Topic: Old currency for sales! Rubels for €, £ or $ !

[Pez]

Old currency for sales! Rubels for €, £ or $ !

It seems to be some trade of currency here. I want to get €1000, £1200, $1600 or more for 100 Rubles. Highest bidder first served.

Please send your contact info via this thread for further info of the transaction.

This offer is just open for this week!

Cheers
Pez

NOTE! This is a OBVIUS try by me to fraud you! This to show the sensitivity of a currency and an example way the cyber currency dose not work in reality! This due to the lack of substantial value! All normal currencies have a bottom whit the gold reserve but the virtual currencies have just the expectation and a greater fool to believe in.
So if you try this you have just you self to blame!!!

You have been warned!!!
Some more info that is worth reading for you that dose not believe me!: https://en.wikipedia.org/wiki/Foreign_currency_mortgage

[devnullius]

Pez, you need to study economics and you need to study Federal Reserve Bank.

Then study global economy and tell me again that $ is backed up by any 'real' commodity. It is *not*. It is *virtual* all the way.

Please study.

At least a cryptocurrency represents a certain amount of CPU/GPU/ASIC power + electricity. THAT is the underlying value.

Thank you.

Devvie

[Samker]

Pez, you need to study economics and you need to study Federal Reserve Bank.

Then study global economy and tell me again that $ is backed up by any 'real' commodity. It is *not*. It is *virtual* all the way.

...

You both know that I don't believe in CryptoCurrencies but this is true: http://www.forbes.com/sites/steveforbes/2013/05/08/heres-what-a-new-gold-standard-could-look-like/

"The American dollar was linked to gold from the time of George Washington until the early 1970s."

[Pez]

Sorry to say devnullius I'm pretty good at his I have worked with bank security in my IT work!
I know pretty match what is the requirement for a currency. The crypto currency dose not meet up to it at all as I have try to explain in different way.

I want to add also this you and all the peoples hanging in this part of the forum need to know that this with currency is pretty complex. It is one of the reason even man landsman Alfred Nobel have Nobel prize in his Memorial from the Sveriges Riksbank prize in Economic Sciences.

Here is some links that you need to understand way a virtual currency dose not work do the lack of substantial value!

Constitutional economics

Normative constitutional economics

Normative constitutional economics focuses on legitimizing the state and its actions as the best means of maximum efficiency and utility, judging conditions or rules that are efficient, and discerning and studying the political systems to maximize efficiency, where the outcome of collective choices are considered "fair", "just", or "efficient". Once again, Buchanan dominates the normative discussion of constitutional economics, specifically how methodological individualism affects economic analysis.

By 1988, Buchanan's thought had matured since his speech in 1986. Both Buchanan and Stefan Voigt argue the foundational assumption of normative constitutional economics is that no single individual's goals or values can supersede the value of another's. Therefore, a universal, absolute social norm or goal is impossible. Since politics is a form of exchange, when individuals agree to exchange goods, they are acting rationally in their own perceived self-interest if the decision is voluntary and informed. With these criteria, any such agreement is "efficient" and therefore normatively ought to occur.

...

Hayek

Buchanan is not the only contributor to normative constitutional economics. Economic polymath Friedrich Hayek also wrote extensively on the topic of constitutional economics, even if he did not name constitutional economics specifically. Hayek defends a representative constitutional democracy as the best structure of government. Hayek's main project was the vindication of freedom and establishing criteria for a regime of freedom.

Gold reserve
Gold standard
Washington Agreement on Gold

Currency

Control and production

In most cases, a central bank has a monopoly right to issue of coins and banknotes (fiat money) for its own area of circulation (a country or group of countries); it regulates the production of currency by banks (credit) through monetary policy.

An exchange rate is the price at which two currencies can be exchanged against each other. This is used for trade between the two currency zones. Exchange rates can be classified as either floating or fixed. In the former, day-to-day movements in exchange rates are determined by the market; in the latter, governments intervene in the market to buy or sell their currency to balance supply and demand at a fixed exchange rate.

