what is your country's currency backed by? - GoFuckYourself.com

sltr · 09-16-2008, 09:23 AM

is there any country that backs their currency with a commodity?

Altheon · 09-16-2008, 09:25 AM

We've got a faith based system over in the states. Needless to say "faith based" systems in general have fucked up the U.S. in many different ways.

sltr · 09-16-2008, 10:32 AM

it appears currencies are "backed by" the value of the u.s. dollar.

i find it more than ironic that non-americans are whining about the fact the dollar is not backed up with a commodity while their own currency is essentially backed by the dollar.

2c

sortie · 09-16-2008, 10:33 AM

Gang Violence.

starpimps · 09-16-2008, 10:35 AM

maple syrup production

xmas13 · 09-16-2008, 10:37 AM

Another GFY rocket scientist.

sltr · 09-16-2008, 10:38 AM

i wouldn't have aproblem with a country that produces maple syrup to have their currency backed by maple syrup.

sltr · 09-16-2008, 10:40 AM

Quote:

Originally Posted by xmas13

Another GFY rocket scientist.

what's your country's currency backed by?

ADL Colin · 09-16-2008, 10:43 AM

Quote:

Originally Posted by sltr

i wouldn't have aproblem with a country that produces maple syrup to have their currency backed by maple syrup.

Is that some sort of Canadian joke?

xmas13 · 09-16-2008, 10:44 AM

Quote:

Originally Posted by sltr

what's your country's currency backed by?

Pussy + dick.

Psycho_x · 09-16-2008, 10:44 AM

sltr · 09-16-2008, 10:45 AM

Quote:

Originally Posted by ADL Colin

Is that some sort of Canadian joke?

we laugh because it's funny.......& true eh!

:-)

ADL Colin · 09-16-2008, 10:45 AM

I've always thought the US should have a conch shell based economy. You'd be able to take $1000 to any bank and it would be completely redeemable (by law!) for one conch shell

sltr · 09-16-2008, 10:47 AM

Quote:

Originally Posted by xmas13

Pussy + dick.

so why the rocket scientist comment? i asked a legitmate question and the answer is clear- i can't find any info that shows ANY country's currency is backed by a commodity yet people here bash the u.s. when their currency is directly valued by the value of the u.s. dollar.

sltr · 09-16-2008, 10:49 AM

Quote:

Originally Posted by ADL Colin

I've always thought the US should have a conch shell based economy. You'd be able to take $1000 to any bank and it would be completely redeemable (by law!) for one conch shell

i will glady trade you 3 abalone shells for 1.7 conch shells.

ADL Colin · 09-16-2008, 10:55 AM

Quote:

Originally Posted by sltr

i will glady trade you 3 abalone shells for 1.7 conch shells.

One of them is a right-handed shell. I'll require 4 abalone shells in exchange.

SilentKnight · 09-16-2008, 11:56 AM

Canadian currency is backed by the vast fortunes of frugal Sandy McTire.

MrAwesome · 09-16-2008, 11:59 AM

Quote:

Originally Posted by SilentKnight

Canadian currency is backed by the vast fortunes of frugal Sandy McTire.

thats great lol

L-Pink · 09-16-2008, 12:02 PM

Interesting question ....

IllTestYourGirls · 09-16-2008, 12:07 PM

nothing...

Jensen · 09-16-2008, 12:41 PM

oil up here..

sltr · 09-16-2008, 12:47 PM

Quote:

Originally Posted by Jensen

oil up here..

are you referring to the government pension fund? isn't that funded/backed by the profits of petroleum sales and mostly invested abroad?

dready · 09-16-2008, 12:56 PM

It seems they are all fiat currencies now, or backed by other fiat currencies.

directfiesta · 09-16-2008, 12:58 PM

Quote:

Originally Posted by sltr

so why the rocket scientist comment? i asked a legitmate question and the answer is clear- i can't find any info that shows ANY country's currency is backed by a commodity yet people here bash the u.s. when their currency is directly valued by the value of the u.s. dollar.

seems you are worried about your $$$$ ....

sltr · 09-16-2008, 01:02 PM

Quote:

Originally Posted by directfiesta

seems you are worried about your $$$$ ....

of course i am concerned, i have a lot at stake.

i also find it more than ironic people like yourself who continually bash america cast a blind eye on your own country's issues.

if you have a lot at stake you should be concerned with what your country is up too as much as you are obsessed with mine.

