I keep on hearing that my Country is in serious debt, owing Trillions upon Trillions.
But, I wonder why the Government can't print more money to clear the debts. Isn't that insane?
A threaded thread 🧵
#threadstorm
⚠️ Be Open-minded
1/20
I keep on hearing that my Country is in serious debt, owing Trillions upon Trillions.
But, I wonder why the Government can't print more money to clear the debts. Isn't that insane?
A threaded thread 🧵
#threadstorm
⚠️ Be Open-minded
1/20
The rewards earned on this comment will go directly to the people( @ksam ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
Or am I Naive?
Aren't others as reasonable as I am?
Or am I the only one blessed with such insight on how to tackle state debt issues?
#threadstorm
2/20
Hehehe, I'm not sure you are the only naive one here, that's it you are naive though 😂.
#threadstorm
Hahahaha
That wasn't me talking ooo
Although I thought like this when I was little though
Oops, my bad 🙈.
Lol
It is fine
It is expected 🥰
No it's not fine, see you were expecting it 😏.
Yes I was
Infact this was what I wanted to write for number 8, but space no dey.. I had to re-edit it...
You now know the focus of this thread right?
I bet you didn't when you opened it. 😁 you were hoping to make a fool out of the writer 🤸♂️But I'm glad you opened it. Feel free to share you thoughts also. PS: You can still call me if you wish 😅
#threadstorm
8/20
Boss, it still boils down to the question of competency versus incompetency. Unfortunately our country has chosen the latter as the order of the day. If not, it doesn't actually take rocket science to tackle our financial issues
This is true!
Our financial crisis is one that can be easily tackled when the right government handles the issue. When they cut the cost of governance by taking away those unnecessary expenses, at least it will reduce the waste and...
unnecessary spendings.
Doing this, they will solve the issue of consumption, then the next focus will be to focus more on production.
After this, there should be transparency in the revenue income, because na there some of these guys...
dey siphon money.
With all these things, there will be enough money to clear the debts, run the country and develop the country.
But No! Some people still prefer to chop agbado and shout "Emi lokan"
Before you get tired and irritated like I am, threads 1 - 3 actually portrays what many people think, especially those who don't understand the idea of #scarcity in #currency and #economics.
#threadstorm
4/20
Well, quite a number of persons are ignorant of the inner workings of economy and financial institutions.
They anly suffer the aftermath.
This is so true bro.
When i was younger, I would have actually thought the same. In fact, there are some older people that still believe such. The fact is that when you dont know some things and you dont have the opportunity to learn the..
the right thing, then you may fall victim of thinking you know, when infact you dont know anything at all.
That's why learning is important everyday.
#threadstorm
I wonder why there are Money Printing Machines if they can't be used. Or should we beckon on #Netflix to give us a real life version of La casa de Papel (Money Heist)?
#threadstorm
3/20
I wonder too, the machines are there for the sole purpose of printing money, so why aren't we making good use of it? It would be a really dangerous thing to experience the money heist in our country, I don't know if you copy?
#threadstorm
Be calming down oooo 😅😅😅
If we over print money, e no go good ooooo
But I don't think it would be easy to experience that high class Money Heist in Nigeria. But Money Heist happens everyday in Nigeria sha...lol
Yes, I know now after reading all you had to say concerning the matter, hehe.
Yes oo, normally the money heist is really going on here but in a very little way that it is even becoming a very normal thing.
Seriously
It is becoming normal thing and people aren't complaining.
How can you say snake swallowed money or monkey chop money, and you aren't investigated. Mhen!!!
This country sha
Na to leave una comot 🥲
As in ehn, that one is even the one we know, what about the ones we are clueless about? 😪.
The only thing they do is to share money... that's all
Them no dey work
Hahaha, well, giving the level of backwardness emoyed in our financial system, they may not be able to even pull it off even in a movie, talk less of real life.
Hahaha
Well, you know that these guys in government do us Money Heist every now and then. And their own is always successful. In fact, when they are caught, immediately theyll say that snake swallowed the money. and viola!
