For those who doubt the serious consequences of printing money, just look at Zimbabwe. When your own countries currency is no longer legal tender, it disadvantages the rich and not the poor. The poor in Zimbabwe barter, the rich use money, who really loses out here when the currency completely fails?
Bartering (or even trade in a foreign currency) adds so much friction that all but the most necessary and unsophisticated transaction simply don't happen.
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For those who doubt the serious consequences of printing money, just look at Zimbabwe. When your own countries currency is no longer legal tender, it disadvantages the rich and not the poor. The poor in Zimbabwe barter, the rich use money, who really loses out here when the currency completely fails?
By Zimbabwean standards we are all rich I guess.
Bartering (or even trade in a foreign currency) adds so much friction that all but the most necessary and unsophisticated transaction simply don't happen.