NewStats: 3,264,690 , 8,184,423 topics. Date: Thursday, 12 June 2025 at 04:47 AM 3h5kv

Oh, I see where the confusion is coming from.

The United States had a dispute with China in the 2000s and it previously had a dispute with Japan. The problem had to do with exchange rate.

The Chinese were artificially keeping their currency down in order to make their exports cheaper.

Still, that does not translate into, "Great Britain does not produce anything", that's just not true.

I had a lot of companies on my list in the early 1990s. I'm trying to them.

naptu2:
Here is the game

I did this little exercise sometime in 1990, 1991, 1992 and 1993. I am not trying to make a 2024 edition, instead I am trying to all that I wrote back then.


The idea is simple. Countries need to sell things in order to make money, so what are the things/commodities and brands that each country sells in order to make money. That's the first aim.

Secondly, we are often told during the reforms/corrections that we need to be more productive and export. So where did Nigeria stand in this?

Thirdly, I had a friend back then who was always arguing that Italy was a third world country in Europe. I used this to prove to him that he was wrong (the south was poor and the north was rich, but products from the poor south are in this list).


I never knew then (almost 35 years ago) that this thing could be used in future to analyse the reforms of Babangida, Obasanjo and Tinubu. That will come in a separate post.

As you can see, I haven't finished it. I'll finish it later and post it again.


United States:

General Electric (the biggest company in the world), General Motors (the biggest car company in the world), Ford Motor Company, Chrysler Corporation, the Hollywood Industry, the television industry, Boeing, McDonnell Douglas, IBM, Sikorsky Helicopters, Mobil, Texaco, Gulf/Chevron, Esso, crude oil (Texas, Alaska, Louisiana), Coca-Cola, PepsiCo, Uncle Ben’s Rice, Wheat, Tourism (Hawaii, Las Vegas, etc.), Pan Am, TWA, American Airlines, Rank Xerox, Kodak, Heinz

Japan:

Sony, Panasonic/National/Technics, Sharp, JVC, Aiwa, Akai, Pioneer, Hitachi, Sanyo, Toshiba, Yamaha, Kawasaki, Toyota, Nissan, Honda, Mitsubishi, Mazda, Suzuki, Subaru, Isuzu, Nintendo, Atari, Sega, Casio, Seiko, TDK, KDK, Bridgestone, Canon, Fujifilm, Minolta, Konica, Geisha

: Volkswagen, Daimler Benz, BMW, Adam Opel, Porsche, Siemens, Bosch, Grundig, Telefunken, Bayer, Hoescht, Julius Berger

United Kingdom: British Aerospace, Vickers, Rover/Land Rover, Vauxhall/Bedford, Jaguar/Aston Martin, Binatone, Shell, Unilever, Cadbury, British Petroleum, British Airways, Beecham,

Soviet Union: Lada/Niva, Zil, Antonov, Wheat, Crude oil, Kalashnikov

: Peugeot, Citroen, Renault, Dubonnet, Chanel, Christian Dior, Yves Saint Laurent

Switzerland: Nestle, Raymond Weil, Rolex, Ciba-Geigy

Italy: Fiat, Alfa Romeo, Ferrari, Lamborghini, Maserati, Bugatti, Ducati, Georgio Armani, Valentino, Campari,

Don't forget education

DeLaRue:
'Britain produces nothing' is inaccurate.

Rolls Royce (aeroplane engines and vehicles), Jaguar Land rover, BAE Systems, and many more.

What is true is that UK manufacturing has dwindled to a fraction of what it used to be when the country was the manufacturing powerhouse of the world.

Times have changed. China and other Asian countries can produce things cheaper.

But the UK still manufactures a lot of things. Same level as . and Italy are the biggest manufacturers in Europe.

The UK's wealth now comes mostly from Services, not manufacturing.

From banking & finance, to insurance, music, arts, tourism, oil and gas services, shipping brokerage etc, the UK is second only to the US in the world. That is where today's UK makes its money from.

