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It also fails to take into account e.g. Somalia, where there's been no bank for some time and banknotes are printed by whoever can put together a convincing-loo
by mst 5y ago
It also fails to take into account e.g. Somalia, where there's been no bank for some time and banknotes are printed by whoever can put together a convincing-looking printing operation ... and yet they continue to function as tender just fine.
- paulgb 5y agoIs there somewhere I can read more about this? I wasn't aware of the situation with Somalia but it seems to be counter to the narrative of hyperinflation I found on Wikipedia https://en.wikipedia.org/wiki/Somali_shilling#Modern_history https://en.wikipedia.org/wiki/Somali_shilling#Modern_history
- mst 5y agoThe hyperinflation happened, yes, but the point is that once it stabilised "pre-1991 notes and subsequent forgeries were treated as the same currency." I'm not attempting to say this was a good situation, only that it has interesting implications for "what is a currency" as a question.