Question: What countries DONT have a central bank and why?

[knarfxii]

I know of Iran and Somalia. Any more?????????

[low preference guy]

Panama

[Legend1104]

petoria

[cindy25]

Hong Kong, Scotland , Northern Ireland (the Bank of England is only England/Wales),

Zimbabwe, East Timor, Panama , Palau, FSM, Marshall Islands (which use the US dollar)

Senegal and many other countries in French West Africa, which share a central bank

St Lucia, Dominica etc which share the Caribbean central bank

Nauru, Tuvalu, Kiribati (uses OZ dollar)

[kkassam]

Hong Kong

Bulgaria

Lithuania

Estonia

http://en.wikipedia.org/wiki/Currency_board

Ecuador

El Salvador

Cambodia

Lesotho

Namibia

Swaziland

http://en.wikipedia.org/wiki/Dollarization

[Carson]

There is a website that chronicles the countries with central banks tied to the Rothchilds.

The website seems sort of out there for me. It is still sort of interesting. Also sort of weird to listen to stories on the news about these countries on the dwindling list: Iran; North Korea; Sudan; Cuba; and Libya.



The History of the House of Rothschild Part I


http://www.thetruthseeker.co.uk/article.asp?ID=4277


The History of the House of Rothschild Part II

Snip...

2001: On September 11th the attack on the World Trade Center is orchestrated by Britain, America and Israel under the orders of the Rothschilds as a pretext for removing the liberty of people worldwide in exchange for security, just as they did with the Reichstag fire in Germany where the citizens were lied to in order to give up liberty for security.

They also will use the attacks to gain control of the few nations in the world who don’t allow Rothschild central banks and so less than one month after these attacks, US forces attack Afghanistan, one of only 7 nations in the world who don’t have a Rothschild controlled central bank.

Snip...


There are now only 5 nations on the world left without a Rothschild controlled central bank: Iran; North Korea; Sudan; Cuba; and Libya.


http://www.thetruthseeker.co.uk/article.asp?id=4276

[Carson]

While we're on the topic;

No matter how much honest money people can gather together to build their countries the way the want there are some who can fire up the fake money presses and print whatever it take to get their way.

http://photos.imageevent.com/stokeybob/followthemoney/SuperDollar502x600.jpg

[MRK]

Ecuador does indeed have a central bank which does mint Ecuadorean coins which are pegged directly to the value to the US dollar, with the US dollar being the official currency. So in a way, there are two central banks in Ecuador, el Banco Central del Ecuador and the United States Federal Reserve.

[South Park Fan]

Zimbabwe

lolz

[brenden.b]

Hong Kong, Scotland , Northern Ireland (the Bank of England is only England/Wales),

Zimbabwe, East Timor, Panama , Palau, FSM, Marshall Islands (which use the US dollar)

Senegal and many other countries in French West Africa, which share a central bank

St Lucia, Dominica etc which share the Caribbean central bank

Nauru, Tuvalu, Kiribati (uses OZ dollar)

Just a quick correction, Scotland does have a central bank. The Bank of Scotland prints its own bank notes, much to the chagrin of the English. A majority of English businesses will not accept the note, but it is accepted all over Scotland.

[libertybrewcity]

smart countries.

[cindy25]

Iran has a central bank

http://en.wikipedia.org/wiki/Central_Bank_of_the_Islamic_Republic_of_Iran

[cindy25]

so does Cuba

http://en.wikipedia.org/wiki/Central_Bank_of_Cuba

[james1906]

Just a quick correction, Scotland does have a central bank. The Bank of Scotland prints its own bank notes, much to the chagrin of the English. A majority of English businesses will not accept the note, but it is accepted all over Scotland.

This is the same with Northern Ireland. You'll get pounds with the queen's mug that say "Bank of Ireland." Ironically, the Bank of Ireland is based in Dublin and does not have the authority to issue banknotes in the Republic.

However, there are a number of banks in Scotland and NI that can print banknotes, so there's not exactly a central bank in either jurisdiction.

[AJ Antimony]

petoria

*****

[Jace]

Panama's central bank is the Federal Reserve.

Panama doesn't have its own currency. They use the US dollar.

[low preference guy]

Panama's central bank is the Federal Reserve.

Panama doesn't have its own currency. They use the US dollar.

do individuals have the freedom to design a competing currency legally? i think that's the more relevant aspect.

[WaltM]

Misconception of Hong Kong.

First, Hong Kong is NOT a sovereign country. It's legally subordinate to China.

Secondly, it's not meant to be a country in any way, shape of form, but rather a city for trade.

Hong Kong, just like Las Vegas and Dubai, are TRADE CENTERS.
If any country desired to have their living conditions, environment, and religious traditions adjusted to that of the 3 examples, they can probably afford to be without a central bank.

But with that said, Hong Kong does not permit simply any person to open any bank and enjoy the same privleges as corporate banks.