That is why, when all is said and done, that small Island is still the 6th largest economy in the world- ahead of , Italy, Canada, Brazil etc

Dtribeless:

You're an embarrassment to Australian education if, having not understood much in class, you cannot research for information.

i take it you have researched it? Can you then tell us why the British pounds has more value than U.S dollars? Or why Kuwait's Dinah is stronger than British pounds? Just explain, no insults

Services: Loyds of London (insurance/shipping), HSBC, Barclays Bank,

Bede2u:
i studied Economics and ing in Australia and I am a student of history but I still do not understand currency valuation. In truth it is white man's voodoo politics (not economics).

For instance, Ecowas has been trying to initiate a single currency for the sub region forever with no success because they say countries must achieve certain inflation, monetary and fiscal targets to qualify. My question is, when the UK imposed their pounds on bush African communities in 1890, did those bush communities meet those inflation targets?
As bad as naira is currently valued, it is still way higher than Indonesian rupee despite Indonesia being a larger and more stable economy.
China produces more than many countries but still has a lowly valued currency.
Currency is a political tool rather than an economical one.
Our naira was stronger than the dollar in 1980, then IMF suggested we start devaluing it because it's value was inflated. Question, why didn't imf suggest to the British to devalue the nigerian pound when the British were incharge, considering that our economy in 1980 was way larger than our economy under British rule.
Politics

It's called the law of supply and demand, you studied economics so you should be familiar with this. When you import rolls-royce, pharmaceuticals, various motorcycles and products that are made in the U.K. you must pay them in pounds. When you need to import the refined petrol that the U.K used your crude oil to produce, you must pay them in pounds, not Naira. It hardly stops there. Everything, from their society that breeds a demand to visit/emigrate to the U.K. all the way to the credit/connections that the U.K has managed to cultivate because it produces(and a lot if I might add) all contribute to the demand for the pound sterling.

China deliberately devalues their currency in order to kill the competition. How does this make any sense? It makes sense because if your currency is "weak" then your product will be cheaper, making it more difficult for your competition to keep up. Because of this, the competition dies a slow death, at which point the currency may or may not be revalued, the point is that with no competition you gain full control of the market which is a far more valuable return that strengthened currency. P.S. it is regular Chinese citizens that are paying for this Chinese "investment" and in many ways it's similar to the so-called "ways and means lending" magic money policies being practiced in Nigeria that has wreaked disaster to our economy.

Our Naira was stronger than the Dollar in the 80's because there was a long period of energy crises where crude oil prices were relatively very high, oil had not yet been developed to today's extent in the U.S.(keep in mind that back then OPEC was the only game in town when it came to oil and gas) and Nigeria export was not limited to just oil(anyone here still the infamous "ground-nut pyramids", so yes, the Naira was quite a bit stronger than the $$. All that started to change in the mid 80's when the price of crude oil started to collapse(does anyone Babangida and his S.A.P.(Structural Adjustment Program) economic policies?). Things would not have been so bad if Nigeria almost simultaneously started slipping in agricultural production and exports.

diamond68:
Is it really by your productivity or by the size of your nuclear weapons ? What is Britain producing to have such a strong currency? What are they exporting ?

Production is one out of many other factors. Some are inflation, trade balance that is export should supercede import a healthy Gross Domestic Product, global fidelity and so on play key roles.

naptu2:
I did this as a game back in 1990. I listed what each nation produced, the brands and multinationals that were domiciled in their countries, etc, Britain produces a lot in of goods and services and they do have a lot of multinationals. It is wrong to say that they produce nothing.

Where does Guinness come from?

Guinness is Irish. Plus Britain doesn't produce more than China or Europe with weaker currencies

Bede2u:
Guinness is Irish. Plus Britain doesn't produce more than China or Europe with weaker currencies

naptu2:
Oh, I see where the confusion is coming from.

The United States had a dispute with China in the 2000s and it previously had a dispute with Japan. The problem had to do with exchange rate.

The Chinese were artificially keeping their currency down in order to make their exports cheaper.

Still, that does not translate into, "Great Britain does not produce anything", that's just not true.

