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Nairaland Forum / Nairaland / General / Politics / Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. (2401 Views)
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Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 2:58pm On Oct 12 |
Artscollection:Tinubu run what we call corporation, u can Google it, I don't have interest to explain that |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by Ikaeniyan0: 3:01pm On Oct 12 |
richmond500: mrvitalis is just busy throwing figures around. If the naira true value is #2500/$, with the very poor intervention by the CBN under Cardoso, Aboki will be selling above 2400/$ by now |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by Artscollection: 3:01pm On Oct 12 |
phantom: Naira devaluation by emilikon lead to naira depreciation. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 3:04pm On Oct 12 |
phantom:na just this part I deh try tell ona since, all other things discussed here was secondary. Obi was wrong, that is what I wanted to say. Also, I am not sure if our currency has been overvalued, rather I'll say it was stable cos we actually pegged it to USD all these while, also depreciation and devaluation are two different things, this wicked govt deliberately devalued the currency like 4 times bruh, it was not just depreciation. Obi should have known that the currency was devalued, so his assertion on borrowing was flawed and shows he has no knowledge of economy of a country. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 3:12pm On Oct 12 |
richmond500: That's why I'm trying to say. Peter Obi like many of us used the term DEVALUED loosely but don't be decieved the man understands the exact problem. What you are hammering on is simply a misuse of terms. Our currency is DEPRECIATING FROM FLOATATION. Obi knows the exact problem! His solution is not off point at all. He is simply talking about borrowing to keep the naira at a level at which production IS STILL POSSIBLE. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 3:20pm On Oct 12 |
phantom:external debt also causes depreciation. Even if he knows that the currency is depreciating, he should know that external debt causes depreciation further, he is not solving the problem but adding to the problem when he borrows. Abeg leave am, the man no know wetin him deh talk. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by badoh(m): 3:33pm On Oct 12 |
mrvitalis:Does the borrowing solve the problem in the long run? Why keep defending the naira with a borrowed fund? For how long will you continue to borrow to defend the naira? |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by mrvitalis(m): 3:40pm On Oct 12 |
badoh:Stability is needed for economic growth 1 Like 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by muykem: 3:44pm On Oct 12 |
Peter Obi only understands containers economy. He is suggesting the same method that he brought the country on his knees. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by Thiefobi1: 3:50pm On Oct 12 |
President Obasanjo left a gross reserve of $43.13 billion, comprising the CBNβs external reserves of $31.5 billion, $9.43 billion in the Excess Crude Account, and $2.18 billion in Federal Governmentβs savings in May 2007. The reserve peaked at $62 billion in September 2008 under YarβAdua when crude prices rose to $147 per barrel before falling to $31.7 billion in September 2011 as the Central Bank of Nigeria had to use much of it to defend the Naira, following the 2008-2009 global financial meltdown. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 3:55pm On Oct 12 |
mrvitalis:Nobody is arguing that, but will u borrow to defend a devalued or depreciating currency? |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by mrvitalis(m): 4:28pm On Oct 12 |
richmond500:How else would you do it 1 Like 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 5:02pm On Oct 12 |
mrvitalis:what? U guys just defend Obi blindly. Economy diversification and raising interest rates are some of the ways to solve currency depreciation . The main reason for depreciation of a currency was debts and to salvage the problem you should avoid debts. Obi says he will aquire more debt to solve the issue? And u see nothing wrong in that? Jesus Christ. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by mrvitalis(m): 5:08pm On Oct 12 |
richmond500:Don't rush and brush over serious points Economic diversification? How can you break this town let's start from there 1 Like 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 5:10pm On Oct 12 |
mrvitalis:before I go further, do u agree that Obi idea of borrowing to save a depreciating currency is a very stupid idea? If u answer this question, then I'll know u are smart enough for my answers on economy diversification |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 5:11pm On Oct 12 |
mrvitalis: π π... I'm looking foward to this too 1 Like 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 5:13pm On Oct 12 |
richmond500: Ogbeni, leave Peter obi and answer his question. Let's all discuss logically. Like I told kobojunkie yesterday, I would love to understand your own solutions.. break them down. 1 Like 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by bigpicture001: 5:15pm On Oct 12 |
richmond500: So u are not concerned about tinubus corruption... 2 Likes 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 5:16pm On Oct 12 |
phantom:The thread was about Obi, why should I leave Obi? Why would u dodge the main topic? Answer my question, then I'll tell u how I plan to tackle economic diversification even though it's not what this thread is meant for, I'll deviate a little just to massage ur ego, do u agree Obi idea was stupid? |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 5:17pm On Oct 12 |
bigpicture001:The topic was on how to salvage naira depreciation. I have deviated alot already. I'll now stick to the topic. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by mrvitalis(m): 5:18pm On Oct 12 |
richmond500:Bros no need to rush into conclusion how can I come to that conclusion when u don't even understand ur point I am trying to understand you and your alternative You said Economic diversification... Fine I said how break this down lets analyze it 1 Like 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 5:19pm On Oct 12 |
richmond500: No wahala. To make you you happy and because I really want to read your own solutions.. obis idea was stupid. Oya, answer.. Economic diversification.. how will you do it? 1 Like 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 5:20pm On Oct 12 |
mrvitalis:Don't worry. I've agreed. Obi was stupid. Oya, Let him enlighten us π 1 Like 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 5:20pm On Oct 12 |
mrvitalis:The question is "is it a wise or foolish idea to borrow money and defend a depreciating currency? The question is easy, if u can't understand this, then u can't possibly understand my explanation on economy diversification. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 5:21pm On Oct 12 |
phantom:let mrvitalis agree to this too. U are not the one that asked me the question, remember? |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 5:23pm On Oct 12 |
richmond500: Please stop being evasive under very silly excuses. Explain yourself. I know you to be far more sensible so please stop being funny and let's discuss. For once, I'm on a thread not started by a riff raff like helinues so make it worth our while abeg π 1 Like 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by richmond500: 5:27pm On Oct 12 |
phantom:don't worry, I have my answer and it's the best u can ever hear. But I want mrvitalis to admit that Obi idea of acquiring debt to defend currency depreciation is a very stupid move. I'll explain my point, but I have a reason why I need him to admit. If he is scared of admitting then I am not interested in derailing this thread. He is scared that his so called messiah is nothing but a scam. Lolz |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 5:29pm On Oct 12 |
helinues: Please leave this thread... this is way beyond your paygrade. And I can call you anytime I want to use you as an example of what every young man shouldn't be. Please leave this beautiful thread let sensible folks discuss. |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by mrvitalis(m): 5:32pm On Oct 12 |
richmond500:You haven't given me any reason to justify it as a foolish idea... Absolutely nothing You only made bogus statement and I'm asking you to defend and you are here asking me to conced Obi idea is foolish when you haven't provided a reason to say that 1 Like 1 Share |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by Salubata(m): 5:33pm On Oct 12 |
Improve local production, is this present government not doing it? Easier said than done. You know to salvage this problem of Nigeria is not even 4 years work, you know that deeply but we've all tagged the present government a failure. It's hard but let give it time. mrvitalis: |
Re: Obi Idea Of Borrowing Money To Save Money Doesn't Solve Anything. by phantom(m): 5:33pm On Oct 12 |
richmond500: Please, leave all this cho cho cho... he asked you a direct question. If you can't answer, just say so and stop insulting folks who genuinely want to engage with you by asking irritating questions. 1 Like 1 Share |
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