Just finished reading this book while the news all around are screaming "Greek exit" and "Euro collapse"...
It's a bit repetitious but still drives home the point and the fact that there has never been one single stable system of paper currency or similar without a fixed value base during the last 5000 years...
If finance had been a science, the elastic paper would not be around due to all failed experiments so far in China, North America, Europe etc.
It's a bit repetitious but still drives home the point and the fact that there has never been one single stable system of paper currency or similar without a fixed value base during the last 5000 years...
If finance had been a science, the elastic paper would not be around due to all failed experiments so far in China, North America, Europe etc.
Otherwise, do you remember the painting Tulip Mania and the tragic story behind it?
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| A Satire of Tulip Mania by Brueghel the Younger (ca. 1640) depicts speculators as brainless monkeys in contemporary upper-class dress. In a commentary on the economic folly, one monkey urinates on the previously valuable plants, others appear in debtor's court and one is carried to the grave. |
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