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"Africa needs a single currency backed by its resources not different currencies backed by the $ Dollar" ~ Muhamal Gaddafi
(lemmy.world)
@zoomafrika1
"Africa needs a single currency backed by its resources not different currencies backed by the $ Dollar" ~ Muhamal Gaddafi
[Image of Muhamal Gaddafi]
Source: https://x.com/zoomafrika1/status/1820697926123085915
This is such a gish-gallop of irrelevancies.
...But each country may end up running out of the specific resource that they back their currency with. Of course, you can just declare a new currency with a new resource backing it, which makes the old currency worthless... Which is already being done with hyperinflation in one or two African countries.
The Saudis, et al. aren't using oil as the backing for their currency, even though that's what their economy is based on. Their currency value isn't tied to the value of oil. So when the oil runs out, or the world finally figures out that using oil is killing all of us, their currency isn't going to collapse. Investing in things other than oil is irrelevant to the question.
You don't even understand economics well enough to formulate a coherent argument against fiat currency.
You would like the idiot who got 750k inheritance and the day before Intels earning call bought only Intel stocks now is out 100k.
Saudi money is back by US dollar which is backed by the ability to keep oil flowing...
More stupidity on the smart person side
Stop. Just, stop. You have no idea what you're talking about.
Saudis peg their currency to the dollar, but it's not backed by the dollar.
Fuck sake, just admit you're wrong and move on.
I always knew the Saudi were gay as fuck