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#1
Had a search, no results.
Has anyone seen in the news that Britain's idea to combat the economic crisis is to print more money. Didn't this happen in Germany just after the second world war, leading to hyperinflation, and again not so long ago in Zimbabwee under Mugabee's rule.
Im not exactly a great economist, but surely if it didnt work on these two occasions then it won't work for us.
Anyone any ideas about this??
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And the time we were given will be left for the world
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#2
Whatever it takes I say, I'm tired of this crisis..
People are bastards. Bastardcoated bastards with bastardfilling.
#4
printing more money is not a good idea. at all.
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#6
Quote by Malakian=God
Had a search, no results.
Has anyone seen in the news that Britain's idea to combat the economic crisis is to print more money. Didn't this happen in Germany just after the second world war, leading to hyperinflation, and again not so long ago in Zimbabwee under Mugabee's rule.
Im not exactly a great economist, but surely if it didnt work on these two occasions then it won't work for us.
Anyone any ideas about this??


don't you know anything about economy? its all about the bad ideas!
#7
Quote by Finnepinne
Whatever it takes I say, I'm tired of this crisis..


Printing money would lead to hyperinflation, and that would make things a LOT worse.
#8
Zimbabwe $100 Billion note, worth around 1 $US Dollar (I think):


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#9
Quote by Zero-Hartman
Zimbabwe $100 Billion note, worth around 1 $US Dollar (I think):

http://cache.daylife.com/imageserve/0aevaSR2nBegZ/610x.jpg


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#10
The whole modern economic system is based around Inflation :/ And yes, in the long run things will get much worse if governments just print (= get a loan from reserve banks) more money ...
I must stop wasting time in The Pit and practice!
#11
Quote by GLP_Arclite
Printing money would lead to hyperinflation, and that would make things a LOT worse.



Well what do you suggest we do? Wait it out?

Someone has to do something radical soon to get the economy rolling again.
People are bastards. Bastardcoated bastards with bastardfilling.
#12
i had a very knowledgeable government teacher in high school who told me that the US(don't know about other places) has dips in the economy every couple of years and this one is just a little more severe but not unusual. he says in about two years it will be normal again. i hope he's right, he usually was.
#13
Quote by nimrod_hahahaha
printing more money is not a good idea. at all.


its not just a bad idea it is the ultimate financial facepalm
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#14
Quote by Finnepinne
Well what do you suggest we do? Wait it out?

Someone has to do something radical soon to get the economy rolling again.



Yes because printing more money is not the answer.
Just say you got paid £200 on Monday, then the government started printing money. This would mean that the prices of everything we need would rise much much faster than usual, and by the end of the week it could be £200 for a tin of food.
The same applies to savings in the bank. Say for example ypu have £2000 saved. This seems like a fair bit of money. However, if the government begins printing money then within a couple of weeks these savings will be useless as it could be £2000 to do a couple of days worth of shopping.
Also if you see this coming and decided to spend you £2000 right away before the inflation begins this just makes things worse as inflation will rise quicker than it would have anyway.
It may seem like i am exaggerating the problem, but honestly, just look at some of the stories of when Germany was going through hyperinflation, its horrific.
We'll be washed and buried one day my friend
And the time we were given will be left for the world
The flesh that lived and loved will be eaten by plague
So let the memories be good for those who stay
#15
Quote by Zero-Hartman
Zimbabwe $100 Billion note, worth around 1 $US Dollar (I think):



Thanks for the pic, helped explain what will happen.
We'll be washed and buried one day my friend
And the time we were given will be left for the world
The flesh that lived and loved will be eaten by plague
So let the memories be good for those who stay
#16
Quote by pwnerer
Do you have a link to the article?



http://www.dailymail.co.uk/news/article-1108305/Lets-print-money-Labours-latest-big-idea-fix-Britains-economic-crisis.html

Not the same as the one i read in paper, but same information.
We'll be washed and buried one day my friend
And the time we were given will be left for the world
The flesh that lived and loved will be eaten by plague
So let the memories be good for those who stay
#17
Quote by skaterskagg1
i had a very knowledgeable government teacher in high school who told me that the US(don't know about other places) has dips in the economy every couple of years and this one is just a little more severe but not unusual. he says in about two years it will be normal again. i hope he's right, he usually was.

