Is Somalia a free state

[abdiwarrior]

Is it totalitarian or can you do what you wish with littel govt interfere nice.

 

[Dalmoor]

Yeah, it's paradise... You can do whatever you want.

 

[abdiwarrior]

Yeah, it's paradise... You can do whatever you want.

Not even close

 

[Apollo]

Somalia has a weak government but strong community control.

You can get away with many crimes so long the locals support you.

 

[abdiwarrior]

Somalia has a weak government but strong community control.

You can get away with many crimes so long the locals support you.

I mean in financial aspect not security. No taxes no govt interfernce.

 

[The alchemist]

I mean in financial aspect not security. No taxes no govt interfernce.

I this will give you a perspective

"According to the World Bank, within two years of the outbreak of civil war in 1988, Somali state institutions collapsed and "most of the economic and social infrastructure and assets were destroyed". In 2003 the Bank said that despite the absence of a state and its institutions, the Somali private sector experienced impressive growth, but that "most of these sectors are now becoming either stagnant or their growth is hindered due to the lack of investment, trained manpower and the absence of a relevant legal and regulatory framework to enforce rules and regulations, common standards and quality control". The report notes difficulties encouraging and making use of domestic savings for investment, due to the lack of formal financial services and regulatory agencies. The lack of state institutions, the Bank argues, resulted in the prevention of access to international capital markets"

The centeral bank does not issue much monetary regulation on the market, so in theory somalia should be a libertarian haven. On the other hand, the currency has it's problems also.

"Owing to a lack of confidence in the local currency, the US dollar is widely accepted as a medium of exchange alongside the Somali shilling. Dollarization notwithstanding, the large issuance of the Somali shilling has caused inflation. The central bank says it will end the inflationary environment when it assumes full control of monetary policy and replaces the presently circulating currency introduced by the private sector."

The shilings has appreciated greatly in the reacent years. In 2014 the currency appreciated by almost 60% against he us dollar over the previous 12 months. In tha time the shilling was the strongest currency among the 178 others that were traded by Bloomberg, rising close to 50 percentage points higher than the next most robust global currency over the same period.