Excellent - thank you for this, and apologies for taking so long to read it. I ask out of ignorance:
1) Why tie a local currency to the dollar, which like all major fiat currencies, is losing value due to a lack of fiscal discipline, requiring borrowing or money printing to fund the interest on the debt, let alone the principal? Wouldn't gold make more sense?
2) Does point (4) mean that the UK should adopt the Euro, or the dollar?
For what should be a major petro economy, dollarisation is a clear choice. Thanks for the well laid out critique illustrating the falsehoods surrounding the debate.
Excellent - thank you for this, and apologies for taking so long to read it. I ask out of ignorance:
1) Why tie a local currency to the dollar, which like all major fiat currencies, is losing value due to a lack of fiscal discipline, requiring borrowing or money printing to fund the interest on the debt, let alone the principal? Wouldn't gold make more sense?
2) Does point (4) mean that the UK should adopt the Euro, or the dollar?
Thank you, Ian. These are excellent questions and I will try to answer them in a new article.
Thank you - I look forward!
For what should be a major petro economy, dollarisation is a clear choice. Thanks for the well laid out critique illustrating the falsehoods surrounding the debate.