Total abject failure. Mad Max. Breakdown of society.
Chaos. How’s that for an upbeat start? Failure is a tough thing
to talk about, particularly here in the US where it’s all about optimism.
What’s the best? Who's the fastest? Where should I put my money for the highest
return? But examining failures can help us avoid mistakes. So let’s take a tour
of a few currencies and money systems that fell apart. We’ll learn some
principles of sound money and hopefully, have a little fun.
What Is Money? Even though we don’t think about it every day, we all
know that money is a fiction. It is a medium of exchange – a token we pass back
and forth instead of bartering, and a store of value that keeps score of our
assets and debts. It is based on belief and faith—nothing more. At times, money
has been metals or tobacco or wampum. There are the famous Yap Island stones.
At other times, like today, paper tokens with no intrinsic value stand in as
money…......To Read More.....
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