Alusiizizi:


It's called the law of supply and demand, you studied economics so you should be familiar with this. When you import rolls-royce, pharmaceuticals, various motorcycles and products that are made in the U.K. you must pay them in pounds. When you need to import the refined petrol that the U.K used your crude oil to produce, you must pay them in pounds, not Naira. It hardly stops there. Everything, from their society that breeds a demand to visit/emigrate to the U.K. all the way to the credit/connections that the U.K has managed to cultivate because it produces(and a lot if I might add) all contribute to the demand for the pound sterling.

China deliberately devalues their currency in order to kill the competition. How does this make any sense? It makes sense because if your currency is "weak" then your product will be cheaper, making it more difficult for your competition to keep up. Because of this, the competition dies a slow death, at which point the currency may or may not be revalued, the point is that with no competition you gain full control of the market which is a far more valuable return that strengthened currency. P.S. it is regular Chinese citizens that are paying for this Chinese "investment" and in many ways it's similar to the so-called "ways and means lending" magic money policies being practiced in Nigeria that has wreaked disaster to our economy.

Our Naira was stronger than the Dollar in the 80's because there was a long period of energy crises where crude oil prices were relatively very high, oil had not yet been developed to today's extent in the U.S.(keep in mind that back then OPEC was the only game in town when it came to oil and gas) and Nigeria export was not limited to just oil(anyone here still the infamous "ground-nut pyramids", so yes, the Naira was quite a bit stronger than the $$. All that started to change in the mid 80's when the price of crude oil started to collapse(does anyone Babangida and his S.A.P.(Structural Adjustment Program) economic policies?). Things would not have been so bad if Nigeria almost simultaneously started slipping in agricultural production and exports.

Good points, however...
1. I know demand and supply but i also know that the U.S dollars is more demanded than the British pounds. Even the Euro is more demanded. Both Euro and dollars are backed by heavy economies that dwarf British economy. New York is a bigger financial centre than London. Why is GBP valued more than euro and dollars? And why is Kuwait Dinah valued more than GBP? Who demands it?

2. Since China deliberately devalues its currency, that means you already fully agree with me that currency valuation is politics and not economics. No much else to say here.

3. Our naira was high in 1980 because it was still pegged to the GBP. Not because of oil. It was high in 1950s too, long before oil became a thing in Nigeria. It stopped being pegged to the GBP after structural adjustment program.

One other thing, exhange rate is determined by demand and supply, so it's not only about production.

When mutlinational companies like Shell, Unilever and Cadbury make profit in, for example, Nigeria, where do you think the money goes to?

Bede2u:
Guinness is Irish. Plus Britain doesn't produce more than China or Europe with weaker currencies

China deliberately weakens it's economy to kill off the competition and move to control the market(a strategy that seems to be working) while Europe is a very large, multinational organism and not a single country.

Before I leave.

naptu2:
There actually was a time when you could justify the fact that the Nigerian currency was stronger than the Pounds Sterling and the US Dollar.

Nigeria produced a lot of agricultural products and raw materials. There was cocoa from the West, palm oil and coal from the East, groundnuts, leather, tin, textile, etc from the North and so on and so forth. Meanwhile Nigeria did not import that much. This was a time that massive urbanisation had not hit Nigeria and we did not desire to be "sophisticated". We wore clothes that were made in Nigeria, we ate food that was produced in Nigeria, very few people had cars and other foreign produced goods.

Then the oil boom came and people thought that farmers were backward. Everybody wanted to live in the big city, work in an air-conditioned office and buy foreign goods. That was the sign of sophistication.

So oil became our main export, in fact it seemed like we only earned from oil. Unfortunately this was the 1970s when the price of oil was high, so we thought that everything would be OK.


We also began making too many babies because life was good. Unlike the past when nature would have killed some of the babies, modern medicine ensured that they survived, but we didn't have the sense to control our population growth.

Of course the price of oil collapsed and oil has been less important since then.

We still continued to fool ourselves because the government used oil money to "defend the naira", until Babangida realised that this was not sustainable (we don't have money) and let the currency find its value (during SAP).

So we now have a large population of people who don't produce enough and who think that foreign goods are a great status symbol.

Yet people expect that we should have a strong currency.

