In the Great Depression (1929 – 1940), money was so scarce that local communities made coins out of wood with various denominations and the names of local merchants stamped on them. These could circulate in exchange for goods and services at participating merchants. It was really a form of credit, but it served to keep
The Turkish lira is another currency that has collapsed in recent months. Citizens of Turkey have dumped lira in exchange for dollars and stuffed the dollars under their mattresses exactly as some U.S. citizens did during the Great Depression. President Erdoğan has taken a slightly different approach than India, Zimbabwe, and others who have declared
We’ve seen the movement toward a cashless society take root in India, Sweden, other parts of Europe and the United States. Now the call is being heard in Australia. The Australian Broadcasting Corporation (ABC), the leading media channel in Australia, features an in-depth interview with Harvard Professor Ken Rogoff, author of the new book, The Curse
Governments are relentless and highly creative when it comes to taking your money. India has shut down the banks. Zimbabwe has offered worthless “bond notes” for hard currency (see story above). Turkey urges citizens to hand in their hard currency for local currency, but does suggest gold as an alternative. Other approaches to seizing citizen accounts include
By now, readers are familiar with the decision by Indian Prime Minister Modi to make the most popular bank notes illegal. The equivalent of a $20 bill and $10 bill (1,000 Rupees and 500 Rupees) were declared by the Indian government to be no longer legal tender. This set off a wave of panic in
