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A currency is a simple public monopoly. Therefore standard rules around monopolies apply. If you don't like that, then don't use it - and stand the inconvenien
by neilwilson 5y ago
A currency is a simple public monopoly. Therefore standard rules around monopolies apply.
If you don't like that, then don't use it - and stand the inconvenience.
- nextaccountic 5y ago> If you don't like that, then don't use it In many places, not accepting legal tender is illegal
- neilwilson 5y agoNot really. Legal tender doesn't generally work like that as a concept. It's largely to do with settling of debts - in that you cannot insist on being paid in cows from somebody who doesn't have any cows. The law will permit the debt to be settled in a defined fungible numeraire and will consider that to end the matter. But where it does operate like that, that's another example of a public monopoly at work. You can always contract under the laws of another jurisdiction if it bothers you that much. As ever it is free as in freedom, not free as in beer. True freedom can be very inconvenient.
- gruez 5y ago>You can always contract under the laws of another jurisdiction if it bothers you that much. "don't like a given law in your jurisdiction (county/state/country)? Just move to another one!"
- neilwilson 5y agoContracting under different laws is just like contracting in a different currency. No moving required. As Argentina found to its cost with dollar bonds issued under English law.