They even expect the government to command the currency to be strong.

WHERE WILL WE GET THE MONEY TO DO THAT? HOW WILL WE SOLVE THE PROBLEM OF ROUNDTRIPPING? HOW WILL WE GET ACCESS TO SCARCE FOREIGN EXCHANGE?

I guess it's by juju.

diamond68:
Is it really by your productivity or by the size of your nuclear weapons ? What is Britain producing to have such a strong currency? What are they exporting ?

Britain produces a wide range of goods and services across various industries. Here's an overview of key sectors and products :

1. Manufacturing

Automotive: Cars (e.g., Jaguar Land Rover, MINI, Rolls-Royce, Bentley, Aston Martin).

Aerospace: Aircraft parts, engines (e.g., Rolls-Royce jet engines).

Defence Equipment: Ships, submarines, and military aircraft.

Steel and Metals: High-quality steel, particularly for aerospace and construction.

Machinery and Tools: Precision engineering and heavy machinery.


2. Food and Drink

Whisky: Scottish whisky is a significant export.

Beer and Ales: British ales and craft beers.

Cheese: Varieties like Cheddar, Stilton, and Red Leicester.

Processed Foods: Chocolates, biscuits (e.g., Cadbury, McVitie's).


3. Textiles and Fashion

Luxury fashion brands (e.g., Burberry, Alexander McQueen, Vivienne Westwood).

Wool products (e.g., Scottish tweed, cashmere).


4. Pharmaceuticals and Healthcare

Medicines and vaccines (e.g., AstraZeneca, GlaxoSmithKline).

Medical devices and biotechnology.


5. Creative Industries

Film and TV production (e.g., Hollywood co-productions, BBC productions).

Music (e.g., recording studios, artists, and bands like The Beatles, Adele).

Video games (e.g., Rockstar Games, creators of GTA).


6. Technology and Innovation

Software and Fintech (e.g., Revolut, Wise).

Research and development in AI, robotics, and quantum computing.


7. Energy

Renewable energy technology (e.g., wind turbines).

Oil and gas from the North Sea.


8. Luxury Goods

Fine jewellery (e.g., De Beers, Garrard).

Craftsmanship (e.g., ceramics from Wedgwood, Royal Doulton).


9. Agriculture

Livestock and meat (e.g., lamb, beef).

Crops like wheat, barley, and vegetables.


10. Financial Services

Banking, insurance, and asset management (e.g., based in London’s financial hub).

If we claim the UK doesn’t produce much, then the question arises: where are all the immigrants working, especially in a country with a single-digit unemployment rate?

I believe the primary issue with many manufacturing-heavy nations like China and India is their large populations. The wealth per capita in these countries poses a significant challenge. This often results in employers exploiting workers with low wages and inadequate welfare systems.

In essence, I firmly believe that a nation’s growth is closely tied to the quality of life of its citizens. Ironically, Nigerians seemed to thrive during the period we lived what some called the "fake life," which made international financial institutions like the IMF envious.

Where else can you find individuals building houses, electrifying their communities, sinking boreholes, providing security, grading roads, and still managing to care for their families? That so-called "fake life" empowered us greatly until the IMF interfered out of envy. Now, they’re satisfied seeing us selling our properties to flee from our beloved country.

Bede2u:

Good points, however...
1. I know demand and supply but i also know that the U.S dollars is more demanded than the British pounds. Even the Euro is more demanded. Both Euro and dollars are backed by heavy economies that dwarf British economy. New York is a bigger financial centre than London. Why is GBP valued more than euro and dollars? And why is Kuwait Dinah valued more than GBP? Who demands it?

2. Since China deliberately devalues its currency, that means you already fully agree with me that currency valuation is politics and not economics. No much else to say here.

3. Our naira was high in 1980 because it was still pegged to the GBP. Not because of oil. It was high in 1950s too, long before oil became a thing in Nigeria. It stopped being pegged to the GBP after structural adjustment program.

