5 ms·
> the exchange rate of fiat currencies for goods and services simply is inconsistent with the facts. Those who did well in the birthing geo lottery of North Am
by landemva 3y ago
> the exchange rate of fiat currencies for goods and services simply is inconsistent with the facts.
Those who did well in the birthing geo lottery of North America have a different experience than most others. Even European nations in past 25 years cancelled their currencies.
- laurencerowe 3y agoEU countries who switched to the Euro did not cancel their currency. It automatically converted and you had years to convert physical currency at the bank.
- landemva 3y agoIf you find a 25 year old buried bucket of Portuguese Escudo, US dollar, and gold, which still spends? Which was cancelled or went to zero? Europe has frequently cancelled their currencies over past 25 and 100 years. Those who were born into US dollar over past 25 or 100 years may believe fiat currency stays around, but that is a US-centric view. Maybe Austrians have a valid historical concern about cash.