New answers tagged currency
1
In addition to the other good answers here, I want to address the assumption that the mere existence of gold coins will do away with paper money, and implicitly do away with fractional reserve banking.
When you deposit money in a bank the bank lends it out at interest, thus converting a short term loan by you to the bank (your deposit) into long-term loans ...
-1
It's possible, as follows. Let's assume you make the GGG currency. So people come to you and give you $1 and you give them one GGG (assuming people want the GGG, that is). After a while there are X GGG in circulation and you have X dollars. Later, if someone would rather have dollars, they give you Y GGG and you give them Y dollars.
Note: if everyone decides ...
0
This is impossible.
You want a currency whose exchange rate to all other currencies is fixed. Say that today 1 USD = 0.86 EUR. You are asking for a new currency GGG where 1 GGG = 1 USD, and 1 GGG = 0.86 EUR, always and forever.
Let's suppose the USD crashes so that 1 USD = 0.001 EUR (1000 USD = 1 EUR).
Let's suppose I'm stuck with 100,000 worthless USD. It's ...
Top 50 recent answers are included