is there any country that backs their currency with a commodity?
-
-
We've got a faith based system over in the states. Needless to say "faith based" systems in general have fucked up the U.S. in many different ways. -
it appears currencies are "backed by" the value of the u.s. dollar.
i find it more than ironic that non-americans are whining about the fact the dollar is not backed up with a commodity while their own currency is essentially backed by the dollar.
2cComment
-
Gang Violence.
Comment
-
-
Another GFY rocket scientist.
ICQ 557504926Comment
-
i wouldn't have aproblem with a country that produces maple syrup to have their currency backed by maple syrup.Comment
-
skype = "adultdatelink"Comment
-
Comment
-
I've always thought the US should have a conch shell based economy. You'd be able to take $1000 to any bank and it would be completely redeemable (by law!) for one conch shell
skype = "adultdatelink"Comment
-
so why the rocket scientist comment? i asked a legitmate question and the answer is clear- i can't find any info that shows ANY country's currency is backed by a commodity yet people here bash the u.s. when their currency is directly valued by the value of the u.s. dollar.Comment
-
skype = "adultdatelink"Comment
-
Canadian currency is backed by the vast fortunes of frugal Sandy McTire.
Comment
-
Comment
-
Interesting question ....Comment
-
nothing...Comment
-
oil up here..Comment
-
It seems they are all fiat currencies now, or backed by other fiat currencies.ICQ: 91139591Comment
-
of course i am concerned, i have a lot at stake.
i also find it more than ironic people like yourself who continually bash america cast a blind eye on your own country's issues.
if you have a lot at stake you should be concerned with what your country is up too as much as you are obsessed with mine.Comment
-
No that's not accurate at all. Yes, many countries gauge the worth of their currencies on the world market by comparisson to the USD, but that doesn't mean their currencies are actually backed by US currency.
Here's what I could find on this topic... http://www.safehaven.com/article-1365.htmHowever, Canada does produce and export a lot of gold (and a ton of other commodities) which in part (or in effect) backs the currency. I would say that oil is the thing that most backs our currency these days.While the European countries hold nearly 40 percent of their reserves in gold, Canada has sold its entire holding of 1023 tonnes, making it the only G7 nation that has no gold backing for its currency.
http://www.reuters.com/article/bonds...42637720080227
Canada is a major producer and exporter of commodities and its currency is often influenced by the direction of prices for them, especially the price of oil.Promote Wildmatch, ImLive, Sexier.com, and more!!
ALWAYS THE HIGHEST PAYOUTS: Big Bux/ImLive SIGNUP ON NOW!!!
Put some PUSSYCA$H in your pocket. ICQ me at: 31024634Comment
-
interesting question seems everyone leans on us for the financial short falls, where are we falling to?Brooke
[email protected]Comment
-
As far as "backed by dollar" I believe Panama, Ecuador and El Salvador all actually use the dollar as their currency.
Then you also have some currencies which are pegged to the dollar.
skype = "adultdatelink"Comment
-
cdsmith-
while i might not have stated it properly by using the term *backed by*, my point is that when the dollar drops in value, so do other currencies' values.
the title of the reuters article you posted is somewhat misleading.
from the article- while the value of the canadian dollar rose, due to oil exports, canada does not have an oil standard backing the canadian dollar. i.e. for every canadian dollar outstanding, your country does not have the equivalent in oil stashed somewhere.Comment
-
Actually no, when the USD drops in value the CAD rises in value against the USD.
As I said, the value of the USD doesn't determine the worth of other currencies. Most countries back their own currency in some way, some in part with gold and other commodities, some with oil, etc.
It doesn't have to "have" the equivalent in "oil stashed somewhere", the oil reserves in the ground themselves also serve to in part back the currency, as does all the other major commodities and preciouos metals that are produced here. So the article's title isn't misleading at all, the rest of the story is in the article.There you have it. Countries no longer need a "fort Knox" style of reserve or wharehouse that stores the magical valuable thing that backs the currency."The Canadian dollar is reflecting gains in commodity
prices," said Paul Ferley, assistant chief economist at Royal
Bank of Canada. "Also, growing concerns about the U.S. economy's prospects
that interest rates in the U.S. will likely have to be cut
further is weighing on the U.S. dollar and compounding the
gains for the Canadian dollar."
The USD is used to guage a currency's worth on the world market is all, like I said. And believe me I know all too well that as the USD gets weaker the CAD gets stronger. I've taken well over a 40% hit to that part of my income that comes from american companies, from the exchange rate alone. Over the past 5 years or so I've watched every $1000 USD I earn go from being worth $1500+ to at times just under par.
So no, when your money depreciates in value the worth of other currencies doesn't drop as well. They in fact rise as they are gauged against the USD.Promote Wildmatch, ImLive, Sexier.com, and more!!
ALWAYS THE HIGHEST PAYOUTS: Big Bux/ImLive SIGNUP ON NOW!!!
Put some PUSSYCA$H in your pocket. ICQ me at: 31024634Comment
-
Gun, girls and ganja...Divers Do It Deeper !!!Comment
-
First of all, I hate your current administration, and all their wrong doings ...If that is " bashing america " , what is the point of elections ... just call the democrats " american bashers " ... simple enough for even the trailer park trash crowd to understand.
AS for being concerned about my country, well I am. We also are having elections, and a lot of issues ride on the results.
It is only addressed briefly here because most americans don't even know that we vote . They think it is only reserved to the " best country of the whole world " ...
Now, if your country would mind its own business and not fuckup everybody by letting a bouffon make decisions, we couldn't careless about you.
I know that Asspimple is stoopid ... As he says, it is a FACT !
But I can't figure out how he can breathe or type , at the same time ....Comment
-
i appreciate you explaining your motivation for your comments and threads.
i am not sure what you hope to accomplish posting as such on gfy but that's beside the point.Comment
-
Comment