In cases where a country has control of its own currency, that control is exercised either by a central bank or by a Ministry of Finance. The institution that has control of monetary policy is referred to as the monetary authority. Monetary authorities have varying degrees of autonomy from the governments that create them. In the United States, the Federal Reserve System operates without direct oversight by the legislative or executive branches. A monetary authority is created and supported by its sponsoring government, so independence can be reduced by the legislative or executive authority that creates it.

Several countries can use the same name for their own separate currencies (for example, dollar in Australia, Canada and the United States). By contrast, several countries can also use the same currency (for example, the euro), or one country can declare the currency of another country to be legal tender. For example, Panama and El Salvador have declared U.S. currency to be legal tender, and from 1791 to 1857, Spanish silver coins were legal tender in the United States. At various times countries have either re-stamped foreign coins, or used currency board issuing one note of currency for each note of a foreign government held, as Ecuador currently does.

Each currency typically has a main currency unit (the dollar, for example, or the euro) and a fractional unit, often defined as 1⁄100 of the main unit: 100 cents = 1 dollar, 100 centimes = 1 franc, 100 pence = 1 pound, although units of 1⁄10 or 1⁄1000 occasionally also occur. Some currencies do not have any smaller units at all, such as the Icelandic króna.

Mauritania and Madagascar are the only remaining countries that do not use the decimal system; instead, the Mauritanian ouguiya is in theory divided into 5 khoums, while the Malagasy ariary is theoretically divided into 5 iraimbilanja. In these countries, words like dollar or pound "were simply names for given weights of gold." Due to inflation khoums and iraimbilanja have in practice fallen into disuse. (See non-decimal currencies for other historic currencies with non-decimal divisions).

Currency convertibility

Convertibility of a currency determines the ability of an individual, corporate or government to convert its local currency to another currency or vice versa with or without central bank/government intervention. Based on the above restrictions or free and readily conversion features currencies are classified as:

##Fully Convertible – When there are no restrictions or limitations on the amount of currency that can be traded on the international market, and the government does not artificially impose a fixed value or minimum value on the currency in international trade. The US dollar is an example of a fully convertible currency and for this reason, US dollars are one of the major currencies traded in the foreign exchange market.

##Partially Convertible – Central Banks control international investments flowing in and out of the country, while most domestic trade transactions are handled without any special requirements, there are significant restrictions on international investing and special approval is often required in order to convert into other currencies. The Indian Rupee is an example of a partially convertible currency.

##Nonconvertible – Neither participate in the international FOREX market nor allow conversion of these currencies by individuals or companies. As a result, these currencies are known as blocked currencies. e.g.: North Korean won and the Cuban peso

Alternative currency

Cryptocurrency

In centralized economic systems such as the Federal Reserve System governments regulate the value of currency by simply printing units of fiat money or demanding additions to digital banking ledgers, however governments cannot produce units of cryptocurrency and as such governments cannot provide backing for firms, banks or corporate entities which hold asset value measured in a decentralized cryptocurrency. The underlying technical system upon which all cryptocurrencys are now based was created by the anonymous group or individual known as Satoshi Nakamoto for the purpose of creating an economy within which the practice of fractional reserve banking would be fundamentally impossible.

Bitcoin

Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009 by pseudonymous developer Satoshi Nakamoto. It is a cryptocurrency, so-called because it uses cryptography to control the creation and transfer of money.[5] Conventionally, the capitalized word "Bitcoin" refers to the technology and network, whereas lowercase "bitcoins" refers to the currency itself.

Satoshi Nakamoto

Identity

There are no records of Nakamoto's identity or identities prior to the creation of Bitcoin. Satoshi is a male, Japanese name, whose meaning is variously given as "wise", "clear-thinking", "quick-witted" or "intelligent history", i.e. a person with intelligent ancestors. "Nakamoto"(中本) is a Japanese family name.

On his P2P Foundation profile, Nakamoto claimed to be an individual male at the age of 37 and of Japanese origin, which was met with great skepticism due to his use of English and his Bitcoin software not being documented nor labelled in Japanese.

