Monday, 31 January 2011

Egyptians create their own money.

According to the BBC, a significant proportion of banks have shut down in the more seriously affected parts of Egypt due to the current political unrest. As a result, so claims the BBC, people have started exchanging IOUs.

Something similar happened during the Irish bank strike in 1978: people exchanged cheques.

It’s amazing how quickly a form of “peoples’ money” arises as soon as the supply of official money becomes inadequate. There is a PhD thesis there for someone.


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