My macroeconomics teacher said that same exact thing last semester but my microeconomics teacher this semester says that this is the worst crisis since the depression.
...who to believe.
#18
Even if somehow printing money DIDN'T lead to hyperinflation (which it does anyway) the economic crisis has been brought about by people playing with money that was never printed to begin with; it's all money that only ever existed in theory anyway, then when everyone realized that no one had any of it the world fell apart.
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#19
Wow the whole lot of you, need to take economics in College.


Many of you dont know how your country's economy works, thats just messed up.
If you try to correct me
I will become alot more wise and insightful than you can possibly imagine.
#20
Quote by Siro78
Wow the whole lot of you, need to take economics in College.


Many of you dont know how your country's economy works, thats just messed up.


I don't think I've seen you make valuable contributions in any of your posts
So please
Enlighten us oh wise one

For the record I don't claim to understand the economy of my country or the world
But I fail to see how a college education makes you a veritable source of knowledge
#21
Atleast you addressed me correctly, thats the main thing.
If you try to correct me
I will become alot more wise and insightful than you can possibly imagine.
#22
Quote by Siro78
Wow the whole lot of you, need to take economics in College.


Many of you dont know how your country's economy works, thats just messed up.



wow grammer fail
#23
Quote by JoeB.
wow grammer fail


You try to criticize my grammar by spelling grammar wrong?

Self Pwn
If you try to correct me
I will become alot more wise and insightful than you can possibly imagine.
#24
Quote by Siro78
Atleast you addressed me correctly, thats the main thing.


Oh so you ARE a moron with no ability to back up his claims
Fair enough

By the by, surely someone so proud of his college education can put an apostrophe in 'that's'
And 'at least' isn't one word as far as I know...
#25
Well a recession is typically linked with deflation, so printing more money would counter-act this problem.

It only leads to hyperinflation if it is not handled correctly.

Quote by tushmeister

But I fail to see how a college education makes you a veritable source of knowledge

Umm...because that's what you get in college....knowledge...
PPPPPPPOSTFINDER
Last edited by breadstick at Jan 13, 2009,
#26
Quote by breadstick
Well a recession is typically linked with deflation, so printing more money would counter-act this problem.

It only leads to hyperinflation if it is not handled correctly.


Agreed
And hopefully, with the last 100 years in mind, we've at least a better idea of how to handle it correctly
Though I do wonder if we're not going to an Edison
And instead of getting it right because we know how we got it wrong last time, we'll just get it wrong in a new way
(Edison invented the light-bulb on his 105th attempt (or was accredited as having done so) and said 'I considered each attempt not a failure, but another step towards success', or something to that effect)


Quote by breadstick


Umm...because that's what you get in college....knowledge...

EDIT ^I'm in University doing chemistry
That does not make me a walking fountain of knowledge of chemistry, and he hardly backed up his claim that he knew anything about economics

Just because he says he did a course on it in College, doesn't mean he knows anything about this particular issue, he may not have even done well...


And if he means a UK college, then at A-Level (2nd Year of College in essence) I was taught many fallacies in all of my subjects, simplified truths and in some cases practically blatant lies simply to cover something as quickly and concisely as possible
The education system itself is flawed, let alone the people who seem to think they know everything once they've been through it
Last edited by tushmeister at Jan 13, 2009,
#27
I think hyperinflation occurs when demand of goods and services outweighs supply. Zimbabwe have economic sanctions, therefore certain goods are in short supply so if a loaf of bread costs 10quid then a car isnt going to cost 10000 if you get me (not sure if they use the 'basket of goods' thing)
#28
Quote by Siro78
Wow the whole lot of you, need to take economics in College.


Many of you dont know how your country's economy works, thats just messed up.



Can you explain it to us then? I really dont see how printing more money solves any problems.
We'll be washed and buried one day my friend
And the time we were given will be left for the world
The flesh that lived and loved will be eaten by plague
So let the memories be good for those who stay
#29
Quote by Zaphod_Beeblebr
Even if somehow printing money DIDN'T lead to hyperinflation (which it does anyway) the economic crisis has been brought about by people playing with money that was never printed to begin with; it's all money that only ever existed in theory anyway, then when everyone realized that no one had any of it the world fell apart.


