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> money that is programmed to be returned to the bank unless it is spent by X time Quick note that regular money works like this, although you might not realiz

> money that is programmed to be returned to the bank unless it is spent by X time Quick note that regular money works like this, although you might not realize this if you grew up in the USA since afaik it has never happened here. Governments re-issue all the money quite often. UK did it in 1971. India did it in 2016. It happened when the Euro was launched.

roywiggins 4y ago
Nigeria is just this week trying to do the same. I don't think it's going very well though. https://www.bbc.co.uk/news/world-africa-64566992 https://www.bbc.co.uk/news/world-africa-64566992
febeling 4y ago
All money (except for coins) is created in loans, which have a maturity date, at which "money is programmed to return to the bank", else you're forfeited. The monetary aggregate is ever-rotating, else all stops. It used to be 90 days, not sure now. At least that was the state of affairs until 2008. Since then the system is more or less in decay, at least by standards which where held before.
Our_Benefactors 4y ago
These have always come with the option to exchange old notes for new.
- ihatepython 4y ago
  At which point they ask you where you got the money in the first place, prove where you got it from, and then make you pay taxes on that money.
  - yurishimo 4y ago
    Is there a threshold to get these kinds of questions? I've never had to explain where I got a ratty old $20 bill from. I'm also not trying to replace $4,000 in old bills either.
  - int_19h 4y ago
    The simplest way to exchange old notes for new is to use them to pay for things while they remain legal tender, which also neatly avoids such questions. Now, if your government is of the kind that can realistically announce over the weekend that cash is going to be worthless by Monday unless exchanged, then yeah. Then again, if you live in a place like that, you probably already know to keep your money in foreign currency and use the black market exchanges as needed.
ihatepython 4y ago
> Quick note that regular money works like this, although you might not realize this if you grew up in the USA since afaik it has never happened here. This is one of the main reasons why the US dollar has been the de facto reserve currency.

roywiggins 4y ago

Nigeria is just this week trying to do the same. I don't think it's going very well though. https://www.bbc.co.uk/news/world-africa-64566992 https://www.bbc.co.uk/news/world-africa-64566992

febeling 4y ago

All money (except for coins) is created in loans, which have a maturity date, at which "money is programmed to return to the bank", else you're forfeited. The monetary aggregate is ever-rotating, else all stops. It used to be 90 days, not sure now. At least that was the state of affairs until 2008. Since then the system is more or less in decay, at least by standards which where held before.

Our_Benefactors 4y ago

These have always come with the option to exchange old notes for new.

ihatepython 4y ago
At which point they ask you where you got the money in the first place, prove where you got it from, and then make you pay taxes on that money.
- yurishimo 4y ago
  Is there a threshold to get these kinds of questions? I've never had to explain where I got a ratty old $20 bill from. I'm also not trying to replace $4,000 in old bills either.
- int_19h 4y ago
  The simplest way to exchange old notes for new is to use them to pay for things while they remain legal tender, which also neatly avoids such questions. Now, if your government is of the kind that can realistically announce over the weekend that cash is going to be worthless by Monday unless exchanged, then yeah. Then again, if you live in a place like that, you probably already know to keep your money in foreign currency and use the black market exchanges as needed.

ihatepython 4y ago

> Quick note that regular money works like this, although you might not realize this if you grew up in the USA since afaik it has never happened here. This is one of the main reasons why the US dollar has been the de facto reserve currency.