunday, Greek voters handed a narrow election victory to the pro-bailout New Democracy party, preserving the deal that guarantees the country access to vital euorozone funds.

But investors' jubilation was short-lived, as market gloom soon set in once again, pushing share prices down and bond yields up.

If the European Union and IMF-backed reform programme falters in future, then Greece might still have to look for a new currency.

It would not be a simple case of resurrecting Greece's old currency, the drachma.

Changing currency is a complicated process that would take at least six months and probably much longer.

Over the last 20 years at the International Monetary Fund, Warren Coats has advised numerous countries on how to create currencies.

His clients have included nations that emerged from the Soviet Union including Kyrgyzstan and Kazakhstan.

Mr Coats has also helped Iraq and Afghanistan and, most recently, Southern Sudan to launch new money.




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[-] 1 points by Shule (2638) 8 years ago

Creating currency is as easy as writing out an "IOU".
It can be written on toilet paper, but so long as somebody believes you're going to honor it, you made currency. Simple as that.

The problem with the dollar is, I'm not so sure it currency anymore....

[-] 1 points by obombya (11) 8 years ago

the FED already created one. happy 100th birthday 2013

[-] 1 points by letsdomore (89) 8 years ago

We may have to depend on local currencies sooner than later.

Everyday we witness increasingly grim news about collapsing economies around the world. This alarming trend should compel people to reappraise and give new intrinsic value to things in our lives.

Should we give greater value to monolithic govts, who are becoming more disloyal and irreverent toward their citizens. Or, Should we build stronger communities, that are self sufficient. Communities that give greater value to local resources and can provide independence.

This artificial society that has been created seems very strange and unnatural, Unless you're in a farming community, most communities cannot provide basic resources for themselves in the event of a major crisis.

[-] -3 points by Builder (4202) 8 years ago

What I'm seeing is, countries being coddled for a while, led to believe that everything is rosy, then, OMG, we're gonna have a recession. OMG, we're gonna have to pare back the public service/health service/school budget, then OMG, that's not enough, we're gonna have to trim back on social security, cut everybody's wages by a third, and start privatising all the assetts of the country to try and pay the debt to the banks. Then, OMG, you have nothing left to sell off, so your country is now in debt, and your people are now under austerity measures for the next twenty years minimum.

Iceland was stuck in this rut. They had a good long look at what was really happening, and after a few sessions of true democracy (people talking, and agreeing on a path) they told the IMF to go root your boot. They are currently in the process of prosecuting their banksters, and getting their economy back on a sound, local basis.

[-] 1 points by letsdomore (89) 8 years ago

You gotta love it, the Icelandic people weren't going to let someone pillage them. They still got Viking blood in them. If anyone's going to do the sacking and pillaging, it's going to be them ! As far as your initial points, I agree and think along those same lines. I just finished repling in another post about this topic. Let me paste it below and run it past you. World problems are definitely being done by design and not like suddenly the three stooges are running all the govts. Once you break the code, it's so transparent and you can see it everyday in world events.

"TPTB are leveling the global economic playing field. Draining the wealth from the developed nations and shifting it to the "emerging" nations.

The developed nations have populations with wealth and political strength. TPTB are draining these populations of wealth and political rights. Once this is accomplished, it will enable a consistently weak global population to be more easily exploited. Finally the biggest (psychopathic) human dream of all time will be achieved. World domination.

Things may seem bad today, but remember that 70's carly simon song? "These are the good old days". They will be when things get worse."

[-] -3 points by Builder (4202) 8 years ago

The reality is, if Iceland had any real assetts worth taking, the globalist army (UN and NATO) would have bombed them back into the dark ages.

Iceland got to the point where they folded by joining in on the derivatives/mortgage bubble/pyramid ponzi scheme, and when it all turned to shite, they realized the depth of the BIG CON, and decided to back on outta there.