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Questions tagged [currency]

a system of money in general use in a particular country.

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2answers
369 views

Why do Europeans pay for European products with US Dollar?

In Jean-Claude Juncker's most recent speech on the state of the European Union, there is this perplexing passage: It is absurd that Europe pays for 80% of its energy import bill – worth 300 ...
16
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1answer
3k views

Can the president put his own likeness on money?

Preface, I am unsure of all the powers the Federal Reserve possess or who controls the Reserve outside of congress. However it is at the Federal level so I was wondering. What control over the ...
9
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2answers
305 views

How does America prevent deals in dollars between the third parties?

Say, India wants to buy weapons from Russia, Russia is under American sanctions, and America doesn't want this deal to happen so it says the transaction, as long as it's in dollars, won't be ...
2
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0answers
71 views

What's the German or EU view on the definition of currency manipulation?

The US has a statutory definition of currency manipulation; while some US economists don't quite agree with the legal definition, nevertheless the topic is fairly widely discussed in the US in ...
9
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2answers
439 views

Is there any indication that the Euro rate is being politically manipulated?

In a recent (August 20, 2018) interview for Reuters about international politics, the president of the United States of America Donald J. Trump stated (emphasis mine): ON CHINA AND EUROPEAN UNION ...
38
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5answers
8k views

Why does PRC devalue its currency on purpose, but Turkey is worried about the devaluation of its currency?

PRC regularly devalues its currency to promote export. On the other hand, Turkey is worried about the plummet of its currency. Why two outcomes in the same type of case?
1
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2answers
422 views

Why do countries antagonistic to the USA keep US$ as their reserve currency?

Do Russia, China, Venezuela, Cuba, Iran, Pakistan, etc. use US$ as their reserve currency? If yes, I am curious why. Why don't they use Euro or Chinese Yuan?
3
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3answers
302 views

What effect will Euro purchases of Iranian crude by Europe have on US foreign policy?

According to articles like this there seems to be a move towards Europe saving billion dollar deals with Iran by switching to Euro for crude purchases. Apparently to avoid dollar sanctions on Iran ...
4
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1answer
302 views

Is Russia Devaluing Their Currency?

Today Trump said: Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable! Is there any evidence that Russia is devaluing their currency?...
4
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2answers
276 views

Is the UK EU membership bill paid in GBP or EUR?

Is the UK EU membership bill paid in GBP or EUR? If it is paid in euros, is this not inefficient because eventual credits (eg development funds) will need to be converted back into sterling, so a ...
18
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3answers
3k views

Dealing with crime in cryptocurrency based economies

Most cryptocurrencies are anonymous where the origin of coins is not known and transactions are also anonymous (this may not be 100% true but lets assume perfect anonymity). The society prevents ...
5
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2answers
360 views

Is it possible for a country to use a cryptocurrency as an official currency?

According to this article, Venezuela announcing the creation of El Petro, a state-sanctioned cryptocurrency: Venezuela has followed suit, announcing the creation of El Petro, a state-sanctioned ...
21
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6answers
11k views

Does currency exist in communism?

I've thought about this before, but never heard any explanation as to how this works. My understanding of communism is: Everyone works. Everything is rationed out equally. Since there is no ...
3
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0answers
108 views

Why is it so important for a non-EUR EU member to adopt EUR currency? [duplicate]

I live in a non-EUR EU member (Romania) and I keep hearing for several years about the aim for EUR adoption. Technically, there are several criteria (EUR convergence criteria) that must be met in ...
5
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0answers
188 views

Why don't all countries with large denominations of currency go through redenomination?

The South Korean Won and the Japanese Yen are one example of currencies with extremely large denominations. A single unit of both currencies has been worth less than 1 US cent for a couple of decades ...
13
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4answers
5k views

Why is “In God We Trust” written on US currency? [duplicate]

It is written on US currency "In God we trust": I know that US constitution is secular. This link says that the founding fathers didn't even like the idea of religion in the system. Why is this ...
2
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2answers
195 views

Why does the U.S. mint bother coming up with coins no one uses for business? [closed]

For years/decades there have been all kinds of different random coins that supposedly have been in circulation, but no one uses them. Some examples are the Saint-Gaudens double eagle and the Reverse ...
9
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4answers
771 views

Barriers to a global currency

I am trying to figure out some clear points as to why there is no global currency. Not a world wide version of the EU, I am only focused on a common name/value for a single monetary unit. I know a ...
4
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2answers
98 views

What does a change of “currency of choice in financial and foreign exchange reports” mean?

I just read that Iranian government announced it would stop using the U.S. dollar “as its currency of choice in its financial and foreign exchange reports,” According to that article this is ...
11
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2answers
439 views

How can the Indian government ban old notes without passing any bill/law?

Before making any major decisions/policy/law for the public the Indian government should pass a bill. It's usually done through the voting by the Member of Parliaments in the Parliament. After getting ...
3
votes
1answer
186 views

What process did Indian Government use to remove high value currency notes out of circulation?

So the day before US election, Narendra Modi dropped a bomb that 500 and 1000 INR notes will be dropped from circulation. I want to know the democratic/legal processes that let him do this.
7
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2answers
811 views

Why do unstable countries prefer a black market for currency to exist, rather than accepting the real exchange rate?

Countries such as Venezuela or Uzbekistan refuse to acknowledge that their currency is undergoing high levels of inflation, which results in fake exchange rates and the existence of a black currency ...
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1answer
112 views

Does “artificially” weakening a country's currency destroy that country's population's wealth? [closed]

Does "artificially" weakening a country's currency destroy that country's population's wealth? What could justify the "artificial" weakening of a country's currency?
3
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1answer
379 views

Is it possible to create a single global government, economy and currency [closed]

I understand that this might be hard to answer but in a scenario where every action results in a positive outcome and everything needed gets the thumbs up and goes well (spoiler: this never happens) ...
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2answers
307 views

Why is the USA dollar the world reserve currency and what are the main consequences?

How would you tell your grandma why the USA dollar is the world reserve currency and what main consequences it has for the US and the world? Concerning why the dollar is the global reserve currency, ...
5
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3answers
1k views

Monetary policy: why does the dollar work for the US, but the Euro doesn't for the EU

Why does Europe have so many problems with its currency? The US also has a currency that covers lots of different states, some as strong as California or NY, others on the weak side, with little ...
3
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3answers
1k views

Pros and Cons on common currencies like Euro [closed]

I thought on Euro and if it is good or not for people generally. I am pretty much puzzled, and I have only personal opinion on this topic which is: It can be good for smaller countries, against ...
5
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0answers
206 views

Has any government made the unwinding of their US bonds and currency reserves a core public policy plank or a legal requirement?

The betting odds (at time of writing) on a partial US debt default this year were 6/4 - Default and 1/2 - No Default. Considering the odds, this is something of a wake-up call for nations and ...
2
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3answers
3k views

How can a currency be manipulated?

How can a country manipulate its currency? For example: Canada actively purchases US dollars in an effort to control the US/Canadian rate. What are the ways Canada can use purchased USD to benefit ...
6
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1answer
725 views

Why and how did Zambia stop accepting USD as internal currency?

There are plenty of articles stating that while in Zambia it was common to accept USD as currency, this is no longer true, and instead now everyone has to use the local currency ZMW. None of the ...
14
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5answers
1k views

Are local currencies unconstitutional?

In many places around the United States, localities and organizations have been printing money as a means to drive business toward local establishments and raise money for the community in times of ...