They actually have, in effect MORE regulations.
http://en.wikipedia.org/wiki/List_of_banks_in_Hong_Kong

They are ultimately all under the control of the central monetary policy institute
http://en.wikipedia.org/wiki/Hong_Kong_Monetary_Authority
(this is no different than our FDIC, Chamber of Commerce)

[WaltM]

Hong Kong

Bulgaria

Lithuania

Estonia

Ecuador

El Salvador

Cambodia

Lesotho

Namibia

Swaziland


I noticed a pattern, NONE of these countries actually produce something I use and need.

With a possible exception on Hong Kong.

NONE of these countries (except 3) are actually livable by American standards.

[heavenlyboy34]

I noticed a pattern, NONE of these countries actually produce something I use and need.

With a possible exception on Hong Kong.

NONE of these countries (except 3) are actually livable by American standards.

If there are exceptions, then there is no "pattern". By definition, a pattern has no deviations.

P.S. here (http://www.indexmundi.com/trade/exports/?country=bg) is a list of Bulgarian exports. As you can see, even if you don't use what they produce, plenty of other people do.

[WaltM]

If there are exceptions, then there is no "pattern". By definition, a pattern has no deviations.

The exceptions are of good reason.

But let's talk about PATTERNS :

None of these countries produce cars, oil, diamonds, or gold.
Which one of these places are livable by your standards?
Which one of these countries have the free speech you enjoy in the US?
Which one of these countries have more people than NYC, in which I will ask, can adapt the same policy had they been nearly the size of NYC (nevermind the US)?

Oh, here's the best one, WHICH ONE OF THESE COUNTRIES ARE PRO-IMMIGRANT, SECULAR, AND MULTICULTURAL? (all at once)

[farrar]

I know of Iran and Somalia. Any more?????????

Sometimes in Somalia the Warlords will have money printed, in canada mostly, and then bring it back causing massive inflation. But other than that the SOSH isn't doing to bad without a centralized government. Plus the people are more wary of its declining value and tend to trust it at their own discretion. Also since there is really no government virtually everything is a competeing currency.

Just tossing that out there.

[farrar]

The exceptions are of good reason.

But let's talk about PATTERNS :

None of these countries produce cars, oil, diamonds, or gold.
Which one of these places are livable by your standards?
Which one of these countries have the free speech you enjoy in the US?
Which one of these countries have more people than NYC, in which I will ask, can adapt the same policy had they been nearly the size of NYC (nevermind the US)?

Oh, here's the best one, WHICH ONE OF THESE COUNTRIES ARE PRO-IMMIGRANT, SECULAR, AND MULTICULTURAL? (all at once)

Its important to note though, the measure of growth vs current conditions. how many of these countries have been growing and at what rate? Then how were they growing when they did have a central bank (if they did) or would they have a central bank if they didn't depend on outside currency.

Zimbabwe has a central bank. No one uses zimbabwe currency because the central bank screwed it over to the point no one trusts it (hyper inflation). So in essence you can say it doesn't have a central bank anymore, because it was so horrible people opt'd out of it by using foriegn currency. However physically it is still standing.

[kkassam]

Sometimes in Somalia the Warlords will have money printed, in canada mostly, and then bring it back causing massive inflation. But other than that the SOSH isn't doing to bad without a centralized government. Plus the people are more wary of its declining value and tend to trust it at their own discretion. Also since there is really no government virtually everything is a competeing currency.

Just tossing that out there.

Only half correct: there is no "massive inflation".


Unlike a competitive banking system
with distinct currencies in which competition could limit the amount of inflation and
seigniorage individual issuers could achieve, the competition in Somalia is for
seigniorage in the same currency. One would expect this competition to lead to an infinite
level of inflation and ultimately public abandonment of the currency. Somalis, however,
refuse to accept denominations larger than those that existed in 1991. This has
constrained inflation and actually allowed for a relatively stable monetary system to
emerge.

Mubarak (2003) estimates that it costs $0.03 to print and import new bank notes
to Somalia. When the first Balweyn notes were printed in 1997, the largest denomination
SoSh (1000) traded for about $0.12. By late 2001 competition for seigniorage had driven
the SoSh 1,000 note down to about $0.04. At this exchange rate printing SoSh 500 notes
was no longer profitable, and the SoSh 1,000 notes were down to nearly their commodity
cost, making further printing of them no more profitable than other investments. After
the initial bout of inflation, Mubarak reports that “there is no sign of significant inflation
let alone an infinite one,” and that “Since July 2001... consumer prices have stabilised. If
the market exchange rate movements are an indication of price stability... the Somali
shilling has appreciated slightly since the importation of new reprints slowed” (2003:
323). Though very different than the currencies advocated by those who advocate 100
percent commodity backed currencies, the effect of the competition for seigniorage
coupled with the Somalis’ failure to accept new, higher denominations has led to the
creation of a stable ‘commodity currency’ worth its paper, ink, and transport costs.


It's actually a strange sort of commodity money, with paper and ink being the commodity. More details:

Somalia after state collapse: Chaos or improvement?

Benjamin Powell, Ryan Ford and Alex Nowrasteh

Journal of Economic Behavior & Organization, 2008, vol. 67, issue 3-4, pages 657-670

http://www.independent.org/pdf/working_papers/64_somalia.pdf