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I assumed it refers to the need for recipients to convert the foreign currency into local currency, thereby providing the national bank with that currency to us

by bshipp 4y ago

I assumed it refers to the need for recipients to convert the foreign currency into local currency, thereby providing the national bank with that currency to use in international transactions. So it's not theft, it's supply and demand. If they receive $600million USD from foreign remittances but have a fuel bill thats a billion USD, where are they going to get that extra currency from?

daniel-cussen 4y ago
"It's supply and demand" is frequently code for "I'm coercing you, what are you going to do about it?" Classic example, when you ask why rent in town is so high, "it just supply and demand." Then one day you start seeing the same NIMBYs in the same objections to constructions, like "they tried building a cheaper home for me, and these NIMBYs objected, why" and it's shills for landlords, so not really that in love with "supply and demand" when it's not to their benefit.
- bshipp 4y ago
  I'm only discussing the macroeconomic operation if foreign account balances and why the inflow of international currency is vital for most countries that have their own domestic currency. If we want to discuss the role of speculators in a real estate bubble I'm happy to switch topics!
- wutbrodo 4y ago
  That's not my experience with NIMBY coalitions. They're usually saying things like "more supply increases prices". I know it's a bit of a baptist-and-bootleggers dynamic, between self-interested homeowners and dumb but sympathetic activists. But the idea that undersupply contributes to high prices runs directly counter to NIMBY goals or strategy.
  - daniel-cussen 4y ago
    I talked to one NIMBY into becoming a YIMBY by telling her more construction--ultimately--brings down prices. Telling her about Santiago, people pay $100 rent here, no problem, and it's for basically the same thing, a lock on a door in a megacity, near public transport, an elevator, everything. Everything. Just need to get the word out.

by bshipp 4y ago

daniel-cussen 4y ago

"It's supply and demand" is frequently code for "I'm coercing you, what are you going to do about it?" Classic example, when you ask why rent in town is so high, "it just supply and demand." Then one day you start seeing the same NIMBYs in the same objections to constructions, like "they tried building a cheaper home for me, and these NIMBYs objected, why" and it's shills for landlords, so not really that in love with "supply and demand" when it's not to their benefit.

bshipp 4y ago
I'm only discussing the macroeconomic operation if foreign account balances and why the inflow of international currency is vital for most countries that have their own domestic currency. If we want to discuss the role of speculators in a real estate bubble I'm happy to switch topics!
wutbrodo 4y ago
That's not my experience with NIMBY coalitions. They're usually saying things like "more supply increases prices". I know it's a bit of a baptist-and-bootleggers dynamic, between self-interested homeowners and dumb but sympathetic activists. But the idea that undersupply contributes to high prices runs directly counter to NIMBY goals or strategy.
- daniel-cussen 4y ago
  I talked to one NIMBY into becoming a YIMBY by telling her more construction--ultimately--brings down prices. Telling her about Santiago, people pay $100 rent here, no problem, and it's for basically the same thing, a lock on a door in a megacity, near public transport, an elevator, everything. Everything. Just need to get the word out.