So you trust your investment and money in some one that is anonymous!
Do you also trust mail and security on anonymous?

There is also impressing to see all other crypto currencies that have been found this last year!
In my opinion there is cased due to other have found this way to make the same fraud by just change the name of the currency.

Even the Cuban cigar company that say they begun to use BitCoin as money have despaired from the site and have not comment the last weeks change of the BitCoin exchange company. I have even send them a private mail regarding this but they have not answer!

Dose this not saying anything to you about this devnullius?

Please read more about what currency's are and how it work. I have a pretty good knowledge about this but probably it seams to need some education in this part of the forum about this!


European Central Bank
Central bank
Bank reserves
Federal funds

Federal funds

In the United States, federal funds are overnight borrowings between banks and other entities to maintain their bank reserves at the Federal Reserve. Banks keep reserves at Federal Reserve Banks to meet their reserve requirements and to clear financial transactions. Transactions in the federal funds market enable depository institutions with reserve balances in excess of reserve requirements to lend reserves to institutions with reserve deficiencies. These loans are usually made for one day only, that is, "overnight". The interest rate at which these deals are done is called the federal funds rate. Federal funds are not collateralized; like eurodollars, they are an unsecured interbank loan.

Federal funds transactions by regulated financial institutions neither increase nor decrease total bank reserves. Instead, they redistribute reserves and enable otherwise idle funds to yield a return. Banks may borrow these funds to avoid an overdraft (that is, the balance going below reserve requirement) of their reserve account, or in order to meet the reserves required to back their deposits. Federal funds are definitive money, meaning that they are available for immediate spending, while checks and many other forms of money must be cleared by banks and typically take several days before becoming available for spending.

Participants in the federal funds market include commercial banks, savings and loan associations, government-sponsored enterprises, branches of foreign banks in the United States, federal agencies, and securities firms. Many relatively small institutions that accumulate reserves in excess of their requirements lend reserves overnight to money center and large regional banks, as well as to foreign banks operating in the United States. Federal agencies also lend idle funds in the federal funds market.
Reserve requirements

Another instrument of monetary policy adjustment employed by the Federal Reserve System is the fractional reserve requirement, also known as the required reserve ratio. The required reserve ratio sets the balance that the Federal Reserve System requires a depository institution to hold in the Federal Reserve Banks, which depository institutions trade in the federal funds market discussed above. The required reserve ratio is set by the Board of Governors of the Federal Reserve System. The reserve requirements have changed over time and some of the history of these changes is published by the Federal Reserve

Reserve requirement

The reserve requirement (or cash reserve ratio) is a central bank regulation employed by most, but not all, of the world's central banks, that sets the minimum fraction of customer deposits and notes that each commercial bank must hold as reserves (rather than lend out). These required reserves are normally in the form of cash stored physically in a bank vault (vault cash) or deposits made with a central bank.
Countries without reserve requirements

Canada, the UK, New Zealand, Australia and Sweden have no reserve requirements.

This does not mean that banks can - even in theory - create money without limit. On the contrary: banks are constrained by capital requirements, which are arguably more important than reserve requirements even in countries that have reserve requirements.

It also does not mean that a commercial bank's overnight reserves can become negative, in these countries. On the contrary: the central bank will always step in to lend the necessary reserves if necessary so that this does not happen - this is sometimes described as "defending the payment system". Historically, a central bank might once have run out of reserves to lend, and as a consequence might have had to suspend redemptions - but this cannot happen any more to modern central banks, due to the end of the gold standard worldwide, which means that all nations use a fiat currency.

It is sometimes argued that the requirement not to have a negative reserve balance at the central bank constitutes a reserve requirement of zero. However, mathematically, a requirement to hold zero reserves does not correspond to any ratio whatsoever; it is more permissive than any ratio. So this can only be true if a broader definition of reserve requirement is adopted. Moreover, such a zero reserve requirement cannot be explained by a theory that holds that monetary policy works by varying the quantity of money using the reserve requirement.