Case closed.lol
If you fall into the category of people who think that more money should be printed to solve the increasing rate of debt issues, then I think you need to clear that misunderstanding in your head.
#threadstorm
5/20
I was In that category at a point, but now I know better, thanks to the enlightenment and instrumentality of my economics teacher at school, hahaha
You na boss na!
I believe you even thought you economics teacher
hahahahaha
What do you think printing more money would result to?
If money becomes easily accessible and available like tissue papers (toilet rolls), do you think it would have any value (aside for shit stuffs)?
#threadstorm
6/20
For me personally, I think it would result to abuse and worthlessness of the currency when it becomes too much 😌.
#threadstorm
Exactly 💯
It will be semi-wortyless
Or worthless sef
#threadstorm
Yes, that's just the truth.
Yea
🙂
It will loose its value before I can say potatoes. It would make money almost irrelevant.
Exactly!
It will become irrelevant and worthless. 1000 Naira will not be able to buy agbado and corn again.
#threadstorm
If the paper money is at every corner of the country, do you think it would have any value again?
Perhaps, maybe, we may have to rely on sales of our tooth as it may replace it as a currency of High value.
#threadstorm
7/20
I don't think so, it would depreciate in value.
#threadstorm
Yes, the value will so so depreciate
#threadstorm
👌👍
Hahaha, that's quite hilarious, well, we might as well go back to trade by barter
Hahahaha
exactly! We'll go back to trade by barter!
Can I buy your electric guitar with my Oraimo Phone Charger?
Na original phone charger ooo!
Boss na sweet deal be this ooo
hahahaha
Hahaha, have you been whipped with original oraimo cord before? Precisely on the neck?
You now know the focus of this thread right? I bet you didn't when you opened it. You hoped to make a fool out of the writer, but I'm glad you opened it. Feel free to share you thoughts also. PS: You can still call me 😅
#threadstorm
8/20
Yes, the picture is a lot clearer now and I'm so happy I opened it.
#threadstorm, I just might really end up calling you, you know right? 😂.
Only a patient person can read my work oooo...
Because, each piece I write I pre-empt the emotions of my reader.
Like I wrote in the 4th thread, I was also irritated with the ingorant talk from the 1st to 3rd threads.
Hence, I expect my reader to be irritated also 😅😅😅
That's why I put a caution at the beginning to be open minded 😅
Yes, I tried as much as possible to be open minded and it really did help me 😁😉.
Hahaha
My type of people oooo
That's why it's just to set aside all Prejudice before reading something... then after reading it, you can critique it...
Yes dear, you are right but I'm still a victim sometimes though 😪.
It's not easy
Those Prejudices and bias are in born and they come to the fore almost every time...
So it will be impossible to achieve a 100% level of perfection... we can only try to get better little by little
Frankly, I did wonder to my self, why would an elite of your level make such a statement, but I guess it's by thanks to persévérance that I read further to actually understand better.
Yes!!!
Baba calm down with the whinning sha!
I still be pikin!
I began by making a provocative statement, that I was also irritated at myself for saying that. My aim was to draw the attention of people to think I am stupid!
But, it will take patience for people to wait. Many will easily feel irritated without getting to know the real deal.
That's why I gave the caution
BE OPEN MINDED.
Threads 1 - 8 have indeed provided a foundation for us to understand what #scarcity means and how it affects the #economy and #state.
Thus, to build on this, I'll explain scarcity in this way:
#threadstorm
9/20
Yes #scarcity might be both dangerous and good at the same time but let me see what it is you have to say about it in your next #threadstorm.
Yes...
But then, Scarcity tends to increase the value of an object or person. Although, for a person, if you think by being scarce your worth or value will increase... it may not be the case, because you may simply be forgotten.
For instance, in a relationship, if one party feels the need to drop communication for a while (to be scarce), it may not turn out as expected. The other party may decide to move on.
Wetin I dey talk sef
I understand you perfectly well my dear and I agree with you. When it comes to humans, scarcity is not a good option at all except of course you want to be forgotten.
