Setelinleikkaus: When Finns snipped their cash in half to curb inflation

Post by [deleted] » Thu, Nov 28, 2024, 6:20 PM UTC

kmeisthax wrote: post #133

_heimdall wrote: post #68

Earlier quoted context omitted.

That is basically one of the conspiracy theories I have heard related to central bank digital currencies. As the tale goes, eventually major banks will run into another financial crisis (possibly intentionally if you really like conspiracy theories). The government will say they have no choice but to step in, and their solution will be to open the federal reserve to the public as a government-run bank. All funds lost…

The weirdest problem I see with this conspiracy theory is that I don't see the actual conspiracy? Like, USD is a fiat currency, it's backed by taxes. The only difference between a paper dollar in your hand, a dollar in a traditional bank account, and a dollar on the hypothetical FedCoin blockchain is how easy it is to spend, what gatekeepers are involved, and what anti-fraud/anti-theft tools you can avail yourself of…

Post by anticensor » Mon, Dec 02, 2024, 8:50 PM UTC

eru wrote: post #27

Carrentt wrote: post #23

Fascinating piece of financial history I hadn't heard about. Imagine your government telling you to literally take scissors to your money, it's like a weird mix between arts & crafts hour and monetary policy. Though I suppose we're already halfway there with our modern central banks, just without the satisfying snip-snip sounds. The Finnish experiment failing because people just deposited their cash in banks first is…

Turkey dropped six zeroes off their currency in the 2000s. Technically, you could describe that as cutting 999,9999/1,000,000 of their money supply. (Especially if they had done a funny dance like the Finnish, where you would use some scissors to only keep the tiny top left corner of your old notes, and can exchange that for new ones.) In practice, people saw the Turkish currency reform as merely a cosmetic change, n…

Post by casenmgreen » Thu, Dec 05, 2024, 6:11 PM UTC

Yawrehto wrote: post #80

casenmgreen wrote: post #76

Earlier quoted context omitted.

Yes. I was surprised to find out that Russia had been conducted sabotage operations against UA artillery ammunitions dumps for many years prior to full scale invasion, and the Ukrainians had already lost the majority of their artillery ammunition reserves this way by the time invasion began.

And they conquered Crimea in 2014--partially, if I remember right, to get a port that doesn't freeze over in the winter, something they have wanted for literally hundreds of years.