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Updated: June 18, 2025
Gold, it appeared, was recognized in the cult of Boohooism as typifying the three chief virtues, whereas silver or paper money did not; even national banknotes were only regarded as do or, a halfway palliation; and outside currencies such as Canadian or Mexican bills were looked upon as entirely boo, or contemptible. The Oriental view of money, said Mr.
Rogoff and many other scholars foresee a sharp contraction in American growth, consumption and, consequently, imports coupled with a depreciation in the dollar's exchange rate against the currencies of its main trading partners. In the absence of offsetting demand from an anemic Europe and a deflation-struck Japan, an American recession may well translate into a global depression.
The various currencies, which were all maintained on a stable basis in relation to gold and to one another, facilitated the easy flow of capital and of trade to an extent the full value of which we only realize now, when we are deprived of its advantages. Over this great area there was an almost absolute security of property and of person.
"We'll gain by it exactly what you Earth people gained when you traded freely among yourselves, before blocked currencies and quotas and such nonsense strangled trade. We'll gain what you gained when you'd stopped having every city a fort and every village guarded by the castle of its lord. Look, Coburn: we've got people inside the Iron Curtain. We'll keep them there.
So far however as I could collect anything certain, they appeared to have two entirely distinct currencies, each under the control of its own banks and mercantile codes.
He proposes that this shall be the 1440th part of a dollar; so that it will require 1440 of his units to make the one before proposed. He was led to adopt this by a mathematical attention to our old currencies, all of which this Unit will measure without leaving a fraction.
Despite all this, the resulting monetary union was surprisingly resilient. It easily absorbed the new currencies of Kenya, Uganda and Tanzania in 1966, making them legal tender in all three and convertible to Pounds. Ironically, it was the Pound which gave way. Its relentless depreciation in the late 60s and early 70s, led to the disintegration of the Sterling Area in 1972.
The suppression of ten and five shilling bank notes, somewhat relieved the scarcity of gold and silver in Scotland; and the suppression of twenty shilling notes will probably relieve it still more. Those metals are said to have become more abundant in America, since the suppression of some of their paper currencies.
Let us suppose further, that neither their soils nor their skill in agriculture are essentially unlike; that their currencies are in a natural state; their taxes nothing; and that every trade is free, except the trade in corn. Let us now suppose one of them very greatly to increase in capital and manufacturing skill above the rest, and to become in consequence much more rich and populous.
They cover specific and narrowly defined risks: price fluctuations of currencies, interest rates, commodities, standardized goods, metals, and so on. This is all part of the famous Keynes-Hicks hypothesis. As Holbrook Working proved in his seminal work, hedges fulfill other functions as well but even he admitted that speculators assume risks by buying the contracts.
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