Yea
Although being too available can make you lose your worth.
Virtue lies in the middle
Yes that's true.
Indeed, I seek after virtue 😄.
😁😁 seek well
You shall find
This keeps getting better. Quite an intresting subject.
Shoot captain!!
Thanks boss
I am grateful that you followed this piece all through
You are welcome, it's worth the read. Keep it coming!
The more #uncommon an item is, the more it is hard to get; and when the #struggle to get that item is high, the more #value the item gets.
This is the #idea of #scarcity.
#threadstorm
10/20
This is indeed a very true theory for the #scarcity.
#threadstorm
Thank you 😊
You're welcome my dear. Thank you for sharing 🙏.
Thank you for your time
I'm grateful 🙏
You're welcome dear, anytime 😉, abeg no oo, not anytime oo, I go sleep sometimes 😁😁.
Lol
Na you talk anytime
🤸♂️🤸♂️🤸♂️🤸♂️🤸♂️
I couldn't agree more!
That is about right!
Thank you so much!
Thus when a #currency is #scarce it gives room or opportunity for the #value to increase when the #demand for transactions in that #currency increases.
#threadstorm
11/20
That's also true. When we notice something is #scarce, that's when we tend to be in need of sure things and we are willing to get it at almost any cost.
#threadstorm
Exactly 💯
So when 50 people want to get just 1 particular item at any cost, you'll see that the value of that item will be so high.... and only the richest will be able to afford it.
However, in the case of currency, there should be a balance #scarcity
That's correct, the more the merrier I guess 😉😜.
That's true, there has to be a balance.
More the merry gini? 😅
Abeg ooo
Yea, virtue lies in the middle 🥰
Yes na 😂, the more the people in need of sure things, the more tendency of the thing gaining more value 😉.
Exactly
It will now be doing shakara
So when they ignorantly call for printing more money to clear debts, they are trying to make the currency less scarce, and this in turn will lead the the depreciation of the currency.
#threadstorm
12/20
Hmm, that's right. If the government does that, it might solve the problem at hand but the one coming might even be worse.
#threadstorm.
I won't categorize that as solving a problem, because they are only creating room for a bigger problem.
So for me, they aren't solving any problem.
Yes it's not really solving any problem 😏.
They should sha dash me the money 🥲🥲🥲
Money man 🤑.
Me wey no get 🥲
Honestly, with the level of both corruption and incompetency in their ranks I do believe that their main motivé to print more money is to see what to embezzle!
Honestly, Nigeria's case is just something else. Even if the economy is strong or weak, these guys dont even care. THier aim is just to embezzle money.
#threadstorm
Which means when you print more money to clear the state's debt, you may have to print X2 of the original value before you can clear off the debt because the value of the currency will #depreciate.
#threadstorm
13/20
Yes, that's just the truth. Is just like hiding a lie, you need more lies to hide a lie, lol.
#threadstorm
Ahn ahn
Why did you use lie as an example? 😅😅
Hehehe, that is what came to my mind and it's also what is so obtainable too 😅.
Lol
True true
Ya right sha
Why sha? I'm right 😜.
Lol
Oya sorry ma
You're rice 😅
I wish their stone hearts and blockheads will allow them to embrace this truth, then things would be perfect!
I wish so too brother!
Nigeria can be great again!
I just pray things get better.
This is dangerous to the economy and spells doomsday for the masses. Because when the currency value depreciates, the prices of food stuffs and every other thing in the market will increase, except SALARY (income).
#threadstorm
14/20
It's really so sad to see that our currency keeps depreciating in value and the inflation rate is getting worse but the salaries of workers seems to be #constant.
#threadstorm
Salaries remain constant
And not only that it remains constant, the value also reduces.
Because if you were given N20,000 in January 2021, and that N20,000 can sustain you in a Month... August 2021, if you are paid N20,000 that money won't be able to sustain you in 2 weeks.
The purchasing power is really poor
Ah! You got that calculation right, God help us 🙏.