CDSmith · 09-16-2008, 01:50 PM

Quote:

Originally Posted by sltr

it appears currencies are "backed by" the value of the u.s. dollar.

i find it more than ironic that non-americans are whining about the fact the dollar is not backed up with a commodity while their own currency is essentially backed by the dollar.

2c

No that's not accurate at all. Yes, many countries gauge the worth of their currencies on the world market by comparisson to the USD, but that doesn't mean their currencies are actually backed by US currency.

Here's what I could find on this topic... http://www.safehaven.com/article-1365.htm

Quote:

While the European countries hold nearly 40 percent of their reserves in gold, Canada has sold its entire holding of 1023 tonnes, making it the only G7 nation that has no gold backing for its currency.

However, Canada does produce and export a lot of gold (and a ton of other commodities) which in part (or in effect) backs the currency. I would say that oil is the thing that most backs our currency these days.

Quote:

http://www.reuters.com/article/bonds...42637720080227
Canada is a major producer and exporter of commodities and its currency is often influenced by the direction of prices for them, especially the price of oil.

sweetredhead · 09-16-2008, 01:55 PM

interesting question seems everyone leans on us for the financial short falls, where are we falling to?

ADL Colin · 09-16-2008, 01:58 PM

As far as "backed by dollar" I believe Panama, Ecuador and El Salvador all actually use the dollar as their currency.

Then you also have some currencies which are pegged to the dollar.

sltr · 09-16-2008, 02:04 PM

cdsmith-

while i might not have stated it properly by using the term *backed by*, my point is that when the dollar drops in value, so do other currencies' values.

the title of the reuters article you posted is somewhat misleading.

from the article- while the value of the canadian dollar rose, due to oil exports, canada does not have an oil standard backing the canadian dollar. i.e. for every canadian dollar outstanding, your country does not have the equivalent in oil stashed somewhere.

CDSmith · 09-16-2008, 02:26 PM

Quote:

Originally Posted by sltr

cdsmith-

while i might not have stated it properly by using the term *backed by*, my point is that when the dollar drops in value, so do other currencies' values.

Actually no, when the USD drops in value the CAD rises in value against the USD.

As I said, the value of the USD doesn't determine the worth of other currencies. Most countries back their own currency in some way, some in part with gold and other commodities, some with oil, etc.

Quote:

Originally Posted by sltr

the title of the reuters article you posted is somewhat misleading.

from the article- while the value of the canadian dollar rose, due to oil exports, canada does not have an oil standard backing the canadian dollar. i.e. for every canadian dollar outstanding, your country does not have the equivalent in oil stashed somewhere.

It doesn't have to "have" the equivalent in "oil stashed somewhere", the oil reserves in the ground themselves also serve to in part back the currency, as does all the other major commodities and preciouos metals that are produced here. So the article's title isn't misleading at all, the rest of the story is in the article.

Quote:

"The Canadian dollar is reflecting gains in commodity
prices," said Paul Ferley, assistant chief economist at Royal
Bank of Canada. "Also, growing concerns about the U.S. economy's prospects
that interest rates in the U.S. will likely have to be cut
further is weighing on the U.S. dollar and compounding the
gains for the Canadian dollar."

There you have it. Countries no longer need a "fort Knox" style of reserve or wharehouse that stores the magical valuable thing that backs the currency.