Your first point: I did mention something about credit, networks and alliances being important in determining the strength of currency. In this case the U.K has the benefit of both EU and NATO. It also helps that they were once a former colonial empire and have largely maintained economic ties with former colonies. The other big advantage that the U.K. has is its connections with the biggest super-power on earth, i.e, the U.S.A. In fact, of all the European countries, the U.K. has the closest ties so it is hardly a surprise that GBP is "stronger" than EUR. EUR is more demanded than GBP because it is accepted in every part of Europe including the U.K. Another thing, EUR is a relatively recent invention(if memory serves correctly this happened in the late 90's) while the British pound is almost as old as Britain himself which further adds to the value of GBP. You've got to understand that just like the power that presidents, kings, despots and such likes come from impression and image, so does the power of any particular currency. The Kuwait Dinah is a different matter though and I'll have to do more research into Kuwait and their economic history as I am totally unfamiliar, but I suspect that the United Arab Emirati league of nations have a lot to do with it.

Your second point: No, I absolutely do not agree with you here. What China is doing with it's currency is a very risky strategy that should have blown up in their faces a long time ago and is definitely not sustainable. Basically what they are doing is turning their citizenry into slaves, having them working for almost nothing and there are many reasons why this can fail. The Chinese are banking on the hope that they will destroy the competition before they destroy themselves and this has nothing to do with politics and everything to do with economics. I will have you know that at the proletariat level these sort of tricks are not uncommon(in fact, it became such a problem in the U.S. where a given player artificially deflates the price of goods just to kill off a competitor) that the U.S. feds had to ban the practice, placing it under the umbrella of anti-monopoly laws. My point is that China's strategy has very little to do with politics and everything to do with economics.

Your third point: Once we gained independence so did our Naira. What kept the Naira afloat until the coming of oil was Nigeria's long history of trade and export with Britain, palm oil and other related products being by far the most important. Note that during this time Nigeria was the largest exporter of palm oil, so once again, economics and not politics determine currency strength.

naptu2:
I did this as a game back in 1990. I listed what each nation produced, the brands and multinationals that were domiciled in their countries, etc, Britain produces a lot in of goods and services and they do have a lot of multinationals. It is wrong to say that they produce nothing.

Where does Guinness come from?

Britain is more of a service economy. Financial Services, especially

BRITAIN PRODUCES THE STANDARDS. BS IS SUPREME EVERYWHERE

Alusiizizi:



Your first point: I did mention something about credit, networks and alliances being important in determining the strength of currency. In this case the U.K has the benefit of both EU and NATO. It also helps that they were once a former colonial empire and have largely maintained economic ties with former colonies. The other big advantage that the U.K. has is its connections with the biggest super-power on earth, i.e, the U.S.A. In fact, of all the European countries, the U.K. has the closest ties so it is hardly a surprise that GBP is "stronger" than EUR. EUR is more demanded than GBP because it is accepted in every part of Europe including the U.K. Another thing, EUR is a relatively recent invention(if memory serves correctly this happened in the late 90's) while the British pound is almost as old as Britain himself which further adds to the value of GBP. You've got to understand that just like the power that presidents, kings, despots and such likes come from impression and image, so does the power of any particular currency. The Kuwait Dinah is a different matter though and I'll have to do more research into Kuwait and their economic history as I am totally unfamiliar, but I suspect that the United Arab Emirati league of nations have a lot to do with it.

Your second point: No, I absolutely do not agree with you here. What China is doing with it's currency is a very risky strategy that should have blown up in their faces a long time ago and is definitely not sustainable. Basically what they are doing is turning their citizenry into slaves, having them working for almost nothing and there are many reasons why this can fail. The Chinese are banking on the hope that they will destroy the competition before they destroy themselves and this has nothing to do with politics and everything to do with economics. I will have you know that at the proletariat level these sort of tricks are not uncommon(in fact, it became such a problem in the U.S. where a given player artificially deflates the price of goods just to kill off a competitor) that the U.S. feds had to ban the practice, placing it under the umbrella of anti-monopoly laws. My point is that China's strategy has very little to do with politics and everything to do with economics.