Amen oo
Amen
Amen 🙏.
At the current rate its already a suicide and difficult situation that they've put ordinary citizens instead. I wonder how and when we may recover
Seriously!
N10,000 can not sustain you well for a week. Bro! This is really bad.
Their clueless decision is affecting everything!
Hence, while it affects the Government and its economic activities with international bodies, it also affects the masses and the market woman selling onoins and tomatoes in her small shop will also bear the cost.
#threadstorm
15/20
That's even the problem, it always affects the masses more, while those that are the root cause are affected small or even not at all.
#threadstorm
True
Nigeria as a case study
Borders were closed and exports weren't allowed for a long time. Still yet, the country wasn't producing things. Which means normal food stuffs that would have been easily accessible to everyone became scarce, hence increase in price.
Stupid decisions will las las affect the market people
That's really so so unwise sha 😪.
When they put an unwise man into power
What do you expect
Hope you have your PVC
Well, HOPE 😜
That's the problem, I don't have mine 😏.
WHY????????
Indeed, it definitely affects every one but not equally I would say, I that the poor will suffer it more!
True!
The poor suffer it more!
But infact, nowadays in Nigeria there is no middle men again or middle class.
We only have those who are stinking rich, at the upper echelon and then the masses. Even the middle men don turn masses like this
like this ooo...
lol
This government is quite scary.
The middle class has gone into extinction!
They are also struggling to price Yam and tomatoes in the market.
By now we all understand what #scarcity is right?
We now know how it affects the economy greatly, and why the masses should also be aware of the ills and negative impact of the printing more money.
#threadstorm
16/20
Yes, yes I know now, it's a really bad idea to just start printing excess money just to clear up out debts.
#threadstorm
Yes ma
Omniknowest 😅
Hahaha, I don't have any thing to say to you 😂.
Yes, you have...
Talk ya talk 😏
Abeg go, be doing your face like what I don't know there 😝.
Lol 😁
Crystal clear! I understand it totally
Perfecto!
Our knowledge of Scarcity from the above discussion can also be applied to Crypto dealings. Thus, Scarcity also plays a huge role (together with other core features) in the value of crypto coins like #Hive #Leo
#threadstorm
17/20
Yes, it should play a role there too because crypto is still a currency right?
#threadstorm
Exactly 💯
When it comes to item that needs valuation in terms of its circulation, then scarcity is highly important.
Hmm, absolutely correct 👍😉.
I am a bloody newbie when it comes to Crypto currency, thanks to you now I can apply your theories to crypto
Well, at least you are earning #Hive #crypto, so that is a step.
You now know that sometimes the value of #Hive increases, and other times it decreases, such that whenever you want to withdraw Hive, it will be based on....
#threadstorm
...the current price. This is another step, and this is what we call #volatility in #crypto (price goes up and down).
You also know that the best time to #sell #Hive is when the value or price of #Hive is higher. hahahahah..
#threadstorm
...that is the rule of trading in #crypto: buy when it is low and sell when it is high.
To an extent, you are learning some crypto terms practically through #Hive.
I believe you will get better little by little
#threadstorm
Although it isn't solely responsible for the valuation of the #crypto, but when a viable coin is scarce in #circulation, then the sellers can sell off at a higher price thereby increasing the value of the currency.
#threadstorm
18/20
Hmm, that's really true, when coins are made scarce, it helps increase its value.
#threadstorm
Yes, but like I said in the 17th thread, "Scarcity also plays a huge role (together with other core features)"
Those other features include use case, viability, road plan, problem it is solving, community... and so many others.
So if all these are settled... then scarcity will now come in in terms of circulation.
When the demand for the coins is high and the ones circulating is scarce.. then those who have it will increase their selling price.. thereby taking the price of the coin high
Noted 👌.
Haunty Secretary is taking note 😅
Yes oo, very important 🙈.
Weldone ooo
Our knowledge of #scarcity is also applicable in #NFTs. The level of Rarity of an NFT item determines its worth: if it is common, its worth will be lower but when it is scarce, then it'll have a higher worth.
