Printing More Money Out Of Thin Air

first_imgThe Editor,The decision to print more money represents a clear and present danger to the Liberian economy and its people!! (Re “House Approve Printing of Additional Money,” Daily Observer)When a government prints more money without a corresponding increase in its economic output, it unleashes hyperinflation. And hyperinflation debases your currency.Memo to economically-illiterate Liberian Lawmakers: Look, we all know that you people (Lawmakers) think money grows on trees and you have the power to “issue currency” (Article 34-d) out of thin air….But at whose expense should you “issue currency” out of thin air?Printing more money out of thin air and without a corresponding increase in your economic output also means that you are stealing other people’s life savings. How?Because with more money in circulation, prices of goods and services will definitely skyrocket! Many people’s life savings would not be enough to buy a loaf of Fanti bread to feed their family or buy access to Speaker Tyler’s office. For all practical purposes, the Liberian people would have been robbed, big time, by the stupidity of their own leaders.But the Liberian government won’t be the first to have stolen their people’s money this way. For thousands and thousands of years, elected leaders have been stealing from their own people – from Nero in ancient Rome to Doe in Liberia to Mugabe in Zimbabwe.If you don’t believe what I just said, look at what happened to Zimbabwe: In 2007, President-for-life Robert Mugabe of Zimbabwe ordered his Central Bank Governor to print an additional Z$1 trillion to pay for civil servants’ and soldiers’ salaries that were hiked by 600% and 900% respectively. Of course, that made Zimbabwean soldiers and civil servants millionaires and zillionaires, but at whose expense?Every Zimbabwean, poor and rich, saw the value of their money vanish because of hyperinflation. People needed a wheelbarrow full of money (Zimbabwean dollar) just to buy a loaf of Lebanese bread.Today, the Zimbabwean dollar is useless and worthless. Many business owners DO NOT accept Zimbabwean dollars – instead, they request U.S. dollars or South African rands for their goods and services.What lesson must we LEARN from Zimbabwe? Don’t print more money, you idiots!! Why? Because the most insidious way to destroy a country is to destroy its currency (John Maynard Keynes)!Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Insider Trading: Arsenal dealt blow in hunt for £35m man, Pogba update and MORE

first_imgtalkSPORT’s transfer guru, Warren Haughton, joins Hawksbee and Jacobs to round up all the very latest rumours and gossip from the summer window.Our man-in-the-know bring us the latest on the Saido Berahino transfer saga, as West Brom are still considering whether to accept a formal offer submitted by Stoke.Watford and Crystal Palace remain interested, and everything seems to hinge on whether the Baggies can sign the new striker that Tony Pulis so desperately wants.Meanwhile, Arsenal’s pursuit of Moussa Sissoko has hit a snag, with Newcastle demanding £35 million for his services, and Pep Guardiola has confirmed Manchester City want to bring in German wonderkid Leroy Sane.Plus, the ‘Daily Pogba’ returns, as Mino Raiola continues to hold up the deal taking the superstar midfielder to Manchester United.Get all this and MORE by listening to the latest Insider Trading podcast above!Here are the latest headlines:Chelsea FC transfer news: Huge money striker bid and defender updateMario Balotelli latest: Inter Milan plot surprise move for Liverpool flopLiverpool transfer report: Reds preparing bid for Aston Villa defender Jordan AmaviTRANSFER ALERT! West Ham launch one last bid to sign AC Milan striker Carlos BaccaPep Guardiola on Manchester City target Leroy Sane: ‘We are interested, but there is no deal in place’Liverpool FC transfer news: Georginio Wijnaldum set for medical after £25m deal agreed with NewcastleCrystal Palace FC transfer news: Al-Ahli striker Moussa Sow a loan target for Eagleslast_img read more