Even in the United States, which retains formal (though now mostly irrelevant) reserve requirements, the notion of controlling the money supply by targeting the quantity of base money fell out of favour many years ago, and now the pragmatic explanation of monetary policy refers to targeting the interest rate to control the broad money supply.

United Kingdom

In the UK the term clearing banks is sometimes used, meaning banks that have direct access to the clearing system. However, for the purposes of clarity, the term commercial banks will be used for the remainder of this section.

The Bank of England, which is the central bank for the entire United Kingdom, previously held to a voluntary reserve ratio system, with no minimum reserve requirement set. In theory this meant that commercial banks could retain zero reserves. However, the average cash reserve ratio across the entire United Kingdom banking system was higher during that period, at about 0.15% as of 1999.

From 1971 to 1980, the commercial banks all agreed to a reserve ratio of 1.5%. However, in 1981 this requirement was abolished.

From 1981 until 2009, each commercial bank set out its own monthly voluntary reserve target in a contract with the Bank of England. Both shortfalls and excesses of reserves relative to the commercial bank's own target over an averaging period of one day would result in a charge, incentivising the commercial bank to stay near its target - a system known as reserves averaging.

Upon the parallel introduction of quantitative easing and interest on excess reserves in 2009, banks were no longer required to set out a target, and so were no longer penalised for holding excess reserves; indeed, they were proportionally compensated for holding all their reserves at the Bank Rate (the Bank of England now uses the same interest rate for its bank rate, its deposit rate and its interest rate target). Indeed, in the absence of an agreed target, the concept of excess reserves does not really apply to the Bank of England any more, so it is technically incorrect to call its new policy "interest on excess reserves".

Federal Reserve Bank

Legal status

The twelve regional Federal Reserve Banks were established as the operating arms of the nation's central banking system. They are organized much like private corporations—possibly leading to some confusion about ownership.

The Federal Reserve Banks have an intermediate legal status, with some features of private corporations and some features of public federal agencies. The United States has an interest in the Federal Reserve Banks as tax-exempt federally created instrumentalities whose profits belong to the federal government, but this interest is not proprietary. In Lewis v. United States, the United States Court of Appeals for the Ninth Circuit stated that: "The Reserve Banks are not federal instrumentalities for purposes of the FTCA [the Federal Tort Claims Act], but are independent, privately owned and locally controlled corporations." The opinion went on to say, however, that: "The Reserve Banks have properly been held to be federal instrumentalities for some purposes." Another relevant decision is Scott v. Federal Reserve Bank of Kansas City, in which the distinction is made between Federal Reserve Banks, which are federally created instrumentalities, and the Board of Governors, which is a federal agency.

Regarding the structural relationship between the twelve Federal Reserve banks and the various commercial (member) banks, political science professor Michael D. Reagan has written that:

... the "ownership" of the Reserve Banks by the commercial banks is symbolic; they do not exercise the proprietary control associated with the concept of ownership nor share, beyond the statutory dividend, in Reserve Bank "profits." ... Bank ownership and election at the base are therefore devoid of substantive significance, despite the superficial appearance of private bank control that the formal arrangement creates.


Function

The Federal Reserve System provides the government with a ready source of loans and serves as the safe depository for federal monies. The Federal Reserve is also a low-cost mechanism for transferring funds and is an inexpensive agent for meeting payments on the national debt and government salaries. The Federal Reserve Banks were created as instrumentalities to carry out the policies of the Federal Reserve System.

The Federal Reserve Banks issue shares of stock to member banks. However, owning Federal Reserve Bank stock is quite different from owning stock in a private company. The Federal Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the system. The stock may not be sold or traded or pledged as security for a loan; dividends are, by law, limited to 6% per year.

The dividends paid to member banks are considered partial compensation for the lack of interest paid on member banks' required reserves held at the Federal Reserve. By law, banks in the United States must maintain fractional reserves, most of which are kept on account at the Federal Reserve. Historically, the Federal Reserve did not pay interest on these funds. The Federal Reserve now has authority, granted by Congress in the Emergency Economic Stabilization Act (EESA) of 2008, to pay interest on these funds.