#threadstorm
19/2
That's right, we always attach more importance to things that are rare.
#threadstorm
Exactly
Remember #blockchaingame and the idea of #Rarity? Even in #Splinterlands game we have different Rarity of cards.
The higher the Rarity level, the higher the value of the card.
Yes I remember 😊.
Why are you not using the other front-end?
I can't see your comments from Leofinance frontend
Okay, it's ecency I used.
Yea
I noticed it
That's why I didn't use it
I would have used Ecency but I don't like when ecency brings you to a new page to make a comment under a comment under a comment.
That's why I'm using peakd
I know I missed the ecency points and number of activities sha...
But I'm much freer with this for this kyn swift response and going back to previous comments
we began from understanding why printing money recklessly isn't good for the economy of a state, then we saw the need for scarcity in currency, crypto coin and NFT item. I hope you gained a little from this discussion.
#threadstorm
20/20
Thank you so much for sharing this with us @ksam, it's very much appreciated.
#threadstorm
Thank you so much dear
I'm so happy you came to my post and checked all the threads.
I'm blushing here no be small 🥺
I'm really grateful 🙏
It's my pleasure dear, it was so fun reading through your #threads, I loved you topic of discussion 😍.
Thank you so much dear
I'm grateful 🙏
Superb conclusion, I have learnt a great deal.
I am so glad you gained from this piece, and i am very happy that you followed it till the end.
God bless you so much, and I am truly grateful
#USD, #YEN, #EURO, #GBP arent printed by the government so I dont know what you are talking about. The major currencies are only created through loans by the commercial banking system.
Now I'm wondering where we get the cash from? Is it printed by a private body or the government body? If it's non of these options above, then what is it?
Certainly!
I understand the aspect that the US Federal reserve controls the supply of US dollars, and that the major currencies are created through loans by the commercial banking system, as you rightly said.
However, in some of the underdeveloped and developing economies of the world, the Federal Government plays a crucial role as these Commercial Institutions are not fully independent, like the US Federal Reserve
But that isn't the concern of this piece. Just like I said in the 4th thread:
But that isn't the concern of this piece. Just like I said in the 4th thread:
"threads 1 - 3 actually portrays what many people think, especially those who don't understand the idea of #scarcity in #currency and #economics."
So this piece actually sets out to debunk that assumption and clarify the idea of scarcity as well as its importance.
Thank you so much for responding to my thread
I've wondered that too, why won't they just set themselves free by ordering the CBN to print out more money?
#threadstorm
In developed countries, the Agency in charge of the policy making and control of the currency is independent of the government, to a large extent.
But in Nigeria... mbaaah
And that's why somebody like Tinubu can coerce CBN to print more money, if he wants.
Because they aren't independent
Exactly, that's the problem then, why would they be so dependent on the government, Nigeria things will always be different 😂.
That's the problem with developing countries and under developed countries.
In developed countries, these institutions are independent of the Federal Government and they act solely based on policies. But in Nigeria and other developed and under developed countries, the Federal Government has powers to encroach into the activities of those institutions, making them somewhat dependent.
Really so sad it true 😏.
The first thing is we're electing people who aren't economically sound.
and so many people are still rallying around and supporting the one who has the tendency to take corruption to a higher level: a higher ground. In fact, many Nigerians really deserve this kind of government.
#threadstorm
I will say I love your entry on this subject matter @ksam. Keep it up
For me, I will say Despite the Money Printing Machines. Money will still not have any value, if not invested.
This is so true!
Investments and trade (international) go a long way to increase the value of currencies.
#threadstorm
True
When these currencies become well sought after by trade partners, both within the country and outside the country, then it will create huge demand for the currency.
In the same when, when the said currency has huge demand....
You get the gist. Americans understand the logic of investment and that is why dollar keeps rising above Naira.
Until our leaders understand the concept of Time Value of Money, Nigeria will keep borrowing, not because they are poor, but because they lack basic understanding of investment and return of investments
... and less supply, then we will see a rise in the valuation of that currency.
