Sunday, March 16, 2014

Quote of the day 16th March 2014

"It's not so unusual to run out of someone else's currency."

(Jeffrey Sachs)

2 comments:

Jim said...

where does currncy come from? what is its source, how is it delivered into circulation, what is it?

got your work cut out there me finks :)

Chris Whiteside said...

On the condition that we are not going to get into another long debate about the meaning of a word:

The first dictionary I looked at defined currency as "money in use in a country:" if I had not ha a dictionary to hand I would have said "a means of exchange."

The first currencies came into being by agreement between the people who found it convenient to use them to trade. More recent currencies have generally been created and backed by governments and banks.

But none will ultimately have value unless people have confidence that they are backed by something worthy of trust.