"Economists define a currency as something that can be at once a medium of exchange, a store of value and a unit of account.” Bitcoin is incredibly volatile and fails to satisfactorily meet the requirements of a currency. It's a highly speculative asset.https://t.co/kqAHAg9CkI
— Prof. Steve Hanke (@steve_hanke) September 10, 2018
“Commerce with all nations, alliances with none,” as Thomas Jefferson once wrote. By favoring Greece, or anyone else, over Turkey, the US only hurts itself economically.https://t.co/037oFGUWfi
— Prof. Steve Hanke (@steve_hanke) September 10, 2018
"Even if the IMF bailout and the government's reforms do work, it looks like Argentina is, again, in for a torrid time as it seeks to chart its way through yet another economic crisis." Yet, the IMF, Macri, and BCRA will fail. Dump them all and dollarize .https://t.co/LObj3G8hP7
— Prof. Steve Hanke (@steve_hanke) September 10, 2018
#Maduro is running Venezuela into the ground. Like a magazine subscription, it is time for #Venezuelans to cancel their subscription to #socialism. pic.twitter.com/SP7pRbn4ek
— Prof. Steve Hanke (@steve_hanke) September 10, 2018
I measure #Sudan's inflation rate on a daily basis with high-frequency data. With annual inflation at 101%, President Omar al-Bashir dissolved #Sudan's government. The political perils of inflation! pic.twitter.com/MUiXY3ibNg
— Prof. Steve Hanke (@steve_hanke) September 10, 2018
The Indonesian rupiah has plunged to 20-year lows. If Suharto and I had installed a currency board in 1998, this would not happen as the rupiah would clone the USD. This never happened because the US and IMF overthrew Suharto with a plunging rupiah.https://t.co/2OBS9RZ0tY
— Prof. Steve Hanke (@steve_hanke) September 10, 2018
"Why is this happening again, under a president who is supposed to embody change? The answer: Because Argentina still has a central bank. To fix the problem once and for all, it should dollarize," writes @MaryAnastasiaOG. Couldn't agree more. Drop the peso https://t.co/WXyzq7UAuv
— Prof. Steve Hanke (@steve_hanke) September 10, 2018
Watch the oil spill from PDVSA’s ruptured pipes. Venezuela is consuming all its capital stock at a rapid rate. The country is literally collapsing. Back in the USSR! pic.twitter.com/0pTiBpyKhg
— Prof. Steve Hanke (@steve_hanke) September 10, 2018
#Venezuela will change exchange controls yet again. The 12th time since 2003. Poor Venezuelans need PhDs in regs & a good lawyer to figure it all out. https://t.co/6GXSLuhQxA
— Prof. Steve Hanke (@steve_hanke) September 10, 2018
The fall of emerging market currencies is shown clearly in this chart. #Argentina's #peso has fared the worse, a clear indication of their need to #dollarize. No Argentine trusts the peso. And rightfully so. pic.twitter.com/oQCTrzgMuG
— Prof. Steve Hanke (@steve_hanke) September 10, 2018
Chevron case illustrates Ecuador’s endemic corruption problem: "In 2014, US a district judge ruled that "corrupt means" were used by Ecuador's legal team to win a 2011 case." Nearly $300k in bribes were paid. Must cut power of the State to cut #corruptionhttps://t.co/yYetv254vs
— Prof. Steve Hanke (@steve_hanke) September 10, 2018
#Sanctions are motivating #Iran to double down, not to cave in. This is the standard reaction to sanctions. That's why sanctions fail.https://t.co/RKID017Xby
— Prof. Steve Hanke (@steve_hanke) September 10, 2018
"It makes no more sense to be protectionist because other countries have tariffs than it would to block up our harbours because other countries have rocky coasts."
–Frederic Bastiat pic.twitter.com/cSdmBLOncd— Prof. Steve Hanke (@steve_hanke) September 10, 2018
Forced nationalization of private business in VNZ has resulted in a drastically reduced oil production capacity, and resulted in $2 billion worth of reparations that Venezuela hasn't paid. Seizure of private assets is illegal, as was ruled. #SocialismKillshttps://t.co/sJMuHTrsiQ
— Prof. Steve Hanke (@steve_hanke) September 9, 2018
#Maduro has announced a new FX currency trading plan. Details of the plan are sparse, suggesting another #Venezuela fake. A minor face lift won't save the #bolivar–only dollarization can. #SocialismKills https://t.co/6GXSLu0f90
— Prof. Steve Hanke (@steve_hanke) September 9, 2018
#Argentina's recent peso bump is only temporary. The #peso is being buried by a deadly cocktail: the BCRA & the IMF. Argentines have zero confidence in both. It’s time to dump the BCRA & the peso. #Dollarize.https://t.co/VyQRGt1TtU
— Prof. Steve Hanke (@steve_hanke) September 9, 2018
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