A major responsibility of The Federal Reserve is to oversee their banking and financial systems. Overseeing the banking and financial systems of a bank is crucial in a society.

Confidence in the soundness of the banking and financial systems is what mobilizes a society's savings, allows the savings to be channeled into productive investments, and encourages economic growth.


Finances

Each Federal Reserve Bank funds its own operations, primarily from interest on its loans and on the securities it holds. Expenses and dividends paid are typically a small fraction of a Federal Reserve Bank's revenue each year. By law the remainder must be transferred to the Board of Governors, which then deposits the full amount to the Treasury as interest on outstanding Federal Reserve Notes.

The Federal Reserve Banks conduct ongoing internal audits of their operations to ensure that their accounts are accurate and comply with the Federal Reserve System's accounting principles. The banks are also subject to two types of external auditing. Since 1978 the Government Accountability Office (GAO) has conducted regular audits of the banks' operations. The GAO audits are reported to the public, but they may not review a bank's monetary policy decisions or disclose them to the public. Since 1999 each bank has also been required to submit to an annual audit by an external accounting firm, which produces a confidential report to the bank and a summary statement for the bank's annual report. Some members of Congress continue to advocate a more public and intrusive GAO audit of the Federal Reserve System, but Federal Reserve representatives support the existing restrictions to prevent political influence over long-range economic decisions.

Why dose not anybody want to send me a personal info so I can exchange some Rubels?
There is so many that give worthless money to every body but I that have pure money dose not get any offer!

I can get an other offer. Post me your E-mail address in this thread and I send you a check of 100 of my on currency Pez!

[Pez]

I need to add this regarding US Dollar.

Value

...

Under the Bretton Woods system established after World War II, the value of gold was fixed to $35 per ounce, and the value of the U.S. dollar was thus anchored to the value of gold. Rising government spending in the 1960s, however, led to doubts about the ability of the United States to maintain this convertibility, gold stocks dwindled as banks and international investors began to convert dollars to gold, and as a result the value of the dollar began to decline. Facing an emerging currency crisis and the imminent danger that the United States would no longer be able to redeem dollars for gold, gold convertibility was finally terminated in 1971 by President Nixon, resulting in the "Nixon shock."

The value of the U.S. dollar was therefore no longer anchored to gold, and it fell upon the Federal Reserve to maintain the value of the U.S. currency. The Federal Reserve, however, continued to increase the money supply, resulting in stagflation and a rapidly declining value of the U.S. dollar in the 1970s. This was largely due to the prevailing economic view at the time that inflation and real economic growth were linked (the Phillips curve), and so inflation was regarded as relatively benign. Between 1965 and 1981, the U.S. dollar lost two thirds of its value.

In 1979, President Carter appointed Paul Volcker Chairman of the Federal Reserve. The Federal Reserve tightened the money supply and inflation was substantially lower in the 1980s, and hence the value of the U.S. dollar stabilized.

Over the thirty-year period from 1981 to 2009, the U.S. dollar lost over half its value. This is because the Federal Reserve has targeted not zero inflation, but a low, stable rate of inflation—between 1987 and 1997, the rate of inflation was approximately 3.5%, and between 1997 and 2007 it was approximately 2%. The so-called "Great Moderation" of economic conditions since the 1970s is credited to monetary policy targeting price stability.

There is ongoing debate about whether central banks should target zero inflation (which would mean a constant value for the U.S. dollar over time) or low, stable inflation (which would mean a continuously but slowly declining value of the dollar over time, as is the case now). Although some economists are in favor of a zero inflation policy and therefore a constant value for the U.S. dollar, others contend that such a policy limits the ability of the central bank to control interest rates and stimulate the economy when needed.

[Samker]

P., thanks for the detailed analysis.

[devnullius]

http://youtu.be/reo7WbibxaQ