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RE: Monetary Union



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Please help make the Manifesto better, or accept it, and propagate it!
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Prakash boss, 

U r way too liberal.  Private currencies????  Anyways, whats the point of
that?  You are regressing.  Going back to the barter system essentially. 
Also, how will one compare these private currencies to the official
currency?  Why gold?  Gold has no intrinsic value and is now declining in
value for the last couple of decades slowly.  And you do need a Govt
currency essentially for the Govt to control money supply and control
inflation/ inject money into a depressed economy/ act as a lender where
tremendous amounts of capital are required.  You solution does not seem
feasible.  It resembles something like the pseudo-currency of airmiles or
something...  Anyways, the point was, do u guys think that currencies will
merge.  Should there be an asian currency to counter the euro or the dollar?

AP

--- Cprakash <Cprakash@goplay.com> wrote:
> ---------------------------------------------------------------------
> Please help make the Manifesto better, or accept it, and propagate it!
> ---------------------------------------------------------------------
> That, the federal reserve will implement only a policy centred around
> the US is obvious (why would they do anything otherwise ). I believe
> India should allow holding of gold and other precious metals in
> unlimited quantities and allow anyone to issue private currencies.
> This will be a stable solution in the long term. the currencies (which
> in the strictest sense, are only receipts for gold) will be in free
> trade and will lead to an equilibrium. the US dollar for all its power
> is after all, only a fiat currency.
> 
> c.prakash
> 
> Abhijeet Pradhan <perdi420@yahoo.com> wrote on Monday August 14, 2000
> at  8:53am:
> 
>  >Hi All,
>  >
>  >Please read the article at
>  >
>  >http://www.mckinseyquarterly.com/newpub/enmo00.asp
>  >
>  >It proposes that inevitably, most countries will find costs of
>  >maintaining a separate currency high enough that they would 
> >"dollarize" 
> their economy... I too believe that this is inevitable.   >Already many 
> South American countries are considering adopting the  >dollar as a second
> 
> currency. I remember in an interview, someone  >from the Federal Reserve
> had 
> mentioned that they had been approached  >by countries seeking to do the 
> same.
>  >He mentioned that they were in the process of coming up with the
>  >protocols to do so, but maintained that any federal reserve policies  
>  >would be implemented to serve US national interests and not that of 
> >any 
> country that chose the dollar as its main or second currency.   >Given
> that 
> the many small countries
>  >will eventually peg their currencies to the dollar or the euro, I
>  >would like to initiate a discussion on possible steps that India 
> >should 
> take to engage this scenario....
>  >
>  >AP
> 
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> 
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> This is the National Debate on System Reform.       debate@indiapolicy.org
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=====
Ah, Love ! could thou and I with Fate conspire, To grasp this sorry scheme
of Things entire, Would not we shatter it to bits ---- and then, Re-mould
it nearer to the Heart's Desire !

Jab purdah nahi koi khudah seh, to bandhon se purdah kya.

Abhijeet A. Pradhan, 44J, Reading Rd, Edison, NJ 08817
Tel #: 732-452-1157      email: perdi420@yahoo.com
http://www.geocities.com/perdi420/       http://www.thethinkingindian.com

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This is the National Debate on System Reform.       debate@indiapolicy.org
Rules, Procedures, Archives:            http://www.indiapolicy.org/debate/
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