The value will appreciate to the favour of the currency.
I like the way you reason these matters.
I love the fact that you pointed out the less supply thing. It's a way of wasting money, and devaluating the countries currency.
One Major thing Nigeria is suffering from is the lack of Identifying problems, and analysing these problems to derive solutions, and this is caused my the self-centred nature of the so-called leaders in position.
Which is why we need a Youth for a leader, a person who thinks about the people and not just some old hags parading themselves as politicians, when they nearly know what the term politics is.
We need someone who can think out of the box, and transparent to the core, and more accountable.
I always ask why Nigeria practised Mixed Economy and yet over half its population are in abject poverty. This is not because of the country is not rich. But it is as a result of Bad Governance and selfish desires of the people in power.....
Yes!
This is solely the result of bad governance.
If Nigeria were to practice even the weakest form of economic method with competent governance and people who are willing to work. Then you will see a drastic change.
The reason, as you have rightly said, is just that these guys at the helm of government are only there for their selfish desires.
They just go to Abuja to eat and share money, nothing else.
Exactly, and that is why we need a new system, and change.
If they were hell bent on working and doing something good for the country, then we will get the desired change we are in dire need of.
But still yet, we have some youth who are rooting for them to still come into power...
I still wonder how a sensible Youth, undergraduate or graduate will open his or her eyes and say he or she wants to put BAT into power.
Mhen, some people really deserve this kind of government in Nigeria.
Investments are what yield good returns, and with the selfish government the country have today. Nigeria is bound to owe debts.
When money is not put to good use(Investments) definitely money will be scarce in a country.
#threadstorm
This is so so true!
Investments yield good results, and when there is transparency in the mode of transaction, then there will be maximum profit.
But in the case of Nigeria it is something else...
It is actually not just about investing, when you invest, more ideas come to mind, and this In turn will give room for opportunities such as having jobs for the graduates and all. Skill empowerment programs, because now, there are funds that will sponsor these projects
Whereas some of the decisions they take and investments they take are good, the truth is that these investments are not transparent and the way and manner they are handled are not transparent also.
#threadstorm
If they were transparent, Nigeria will definitely have inflow of some of the investments made; or rather, let me even begin with the different streams of revenue or income of the nation....
These guys aren't remitting anything at all...
Instead of remitting, they'll be telling us that snake haff swallow the money.
And then nobody will be arrested instead we will all laugh about it... then the next thief will thief his own
Nigeria has: Unnecessary Spending problem, lack of transparency that do not take the flow or income generated, and government that isnt willing to work.
And this starts with the individual mindset of those in power, if there can be a shift in how they think self-centredly then, probably things might have been for the good of all
In all these, if the Nigerian government work on them, and then make good investments with the currency, definitely, the Naira will rise again.
It will not just rise again, but it will also enhance creative ideas in establishing more means of income for the country and also birth the establishment of companies which will in turn create job opportunities for the populace.
I appreciate the time you took in going through this piece, and your wonderful input.
I am grateful
#threadstorm
You are welcome dear.
I hope to still learn more from you as well
#threadstorm
That was wonderful bro. I have never paid much attention to economics for no reason. Yes, for no reason. But I have really learnt a lot from you today
Thank you boss for enlightening me. You too much bro
You are welcome baba
Na you try pass 🙏
Thank you so much for your wonderful comment
I'm glad this piece was enlightening for you.
#threadstorm
I have always known that printing money might not really be the reason behind strong economies, but never knew what it was and I never cared.
As a child, I felt that the government should be more responsible by printing more money so that everyone will have money 😅😅😅😅
How naive was I
I am not really an expert on economics, so I don't know if printing money would make a change.
What I do know on the other hand is that even if more money were to be printed by the government, incompetence will land them back to debt.
True!
Incompetence will land them into debt and devaluation of the currency will land them into the pit... hahahahah
Thank you so much brother
The best thing to do in this country is to Japa. Everything about our government is just so wrong.....