The USD is used to guage a currency's worth on the world market is all, like I said. And believe me I know all too well that as the USD gets weaker the CAD gets stronger. I've taken well over a 40% hit to that part of my income that comes from american companies, from the exchange rate alone. Over the past 5 years or so I've watched every $1000 USD I earn go from being worth $1500+ to at times just under par.

So no, when your money depreciates in value the worth of other currencies doesn't drop as well. They in fact rise as they are gauged against the USD.

majortom · 09-16-2008, 02:33 PM

Gun, girls and ganja...

sltr · 09-16-2008, 02:35 PM

Quote:

Originally Posted by CDSmith

Actually no, when the USD drops in value the CAD rises in value against the USD.

As I said, the value of the USD doesn't determine the worth of other currencies. Most countries back their own currency in some way, some in part with gold and other commodities, some with oil, etc.

It doesn't have to "have" the equivalent in "oil stashed somewhere", the oil reserves in the ground themselves also serve to in part back the currency, as does all the other major commodities and preciouos metals that are produced here. So the article's title isn't misleading at all, the rest of the story is in the article.

There you have it. Countries no longer need a "fort Knox" style of reserve or wharehouse that stores the magical valuable thing that backs the currency.

The USD is used to guage a currency's worth on the world market is all, like I said. And believe me I know all too well that as the USD gets weaker the CAD gets stronger. I've taken well over a 40% hit to that part of my income that comes from american companies, from the exchange rate alone. Over the past 5 years or so I've watched every $1000 USD I earn go from being worth $1500+ to at times just under par.

So no, when your money depreciates in value the worth of other currencies doesn't drop as well. They in fact rise as they are gauged against the USD.

i understand it better now, thanks for that eh.

D Ghost · 09-16-2008, 02:55 PM

Quote:

Originally Posted by sortie

Gang Violence.

directfiesta · 09-16-2008, 03:52 PM

Quote:

Originally Posted by sltr

of course i am concerned, i have a lot at stake.

i also find it more than ironic people like yourself who continually bash america cast a blind eye on your own country's issues.

if you have a lot at stake you should be concerned with what your country is up too as much as you are obsessed with mine.

First of all, I hate your current administration, and all their wrong doings ...If that is " bashing america " , what is the point of elections ... just call the democrats " american bashers " ... simple enough for even the trailer park trash crowd to understand.

AS for being concerned about my country, well I am. We also are having elections, and a lot of issues ride on the results.

It is only addressed briefly here because most americans don't even know that we vote . They think it is only reserved to the " best country of the whole world " ...

Now, if your country would mind its own business and not fuckup everybody by letting a bouffon make decisions, we couldn't careless about you.

sltr · 09-16-2008, 06:02 PM

i appreciate you explaining your motivation for your comments and threads.

i am not sure what you hope to accomplish posting as such on gfy but that's beside the point.

Phoenix · 09-16-2008, 06:29 PM

mostly lots of hot air and empty promises

09-16-2008, 09:23 AM	#1
sltr Confirmed User Join Date: Dec 2002 Posts: 3,191	what is your country's currency backed by? is there any country that backs their currency with a commodity?

09-16-2008, 10:33 AM	#4
sortie Confirmed User Industry Role: Join Date: Mar 2007 Posts: 7,771	Gang Violence. __________________

09-16-2008, 10:35 AM	#5
starpimps Confirmed User Join Date: Sep 2006 Location: internets Posts: 6,954	maple syrup production __________________ Teen Porn Models / Solo Girls

09-16-2008, 10:37 AM	#6
xmas13 Confirmed User Join Date: Dec 2004 Location: GFY Posts: 5,176	Another GFY rocket scientist. __________________ ICQ 557504926

09-16-2008, 10:44 AM	#11
Psycho_x Confirmed User Join Date: Oct 2006 Posts: 697	__________________

09-16-2008, 09:25 AM	#2
Altheon Confirmed User Join Date: May 2004 Posts: 506	We've got a faith based system over in the states. Needless to say "faith based" systems in general have fucked up the U.S. in many different ways.

