What is money anyways?

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March 6th, 2017 at 12:33:33 AM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 661
Posts: 7569
https://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis
20082011 Icelandic financial crisis
Relative to the size of its economy, Iceland's systemic banking collapse was the largest experienced by any country in economic history.


In the two decades before 2008, Iceland had cash at about 1% of GDP (a rate which Sweden is just now achieving). After all the banks when belly up at once cash made a big comeback.
March 6th, 2017 at 3:29:01 AM permalink
Fleastiff
Member since: Oct 27, 2012
Threads: 47
Posts: 4143
At least Iceland held the bankers responsible, not the depositors. Iceland economy described as a klan-based system. And I think it was the UK that decided there would be no more arbitrage in Iceland.
March 9th, 2017 at 1:10:12 PM permalink
Pacomartin
Member since: Oct 24, 2012
Threads: 661
Posts: 7569


in Japan home safes are selling at record rates as fear of negative interest rates is driving people to keep home based store of value (mostly currency).

In Sweden only 30 million of the new 500-kronor banknotes are now circulating 5 months after introduction. The previous series peaked at 120 million notes.


http://observer.com/2016/07/the-de-cashing-of-sweden-points-to-much-bigger-problems/
OPINION: The De-Cashing of Sweden Points to Much Bigger Problems - World's oldest central bank, the Sveriges Riksbank, attempts to go totally digital
By Derek Monroe 07/15/16
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