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Bringing back the Somali shilling

jpkoning.blogspot.com

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Re: Bringing back the Somali shilling

#21

Post by protomyth »

an_account wrote: post #17
protomyth wrote: post #15

Earlier quoted context omitted.

The article emphasized that the counterfeit currency cost about the same amount to make as the actual trading value of the currency.

But the article also claims that the central bank would have to buy the counterfeit (and legit) currency at a premium, so that it's worth it to the citizens to exchange.

The premium looked pretty small and I would imagine the buyback would probably exclude anything that wasn't in circulation at the time it happened shortening the time table for something that needs to be shipped in.

Re: Bringing back the Somali shilling

#22

Post by protomyth »

smitherfield wrote: post #18
protomyth wrote: post #15

Earlier quoted context omitted.

The article emphasized that the counterfeit currency cost about the same amount to make as the actual trading value of the currency.

Yes, but that's just begging the question — where is value being created in this equation?

I could see value if they went to the dollar in their conversion but I, like the article, am unsure what the value in new shillings are.

Re: Bringing back the Somali shilling

#23

Post by lowpro »

redblacktree wrote: post #16
tshaddox wrote: post #14

Earlier quoted context omitted.

You probably haven't looked that hard. Somalia case studies are ubiquitous in libertarian (anarchist-leaning) circles. The general claim seems to be that, yeah, stateless Somalia is way worse than high-functioning governments like the United States, but better than its neighbor states and better than it was before it became stateless. Leeson's article is probably the best on the topic: http://www.peterleeson.com/Bett…

> Somalia is way worse than high-functioning governments like the United States Yet my libertarian friends on Facebook all seem to want to tear the enitre government down.

There is a difference between Anarchy and libertarianism. Most libertarians want less government, not no government.

Re: Bringing back the Somali shilling

#24

Post by rootusrootus »

redblacktree wrote: post #16
tshaddox wrote: post #14

Earlier quoted context omitted.

You probably haven't looked that hard. Somalia case studies are ubiquitous in libertarian (anarchist-leaning) circles. The general claim seems to be that, yeah, stateless Somalia is way worse than high-functioning governments like the United States, but better than its neighbor states and better than it was before it became stateless. Leeson's article is probably the best on the topic: http://www.peterleeson.com/Bett…

> Somalia is way worse than high-functioning governments like the United States Yet my libertarian friends on Facebook all seem to want to tear the enitre government down.

At the risk of heading even further down this rabbit hole, I'd observe that there are very many significant differences between Somalia and the United States and that the existence of government is just one small part.

Re: Bringing back the Somali shilling

#25

Post by creepydata »

redblacktree wrote: post #16
tshaddox wrote: post #14

Earlier quoted context omitted.

You probably haven't looked that hard. Somalia case studies are ubiquitous in libertarian (anarchist-leaning) circles. The general claim seems to be that, yeah, stateless Somalia is way worse than high-functioning governments like the United States, but better than its neighbor states and better than it was before it became stateless. Leeson's article is probably the best on the topic: http://www.peterleeson.com/Bett…

> Somalia is way worse than high-functioning governments like the United States Yet my libertarian friends on Facebook all seem to want to tear the enitre government down.

Strange thing is the same friends would not live in Somolia if given the chance...

Re: Bringing back the Somali shilling

#27

Post by subterfudge44 »

jordanb wrote: post #12

As an aside: I've been waiting for Libertarians to declare Somalia to be heaven on earth. I wonder why they've never picked up on the obvious real-world example of a nation with no central state government with a monopoly on violence?

> I wonder why they've never picked up on the obvious real-world example of a nation with no central state government with a monopoly on violence?

Reason 1: Enforcement of contracts. Reason 2: Non-Aggression

Libertarians of most stripes believe in limited role for government one of which is to enforce contracts and protect individual liberty. Since both are missing it is hard for Nigeria to be a good example of a Libertarian state.

If anything Nigeria proves a lot of Libertarian principles at work. Nigerians have built roads, built private water distribution systems and private schools despite no existence of government. The state could have achieved lot more if they could have had a basic government.

Re: Bringing back the Somali shilling

#28

Post by abarrettjo »

jordanb wrote: post #12

As an aside: I've been waiting for Libertarians to declare Somalia to be heaven on earth. I wonder why they've never picked up on the obvious real-world example of a nation with no central state government with a monopoly on violence?

Or the even better example of Somaliland, which is perfectly safe. I lived and worked there for a few months last summer, and loved it.

Re: Bringing back the Somali shilling

#29

Post by cup »

tshaddox wrote: post #14
jordanb wrote: post #12

As an aside: I've been waiting for Libertarians to declare Somalia to be heaven on earth. I wonder why they've never picked up on the obvious real-world example of a nation with no central state government with a monopoly on violence?

You probably haven't looked that hard. Somalia case studies are ubiquitous in libertarian (anarchist-leaning) circles. The general claim seems to be that, yeah, stateless Somalia is way worse than high-functioning governments like the United States, but better than its neighbor states and better than it was before it became stateless. Leeson's article is probably the best on the topic: http://www.peterleeson.com/Bett…

>but better than its neighbor states and better than it was before it became stateless.

Not quite. While dysfunctional, Somali pre-anarchy was actually a great place to live.

Re: Bringing back the Somali shilling

#30

Post by cup »

abarrettjo wrote: post #28
jordanb wrote: post #12

As an aside: I've been waiting for Libertarians to declare Somalia to be heaven on earth. I wonder why they've never picked up on the obvious real-world example of a nation with no central state government with a monopoly on violence?

Or the even better example of Somaliland, which is perfectly safe. I lived and worked there for a few months last summer, and loved it.

Somaliland has a government though.
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