Wednesday, April 1, 2009
An Example of Demonetization
If you check out this 100 dollar bill issued in 1862 by the Confederate States of America, you will note that it is no longer usable as currency. It might be worth something as an artifact, or as art, but there is no bank from which to draw it on, and nobody will accept it as payment, except for its worth as an artifact. It used to be money, but now it's not.
lyrics: "Share it fairly, but don't take a slice of my pie."
lyrics: "Share it fairly, but don't take a slice of my pie."
From Money, by Pink Floyd
pax hominibus,
agape to all,
joel
agape to all,
joel
Labels: economics, politics, racism, theological sources, USA
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But wasn't it converted to U.S. currency at some point? That is, its value didn't vanish, it just got transferred to another piece of paper?
(I'm just guessing, but that's how I imagine it.)
(I'm just guessing, but that's how I imagine it.)
You're probably right. That was the story I was telling, and thanks for calling me out on it. I imagine that considering how P.O.'ed the Union was against the Confederacy, they didn't give them very good terms.
It makes me wonder if when the dollar goes under, how much will be offered in Euros, or whatever currency. If you check out my post last night on the Rolling Stone article, I think we're right to be nervous.
The people at the forefront of the money had been pushing the boom/crest/expansion cycle so hard (even to the ludicrously imaginary levels of 60+/1 leverage-ratios), that when the water/wave level recedes, it's almost like an implosion.
What we're fighting now is an implosion, and to hear Obama talk this morning at the G-20 about "getting back to growth" just makes me wonder about who's the marionette here. I believe he's far too smart of a man to say that on his own recognizance.
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It makes me wonder if when the dollar goes under, how much will be offered in Euros, or whatever currency. If you check out my post last night on the Rolling Stone article, I think we're right to be nervous.
The people at the forefront of the money had been pushing the boom/crest/expansion cycle so hard (even to the ludicrously imaginary levels of 60+/1 leverage-ratios), that when the water/wave level recedes, it's almost like an implosion.
What we're fighting now is an implosion, and to hear Obama talk this morning at the G-20 about "getting back to growth" just makes me wonder about who's the marionette here. I believe he's far too smart of a man to say that on his own recognizance.
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