Im not sure if that fits in with what I heard, i suppose it does in a way. In Britain the downturn was caused by banks just giving people money on credit, without really caring if they were able to pay it back right away. No they realised that many people simply are not making enough money to pay them back and therefore banks are giving barely anyone credit, and in some cases struggling because people cant pay them back.
I think what you said ties in with this as the credit that banks gave people wasnt actually money, but rather the promise to pay the money, or maybe im completely wrong.
If any1 can tells me more i would appreciate it.
We'll be washed and buried one day my friend
And the time we were given will be left for the world
The flesh that lived and loved will be eaten by plague
So let the memories be good for those who stay
#30
We are printing more money, but you also must understand quite a bit of money gets taken out of circulation everyday due to damage. The fact is though, we have to watch our rate of printing money, if the ratio gets too far out of wack then we have hyper inflation. What would help solve this economic crisis is a new New Deal of sorts, one where we have projects (for ex. Lewis Black's theory) that put people to work, and government programs to back those who need it (i.e. a new overhaul and reform of welfare and social security) (I am talking about things from an American perspective). The fact is that a republican or conservative economic approach which is trickle down economics where you give big business leaders money and fewer restrictions and let it trickle down to the little guy, will fail, just as it did under Hoover. You can give money to big business, but the CEOs and owners and various other heads will only pocket it. One of the major banks we bailed out with $10 billion, paid $10.8 billion in holiday bonuses to their executives...now explain that...greed is what happens when you lift governmental restrictions and try and have a truly free economy.
Last edited by in2thesun88 at Jan 13, 2009,
#31
Quote by in2thesun88
We are printing more money, but you also must understand quite a bit of money gets taken out of circulation everyday due to damage. The fact is though, we have to watch our rate of printing money, if the ratio gets too far out of wack then we have hyper inflation. What would help solve this economic crisis is a new New Deal of sorts, one where we have projects (for ex. Lewis Black's theory) that put people to work, and government programs to back those who need it (i.e. a new overhaul and reform of welfare and social security) (I am talking about things from an American perspective). The fact is that a republican or conservative economic approach which is trickle down economics where you give big business leaders money and fewer restrictions and let it trickle down to the little guy, will fail, just as it did under Hoover. You can give money to big business, but the CEOs and owners and various other heads will only pocket it. One of the major banks we bailed out with $10 billion, paid $10.8 billion in holiday bonuses to their executives...now explain that...greed is what happens when you lift governmental restrictions and try and have a truly free economy.


We should build a big f**king thing.
#35
It's not a crisis until I loose "my" job.
That should be sometime around March.
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#37
Well, it can stimulate the economy in the short term, so really I don't see what the problem is if we sort ourself out quickly, also I laugh at the fact that you guys seem to be second guessing the monetary policy committee of the bank of England, I mean really.... Economics is one of the most complicated subjects in the world, if you don't have any clue, don't be like.

"So this happened to Germany, therefore its going to happen to us"

Twas a completely different situation. And our understanding of the economy is much better, oh and it happened in zimbabwe because mugabe wanted to pay his soldiers so they didn't make a coup etc. not because he's that much of a tardhat.
#38
Quote by Pipsicles
Well, it can stimulate the economy in the short term, so really I don't see what the problem is if we sort ourself out quickly, also I laugh at the fact that you guys seem to be second guessing the monetary policy committee of the bank of England, I mean really.... Economics is one of the most complicated subjects in the world, if you don't have any clue, don't be like.

"So this happened to Germany, therefore its going to happen to us"

Twas a completely different situation. And our understanding of the economy is much better, oh and it happened in zimbabwe because mugabe wanted to pay his soldiers so they didn't make a coup etc. not because he's that much of a tardhat.


Germany didn't really predict the problems it had back then
If anything what I've seen so far is people saying 'But if they missed something then, why do we reckon we haven't now?'
And as you said, its a massively complicated subject, mistakes are easy to make, and one small mistake can have a big effect when it comes to something so complex...
#39
Quote by JoeB.
wow grammer fail

Fail.

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Today I stole a girls tampons for being such an annoying bitch.





MUFC


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Berserker.
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