“In pre-WW2 Germany, many citizens still feared the hyperinflation that occurred after WW1. The deep distrust of banks meant that it was common for wealth to be kept on one’s person, not in banks; and it was kept in such hard currencies such as gold, silver, and commodities such as haystacks — all of which were readily negotiable in the economy of that time.
“Citizens of the United States in the early 2000s failed to learn from the German example, and the nationalization of bank accounts in 2015 led to overthrow of the then-current administration, breakup of the US and formation of the Federation of North America.
“Submit a 2-page paper to your TA before Friday explaining how truly electronic fiat currencies such as Bitcoin, free of the possibility of government intervention, have rendered this impossible and stabilized society. There is your hint and that is all for today, class.”
Buck Naked says
November 17, 2013 at 2:48 am“In pre-WW2 Germany, many citizens still feared the hyperinflation that occurred after WW1. The deep distrust of banks meant that it was common for wealth to be kept on one’s person, not in banks; and it was kept in such hard currencies such as gold, silver, and commodities such as haystacks — all of which were readily negotiable in the economy of that time.
“Citizens of the United States in the early 2000s failed to learn from the German example, and the nationalization of bank accounts in 2015 led to overthrow of the then-current administration, breakup of the US and formation of the Federation of North America.
“Submit a 2-page paper to your TA before Friday explaining how truly electronic fiat currencies such as Bitcoin, free of the possibility of government intervention, have rendered this impossible and stabilized society. There is your hint and that is all for today, class.”