Your third point: Once we gained independence so did our Naira. What kept the Naira afloat until the coming of oil was Nigeria's long history of trade and export with Britain, palm oil and other related products being by far the most important. Note that during this time Nigeria was the largest exporter of palm oil, so once again, economics and not politics determine currency strength.

lol...these are not all correct but i won't write much than to say, how come GBP is stronger than U.S dollars? In any of the points you made, what explains GBP being stronger than dollar?
Also, the idea that by selling palm oil, Nigeria was able to have a currency stronger than the U.S dollars is indeed interesting

If you breath for a minute and forget argument, you will realise that there is truly no explaining why some countries have strong currencies and others don't. As you said, go study about Kuwaiti Dinah and explain why its stronger than it's neighbours who have way larger economies.

WrriterNg:


When was the last time you saw a Made in Britain or Made in USA product?

Anyone??

But i bet the phone you use now was made in China. Even if it's an iPhone.

the sport car McLaren is British owned ...

English Premier League that you watch is not a product?

strangest:




Britain produces a wide range of goods and services across various industries. Here's an overview of key sectors and products:

1. Manufacturing

Automotive: Cars (e.g., Jaguar Land Rover, MINI, Rolls-Royce, Bentley, Aston Martin).

Aerospace: Aircraft parts, engines (e.g., Rolls-Royce jet engines).

Defence Equipment: Ships, submarines, and military aircraft.

Steel and Metals: High-quality steel, particularly for aerospace and construction.

Machinery and Tools: Precision engineering and heavy machinery.


2. Food and Drink

Whisky: Scottish whisky is a significant export.

Beer and Ales: British ales and craft beers.

Cheese: Varieties like Cheddar, Stilton, and Red Leicester.

Processed Foods: Chocolates, biscuits (e.g., Cadbury, McVitie's).


3. Textiles and Fashion

Luxury fashion brands (e.g., Burberry, Alexander McQueen, Vivienne Westwood).

Wool products (e.g., Scottish tweed, cashmere).


4. Pharmaceuticals and Healthcare

Medicines and vaccines (e.g., AstraZeneca, GlaxoSmithKline).

Medical devices and biotechnology.


5. Creative Industries

Film and TV production (e.g., Hollywood co-productions, BBC productions).

Music (e.g., recording studios, artists, and bands like The Beatles, Adele).

Video games (e.g., Rockstar Games, creators of GTA).


6. Technology and Innovation

Software and Fintech (e.g., Revolut, Wise).

Research and development in AI, robotics, and quantum computing.


7. Energy

Renewable energy technology (e.g., wind turbines).

Oil and gas from the North Sea.


8. Luxury Goods

Fine jewellery (e.g., De Beers, Garrard).

Craftsmanship (e.g., ceramics from Wedgwood, Royal Doulton).


9. Agriculture

Livestock and meat (e.g., lamb, beef).

Crops like wheat, barley, and vegetables.


10. Financial Services

Banking, insurance, and asset management (e.g., based in London’s financial hub).


Would you like more detail on any of these?
Britain produces a wide range of goods and services across various industries. Here's an overview of key sectors and products:

1. Manufacturing

Automotive: Cars (e.g., Jaguar Land Rover, MINI, Rolls-Royce, Bentley, Aston Martin).

Aerospace: Aircraft parts, engines (e.g., Rolls-Royce jet engines).

Defence Equipment: Ships, submarines, and military aircraft.

Steel and Metals: High-quality steel, particularly for aerospace and construction.

Machinery and Tools: Precision engineering and heavy machinery.


2. Food and Drink

Whisky: Scottish whisky is a significant export.

Beer and Ales: British ales and craft beers.

Cheese: Varieties like Cheddar, Stilton, and Red Leicester.

Processed Foods: Chocolates, biscuits (e.g., Cadbury, McVitie's).


3. Textiles and Fashion

Luxury fashion brands (e.g., Burberry, Alexander McQueen, Vivienne Westwood).

Wool products (e.g., Scottish tweed, cashmere).


4. Pharmaceuticals and Healthcare

Medicines and vaccines (e.g., AstraZeneca, GlaxoSmithKline).

Medical devices and biotechnology.


