Comment 62696

By Mr. Meister (anonymous) | Posted April 26, 2011 at 09:19:36 in reply to Comment 62684

You keep referring to the old BOC system. Just what is different between the old system and the new system besides the floating dollar? What makes you think that we can arbitrarily peg our dollar at any rate? That is exactly what the USSR did for many years. What was the result of that? Virtually every other country in the world refused to accept it making it worthless. Do that with the Canadian dollar and you guarantee that foreigners will refuse to accept it. You can declare your house to have the same value as your neighbour's house but the only person who will believe you is the tax man when he assesses your abode. The market will decide what your house is really worth.

So North Dakota has a commercial bank that is owned or at least controlled by the state. I could see that if you think it will make a difference. In a state where the total budget is 2.5 billion dollars it might very well make a difference. A better idea would be for Hamilton to have its own bank since our budget is about half of theirs it might make sense, if it is even legal.

Currently the interest rates are at record lows so I do not see how they can be lowered much more. Inflation is actually pretty low especially considering the low interest rates.

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