Originally posted by whitt
View Post
It is interesting to read of the many failures of paper money through history.
I wonder whether the claim that not one has survived is right. I've not seen anyone refute it yet.
What I do find fascinating is that people can spend their whole life saving for retirement, and what they spend their life accumulating is piles of paper, with value only in that they promise to allow the holder to buy stuff with them. Someone in Zimbabwe (and the other examples) would have seen their wealth simply disappear.
The reason I find it fascinating is that people have faith in that paper, and some simply cannot envisage it ever being anything but valuable.
Comment