If the U.S. ended our currency system...
stinkinlincoln
Posts: 2,733 ✭
Like the head of the IMF is talking about, would that affect us as a hobby at all?
I dont want politics or anything. Just how would losing the $1 affect us in coin collecting?
I dont want politics or anything. Just how would losing the $1 affect us in coin collecting?
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If you google IMF wants new reserve setup... Alot comes up, but that was the first link.
Would something like this affect us?
Wouldnt people turn to older coins then, driving up prices for all of us, and included people investing. This influx of collectors would affect the hobby right?
I usually carry $40 or $50 in cash on me, and it usually goes to my kids who are constantly needing gas, or movie money, etc.
Dwayne F. Sessom
Ebay ID: V-Nickel-Coins
My V Nickel Registry Set - https://pcgs.com/setregistry/alltimeset/71874
2. The United States is the only country never to have withdrawn or repudiated its currency.
<< <i>1. It’s helpful to read the entire article in context, as Steve pointed out.
2. The United States is the only country never to have withdrawn or repudiated its currency. >>
Let's all hope that remains the case!
evolution of economic ideas and world views and more.... it is great.
countries try to have a base of something.... even if it is false promises... to underpin the value of a currency.
Could the SDR that the IMF has or something similar be that basis?
I look back to the most recent (notice the wording) economic crisis where it seemed most of the planet's major countries were affected. Where would the "Strength Draws" come from.... China, India and to lesser extents asset rich small countries like Australia and Canada? I don't know... I haen't looked into the numbers... but I wonder if they could have supported the rest and how long that support would last. Would the appeal of a world reserve currency keep them in as players? Additionally, I wonder if they would call for the losers costing the Global Weakness to pay up once they recover as we are now looking for major financial institutions to pay what is called the bank tax. That tax is not real popular for at least one obvious reasons: it will curtail future growth in the companies.
Ask the USA to pay back for the USA's part in global weakness during another crisis? Our gov't would do that? I don't think so. Even if they did, the USA would have to consider the huge debt they alrady have to pay.... additionally, the timing of future crises may hamper the ability to pay and may just rack up more debt.
However, if the USA and other major coutries were to join in... perhaps the potential economic hindrances as described above would be enough of a carrot/stick situation the government might be a lot more careful in avoiding potential economic troubles....
potentially.... hypothetically....
really? As of now, I thnk our government leaders are too emotionally immature to make the right decisions necessary to even handle our own internal problems.
Good Luck World, We All Need It.
Like the head of the IMF is talking about, would that affect us as a hobby at all?
That is not at all what they are talking about. If they started a global reserve currency, we would be relegated to the same status as every other country. I think that would be a shame (for us). Our currency would remain the same.