Currencies

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You have a similar trend with currencies currencies going through an extreme time of stability.

European currencies weakened against the dollar.

Also this rise of local currencies.

like two currencies with a huge exchange rate.

And also starting to play around with the idea of alternative currencies.

And that's what happens to currencies when you don't stand behind them.

Everyone talks about money and currencies. Essentially we borrowed output from other people.

What I want to do in this video is explore how trade imbalances, in theory, should be resolved by freely floating currencies.

So in dollar denominated terms, the treasury bills, notes, and bonds are about as safe as you can get in terms of lending your money to anyone.

I mean, we've had currencies in ancient history that were backed by gold, but in a lot of cases, you still had inflation.

It has a nice picture of Sal in the middle, because it's the Bank of Sal, and it is denominated as one gold piece.

Bitcoin for more mainstream currencies some of these exchanges include the major one is called Mt. Gox amp amp in Mt.

Consider the use of local currencies should the larger economy cease to function, and develop greater self sufficiency.

As those of you who've taken currencies home from your trip know, once you get home, it's actually pretty useless.

In the midst of the dollar falling hard against the Yen and other major Eastern currencies the Chinese Yuan, with China effectively taking a 'dollar peg' policy, has become cheap.

And that's showing you that people are actually placing trust in technology, and it's started to trump and disrupt and interrogate traditional institutions and how we think about currencies and money.

It's because it shows off our economies, shows off our currencies and gives a platform on which people can plan and build, including businesses.

Now, until 9 11, the bulk of all this money flew into the U.S. economy because the bulk of the money was denominated in U.S. dollars and the money laundering was taking place inside the United States.

Maybe I'll do it in different colors to show you that these bank notes can come in different colors but once again, I'll put a famous person there maybe and I'll make it really hard to forge, and I'll put holograms on it but it'll be denominated as a five gold piece bank note.

Throughout it all, the dollar has been one of the most long standing, stable, reasonable currencies, and we all use it every single day, no matter what the people screaming about tell us, no matter how scared we're supposed to be.

And everywhere too, you can see a proliferation of time banks and parallel currencies, people using smart technologies to link up all the resources freed up by the market people, buildings, land and linking them to whomever has got the most compelling needs.

And third is, and I'm taking this from the great American beat poet Allen Ginsberg, that alternate economies barter and different kinds of currency, alternate currencies are also very important, and he talked about buying what he needed just with his good looks.

And right over here I have information for the United States in 2011 all of the numbers right over here are denominated in dollars and in green I have all the reasons why currency or why payments would be made to the US either the government of the US or the federal reserve of the US or to citizens of the US and in orange I have all the reasons why payments would be made to folks outside of the US either the government, central banks or private citizens.

Under these circumstances, revaluation of the exchange rate will not have a severe impact on an economy s development. For example, Japanese economists argue that the Plaza Agreement, which called for orderly appreciation of non dollar currencies against the dollar, was a natural outgrowth of high national income.

I think that the idea of a basic income, even if we start now by putting it into practice regionally and locally through regional currencies etc., this idea becomes a very good example of an alternative system, which would not be all that new or revolutionary.

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And the way we handle that situation, amp amp by the way I should point out that, this concept of Alice trying to let's say spend coins twice, in the context of digital cash amp amp electronic currency systems this concept is known as as double spending , amp amp it's something you have to worry about when you have virtual currencies, because it's very easy for someone to just copy the numbers that represent this transaction amp amp try to use them elsewhere

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