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In most of the under developed world were financial systems are unstable/dont control the economy, they dont convert gold into local currency. They use it as cu
by qp11 3y ago
In most of the under developed world were financial systems are unstable/dont control the economy, they dont convert gold into local currency. They use it as currency. "You want that cow, give me that nose ring".
Ofcourse in the "developed world" the problem is, one fuckhead will show up, who wants to own all the cows, for no logically reason other than he just has too. Naturally gold wont work.
- rwmj 3y agoOnly in your fantasy world. In the real world they trade dollars.
- refurb 3y agoNot always. My friend in Vietnam was saying how it wasn’t that long ago (10-20 years maybe?) when property was purchased directly with gold talens. You exchanged Vietnamese dong for gold, then transferred that to the seller. I assume it was done to avoid the crazy inflation and concern over validating that a massive stack of bills didn’t include counterfeits. And the lack of foreign currency to convert to.
- pjc50 3y agoQuite a lot of the "less developed" world has person to person mobile payment systems such as M-Pesa.