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Putin Knows the Monetary System Is a Credit Based Ponzi Scheme
- 1MachineElf 5y agoHuh, I wonder if that makes him unique among leaders whose countries also have a national currencies. /s
- imtringued 5y agoI don't think it has anything to do with Putin. The title is clickbait. After all, there are two economists from 40s that noticed the problem a long time ago. However, I am positively surprised that they arrived at this conclusion. A neutral currency is a much better idea than whatever we have right now. Running and endless export deficit or export surplus has nothing to do with trade (exchanging one thing for another) which is why it is so funny when people talk about free trade. It's just a one sided relationship. It's neither trade nor free. Germany is producing products, gives them to Greece then Greece defaults and never gives anything back. It's terrible for both. Germany gave away stuff for basically free. Greece couldn't develop its domestic economy because nothing can compete with free. It's in the best interest of both to have balanced trade.
- janandonly 5y agoThat is an interesting view: Greece couldn't develop its domestic economy because nothing can compete with free. It's in the best interest of both to have balanced trade. If you look at it like that, then the best a country can do for another nation is to “give” Marshall-plan style gifts: you basically get IOU’s that can only be spent back in the country that donated them. Like the USA gave European nations dollars with the objective to spend them again in the USA to buy farming machines and other useful stuff. The USA got a lot of export kickstarted this way as well.