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You are quite right. I was about to reply to the grandparent that you have just described present day Zimbabwe. History repeats itself.
by mmsimanga 7y ago
You are quite right. I was about to reply to the grandparent that you have just described present day Zimbabwe. History repeats itself.
- toyg 7y agoThis is more economics than history. It’s a pretty simple set of reactions that can happen at any time. You could “repeat it” in parallel anywhere at the same time, if you wanted to.
- eru 7y agoMostly, yes. Though whether people resort to commodity barter or an outside currency like the USD varies. Sometimes both happen. Eg in Germany after the war cigarettes were a common currency, even among non-smokers. But that's probably more a function of comparatively effective restrictions on using foreign currency directly, than anything else? Not sure.