New Domici
27-06-2006, 04:07
I'm not under the delusion that our current administration wants a stable global economy, they thrive on chaos. But just for the sake of argument, let's assume that there were politicians in power who wanted to make the world a better place.
What does anyone think of a government office that would let you buy any currency for it's current value and no commission. I'll admit that I only got the idea because I have relatives in England and Ireland and I'm getting to the age where we exchange cash gifts over events like the births of children and weddings and such, but I think it would have a stablizing effect all over the world if we did it and other countries followed suit.
One of the ways that banks make money is by buying foreign currency when its value goes down and trading it when it goes back up. I don't see why I shouldn't be allowed to do it just because I don't own a bank. How come the only place I can buy foreign currency is a bank. Even if I have the accumen to see which money is a good buy and which is a good sell, I can't make money off of it because the bank will charge so much for me to do it that my profits will be taken by the bank completly, no matter how keen my insight.
If the entire population of the country were able to do this however, foreign countries' currencies would be brought to real levels in a matter of weeks. We're in a state over China artificially lowering their currency? Well, people who are aware of that could buy it up, driving the price up to real levels.
We're worried that OPEC might start trading in Euros and send all their PetroDollars here deflating our currency? Well, start selling it directly to the foreign people. Keep that dollar inflated.
Money traded the way it is now is essentially a cartel. It doesn't work well for oil, it doesn't work well for cocaine, and it doesn't work well for money. Let the market forces work. Establish a public international monetary exchange branch of the Federal Reserve.
What does anyone think of a government office that would let you buy any currency for it's current value and no commission. I'll admit that I only got the idea because I have relatives in England and Ireland and I'm getting to the age where we exchange cash gifts over events like the births of children and weddings and such, but I think it would have a stablizing effect all over the world if we did it and other countries followed suit.
One of the ways that banks make money is by buying foreign currency when its value goes down and trading it when it goes back up. I don't see why I shouldn't be allowed to do it just because I don't own a bank. How come the only place I can buy foreign currency is a bank. Even if I have the accumen to see which money is a good buy and which is a good sell, I can't make money off of it because the bank will charge so much for me to do it that my profits will be taken by the bank completly, no matter how keen my insight.
If the entire population of the country were able to do this however, foreign countries' currencies would be brought to real levels in a matter of weeks. We're in a state over China artificially lowering their currency? Well, people who are aware of that could buy it up, driving the price up to real levels.
We're worried that OPEC might start trading in Euros and send all their PetroDollars here deflating our currency? Well, start selling it directly to the foreign people. Keep that dollar inflated.
Money traded the way it is now is essentially a cartel. It doesn't work well for oil, it doesn't work well for cocaine, and it doesn't work well for money. Let the market forces work. Establish a public international monetary exchange branch of the Federal Reserve.