09-16-2008, 10:32 AM	#3
sltr Confirmed User Join Date: Dec 2002 Posts: 3,191	it appears currencies are "backed by" the value of the u.s. dollar. i find it more than ironic that non-americans are whining about the fact the dollar is not backed up with a commodity while their own currency is essentially backed by the dollar. 2c

09-16-2008, 10:38 AM	#7
sltr Confirmed User Join Date: Dec 2002 Posts: 3,191	i wouldn't have aproblem with a country that produces maple syrup to have their currency backed by maple syrup.

09-16-2008, 10:45 AM	#13
ADL Colin Too lazy to set a custom title Join Date: Feb 2001 Location: Tube Titans, USA Posts: 11,929	I've always thought the US should have a conch shell based economy. You'd be able to take $1000 to any bank and it would be completely redeemable (by law!) for one conch shell __________________ Adult Date Link - $50 PPS starting NOW! -- good and JUICY! skype = "adultdatelink"

09-16-2008, 11:56 AM	#17
SilentKnight Megan Fox's fluffer Industry Role: Join Date: Oct 2005 Location: shooting pool in Elysium Posts: 24,818	Canadian currency is backed by the vast fortunes of frugal Sandy McTire.

09-16-2008, 12:02 PM	#19
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	Interesting question ....

09-16-2008, 12:07 PM	#20
IllTestYourGirls Ah My Balls Industry Role: Join Date: Feb 2007 Location: Under the gold leaf ICQ 388-454-421 Posts: 14,311	nothing... __________________

09-16-2008, 12:41 PM	#21
Jensen Confirmed User Join Date: Apr 2001 Location: Norway Posts: 3,790	oil up here..

09-16-2008, 12:56 PM	#23
dready Confirmed User Industry Role: Join Date: Oct 2002 Location: Toronto, ON Posts: 5,247	It seems they are all fiat currencies now, or backed by other fiat currencies. __________________ ICQ: 91139591

09-16-2008, 01:55 PM	#27
sweetredhead Confirmed User Join Date: Jun 2008 Location: New York Posts: 443	interesting question seems everyone leans on us for the financial short falls, where are we falling to? __________________ Brooke [email protected]

09-16-2008, 01:58 PM	#28
ADL Colin Too lazy to set a custom title Join Date: Feb 2001 Location: Tube Titans, USA Posts: 11,929	As far as "backed by dollar" I believe Panama, Ecuador and El Salvador all actually use the dollar as their currency. Then you also have some currencies which are pegged to the dollar. __________________ Adult Date Link - $50 PPS starting NOW! -- good and JUICY! skype = "adultdatelink"

09-16-2008, 02:04 PM	#29
sltr Confirmed User Join Date: Dec 2002 Posts: 3,191	cdsmith- while i might not have stated it properly by using the term backed by, my point is that when the dollar drops in value, so do other currencies' values. the title of the reuters article you posted is somewhat misleading. from the article- while the value of the canadian dollar rose, due to oil exports, canada does not have an oil standard backing the canadian dollar. i.e. for every canadian dollar outstanding, your country does not have the equivalent in oil stashed somewhere.

09-16-2008, 02:33 PM	#31
majortom Confirmed User Industry Role: Join Date: Mar 2004 Location: SEA Posts: 445	Gun, girls and ganja... __________________ Divers Do It Deeper !!!

09-16-2008, 06:02 PM	#35
sltr Confirmed User Join Date: Dec 2002 Posts: 3,191	i appreciate you explaining your motivation for your comments and threads. i am not sure what you hope to accomplish posting as such on gfy but that's beside the point.

09-16-2008, 06:29 PM	#36
Phoenix BACON BACON BACON Industry Role: Join Date: Nov 2002 Location: Poems everybody, the laddie fancies himself a poet Posts: 35,462	mostly lots of hot air and empty promises __________________ Skype Phoenixskype1 Telegram PhoenixBrad https://quantads.io