5. Creative Industries

Film and TV production (e.g., Hollywood co-productions, BBC productions).

Music (e.g., recording studios, artists, and bands like The Beatles, Adele).

Video games (e.g., Rockstar Games, creators of GTA).


6. Technology and Innovation

Software and Fintech (e.g., Revolut, Wise).

Research and development in AI, robotics, and quantum computing.


7. Energy

Renewable energy technology (e.g., wind turbines).

Oil and gas from the North Sea.


8. Luxury Goods

Fine jewellery (e.g., De Beers, Garrard).

Craftsmanship (e.g., ceramics from Wedgwood, Royal Doulton).


9. Agriculture

Livestock and meat (e.g., lamb, beef).

Crops like wheat, barley, and vegetables.


10. Financial Services

Banking, insurance, and asset management (e.g., based in London’s financial hub).

am sold 😳😳😳😳

naptu2:


Britain produces a lot of things (both goods and services).

Alagba naptu2. Alaye 🙌🙌

SammywritesNG:
Britain don't have to produce they have hegemony. But they do produce, maybe you need to read more to know that they do produce. Need I remind you that they are still a car producing nation, and they are vast in medicine.

melecin wey no fit keep queen alive is that one medicine 🤷🏽‍♂️🥴

diamond68:
Alagba naptu2. Alaye 🙌🙌

My brother. How are you?

naptu2:


My brother. How are you?

God is good. And he shall continue to be good to us all, you and I included 🙏🙏🙏🙏

diamond68:
God is good. And he shall continue to be good to us all, you and I included 🙏🙏🙏🙏

Amen.

naptu2:
Oh, I see where the confusion is coming from.

The United States had a dispute with China in the 2000s and it previously had a dispute with Japan. The problem had to do with exchange rate.

The Chinese were artificially keeping their currency down in order to make their exports cheaper.
Still, that does not translate into, "Great Britain does not produce anything", that's just not true.

It is the government that determines the value of it currency. They fix the value based on availability, the demand and supply.
Because the governments the ecowas nations do not earn sufficient UK currencies to Carter for their flamboyant trips, they blackmail the government into devaluing their currencies for aids and FDI.

Bede2u:
i studied Economics and ing in Australia and I am a student of history but I still do not understand currency valuation. In truth it is white man's voodoo politics (not economics).

The 'exchange rate' of a currency matters less. Whats more important is its stability.
The naira has lost an average of over 10% against the dollar per annum for over 2 decades now. That simply means that as the currency continually looses value, the people get poorer as pay cannot keep up.

The average Nigerian is more focused to on $1 = N1 which means little. That comes into play with stable economies who sometimes devalue their currency to encourage export.

jedisco:


The 'exchange rate' of a currency matters less. Whats more important is its stability.
The naira has lost an average of over 10% against the dollar per annum for over 2 decades now. That simply means that as the currency continually looses value, the people get poorer as pay cannot keep up.

The average Nigerian is more focused to on $1 = N1 which means little. That comes into play with stable economies who sometimes devalue their currency to encourage export.

obviously everyone knows about stability and how it affects wealth, however if you understand the post, you will know it's about exchange rate than stability

IBB007:
Lol…I always wonder this too…South Korea produces a lot of things but their currency is nothing to write home about

But their minimum wage is $1,544 when converted from their currency won

While Nigeria minimum wage yet to be implemented is around merely $45 when converted.

You see the difference? See how wicked your country is? No wonder to feed is now a big problem.

A whole Lecturers in federal university can no longer afford to transport themselves to work! They now go to spend only weekends with their families.

What a shame

diamond68:
Is it really by your productivity or by the size of your nuclear weapons ? What is Britain producing to have such a strong currency? What are they exporting ?

UK export capacity isn't up to the US and China.

London is known for being one of the major financial capital of the world.

There are major investment banks in London moving trillions of pounds every day.

A country currency sometimes isn't based on production but what is backing it.

The UK currency is strong because it is a major financial capital of the world just like Hong Kong and Singapore.

Anytime the pounds falls, the bank of England pumps billions to make it strong

And yes, it is artificially over valued to make the pounds strong