2 ms·
Even if that was true, do you think it would scale? Let's say that in a sudden fit of consensus, tomorrow, everyone worldwide decided to replace the USD with So
by stickfigure 6y ago
Even if that was true, do you think it would scale? Let's say that in a sudden fit of consensus, tomorrow, everyone worldwide decided to replace the USD with Somali shillings. How long do you think it would take North Korea to start mass-printing shillings?
At any rate, the narrative that the Somali shilling maintained its value is directly contradicted by Wikipedia:
https://en.wikipedia.org/wiki/Somali_shilling#Modern_history https://en.wikipedia.org/wiki/Somali_shilling#Modern_history
It starts with "Following the breakdown in central authority that accompanied the civil war, which began in the early 1990s, the value of the Somali shilling was disrupted" and gets worse from there. The currency became worthless and they dollarized.
The only reason the shilling is - very recently! - recovering is because they once again have a central government and a central bank.