Anatomy of the chronic hryvna devaluation

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A maverick currency scheme from the 1930s could save the Greek economy

Since countries started using paper money, the humanity has been concerned with the effect printing money has on the economic development. Some countries benefit from it, as their currencies are freely convertible and have status of reserve currencies. Other countries, mimicking the behavior of mature economies, hurt themselves causing devaluation and hyperinflation. There are many ideas and theories on how paper money may benefit communities. «A maverick currency scheme from the 1930s could save the Greek economy» by George Monbiot published in The Guardian on February 17, 2015 is very well worth reading. It presents one of those ideas – local currency – and explains how it could address a crisis. Follow the link and enjoy!

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